Connect with us

Metro

Calm down, Nigeria’s economy not in distress, Tinubu tells Nigerians

Published

on

President Bola Tinubu has once again assured Nigerians that the economy is not in distress as some “detractors” of his administration may want to claim.

Tinubu, who gave the assurance while speaking on Tuesday at the Leadership Conference and Awards 2023, held in Abuja, where he was honoured with the Leadership Person of the Year 2023, urged Nigerians to “calm down” and trust in his capability to get the nation out of the current economic crisis.

Tinubu, who was represented at the event by the Minister of Information and National Orientation, Mohammed Idris, stated that recent indicators and statistics had shown that his reforms and policies were beginning to yield positive results despite the challenges.

The president also recounted key initiatives and investment efforts by his administration to support Nigerian businesses, students, and vulnerable households, as well as to enhance food security and attract foreign direct investment.

“I should start by respectfully challenging that notion that the Nigerian economy is in distress,” Tinubu said.

“Distress suggests helplessness, being at the mercy of something we have no control over. But that is not the case here.

“We are in challenging times, no doubt, but these times have also been marked by unprecedented opportunities, to reset course and to build a new and sustainable economy, away from the rent-seeking and the waste that was once the order of the day.

“My administration has released intervention funds totaling N200 billion to support Nigerian businesses, in addition to a new Federal Students’ Loan programme and the Presidential Initiative on CNG.

“The N200 billion will be disbursed through three new special intervention funds established to support Nigerian businesses.

“The imminent roll-out of CNG-powered buses which will bring down the cost of transportation by as much as 50 percent.

“The substantial increase in revenues accruing to the three tiers of government since the removal of the petrol subsidy means more funds are available to directly impact the lives of Nigerians through investments in critical infrastructure, social security, and other areas.

“For the poorest and most vulnerable among us, the Social Investment Programme, currently under review to reposition it for maximum impact, will support millions of households with direct cash transfers that will enable them to meet their basic needs.

“Since we assumed office in May 2023, we have attracted $30 billion in Foreign Direct Investment (FDI) commitments into the real sector of the economy, including Manufacturing, Telecoms, Healthcare, Oil & Gas, and others.

“Those investments have already started coming into the country.

“Just a few days ago, I was in Qatar on an official visit, where the Emir assured me that a senior government delegation would visit Nigeria after Ramadan, to begin taking action on some of the new investments they are looking at here.

“I have asked the Minister of Finance and Coordinating Minister of the Economy to directly interface with the Qatari authorities to ensure that speedy progress is made.

“I ask for the continuing patience and support of all Nigerians as we work to restore our beloved country.

“Ours is a story of a country that is taking the right steps, and feeling the fleeting pains that will come with this course of action. A glorious dawn is indeed assured.”

Metro

Tinubu’s tax reforms meant to revitalise economy, not frustrate Nigerians— VP Shettima

Published

on

Nigeria’s Vice President, Kashim Shettima, has allayed fears of citizens over the tax reforms being implemented by the President Bola Tinubu administration, saying the tax reforms are targeted at revitalizing the country’s economy and not to frustrate and impoverish Nigerians.

Shettima who gave the assurance on Saturday during the close-out retreat of the Presidential Fiscal Policy and Tax Reforms Committee held at the Transcorp Hilton, Abuja, said contrary to speculations in some quarters, the reforms will benefit the country in the long run.

While addressing the audience, the Vice President who was represented by the Special Adviser to the President on General Duties (Office of The Vice President), Aliyu Moddibo Umar, said:

“We are not here to frustrate any sector of our economy but to create an administrative system that ensures the benefits of a thriving tax system for all our citizens.”

He explained that the policy thrust of the Tinubu administration’s tax reforms has taken into consideration the dynamics of the nation’s fiscal landscape which prompted the government to pause and reconsider the direction it was going.

“Our aim remains the revitalisation of revenue generation in Nigeria while sustaining an investment-friendly and globally competitive business environment,” he stated.

Shettima expressed confidence in the ability of the Tax Reforms Committee to deliver on the mandate given to them by the President, and also emphasised the significance of the task ahead.

