Nigeria making progress, says Otti.

Nigeria making progress, says Otti.

Nigeria is making progress in the recovery of the economy, Abia State Governor Alex Otti said yesterday.

The governor also gave reasons for the sliding fortunes of the naira. He suggested what the Federal Government can do to arrest the trend.

Otti, a banker, commended the Central Bank of Nigeria (CBN) for the initiatives it took in the last few days, saying such policies were in good fate.

He however urged the apex bank to keep engaging experts and shareholders with a view to reviewing its policies.

The governor, whose chat on a national television monitored by this newspaper, absolved the President Bola Ahmed Tinubu administration of blame on the prevailing economic hardship.

According to him, the present administration was on the path of economic recovery.

Otti said: “On whether the policies taken so far are in order, there’s always a need to rejig and take a second look at those policies.

“This we talked about in the National Economic Council meeting last week in Abuja. This is because things keep changing. I cannot say we are where we want to be, but, I believe that we are making progress.

“Some of the initiatives taken by the CBN have led to some slight changes. For how long those changes will last that I cannot say. I believe once in while we need to look at those policies again, discus review and where necessary rejig them.”

Explaining why the nation’s economy is in bad shape, Otti said: “I believe a major problem that we have is financial discipline. We are dealing with an economy that has so much money in circulation.

“At the last count, if I’m correct, we had about N30 trillion. What happens with Ways and Means was that the quantum of goods does not equate the quantity of the money you print.

“Yet, the quantum of goods in circulation can’t equate the money in circulation; If you had N100 and the basket of goods will be N100; tomorrow, you decide to print N200, that same basket of goods will still be N200, though it’s original value is N100

“Well, may be in the short form, you may print to fix some challenges; but, when it becomes an economic policies that you just keep printing and spending money, you’re just deceiving yourself because that does not improve productivity.

“It does not improve the quantity of goods you have. This is just to break it down in a layman’s language. That is a major problem that we had faced and that is the main reason why we’re battling with inflation, unemployment and all the headaches we are dealing with.

On the forex challenge, Otti said, the market functions on the basis of demand and supply.

“So, why the exchange is going up is because something is happening between demand and supply. Anytime demand outreaches supply, prices will go up. And anytime supply outreaches demand, prices will go down.

“Anything that happens in between is about the policy options that you have chosen. What we’re seeing is that demand is increasing, but supply is not increasing.

“Now, we are dealing with forex supply and demand. We need to keep asking ourselves what to do to increase supply of foreign currency and what do we do to reduce the demand.

“One of those, or two of these, would either give us an outcome that would be better or worse. The outcome you get depends on the input.

“For the economy to recover, the governor said the nation must move from consumption to production. If the economy must recover, we must move to production.

“That does not necessarily mean that we will reduce consumption. What it means is that, we would be consuming what we produce.

Read Also: Lagos begins prosecution of pedestrians crossing highways

“A situation whereby we keeping importing almost everything that we consume will keep piling pressure on the foreign exchange market.”

Otti, who faulted the claim that the governors now get more money, said the rate of inflation had eroded the gains the state would have making now.

He said: “Sometimes, if exchange rate has increased say by 100 percent and inflation has gone up by 30 per cent, taking inflation alone that means that N100 yesterday worths only N70 today.

“Yes, in terms of absolute figure, monthly allocations from the Federation Account have increased, but in terms of the value the naira can afford, you’ll see that you simply lose your shirts.

“In that light, I wouldn’t agree that we have more allocations when the value of naira has seriously depreciated.”

Aiyedatiwa orders arrest of thugs.

Aiyedatiwa orders arrest of thugs.

Ondo State Governor Lucky Aiyedatiwa has ordered security agencies to arrest those responsible for the destruction of billboards and campaign posters of his opponents in the governorship race.

Hoodlums, accused of supporting Aiyedatiwa, had attacked members of the All Progressives Congress (APC), who wore the paraphernalia of other governorship aspirants during Wednesday’s visit of President Bola Ahmed Tinubu to the state.

The hoodlums destroyed billboards and campaign posters of aspirants mounted along major streets of Akure.

