Oyebanji Won't Abandon Any Town in His Devt. plans- Ekiti Deputy Governor.

Oyebanji Won't Abandon Any Town in His Devt. plans- Ekiti Deputy Governor. 

The Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, has told the people of the state to be rest assured  that Governor Biodun Oyebanji will neither despise nor neglect any town in his development strides, saying holistic actions shall be taken to capture all interests across the state.

Mrs Afuye averred that the six pillars policy thrust of this administration was specifically  articulated to cater for all interests and not geared towards patronising a political or primordial interest.

The Deputy Governor said this in Ifisin Ekiti, in Ido/Osi Local Government area of the State on Saturday, during the 42nd Edition of Ifisin Day celebration.

Mrs Afuye , who saluted the citizens of the state for their supports, said the task of making Ekiti an epicentre of development is so dear to Governor Oyebanji, adding that the establishment of the Ministry of Rural Development further attested to how thirsty and desirous the government is to evenly spread development to all communities.

Of particular reference, Mrs Afuye showered praises on Ifisin people for their favourable dispositions to issues of peace and stability, culminating in the conceptualisation of the memorable event to celebrate the achievements of town in all aspects.

"Let me start by commending His Royal Majesty and the entire indigenes of this peace-loving  and development driven town for their unflagging supports for the administration of my wonderful boss, His Excellency, Governor Biodun Oyebanji. 

"You could all attest to the fact that Mr Governor is desirous of ensuring peace and development in all the towns across the 16 local government areas of our dear state. And this has begun to manifest, so we need your continued and dedicated support.

"That was why Mr Governor allowed all the local governments to enjoy high level of financial independence to be able to complement the state government in spreading development to all towns and villages in Ekiti. 

"Going by the quantum of works the councils and the state goverment have done in the last one year, it was evident that the vision of spreading shared prosperity to our people is gradually becoming realisable.

"Let me assure our people to be rest assured that Governor Oyebanji won't leave any town behind in his development focus. All the towns shall be captured for the dividends of democracy to be felt in every household".

Mrs Afuye  appealed to the town  to continue to support their  traditional ruler and members of his council to ensure peace reigns in their domain and to partner the government at all levels for the dream of making their town more  developed comes to actuality.

Addressing his subjects, the Onifisin of Ifisin Ekiti, Oba Michael Folarin Fabunmi, expressed readiness to coalesce efforts with government to bring development to the town.

Also, the traditional ruler  appealed to his subjects to play complementary roles to salvage the people from abject poverty, saying it would be unfair to rely on government alone. 

To demonstrate his love for his subjects, Oba Fabunmi, said his free gas distribution  was borne out of his glowing passion and God's direction that  he must always reach out to the vulnerables, saying this also demonstrates his contributions to alleviate poverty in the town.

 He promised to always forge a strong connection with government and  partner  Governor  Oyebanji-led administration to stabilise Ekiti and bring development to all towns and villages, including his own.

Tinubu Kick-starts $250 Million Lithium Factory in Nasarawa: An Economic Boost for Nigeria.

Tinubu Kick-starts $250 Million Lithium Factory in Nasarawa: An Economic Boost for Nigeria.

President Bola Ahmed Tinubu on Thursday presided over the groundbreaking ceremony of a $250 million lithium factory in Nasarawa State, marking the start of a new era of economic opportunities for the region.

The project which is a result of a collaboration between the Nigerian government and a Chinese firm, Ganfeng Lithium Industry Limited, is part of the government’s ongoing efforts to diversify the economy and attract foreign investment.

The mega factory, upon completion, has the capacity to process 18,000 metric tons of lithium daily, totalling 4.5 million metric tons annually.

It is expected to create employment opportunities for around 2,500 Nigerians, both directly and indirectly.

Represented by the Minister of Solid Minerals Development, Dele Alake, the president commended the company for initiating working in line with the federal government policy and assured Ganfeng of the federal government’s support.