“We are gathered today because we are transitioning from the phase of proposal in the operations of this committee’s work to the phase of implementation.

“I am confident that both the federal and state governments stand ready to ensure the effective implementation of your reform proposals, and we shall provide the institutional framework to guarantee the adoption of the consensuses of this committee, aligning them with our economic agenda,” he added.

Continue Reading

Metro

Zambia Police denies suspending officers for failing to prevent Lungu’s public ‘tour’

Published

on

The Zambian Police has denied allegations that six of its officers were placed on suspension for refusing to block former President Edgar Lungu when he took a tour of Lusaka’s Central Business District.

Lungu had, on Thursday, caused a minor stir when he decided to take a walnut around the Lusaka’s Central Business District which turned into a rowdy scene as traders and residents cheered his name, while others whistled and motorists honked in solidarity as he strolled through the area.

Local media reports that despite the potential risks his presence could have generated, Lungu was warmly welcomed at Lusaka’s biggest trading marketplace, Soweto, as he waved at the traders, and motorist while assessing the cost of living and engaging with traders.

Lungu’s actions however, drew a cautious response from the Zambia Police, who have always warned against organising unlawful assemblies.

On Friday, there were various reports that the police had suspended six officers who failed to prevent the ex-President from embarking on the march due to its potential of causing a breach of public peace.

However, the police, in a statement, said the claims were baseless and misleading.

The statement issued bu Police Public Relations Officer, Rae Hamoonga, said contrary to the allegations, no police officer had been suspended on the said allegations.

“Our investigation has revealed that such an incident did not occur, and therefore, no disciplinary action has been taken against any officers in connection with this matter,” Hamoonga said.

The police spokesman urged the public and media outlets to verify information before disseminating it to avoid causing panic and confusion.

“Even the typo errors can show that the statement was done in a hurry by a person with ill motives with such mistakes as ‘commandi’ instead of Command,” he noted.

He further pointed out that Zambia Police Service had no Public Relations Officer with the name ‘Rea Hamoonga, which was quoted as the person who released the statement.

Continue Reading

EDITOR’S PICK

Metro4 hours ago

Tinubu’s tax reforms meant to revitalise economy, not frustrate Nigerians— VP Shettima

Nigeria’s Vice President, Kashim Shettima, has allayed fears of citizens over the tax reforms being implemented by the President Bola...

Metro23 hours ago

Zambia Police denies suspending officers for failing to prevent Lungu’s public ‘tour’

The Zambian Police has denied allegations that six of its officers were placed on suspension for refusing to block former...

Tech23 hours ago

Oracle to increase research, development investments in Morocco

Global IT vendor, Oracle, has announced plans to expand its research and development (R&D) capabilities in Morocco by growing its...

Culture23 hours ago

Kenyan officials arrest four Tiktokers for filming robbery prank video outside police station

Kenyan Police authorities have arrested four young Tiktokers for filming a robbery prank outside a police station in the Kilifi...

Metro1 day ago

U.S. applauds Nigeria’s monetary policies

The United States government has commended Nigeria’s monetary policies under President Bola Tinubu which it says has fostered economic growth...

Sports1 day ago

Italian couple name new born baby after Super Eagles forward, Ademola Lookman

An Italian couple have reportedly named their new born baby after Super Eagles forward, Ademola Lookman, after he scored a...

VenturesNow1 day ago

IMF says Nigeria’s quiet reinstatement of petrol subsidy to gulp 50% of oil revenue

The International Monetary Fund (IMF) has stated that President Bola Tinubu’s administration’s quiet return of petrol subsidy is anticipated to...

Politics1 day ago

Mozambique’s president confirms northern town under terrorist attack

President Filipe Nyusi announced in a televised address that Mozambique’s military is engaged in combat against Islamist rebels who initiated...

Politics1 day ago

Chad: Interim president Deby declared winner of disputed election

The state electoral commission of Chad has announced that interim President Mahamat Idriss Deby has secured an absolute victory in...

Tech2 days ago

Ethiopian low-carbon startup Kubik gets $5.2m for its pan-African expansion project

Ethiopia’s low-carbon building startup, Kubik, has announced raising the sum of $5.2 million in seed funding which will enable it...

Trending