Governor Aiyedatiwa, in a statement by his Chief Press Secretary, Ebenezer Adeniyan, said his administration would not tolerate any form of violence capable of threatening the peace of the state.

The governor said any political campaign that disturbed peace in the state was unacceptable and must be met with the decisive actions of law enforcement agencies.

The statement said nobody associated with the governor or Ondo State Government was involved in any of the reported activities ascribed to “political thugs” during the President’s visit to Owo and Akure.

“The governor has therefore asked law enforcement agencies to arrest and prosecute anyone found to be engaged in such violent activities.

“Governor Aiyedatiwa urges politicians and their followers to ensure their campaigns are issue- based, devoid of blackmail, spreading falsehood, inciting the public and intimidating opponents.”

You’re not Nigerians’ voice, Tinubu knocks NLC over strikes.

You’re not Nigerians’ voice, Tinubu knocks NLC over strikes.

President Bola Tinubu, on Thursday, threw a jab at the Nigeria Labour Congress over the unions’ strikes, saying calling for four industrial actions against an administration that is barely nine months old is unacceptable.

Tinubu, who stated this at the unveiling of Phase One of the Lagos Rail Mass Transit Red Line at the Ikeja Station, declared that the NLC was not “the voice of Nigerians” and should contest in the 2027 general elections if it was interested in joining the electoral process.

He said, “The labour union has gone on strike four times within my nine months in government. That’s a record. Calling for a strike in just nine months of an administration is unacceptable. The NLC is not the voice of Nigerians. It should wait till 2027 if it is interested in joining the electoral process.”

The President added that he was aware of the complaints being made over the economic challenges in the country, urging Nigerians to persevere, pledging that the nation would soon be out of the economic problems.

“I am assuring that Nigeria will be out of economic problems, we just need to persevere, work hard and be assured,” he said.

He identified corruption as one of the major reasons the country was facing economic challenges but promised not to look back in the fight against it.

“No going back on reforms revolution. Smugglers will fight back, corruption will fight back, but we will fight and win. Corruption will go away. The fight against corruption is on, we will not look back, we will fight it to ruins,” he added.

Speaking on the Red Line rail, Tinubu said the unveiling was a validation of democracy of the people, for the people and by the people.

“Today is evidence that it’s good to dream and it is a serious validation of democracy by the people for the people, when you people at the centre are focused, have vision and planning, you will realise the value of democracy.

“Twenty-five years ago, I was elected to lead Nigeria’s most populous state, the smallest in land mass, when all that existed here was suppressed and aborted potential and when the dream began, my team and I toiled day and night to draft and implement a developmental vision that would transform Lagos into the economic powerhouse of Africa and a respected mega city on a global state. We are realising that dream.

“I am pleased to declare to you that the momentum of greatness we kick-started a quarter of a century ago has since become unstoppable. It’s not a crime to dream and dream big, just stay focused, precisely make development a central focus,” the President said.

Earlier, Governor Babajide Sanwo-Olu in his speech appreciated the two former governors of the state, Mr Babatunde Fashola for starting the construction of the Blue Line rail, and Mr Akinwunmi Ambode, for “his significant and indelible contributions to the further development of the Blue Line rail.”

The governor also appreciated former President Goodluck Jonathan for signing off on the track-sharing agreement, and the Nigerian Railway Corporation for providing the necessary cooperation and support.

“Mr President, this is not the end of the story, but merely the beginning. As I said earlier, we are on a long and exciting journey. Much has been accomplished, and there is still much ahead to be done. There will be a total of six Lines on the Lagos Rail Mass Transit System when fully developed. We have already started preliminary work on the next two: the Green and Purple Lines.

“The Green Line is a 71.49-kilometre route from Marina to the Lekki Free Zone, one of the fastest-growing industrial areas on the continent today, and also where we will be siting the new Lagos International Airport.

“The Purple Line is a 54.35-kilometre line from the Redemption Camp to Ojo, near the Lagos State University. The final two lines will be the Orange and the Yellow Lines,” Sanwo-Olu added.

