Solutions ahead to cost of living crisis, say CBN, ministers.

Solutions ahead to cost of living crisis, say CBN, ministers.

The Minister of Finance, Mr Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, have assured Nigerians that the high cost of living being witnessed by Nigerians is currently being addressed.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, Chairman, Federal Inland Revenue Service, Zacch Adedeji, joined the ministers to allay the fear of Nigerians about the current inflation.

They all spoke when they appeared at the sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living at a Plenary in Abuja on Tuesday.

Speaking, Edun, who is also the coordinating minister of the economy, said “Where we are as a nation is a much better place than we were in on May 29, 2023.”

He added that Nigeria as a country was on the road to economic disaster by way of subsidy on fuel, adding that it was expected that there would be challenges as a result of subsidy removal.

Edun said that inflation had increased and the cost of living had spiked, but stated that President Bola Tinubu was committed to protecting the poorest and the vulnerable.

“As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living.

“Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector.”

According to him, there is a need to tackle inflation because full inflation accounts for 33 percent of the consumer price index.

He said there was a need to return to production, adding that industry, however, required energy to function optimally and that the President was also committed to using state power to subdue vested interest in the oil sector.

On his part, Bagudu said the president was committed to national development, adding that the President reckoned with the challenges of the living conditions of the people.

“What is happening in our country is obvious to someone visiting a construction site; we are very clear that we are on the right path and the challenges of the moment are being tackled.

“We are getting support from international partners, and they are all acknowledging the commendable steps that the president is taking.

“We have seen investments in the rail sector, the NNLG, and we assure you that we will overcome the challenges of the moment and sustain the economic growth as promised by the President,” he said.

In a related development, Cardoso expressed confidence that positive outcomes from the administration of Tinubu were already emerging and would further emerge in the near future.

“The concern as per the cost of living is genuine, and the urgency of the matter is not lost on us at the CBN, and we are working tirelessly to bring up a lasting solution.

He said inflation was expected to decline in 2024, adding that this would be aided by improved agricultural productivity.

He said that the challenges of the exchange rate had been tackled, adding that they were fueled by speculation, increased forex demand, increased capital outflow, excess liquidity, and increased demand, among others.

He said the CBN was addressing the forex demand by clearing forex operations and adjusting the remuneration standard deposit, among others.

Speaking, the FIRS boss, Mr Adedeji, said the service was not a revenue-generating agency but a revenue-collection agency, adding that the agency was doing a lot to increase the nation’s revenue base.

According to him, the target for 2023 revenue was N10 trillion, and we achieved N12.3 trillion because of the decision taken by the president.

Adedeji said the president took the decision to rectify the distortion in the economic parameters and remove the fuel subsidy.

According to him, we have overperformance from VAT collection and company income tax. We have the target of collecting N19.2 trillion in 2024.

The chairman added that the N19.2 trillion target was based on the fact that it would not collect new taxes but bring more people into the tax rate.

He said less than 60 companies, as of today, contribute less than 60 percent to the nation’s company income tax.

Meanwhile, the Deputy Speaker, Benjamin Kalu, said it was imperative to recognize the urgency and importance of the agenda before it.

He said, “We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.

“In the face of global economic shifts and domestic challenges, it is clear that robust reform measures are not just beneficial but imperative.

“We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians”

He said the reform should not only address immediate needs but also lay a resilient and dynamic framework that would adapt to future challenges and opportunities.

According to him, these measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian.

(NAN)

Burna Boy’s debut performance at Grammys ranks No. 6 – Billboard.

Burna Boy’s debut performance at Grammys ranks No. 6 – Billboard.

Grammy-winning singer, Damini Ogulu, popularly known as Burna Boy has ranked No. 6 on Billboard for his debut at the 66th Grammy.

Recall that Burna Boy performed for the first time at the Grammys on Sunday, February 4.

The acclaimed ‘African Giant’ ranked No. 6 out of all the performances during the 2024 Grammys.

He performed “Sittin’ on Top of the World” while accompanied by Brandy and 21 Savage.

During his production, he put on an impressive performance with infectious energy and charisma.

Billboard in a statement, said: “For the first Afrobeats performance at the Grammys, Burna Boy pulled out all the stops. Backed by Brandy’s gorgeous vocals and 21 Savage’s detached, confident cool, Burna sang “Sittin’ on Top of the World” and demonstrated that is precisely where he belongs.

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“The lush, expansive stage — depicting a residential city block – and clever costume design (the colour red tied all three performers together, despite their disparate styles) brought to mind an MGM golden era musical — and truthfully, the Nigerian star’s infectious energy and easy charm wouldn’t seem out of place in a Hollywood musical.”

Tinubu to flag off 3,112 housing units.

Tinubu to flag off 3,112 housing units.

