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November 8, 2024 Hardship: FG Commends Nigerians for Their Resilience

Hardship: FG Commends Nigerians for Their Resilience

The Federal Government expressed appreciation on Thursday for Nigerians’ patience in enduring the side effects of recent economic reforms, which, according to officials, are now beginning to show positive outcomes.

During an interactive session with the Senate Committee on Finance, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, acknowledged that initial challenges posed by these reforms have largely subsided, and indicators suggest better days ahead.

He highlighted two key reforms—the shift to a market-based pricing model for Premium Motor Spirit (PMS) and adjustments in foreign exchange policy—as now moving into a phase of tangible benefits, which should ultimately restore fiscal stability for the nation.

“These two pillars of reform, now taking shape, promise increased government revenue, financial recovery for the Nigerian National Petroleum Corporation Limited (NNPCL), and a strong foundation for economic growth through investment attraction and job creation,” Edun explained.

“We owe gratitude to Nigerians for their resilience in seeing us through to this point where the benefits are emerging,” he added.

The Chairman of the Senate Committee, Senator Sani Musa, described the session as a fact-finding exercise to assess the effectiveness of various economic reforms.

“We are here today to address critical issues concerning the sale of crude oil to domestic refineries in Nigeria, in Naira, and to evaluate its impact on the approved medium-term expenditure framework and fiscal strategy for 2024-2026, as well as projections for 2025-2027,” he said.

He added that the committee would also examine revenue shortfalls from the Nigerian National Petroleum Company Limited (NNPCL), with a focus on areas such as foreign and domestic excess crude accounts, signature bonus accounts, NNPCL’s cash call account, and any outstanding or remitted revenue related to under-recoveries.

“This session highlights our dedication to transparency, accountability, and responsible management of our national resources,” Musa noted. “With the support of the Ministry of Finance, under the capable guidance of the Coordinating Minister of the Economy, along with the Accountant General’s Office, the Central Bank of Nigeria, the Revenue Mobilization and Fiscal Commission, and other key stakeholders present here, I am confident we will find solutions and ensure due process is followed for the benefit of our economy and the Nigerian people.”

In addition to the Finance Minister, the meeting was attended by the Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari; the Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe; representatives from the Central Bank; and later, Senate President Godswill Akpabio, who joined the session behind closed doors.

 

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November 6, 2024 Donald Trump Wins US Election In Stunning Comeback

Donald Trump Wins US Election In Stunning Comeback

Donald Trump has emerged victorious in the US presidential election, defeating Kamala Harris in a historic comeback that is likely to send shockwaves worldwide. The polarizing Republican’s win, after one of the most contentious campaigns in modern history, is especially remarkable given his recent criminal conviction, a narrowly avoided assassination attempt, and warnings from a former chief of staff who described him as a “fascist.”

Addressing supporters at a victory rally in Florida, Trump declared, “This is a political victory like no other in our country’s history.”

Vice President Kamala Harris, who entered the race in July following President Joe Biden’s withdrawal, ran a centrist campaign that spotlighted Trump’s divisive rhetoric and use of racially and sexually charged language. However, Trump’s focus on issues like immigration and isolationism resonated with voters eager for a shift from the Biden years, especially amid ongoing economic challenges post-COVID.

Despite predictions of a tight race, Trump secured a decisive victory, claiming key swing states like Georgia, North Carolina, and Pennsylvania. His win makes him the first president in more than a century to serve a non-consecutive second term and the only person ever elected with a criminal conviction. He faces sentencing for fraud in New York on November 26.

At 78, Trump is also set to become the oldest sitting president, surpassing Biden, who will step down at 82 in January.

 

November 6, 2024 Peter Obi Urges Federal Government to Address Power Crisis

Peter Obi Urges Federal Government to Address Power Crisis

Former presidential candidate Peter Obi has voiced his concerns over Nigeria’s ongoing power crisis following yet another national grid collapse. On Tuesday, Nigerians were left in darkness after the grid failed for the 10th time in 2024, including three blackouts in just one week in October, prompting widespread frustration.

In a statement on Wednesday via X, Obi compared Nigeria’s power struggles to South Africa’s recent achievement of seven consecutive months of uninterrupted electricity. "Once again, the National Grid collapsed yesterday. Just a few days earlier, on October 25, South Africa, previously Africa’s second-largest economy, celebrated seven months without any power interruptions, while Nigeria manages to generate and distribute only about 10% of South Africa's 40,000 MW," Obi noted.

Obi dismissed notions that any specific group benefits disproportionately from the energy sector, stating that the crisis impacts Nigerians across all regions and religions. “Is there any tribe in Nigeria that enjoys uninterrupted power like South Africa? When I raise these questions, I am often labeled a tribal or religious bigot. But the reality is, we are all affected equally by this power failure,” he remarked.

Highlighting the need for unified action, Obi argued that only visionary leadership can address these challenges. "We must look beyond tribal and religious divisions to elect leaders capable of transforming Nigeria," he urged. Obi called for leadership that prioritizes key sectors like health, education, and infrastructure to shift Nigeria from a consumer-driven economy to a productive one.

"The solution lies not in tribal or religious affiliations but in leadership that can channel resources into critical areas like health and education, lift people out of poverty, and ensure stable electricity production and distribution,” he concluded, stressing the importance of a collective commitment to sustainable progress.

November 6, 2024 Tinubu Announces Death Of Chief Of Army Staff Lagbaja

Tinubu Announces Death Of Chief Of Army Staff Lagbaja

President Bola Tinubu has announced the passing of Chief of Army Staff, Lt. General Taoreed Abiodun Lagbaja, at the age of 56.

In a statement released on Wednesday by presidential spokesperson Bayo Onanuga, it was confirmed that Lt. General Lagbaja passed away on Tuesday night in Lagos following an illness.

RELATED: Tinubu Appoints Oluyede As Acting Chief Of Army Staff

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