President Tinubu through the minister said; “I want to emphasise the fact that the era of exporting raw solid minerals from Nigeria is over. To further demonstrate our seriousness to stop the illegal export of our solid minerals, we are collaborating with the Customs to detect both major and minor raw materials from the ports. Your decision to set up a factory to make lithium batteries is a welcome development that will not only add value to the nation’s product but create direct and indirect jobs for Nigerians”

He gave an assurance that the federal government will put in place measures to create an enabling environment for their operation in the country.

President of Ganfeng Lithium Industry Limited, Pan Quen at the ceremony, said; “I strongly believe that with the construction of the lithium factory here in Nasarawa State, more of Chinese stakeholders will invest in Nigeria which would help to boost the economy of the nation".

The construction of the lithium factory is a significant boost for Nigeria’s renewable energy sector. Lithium is a critical component in the production of batteries for electric vehicles and renewable energy storage systems. The factory is expected to increase Nigeria’s lithium production capacity, thereby contributing to the growth of the renewable energy sector.

Beyond contributing to the renewable energy sector, the lithium factory is expected to create job opportunities and enhance the local manufacturing industry. This development is in line with the government’s strategy to reduce unemployment and stimulate economic activity within the country. The groundbreaking ceremony is a major step forward in the realization of Nigeria’s renewable energy goals and the development of the lithium industry in the country.

President Tinubu appoints Onanuga, Yakubu as SA, SSA.

President Tinubu appoints Onanuga, Yakubu as SA, SSA.

President Bola Tinubu has appointed Bayo Onanuga as his Special Adviser on Information and Strategy.

This was contained in a statement issued by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale on Friday evening.

According to the statement, the appointments, including that of Ms. Delu Bulus Yakubu, as Senior Special Assistant (SSA) to the President on Humanitarian Affairs and Poverty Alleviation, would be focusing on prioritising effective synergy between the Presidency and the federal ministries.

“As part of efforts to prioritize effective and efficient working synergy between the Presidency and Federal Ministries, President Bola Tinubu has approved the appointments of professionals who have prior working experience within the architecture of the Federal Ministries they will be coordinating with, in addition to duties that will be carried out at the President’s discretion:

“Special Adviser to the President on Information & Strategy — Mr. Bayo Onanuga and Senior Special Assistant to the President on Humanitarian Affairs and Poverty Alleviation — Ms. Delu Bulus Yakubu.

“The President wishes the new presidential aides well in the discharge of their duties,” the statement reads.

Nigeria’s N87tr total debt profile manageable, says IMF.

Nigeria’s N87tr total debt profile manageable, says IMF.

The International Monetary Fund (IMF) has said Nigeria’s N87.3 trillion ($113.4 billion) total public debt position is manageable and does not present any risks to the economy.

Speaking yesterday at the presentation of Economic Outlook for Sub-Saharan Africa, at the ongoing IMF/World Bank Annual Meetings in Marrakech, Morocco, IMF African Department Director, Abebe Selassie, said rising debt service cost is Nigeria’s biggest challenge as far as its debt position was concerned.

He said Nigeria is unable to generate enough tax revenue to service its debts and invest in key infrastructure, adding that IMF was not aware of  any debt discussions, debt profiling or debt restructuring that are going on, on Nigeria.

He said the assessment of debts should not be based on the nominal value of a debt stock but on how it relates to many other economic variables.

“So yes, it’s at the highest level because you mention it in naira terms but as a ratio to Gross Domestic Product and as a ratio to many other indicators is what you have to look at.

“When we look at the debt in Nigeria, our sense is that the stock is manageable in general, it is the debt servicing that is much more difficult and the debt service is hampered by the country, for not generating enough non-oil tax revenues. And I think that is by far the most important area of work and reform there is for any administration in Nigeria,” he said.

Selassie said: “In Nigeria, the most important cause of the pressures is the fact that the government does not generate enough tax revenue for all the services it needs to provide. Interest payment as a share of revenue is very high and not leaving much room to spend on other issue that needed to be worked on.

 “While there is not enough tax revenue, I think in the past reliance on oil when prices were high, and second is the subsidy regime which also implies and entails lots of government resources being directed where they should not be. These are all interlined issues including causing some of the inflation that you see.

“The debt stock is manageable; it’s the debt service that is the problem,” he stated.