President Bola Tinubu is set to flag off 3,112 housing units in the Karsana area of the Federal Capital Territory (FCT).

The Special Assistant Media to the Minister of Housing and Urban Development, Mark Chieshe made this known in a press statement.

He stated: “Tinubu to Flag off 3,112 Housing Units as FG Launches Renewed Hope Cities and Estates Programme

“President Bola Ahmed Tinubu is set to flag off the construction of 3,112 housing units at the Karsana area of the Federal Capital Territory.

“The groundbreaking exercise, scheduled for Thursday 8th of February 2024, is part of a Public-Private Partnership project signed in December 2023 between the Ministry and a consortium of companies comprising Continental Civil and General Construction Limited and Ceezali Limited for a total of 100,000 housing units nationwide.

“The first phase of 20,000 housing units is set to be delivered in the FCT, out of which 3,112 units are to be constructed at the Karsana site.

“The ground-breaking exercise to be conducted by the President will mark the official launch of the Renewed Hope Cities and Estates programme, initiated by the Ministry of Housing and Urban Development to increase the housing stock in the country and bridge the prevailing housing deficit. The Cities will have a minimum of 1,000 housing units per site in one location in each of the six geo-political zones of the country and the FCT, while the Estates will have a minimum of 500 housing units per site in the remaining thirty (30) States.

He added: “The Renewed Hope Cities and Estates, as the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa, has continued to emphasize, will be designed as integrated living communities targeting all income brackets, and comprising one bedroom block of flats, two-bedroom blocks of flats, and three-bedroom blocks of flats targeting low – medium income earners; two-bedroom terraces, four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes targeting high income earners.

“The PPP project at Karsana is being funded by the developers who also sourced for the land, while the Ministry is creating the enabling environment and will facilitate access by off-takers for the houses from subscribers to the National Housing Fund (NHF) Scheme managed by the Federal Mortgage Bank of Nigeria (FMBN), an agency under the Ministry.

“The project is the first in a series that the Ministry will be embarking on in the coming weeks. Others are the 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos, 500-housing unit Renewed Hope Estate in Kano and 250 housing units in twelve (12) states, two in each geopolitical zone, as Renewed Hope Estates in Ogun, Oyo, Akwa Ibom, Delta, Abia, Ebonyi, Nasarawa, Benue, Yobe, Gombe, Katsina and Sokoto.

“At the core of the Renewed Hope Cities and Estates programme is the cross-subsidy component where 80% of the housing units developed will be sold at commercial rate while 20% will be sold at concessionary rates to low- and medium-income Nigerians who are members of the Nigeria Labour Congress and the Trade Union Congress. The idea is to deploy profits made from the commercial units as a subsidy for the units reserved for low- and medium-income earners.

Read Also: Nigeria’s economy almost collapsed before Tinubu, says Edun

“Also notable are the numerous ownership options available to Nigerians aimed at enhancing the affordability of the houses. These include single-digit, 30-year mortgage loans to be provided by the Federal Mortgage Bank of Nigeria, Rent-to-Own options where beneficiaries can move in and pay towards homeownership in monthly, quarterly or annual instalments, and Outright Purchase for high-income earners.

“It would be recalled that the President approved N100bn for the Ministry in the 2023 Supplementary budget and N18.9billion in the 2024 budget for the implementation of the Renewed Hope Cities and Estates as well as Urban and Slum Upgrading programmes. The Renewed Hope Cities and Estates project also made the list of the President’s Top 10 projects for 2024, spurring widespread optimism about his commitment to the project.”

Tinubu charges military to step up game to end multidimensional.

Tinubu charges military to step up game to end multidimensional.

President Bola Tinubu, on Tuesday, February 6, charged the Armed Forces and other security agencies to intensify efforts at containing the multi-dimensional security challenges in the country.

He, however, restated his administration’s continued support to the nation’s security forces through the modernization of fleets, training and welfare of personnel.

According to a statement issued by Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, Stanley Nkwocha, President Tinubu gave the charge during the induction ceremony of two TK-129 ATAK Helicopters and a King Air 360i Aircraft at Nigeria Air Force (NAF) Base, Makurdi, Benue State capital.

President Tinubu, who was represented at the event by his deputy, Vice President Kashim Shettima, recalled the commissioning and induction of four additional Diamond-62 surveillance aircraft into the arsenal of the Nigerian Air Force about two months ago, saying it is a symbol of his government’s enduring commitment to the ideals of patriotism and investment in the nation’s security.

He said: “Indeed, our solemn commitment to safeguarding Nigeria’s security hinges upon the realisation that without vigilant attention to the needs of our Armed Forces who are saddled with the maintenance of peace, law, order and stability, anarchy and lawlessness would surely prevail.”

