News

Tinubu’s Economic Decisions Yielding Positive Results -Shettima …Seeks Partnership With Banks For Speedy Economic Turnaround

Published

1 year ago

September 6, 2023

Nigeria’s Vice President, Kashim Shettima, yesterday, said President Bola Tinubu’s economic decisions in the past 100 days in office are yielding positive results.
Shettima made the assertion to a cross-section of stakeholders in the banking and finance sector at the opening of the 16th Annual Banking and Finance Conference themed, ‘Nigeria’s Economic Growth and Empowerment: The Role of The Financial Services Industry’.
He noted that the aftermath of the petrol subsidy removal and the unification of the exchange rate availed state and federal governments substantial allocations.
“I must announce with pride that our decisions are already yielding tangible results, with both state and federal governments now enjoying more substantial allocations”, he said.
The Vice President, who was the special guest of honour at the conference held in Abuja, spoke on the topic, ‘Our Priorities in a Post-Pandemic World’.
Shettima’s remarks came barely three weeks after the National Economic Council (NEC), which he chairs, approved N5bn for states and the Federal Capital Territory to procure food items for distribution to the poor in their respective domains.
While noting that the funds promised a direct and positive impact on the lives of Nigerians, Shettima said without the serially unaccounted fuel subsidies, Nigeria can now redirect her savings towards more deserving causes.
“We envision a future where no leader can resort to the tired excuse of ‘scarcity of funds’ to evade completion of projects or delayed salary payments.
“Nigeria is crafting a story where the welfare of our people takes precedence, and financial accountability reigns supreme,” he added.
Meanwhile, the Vice President sought a stronger partnership with experts in the Banking and Finance industry, saying that such synergy could turn the economy around in record time.
He said “We must now do what pessimists may regard as impossible; turning the economy around in record time. We seek your partnership in getting this done. We cannot take your support for granted,”
Shettima noted that the journey towards economic rejuvenation is not one the Tinubu administration can undertake in isolation, adding,”It is a call to forge robust partnerships with strategic nations and multilateral organisations, for in unity, Nigeria can reposition itself as a formidable, globally competitive partner.”
The Vice President harped on the role of banking and finance in rejuvenating the economy and called on stakeholders to join in serving the nation.
“We have promised to reposition consumer finance, and that can’t be done without you. We have promised to incentivise and finance value-addition to our agricultural and other products, and you are our ally in this.
“We need you because Nigeria teeters on the edge of a precarious balance of payments as we import more than we export.
“The future is already here, and this industry is a springboard for the success of our reforms and programmes. Whether in incorporating blockchain technology or expanding financial inclusion to deliver dividends of democracy to banking and unbanked citizens, Nigeria is here to occupy the high table in a fast-changing world”, he said.
Speaking on the ‘Eight-Point Agenda’ of the Tinubu Administration, the Vice President said the government is prioritising food security and poverty eradication.
According to him, “We are prioritising economic growth and job creation. We are prioritising access to capital and improving security.
“We are prioritising improving the playing field on which people and particularly companies like yours operate.
“We are also prioritising the rule of law and the fight against corruption. Each agenda cannot be fully implemented without your cooperation.”
Earlier in his remarks, the President of the Chattered Institute of Bankers, Mr. Ken Opara, praised the reform initiatives of President Tinubu, noting “the reforms such as subsidy removal, unifying the foreign exchange regime, investing in infrastructure, promoting agriculture, supporting SMEs and tax reforms, among others, if well implemented will unlock the economic potentials of the country.”
Present at the event were the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu; Chairman, Senate Committee on Capital Market, Sen. Osita Izunaso; Ag. Governor of Central Bank of Nigeria, Mr. Folashodun Shonubi, and World Bank Representative in Nigeria, Mr. Shubam Chaudhuri, among others.

News

Let’s Approach Regional Development Issues Differently – Fubara …As S’South Govs Host Fubara To 50th Birthday Celebration

Published

45 mins ago

January 30, 2025

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has sued for a change in the current approach adopted by South South Governors in their pursuit to achieve holistic regional development and economic prosperity.

The governor insisted on de-emphasis in vested individuals’ political interests while looking at the bigger picture of achieving enduring regional integration that will strengthen unity of purpose to change the trajectory of development in the region.

Fubara made the appeal during the meeting of Governors of South-South States, under the auspices of BRACED Commission, at the Bayelsa State Government House in Yanagoa on Tuesday.

This was contained in a statement by the Chief Press Secretary to the Governor, Nelson Chukwudi.

BRACED is an acronym for Bayelsa, Rivers, Akwa Ibom, Cross River, Edo and Delta.

He said: “I want to appeal that if we have to succeed in this drive, we need to keep our political differences aside and understand that the struggle, as at today, is for posterity, for the development of our region.

“It is really sad that in Niger Delta that is the economic base of this country, the construction of a road that you tagged ‘East-West Road’ could be an issue, that we need to beg, protest, and complain to get it fixed. I don’t think it is proper.”

Governor Fubara stated that it is not that the federal authorities do not understand that Niger Delta needs the road but quickly added that they have seen that even the people of the region do not take themselves seriously.

The governor said the moment Niger Delta people stopped playing to the gallery, and place value on themselves, outsiders will have no option than to accord the region and its people due regard.

Fubara said: “On my part, I want to say this: This is not the first time we are meeting. For me, I followed the course of the region meeting in a forum that we tagged “BRACED Commission.”