 The IMF also backed the Central Bank of Nigeria (CBN) for removing forex restrictions placed on 43 items that can be produced locally.

Selassie said such restrictions never worked in many economies that practice it. He said: “On the trade restrictions in Nigeria, our view has always been that many economies are so sophisticated and complex to allow such restrictions to work.”

Selassie said the difficulties associated with tapping from the international capital market pushed the government to rely more on domestic financing which of course has crowded out the private sector and put constraints on monetary injections, and in the process, weakened the exchange rate.

The IMF director said Nigeria has incredible potential, with the reforms moving in the right direction in recent months. The Fund said fiscal discipline will support Nigeria’s drive for exchange rate stability.

 “What is needed, we feel, is making the reforms holistic.  So, the exchange rate reforms that the government did was very welcome as it is trying to unify the rates. Similarly, the fuel subsidy will not help or stick unless they tighten monetary policy. Unless you are also doing something to mobilise more tax revenue,” the Fund said.

 “So, a holistic package of reforms is what is needed and we have to give a bit of time to the new administration also.

“The CBN governor has just been appointed, and the minister of finance has only been appointed a few weeks. So, we are hopeful that they would move in the right direction and we stand to provide every policy advice that the government needs,” Selassie said.

Of course, the tax policy you can also use if you really want to lean against certain types of import etc. In general, I think the direction CBN has moved in is a helpful one.

“Lastly, on the monetary policy coordination, I think when we pointed out that the adjustment and correction to the exchange rate gap were necessary but not sufficient unless you underpin it with tighter monetary policy conditions.

“This is because if monetary policy conditions are loose, it creates a lot of liquidity, then it’s going to create inflation and then of course exchange rate will inevitably move.

“So, unless you are tightening monetary conditions, it would not be enough.

 Continuing, the IMF called for the support of monetary policy with some fiscal policy tightening.

“The fact that the government is absorbing a lot of the liquidity to finance the large deficit it has that is causing monetary policy to be loose. So, that is the type of holistic and coordinated reform package Nigeria is going to need.

“And Nigeria has incredible politicians and policymakers. It is something that can be done, and it is the political will and the decision to move in that direction that is needed,” he said.

Credit: The Nation Newspaper.

Tinubu appoints new FERMA Board, Management.

Tinubu appoints new FERMA Board, Management.

President Bola Tinubu has approved the appointment of the Board and Management of the Federal Roads Maintenance Agency (FERMA) with Engr. Imam Ibrahim Kashim Imam as its Chairman.

Minister of Works, Engr. Dave Umahi, on Thursday hinted that the President was going to approve the Board’s appointment in a bid to make the ongoing nationwide road repairs intervention go smoothly.

However, in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, President Tinubu demanded competent service delivery from the new Board.

The appointment also has Engr. Chukwuemeka Agbasi as the Managing Director of FERMA.

“President Bola Tinubu has approved the appointment of the Governing Board and Management team of the Federal Roads Maintenance Agency (FERMA) for a renewable term of four (4) years, in accordance with Section 2(3) of the FERMA Amendment Act, 2007:

“Chairman of FERMA Board — Engr. Imam Ibrahim Kashim Imam; Managing Director of FERMA — Engr. Chukwuemeka Agbasi;

Member (NARTO) — Yusuf Lawal Othman; Member (FMW) — Engr. Ibi Terna Manasseh; Member (FRSC) — ACM Shehu Mohammed; Member (Finance) — Babatunde Daramola-Oniru; Member (South-South) — Hon. Preye Oseke.

“Member (South-West) — Hon. Oye Ojobe; Member (South-East) — Dr. Kenneth Ugbala; Member (North-Central) — Sen. Timothy Adudu; Member (North-East) — Engr. Abubakar Bappa; Member (North-West) — Aminu Adamu Papa.

“President Tinubu expects the new appointees to achieve integrous and competent service delivery, given the central role that the institution will play in the sustainable health of growth-enabling infrastructure nationwide,” the statement reads.

We want to quickly end terrorism, insurgency, says Defence Minister.

We want to quickly end terrorism, insurgency, says Defence Minister.