Speaking further on his administration’s developmental strides, the governor said, “In the area of roads, major ongoing and completed projects include the Old Ojo Road in Amuwo-Odofin, the Abiola Onigemo Road in Ifako-Ijaiye, the Ishefun to Camp Davies road in Alimosho; the Agric Isawo – Arepo Road in Ikorodu; the 10-lane Badagry Expressway; the Ojota – Opebi Link Bridge and Approach Roads, and the rebuilding and upgrading of Lekki-Epe Expressway with reinforced concrete, from T-junction, Epe to Abraham Adesanya.

“In the grand tapestry of our development agenda, we are advancing a series of visionary legacy initiatives that span the vital sectors of healthcare, education, tourism, housing, and transportation.

“These include the second phases of our Blue and Red Lines, the pioneering Omu Creek Project, the state-of-the-art Lekki-Epe International Airport, the robust Lagos Food Security Systems and Central Logistics Park, and the transformative Fourth Mainland Bridge.

“We are currently negotiating and completing the financing arrangements for all these projects, and I am pleased to announce that we will break ground on the Fourth Mainland Bridge in April 2024.

“All of these major projects I have outlined are in addition to the multitudes of inner roads, bridges, and junction improvements that we have completed and are completing and are making a huge difference in the daily lives and commutes of millions of residents of Lagos State.

“Each project is a cornerstone in our unwavering commitment to forging a prosperous future for Lagos State and its esteemed citizens.”

The Lagos Red Line rail is a 37-kilometre rail line which stretches from Agbado in Ogun State to the National Theatre in Iganmu, Lagos.

“The segment we inaugurate today spans an impressive 27 kilometres from Agbado to Oyingbo, featuring state-of-the-art stations at Agbado, Iju, Agege, Ikeja, Oshodi, Mushin, Yaba, and Oyingbo,” Sanwo-Olu added.

FG 42,000MT grains distribution begins with Niger next week.

FG 42,000MT grains distribution begins with Niger next week.

The Federal Government is to commence the distribution of 42,000 metric tonnes of grains across the country beginning with Niger State from next week.

The Niger State Governor, Mohammed Bago, who announced this on Thursday at the Abuja headquarters of the Federal Ministry of Agriculture and Food Security after a meeting with the agric minister, said Niger would be used as a pilot state before other states would join.

“We are here to discuss with the Minister of Agriculture and Food Security with respect to the visit of Mr President to Niger State as regards the commissioning of the mechanisation process that they have been able to provide for agriculture.

“We also discussed the palliatives from the Federal Government in terms of food distribution from all the grain reserves that we have across the country using Niger State as a pilot in the North-Central so that it can commence in earnest.

“The distribution will commence by next week. What we are saying is that Niger State has provided itself as a pilot state in terms of giving the dividends of democracy with respect to agriculture and as such our sister states are coming on board,” Bago stated.

 President Bola Tinubu had on February 8 directed the Federal Ministry of Agriculture and Food Security to release about 42,000MT of maize, millet and other commodities from the national strategic reserves in order to address the rising cost of food in Nigeria.

The Minister of Information and National Orientation, Mohammed Idris, disclosed this in Abuja after a meeting of the Presidential Committee on Emergency Food Intervention.

Idris had also stated that the Rice Millers Association of Nigeria had committed to releasing about 60,000MT of rice to the markets.

The move followed tension in the country over the rising cost of food.

“The first one is that the Ministry of Agriculture and Food Security has been directed to release about 42,000MT of maize, millet, garri, and other commodities in their strategic reserve so that these items will be made available to Nigerians; 42,000MT immediately.

“The second one is that we have held meetings with the Rice Millers Association of Nigeria. Those who are responsible for producing this rice and we have asked them to open up their stores.

“They’ve told us that they can guarantee about 60,000 metric tons of rice. They will make that available to Nigerians; to bring out to the market to make food available,” the information minister had told journalists.

Also on February 14, 2024, the Federal Government announced that it would distribute the 42,000 metric tonnes of grains approved by the President to poor Nigerians at no cost.

It also announced that the Department of State Services and the National Emergency Management Agency had been engaged in the distribution process to ensure that the commodities get to the targeted citizens nationwide.

The Minister of Agriculture and Food Security, Abubakar Kyari, who disclosed this at a ministerial press briefing in Abuja at the time, had further revealed that the government would be supporting 500,000 farmers to cultivate and produce one million metric tonnes of rice.