“BRACED Commission is also one of the bodies that was constituted at that time to support and work out development strategies for this region. But what I am seeing today is just limiting this meeting to only BRACED COMMISSION.

“We need to widen the scope where other leaders of the region should be part of the discussion of the development of the region, and I think this is the direction that will help the region.”

Reading the Communique of the meeting, the new Chairman of the Forum of Governors of South-South States, and Governor of Bayelsa State, Senator Douye Diri, said they support the Federal Government Tax Reform Bills, and urged President Bola Tinubu to extend the Value Added Tax (VAT) sharing percentages to oil and gas derivation.

He stated the Forum’s request to the Federal Government to urge relevant stakeholders and agencies to extend remediation of polluted environment ongoing in Ogoni land to other impacted communities and States in the region.

Governor Diri also said that the Forum resolved to establish a structural regional security network to enhance safety and security, foster stable Niger Delta region conducive for economic growth and prosperity.

Highlight of the event was the hosting of Governor Fubara to a surprise 50th Birthday celebration by the Governors of South-South States at the Government House in Yenagoa.

News

UK Appoints British-Nigerian As Trade Envoy To Nigeria

Published

1 hour ago

January 30, 2025

The Tide

A British-Nigerian politician, Florence Eshalomi, has been appointed as the United Kingdom’s trade envoy to Nigeria.

Her appointment makes Eshalomi the second Nigerian to hold the position.

Confirming her appointment on X on Tuesday, she wrote: “It is an honour to have been appointed as the United Kingdom’s Trade Envoy to Nigeria.

“I’m looking forward to building on my close ties with Nigeria to promote a strong and flourishing economic relationship between our two great nations.

“I am looking forward to strengthening the UK’s relationship with Nigeria to explore shared growth and opportunities for both countries.”

Announcing the appointment in a statement on Tuesday, Jonathan Reynolds, the UK’s Business and Trade Secretary, said the decision was aimed at attracting investment into the UK and boosting economic growth.

“I’ve launched a new team of trade envoys who will use their experience, expertise, and knowledge to unlock new markets around the world for British businesses, attract investment into the UK, and ultimately drive economic growth,” Reynolds said.

Eshalomi, 44, is an MP representing the Vauxhall and Camberwell Green constituency.

She holds a Bachelor of Arts (Hons) in Political and International Studies with Law from Middlesex University.

News

TotalEnergies On Red Alert As Ekpeye Monarch Dissolves UCA

Published

4 hours ago

January 30, 2025

The Tide

The Ekpeye Supreme Monarch, His Imperial Majesty, Eze Kelvin Ngozi Anugwo, has urged Total Energies Limited to relinquish gas exploration in his kingdom if the company is not ready to site its gas plant within Ekpeye land.

The monarch also announced the dissolution of Ubie Consultative Assembly (UCA), describing it as a kangaroo arrangement.

Eze Ekpeye Logbo III made this known during a general meeting of the people of Ekpeye ethnic nationality held on Tuesday in his palace at Ula-Upata Community in Ahoada East Local Government Area of Rivers State, over Ubeta community gas project.

While ordering for the dissolution of the High Chief Mazi Bright Enyelike led UCA, Eze Anugwo charged Uzugbani Ekpeye to work with Ekpeye Oil and Gas, Ekpeye Youth Congress (EYC), and thereafter reports to the House on workable sharing formula.

The Ekpeye Monarch vowed that he would not fold his hands watching some charlatans conniving with TotalEnergies to steal their crude oil and gas to other lands.

Also speaking at the meeting, Hon. Victor Obuzor, member representing Ahoada West, Ogba/Egbema/Ndoni Federal Constituency, advised the people of Ekpeye to protect their rights.

Obuzor narrated the raging battle at the Senate in Abuja between TotalEnergies Ltd and the Senate Committee on Oil and Gas of which he is a member.

He, however, berated UCA and other disgruntled elements from Ubie clan who were claiming ownership of the oilfield for their unholy roles in the matter.

Other notable speakers at the meeting including Chief Andrew J. Egbelu, High Chief Engr. Samuel Ekiye, EYC President General, Dr. Justice Ewoh, also criticized the UCA, saying it lacked the power to set up committee for the generality of Ekpeye.

It was reported at the meeting that His Majesty Eze (Hon.) Augustine Maxwell Okpokiri Eze Igbu Ubie VI instructed his subjects not to attend the meeting, an order which most people violated.

It was gathered that UCA is a body created by a few people of Ubie clan to represent and transact the oil and gas business for and on behalf of Ubie kingdom, but the formation according to sources, was against the overall interest of Ekpeye populace.

Present at the meeting include His Majesty, Eze Prince Ike Ehie – Eze Igbu Orlukwor II; His Majesty Eze Apstl. Joshua Eyiba – Eze Igbu Igbuduya II; His Majesty Eze Anderson Okpara Egbuluka – Eze Igbu Ugbobi II; HRH Eze Nnodim Michael represented His Majesty Eze Dr. Felix Enene Otuwarikpo – Eze Igbu Upata; HRH Eze Dr Chigemerem David – Eze Emene Echi Ubie; Mr Kingdom Ajugo represented Rgt. Hon. Chibudhom Nwuche; Dr (Mrs) Patricia Wudhiga Ogbonnaya – Ada Ekpeye among several others.