Delivering the President’s address, Vice President Shettima noted that the acquisition of helicopters and aircraft had become necessary to improve the strategic use of air power in combating terrorism, insurgency and other security challenges plaguing the nation.

Urging the nation’s security forces to step up their game, President Tinubu said: “I have no doubt that the deployment of these platforms would add impetus to the combat efficiency of the Nigerian Air Force in addressing our contemporary security challenges, not only within the shores of our country but also in the West African region. We are committed to taking the right steps to achieve the desired results

“The acquisition of these aircraft amongst other military equipment despite our budgetary constraints is an expression of our commitment. We shall ensure that every sector of our nation benefits from the change that we promised. I therefore expect discipline in operation and a strong maintenance culture that will enable the nation to derive maximum benefits from these acquisitions”, he said.

He recalled how since it was established in 1964, the Nigerian Air Force had been playing critical roles in national security, peace-keeping and humanitarian operations globally, noting that its “contributions to the sustenance and maintenance of peace and security in places like The Gambia, Guinea Conakry, Mozambique, Liberia, Sierra Leone, Mali, Guinea Bissau and Cameroun have not only been a source of pride to Nigeria but have projected the nation as a reliable regional power.

“This is indeed most commendable just as the Nigerian Air Force continues to synergize with other security agencies in curtailing the threats posed by terrorists, insurgents and other criminal elements in the country.”

Recalling his promise during his inaugural speech last year that security shall be the top priority of his administration, the President said about six months after his proclamations, “So much has been achieved due to the gallant and synergistic efforts of our various security agencies”.

He expressed delight that coordination among security agencies has improved significantly, just as he declared that “there is no room for celebrations until we put an end to the security logjam; until we can bring our troops back to their localities, and until we can free up resources for our critical economic expansion programme”.

President Tinubu assured that “professionalism, capacity building and adequate equipping of our Armed Forces and other security agencies are a major policy thrust” of his administration.

He, therefore, reiterated that under his watch, the Federal Government “will continue to re-professionalise and re-equip the Armed Forces and security agencies to effectively discharge their duties to our nation”, noting further that as Chairman of the ECOWAS, he was working diligently to enhance regional conflict management and development mechanisms.

Inducting the aircraft and helicopters, the President said, “Finally, I congratulate the Chief of the Air Staff and all the personnel of the Air Force on this occasion of the commissioning of the T-129 ATAK helicopters and King Air 360i aircraft into the Service. At this juncture, I hereby induct the 2 x T -129 ATAK helicopters as NAF 500 and NAF 501 and King Air 360i as NAF 205 into the Service of the Nigerian Air Force and our country.”

Earlier in his welcome address, Chief of the Air Staff, Air Marshal Hassan Abubakar, noted that the acquisition and induction of the T129 Atak helicopter and Beechcraft King Air 360i aircraft is a testimony of the Federal Government’s unwavering resolve to equip and empower the air force and enhance its capacity to address security challenges confronting the nation, in conjunction with sister forces and security agencies.

He thanked President Tinubu for the provision to enable the Nigerian Air Force to acquire seven brand-new aircraft within six months of his administration.

The Air Chief disclosed that the Air Force is currently overhauling its operational platforms, equipment and the entire environment to improve its efficiency and service delivery.

On his part, Minister of Defence, Alhaji Mohammed Abubakar Badaru, said the induction of the new platforms for the Air Force is a testimony of President Tinubu’s resolve to add impetus to the armed forces’ fight against security challenges in the country.

He commended the armed forces for the commitment to executing their assignments in line with the counter-terrorism plan of the present administration, just as he urged the military to imbibe a positive maintenance culture in utilizing platforms purchased by the government.

Also present at the event were the Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas; Governor Hyacinth Alia of Benue State; some members of the National Assembly from Benue State and members of the state House of Assembly, among others.

Japa: We Issued 2.1m passports In 2023 – Immigration.

Japa: We Issued 2.1m passports In 2023 – Immigration.

Not less than 2,141,300 international passports were issued in 2023, the Nigeria Immigration Service (NIS) said on Tuesday.

Its Controller-General, Caroline Wura-Ola Adepoju disclosed this during the diaspora virtual lecture series with the theme, “New passport policy/processes for Nigerians in the Diaspora confirmation” organised by the Nigerians in Diaspora Commission (NIDCOM).

She fingered the JAPA syndrome” for the unprecedented increase in the number of passport applications, stating 1.3m passports were issued in 2021 and 1.5m in 2022 representing about a 50 percent increase.

According to her, the reform of the passport process would reduce pressure on the overstretched facilities of NIS nationwide as applicants wait endlessly with their children and the vulnerable just to be captured.

Minister of Interior, Dr. Olubunmi Tunji-Ojo, said Nigerians in the Diaspora would no longer go through pain just to acquire their passports.