Meanwhile, Bago told journalists on Thursday that the Niger State Government had acquired 120 trucks of food to complement what the Federal Government was doing so that it could reach more people.

On his part, the agric ministers stated that the distribution of the grains would be based on the template of the National Emergency Management Agency and the Office of the National Security Adviser.

Oyebanji Joins President Tinubu, Gov Sanwo-Olu, to commission Lagos Rail Mass Transit.

Oyebanji Joins President Tinubu, Gov Sanwo-Olu, to commission Lagos Rail Mass Transit.

By Olamide Akinwumi. 

In a momentous occasion on the 29th of February, Governor Biodun Oyebanji of Ekiti State graced the commissioning of the Lagos Rail Mass Transit (LRMT) Red Line alongside President Bola Ahmed Tinubu and the host Governor Babajide Sanwo-Olu at the Ikeja Train Station, Lagos State.

During the event, amidst the jubilation and excitement surrounding the inauguration of the LRMT Red Line, President Tinubu engaged in a conversation with Governor Oyebanji, sparking speculation about the nature of their discussion.

President Tinubu's interaction with Governor Oyebanji hinted at more than just a routine exchange. With keen interest, attendees pondered the underlying message conveyed by President Tinubu to His Excellency Governor Biodun Abayomi Oyebanji.

Although the specifics of their conversation remained undisclosed, speculations arose regarding potential future collaborations between the federal government and Ekiti State. President Tinubu's presence and engagement with Governor Oyebanji suggested a deeper interest in the development trajectory of Ekiti State, hinting at the possibility of forthcoming significant projects in the "Land of Honour."

Observers interpreted President Tinubu's interaction as a subtle indication of his awareness of ongoing developments in Ekiti State and a tacit promise of future engagement and support. The anticipation of President Tinubu's visit to commission "something big" in Ekiti State lingered among attendees, fueling excitement and optimism about the state's prospects for growth and development.

As the commissioning of the LRMT Red Line marked a milestone in Lagos's transportation infrastructure, it also served as a platform for inter-state cooperation and collaboration. President Tinubu's presence and conversation with Governor Oyebanji underscored the importance of fostering partnerships to drive progress and prosperity across state borders.

With eyes now turned towards Ekiti State, anticipation mounts as the nation awaits further announcements regarding future projects and collaborations between the federal government and the "Land of Honour," bolstered by the subtle yet significant hints exchanged between President Tinubu and Governor Oyebanji during the historic event.

PUNCH holds anniversary lecture, celebrates 50 years of impact.

PUNCH holds anniversary lecture, celebrates 50 years of impact.

Dignitaries from all walks of life trooped out on Thursday to celebrate with PUNCH Nigeria Limited as it held a public lecture as part of events marking its 50th anniversary.

Founded in March 1973, PUNCH, Nigeria’s foremost newspaper, clocked 50 on March 18, 2023, but its Board of Directors moved the 50th-anniversary celebration to this year because the anniversary month fell within an election month and year.

The lecture, held at the Civic Centre, Victoria Island, Lagos, was delivered by the Nobel laureate, Prof. Wole Soyinka, who spoke on the theme: ‘Recovering the Narrative’.

It was graced by government officials, media executives, captains of industries, members of the diplomatic corps, traditional rulers, present and former employees of the newspaper, among others.

In attendance were top management staff and members of the company’s board, such as Chairman Emeritus, Chief Ajibola Ogunsola; his wife, Mrs Iyabode Ogunsola; the Chairman, Mrs Angela Emuwa; Managing Director/Editor-in-Chief, Mr Adeyeye Joseph; Directors, Dr Olubunmi Aboderin-Talabi, Omoshalewa Aboderin, Mrs Omowunmi Tunde-Obe, and the immediate-past MD and E-in-C, Mr Ademola Osinubi.

At the opening of the event, Tunde-Obe recited the two stanzas of the national anthem to the admiration of the attendees.

Soyinka was invited to the podium by Aboderin-Talabi, who read his citation, as the compere, Ali Baba, added humour and glamour to the event.

In her welcome address, PUNCH Chairman, Emuwa, noted that 50 years was no mean feat, “and we are grateful to all our long-standing partners and audiences for the journey so far.”