The Federal Government has said that it is its desire to quickly end the war against Boko Haram and bandits in order to accelerate economic prosperity of the country.

It said the desire to quickly end the war was also due to its economic cost on the country’s resources.

The Minister of Defence, Mohammed Badaru, said this at the National Defence College Abuja yesterday while briefing newsmen on the 2024 Armed Forces Remembrance Day Celebration (AFRDC).

Badaru said the Nigerian military would continue to conduct operations and exercise against adversaries with limited casualty from its side.

 He said despite some setbacks recorded during operations in recent times, the military was not deterred, but has continued to prosecute operations with resounding successes.

The Minister said: “The successes recorded by our Armed Forces have only served as encouragement to persevere until victory is finally assured and all our displaced citizens return home.

“We therefore look forward to adopting a proactive approach to combating our security challenges by harnessing our intelligence resources and having strong partnership with our West African neighbours.

 “The Federal Government will also continue to equip the Armed Forces with combat capabilities, training and equipment with a view to reducing, to the barest minimum, casualties due to operations.

 “We are hopeful that the pledge and focus of Mr. President to bring an end to all the security challenges quickly will be realised.

 “We all have to realise and appreciate the need to quickly end this war to usher in an era of peace and mutual coexistence for the proactive development of our beloved fatherland.

“The losses occasioned by this war on insurgency in terms of human, infrastructure and material resources incurred by our country can only be imagined, hence the need for an end to the ugly scenario.”

Credit: The Nation Newspaper

Minister of Solid Minerals Drives Synergy with Interior Ministry to Tackle Illegal Mining.

Minister of Solid Minerals Drives Synergy with Interior Ministry to Tackle Illegal Mining.

The Minister of Solid Minerals Development, Dr. Dele Alake, yesterday said that synergy with the Interior Ministry was crucial to the development of solid minerals in line with the Renewed Hope agenda of President Bola Tinubu.

The Minister has opened discussion with his Interior Ministry counterpart, Hon. Olubunmi Tunji-Ojo, who visited his office in Abuja.

Alake lauded Tunji-Ojo on his giant strides in repositioning the Interior ministry since his assumption of office, emphasising the need for collaboration to address the concerns of insecurity plaguing the mining sector.

“If we are to achieve our aim of developing solid minerals in the country, we have to address the challenges of insecurity, the menace of illegal miners and the activities of immigrants that are not properly documented but mining our resources and illegally carting away funds that should accrue to our nation. We cannot achieve this without synergy with the Interior Ministry,” the Minister asserted.

Buttressing the need to overhaul the security architecture to effectively secure mining sites and its value chain, Alake restated the commitment of President Tinubu in that regard, urging Hon. Tunji-Ojo to join hands with him to make this a reality.

He further informed his guest of his earlier engagement with the National Security Adviser (NSA) on the need for improved intelligence gathering as part of efforts to effectively protect mineral resources and assets of prospective investors.

The Interior Minister commended his host for his efforts so far in laying a solid foundation for solid minerals development in the country.

He assured him of his commitment to partner with the ministry to address issues relating to insecurity and illegal mining by undocumented immigrants.

“Solid minerals have the potential to be Nigeria’s number one foreign exchange earner with the preponderance of minerals in commercially viable quantities across our nation. The quality of our gold, limestone amongst others is incomparable with others elsewhere. Therefore, we must come together to address the issues you have raised. The Nigerian Security and Civil Defence Corps (NSCDC) is supposed to be the protector of solid minerals as it comes within its purview of protecting national assets but seems we have to go a step further to establish mine rangers that will be specifically empowered to secure mines and its assets.

“So, going forward, I think we should set up a joint team comprising officials of the Interior and Solid minerals development ministry to work out modalities for collaboration on immigration issues and ensuring proper security of the mining sector. We are ready to make solid minerals the highest revenue earner for the country in line with the Tinubu administration agenda of diversification of the economy,” the Minister added.

Dr. Alake expressed gratitude to the Minister for indicating interest in collaborating with his ministry, stating that with the partnership, solid minerals is poised to rival crude oil in revenue generation.

Credit: The Nation Newspaper.