He said in the era of Renewed Hope, every Nigerian at home and abroad must enjoy improved service delivery from the immigration service.

Oyo will soon achieve energy sufficiency, says Makinde.

Oyo will soon achieve energy sufficiency, says Makinde.

Oyo Governor Seyi Makinde has said the State will be the first to achieve energy sufficiency.

The Governor, who stated that achieving energy sufficiency in Oyo State has always been a major focus of his government, expressed the readiness of the State to partner with the British American Tobacco (BAT), Ibadan Plant, to achieve this.

Makinde spoke when he attended the 20th Anniversary of the BAT Ibadan Plant at the company’s premises in Ibadan..

Makinde said: “You are going to be commissioning a 1.4 megawatts solar plant. This is pretty much in line with our aspiration in Oyo State.

“For us, energy sufficiency is a big part of this administration. When I came in, there was no Energy Ministry but we now have and the Commissioner for the Ministry is here.

“Less than 3km from here, you have the City Gate for the gas coming into Ibadan. So, we should be able to work together to utilize Nigerian gas in this environment.”

Makinde, who maintained the State will also within the next few weeks, commission its 11 Megawatts Power Plant with 10 Megawatts gas-driven while 1 Megawatt is solar-powered, said he would soon sign the Bill establishing the Oyo State Electricity Regulatory Commission.

He added that States can perform optimally if the constitution is amended in some aspects, stating that dependence on Abuja will reduce drastically..

FG laments high cost of food.

FG laments high cost of food.

The Federal Government has expressed concern over the continuous rise in the prices of food and other commodities, prompting protests in Niger and Kano.

The Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, addressed a bilateral meeting with a visiting German delegation led by the country’s Minister of Economic Cooperation and Development (BMZ), Svenja Shulze, in Abuja on Monday.

Edun explained that the situation, which has sparked growing discontent among the citizenry, was driven by the forces of demand and supply in the country.

Worried by the increasing price of commodities, some youths and women resented what they perceived as the mass purchase of food items for hoarding and exporting outside the country.

The state government blamed food speculators for the protests.

The police noted they used “minimum force” to disperse protesters who blocked the Minna-Bida Road and arrested some whose activities were obstructing vehicular and human movement.

Similarly, Kano State Governor, Abba Yusuf, lamented on Monday that many people in his state were living in misery amid starvation and acute hunger.

Yusuf said inflation had terribly outpaced incomes, resulting in deaths, as several residents could not cope with the rising cost of living.

In response to current realities, Edun said the only way to address the situation was to boost agricultural production, in particular, to force down inflation.

Speaking alongside Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, Edun said, “I think the issue of rising prices is of concern to the government and everybody in Nigeria,” and some major steps were being taken to address the situation.

He said, “It is the issue of demand and supply and a lot of emphasis has been placed on increasing agricultural production, in particular.

“The president has intervened in that sector to provide grain, fertilisers to farmers and to bring additional acreage, rice, wheat, maize, and cassava – to increase the output and thereby bring down prices and that will help bring down inflation.

“And, of course, we are in the middle of the dry season farming and we are looking forward to a good dry season harvest that will ameliorate price, in particular, and the price level in Nigeria, in general.”

Edun highlighted that the partnership with Germany presents an opportunity for skills development between both parties, emphasizing its potential to enhance job creation and alleviate poverty.

While corroborating Edun, Uzoka-Anite said the partnership with Germany was aimed at developing Nigeria’s Small and Medium-sized Enterprises (SMEs) subsector.

She added that a Memorandum of Understanding (MoU) would soon be signed by both countries in this regard to improve access to finance for women-owned enterprises.

The minister said the collaboration will further enhance talent acquisition and challenge, and develop renewable energy, in line with Tinubu’s Renewed Hope Agenda, which partly aimed at industrialising the country.

She said supporting the SMEs could add about 55 per cent to the country’s Gross Domestic Product (GDP), adding that though both countries currently have strong mutually beneficial relationship, it could get better.

On her part, Shulze said both countries had established cooperation in common interest, pointing out that there are currently over 90 German companies operating in Nigeria.

She attested to the abundance of creative young talents in the country, saying Nigeria’s security challenges can only be addressed by tackling the underlying causes, including jobs and education, rather than militarily.

She stressed that Germany was looking to deepen its cooperation with Nigeria.

The federal government through the Minister of Agriculture and Food Security, Abubakar Kyari, had earlier announced the government had commenced the massive production of food crops to bring down the prices of food items across the country.

He said the target of the government was to reduce food inflation, describing it as the major reason for the high rate of inflation in Nigeria’s economy.

Kyari disclosed this to journalists after hosting the Governor of Jigawa State, Umar Namadi, at the headquarters of the Federal Ministry of Agriculture and Food Security in Abuja.