According to her, the title of the lecture is not just a theme, it’s a call to action.

She said, “It is a rallying cry for the media and responsible actors to reclaim their rightful place as the guardians of facts, truth and justice, and the voice of the people.

“This is so because, in a world inundated with information, the power to shape narratives is a formidable responsibility and one that should not be taken lightly.”

She added, “As the most widely-read newspaper in the nation, PUNCH has not only been a witness to history but a key player in shaping narratives.

“Our 50-year resilient is a testament to the power of the press in influencing positive change, upholding the values of democracy, and championing the cause of the people.

“We hope that the impact of our 50-year journey will serve as a source of inspiration to all. We have weathered storms, stood against oppression, and championed the cause of justice, and yet we remain unbowed and unbroken.

“Today, I call upon every one of you to join hands in this crucial mission and stand firm as PUNCH goes into the next 50 years doing what it knows how to do best.”

Emuwa expressed the company’s “deepest gratitude to all our friends who have stood by us over the decades.”

She said, “Your support has been invaluable, and it is your belief in our mission that propels us forward.

“A special acknowledgment goes out to all PUNCHERS, both past and present. You are the heart and soul of this institution. Your dedication, hard work, and unwavering commitment have been the driving force behind our success.”

Speaking, the Governor of Ogun State, Dapo Abiodun, who was represented by the Deputy Governor, Noimot Salako-Oyedele, said over the past five decades PUNCH had been a stalwart in journalism, embodying the spirit of integrity and fairness.

Abiodun said the story of PUNCH was that of its founding Chairman, the late Chief James Aboderin, and the legions that had carried on his legacy to date.

“The story cannot be complete without acknowledging the editors, journalists and staff who have tirelessly dedicated themselves to the pursuit of an informed and enlightened society,” he said.

Abiodun also noted that in an era where the media landscape was constantly evolving, PUNCH had consistently adapted, remaining a beacon of reliable information.

“PUNCH Newspaper’s legacy is not only in its longevity but in the impact it has had on shaping the narrative of our nation. Its commitment to investigative journalism and unwavering pursuit of the truth has played a pivotal role in public discourse.

“As we celebrate this remarkable milestone, let us reflect on the power of the press to hold those in power accountable, to give voice to the voiceless and to foster a society built on transparency and accountability,” he said.

The well-attended and colourful event had the Minister of Information and National Orientation, Mohammed Idris, representing President Bola Tinubu; the Publisher of The Guardian Newspapers Limited, Lady Maiden Ibru; ex-Minister of Industry, Dr Onikepo Akande; ex-Transport Minister, Rotimi Amaechi; representative of the Delta State Governor, Loveth Idisi; Commissioner for Information, Enugu State, Aka Eze Aka, and a former three-time governorship candidate of the PDP in Lagos State, Mr Jimi Agbaje.

The event also had the wife of ex-Kwara State governor, Mrs Toyin Saraki; Bishop of Lagos Diocese, Anglican Communion, Rt. Rev. Ifedola Okupevi, represented by Ven. Adebisi Adebayo; representative of the EFCC Chairman, Mr Micheal Welkast; Senior Special Adviser to the President, Mr. Bayo Onanuga; and the National Publicity Secretary of the PDP, Mr Debo Ologunagba.

Also in attendance were the Director-General, National Orientation Agency, Mr Lanre Isa-Onilu; the DG, Advertising Regulatory Council of Nigeria, Dr Olalekan Fadolapo; the Managing Director and Editor-in-Chief, New Telegraph Newspapers, Mr. Ayodele Aminu; a veteran actress, Mrs. Taiwo Ajayi Lycett; representative of the Taraba State Governor, Emmanuel Bello; former Minister of Sports, Mr. Sunday Dare; the Registrar of JAMB, Prof Is’haq Oloyede; the VC, Caleb University, Prof Nosa Owens-Ibie; an official in the office of the High Commissioner of Canada, HE Jamie Christoff; Executive Director, CISLAC, Auwal Rafsanjani; former Senior Special Assistant to Ex-President Muhammadu Buhari, Garba Shehu; Provost, NIJ, Mr Gbenga Adefaye; and Executive Director, Media Career Development Network, Mr Lekan Otufodunrin.

Other attendees included the Corps Marshall, Federal Road Safety Corps, Dauda Ali-Biu; Commandant of the Nigerian Security and Civil Defence Corps, Dr Ahmed Audi; representative of the Chief of Naval Staf, Air Marshall Edward Gabkwet; representative of the Minister of Police Affairs, Bolaji Kazeem;

Others were the Proprietress, Greenwood House School, Ikoyi, Mrs Ekua Abudu-Akinsanya; renowned accountant, Bashorun J.K. Randle; representative of Chief of Air Staff, Air Vice Marshall FCS Uwakara; member, Kwara State House of Assembly, Hon David Ogunniyi, and Chairman, Sun Publishing, Ms Neya Kalu.

The event was also a reunion of sorts for former employees of PUNCH who also attended. They include the former Editor, The PUNCH, Mr Bola Bolawole; former Editor, The PUNCH/former Provost, NIJ, Mr Gbemiga Ogunleye; former Editor, Sunday PUNCH, Casmir Igbokwe; former Editor, The PUNCH, Mr Martin Ayankola; ex-Manager, Training and Language Control, Mr Seth Akintoye; former Chairman, Punch Editorial Board; Mr Segun Adediran; former Editor, Saturday PUNCH; Dr Olabisi Deji-Folutile, former Assistant Editor (Politics), The PUNCH, Semiu Okanlawon; and former Company Secretary/Legal Adviser, Mr Bayo Alabidun; and Mr Muyiwa Adetiba, among others.

The week-long 50th-anniversary celebration and 40th remembrance of the passing of the founding Chairman of Punch Nigeria Limited, the late Chief Olu Aboderin, began last Saturday with a colourful novelty football match at the Onikan Stadium in Lagos.

On Wednesday, a three-day photo exhibition, showcasing iconic photographs from PUNCH’s rich archive, opened at the Alliance Francaise de Lagos/Mike Adenuga Centre in Ikoyi, Lagos.

Zulum flags off food distribution to alleviate sufferings in Borno.

Zulum flags off food distribution to alleviate sufferings in Borno.

....100,000 households to benefit in Maiduguri, Jere.

...200,000 households targeted, including 7 LGAs in Southern Borno.

Borno State Governor, Babagana Umara Zulum, has begun the distribution of food items to over 100,000 households in Maiduguri Metropolitan Council and Jere Local Government Area. The distribution aims to alleviate the hardship caused by the rising costs of essential commodities in the state. Governor Zulum officially kicked off the distribution at the Maiduguri Sports Centre, where each household received a 25kg bag of rice and another bag of maize.

Speaking to journalists, Governor Zulum emphasized the importance of continuous support to the people in order to address the prevailing hardship. He reaffirmed his administration's commitment to prioritize the welfare of the people, particularly those facing extreme difficulties due to the Boko Haram insurgency. Governor Zulum also acknowledged the global nature of the current economic crisis, extending its impact to Borno State.

Furthermore, Governor Zulum announced that the distribution of palliatives would be extended from 100,000 households to over 200,000 families, covering additional areas including seven local government areas in southern Borno. He explained that communities affected by insurgency often experience food shortages due to limited access to agricultural land. Governor Zulum assured the residents that palliative distribution would continue as long as he remains in office, while also investing in agriculture to address the underlying causes of food crisis.

Governor Zulum urged those without a means of livelihood to engage in agriculture and promised them necessary support, such as free buses, agricultural inputs, and cash assistance. He also highlighted the agricultural schemes implemented by the Federal Ministry of Agriculture and Food Security and emphasized Borno State's commitment to strengthening irrigation and commercial farming.

However, Governor Zulum sternly warned against individuals attempting to disrupt peacebuilding efforts or exploit the food crisis for political gain. He stated that anyone who incites public disturbances or politicizes the food crisis would face severe consequences.

Under Governor Zulum's administration, Borno State has been distributing food palliatives since 2011, and the government will continue to do its best to mitigate the effects of hardship on its citizens. The governor urged the public to exercise patience and assured them that the government is actively addressing the crisis.