FCT, ABUJA
FEBRUARY 18, 2024
PRESS STATEMENT
Basking in willful blindness to their constitutional responsibilities, governors elected on the platform of Peoples Democratic Party (PDP) in a statement, yesterday, advised President Bola Ahmed Tinubu to “throw in the towel” if he can’t govern Nigeria anymore. This noxious executive flippancy has now become a badge of identity for these idle but viciously complicit spectators in the affairs of their states and citizens.
A federal system like ours operates on the idea of shared, constitutionally delineated responsibilities among the three tiers of government – federal, state and local governments. Effective governance requires collaboration and coordination among all three levels to deliver the promise of democracy to all citizens. By virtue of their membership of the National Economic Council and National Council of State, governors bear a solemn duty, where possible, to proffer constructive ideas or solutions to the challenges of governance of our nation.
Like all citizens, governors are entitled to free speech. However, that right must be exercised against a standard of respectability and reasonableness. Reckless utterances capable of inflaming passions and social upheaval must be avoided. Likening Nigeria to Venezuela as the PDP governors did in a recent communique, even under the prevailing challenging economic and security contexts of Nigeria, is unhelpful and smacks of unrighteous indignation.
Rather than live up to their responsibilities as chief executive officers of Nigeria’s federating units, the PDP governors have turned themselves into a band of doomsday vocalists, raising their voices to deafening decibels intended to drown the groans of their citizens battered by their critical inertia, ineptitude and dismal performance as governors of their states.
As the federal buck “ultimately stops” at the President’s table so the state buck “ultimately stops” at the governors’ table. The PDP governors’ call to the President to throw in the towel is nothing short of self-indictment. It is cringeworthy that the same governors that have never justified the massive federal allocations to their states, that have perennially stifled and dispossessed local government administrations of federally allocated funds are talking about “buck”. How can a governor of a state in utter shambles like Delta participate, barefaced, in a talk about “buck”? Has the PDP governor of Delta state even attempted to justify the over 483.57 Billion Naira federal allocation to the state in 2023? Which part or sector of Delta state bears witness to the use of that huge allocation? Delta state retirees have remained desperately pulverized by PDP’s uninterrupted reckless rule since the advent of this Republic in 1999.
Since the buck also stops at the PDP governors’ table at the state level, they should practice what they preach by resigning from their offices rather than blaming the federal administration for their utter failure to mobilize massive resources at their disposal to improving the living conditions of their people.
President Bola Tinubu is taking responsibility and providing solid leadership in this historic season of deep and enduring economic transformation in our country. The administration has initiated bold and far-reaching reforms that are indispensable to economic recovery, sustainable growth and prosperity. Our people are going through transient but painful difficulties that the administration is supremely determined to mitigate as these policies begin to yield desired results.
Nigerians deserve to live in peace and security, with access to basic social and economic amenities. Our Party and administration urges patience during these turbulent times as our nation soars unstoppably to firmer grounds and more prosperous future.
Signed:
*Felix Morka, Esq.*
National Publicity Secretary
All Progressives Congress (APC)
STATE HOUSE PRESS STATEMENT
ONCE AGAIN, FORMER VICE PRESIDENT ATIKU ABUBAKAR GOT IT WRONG
Former Vice President, Atiku Abubakar, in an attempt to rubbish the foreign exchange policy of the Tinubu administration got his facts muddled up again. He also failed to prescribe a better Policy Option to what Governor Olayemi Cardoso and his team are executing at the apex bank.
First of all, it was not true that President Tinubu’s meeting last Thursday with the 36 State Governors was centred on discussing foreign exchange crisis and currency fluctuation.
What was discussed in the main was food supply and how to drastically reduce the food prices. The Minister of Information, Alhaji Mohammed Idris, gave a briefing about the meeting, revealing the highlights to State House Correspondents.
One was that the meeting established a nexus between the state of security and the rising cost of food. Another was that hoarders are warehousing food, creating artificial scarcity and thus enabling the high cost of food items.
The decisions at the meeting reflected the main points discussed: Forest rangers are to be strengthened and armed, while police are to recruit more men and the National Economic Council to deepen discussions about creating state police.
President Tinubu also affirmed his approval for the release of 42,000 Metric tonnes of grains from the national reserve. Government is also in discussion with rice millers to get another 60,000 metric tonnes. President Tinubu said he does not support price control and importation of food. Nigeria, he believes, can grow enough food to feed its citizens and spare some for export.
The present government is executing the cultivation of 500,000 hectares for wheat, maize, and rice, in many states. Governors are expected to participate in this programme, one of the reasons for last Thursday’s meeting.
There was no deliberation as former VP Atiku claimed on currency fluctuation. As Alhaji Atiku should know, this is the business of the Central Bank, which has the autonomy to handle the country’s monetary policies. As a matter of fact, the President enjoined the governors, in passing, to allow the CBN do its work and refrain from dabbling into what is within CBN’s purview.
If he would be true to himself and what actually transpired at the meeting, unlike the lies he spewed, we expected Alhaji Atiku to praise President Tinubu for maintaining this stance and for not interfering with the business of Central Bank.
It is false and preposterous for Atiku to claim that CBN’s FX management policy was hurriedly put together without proper plans and consultations with stakeholders and that the apex bank is hamstrung by Tinubu’s government in implementing a sound FX Management Policy “that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence”.
Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilise the Naira and end volatility in the market and this is already yielding some positive results.
Capital importation into the country is increasing, according to the latest NBS report. In the fourth quarter of 2023, Nigeria recorded a 66.27 percent increase in capital inflow, compared with Q3, before Cardoso’s arrival at CBN. In Q3, capital inflow was $654.65 million. It rose to $1.09 billion in Q4.
Alhaji Atiku will agree that the rise in capital inflow suggests massive investors’ confidence in Nigeria and the policy direction of the Tinubu administration.
Juxtaposed with the policy options being implemented by the CBN, Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele, when an estimated $1.5 billion was spent monthly to shore up the Naira, while arbitrage or round tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of powers.
Bayo Onanuga
Special Adviser to the President on Information & Strategy
February 18, 2024
Economy heading for the ditch, says Atiku Abubakar
At a meeting called at his instance on Thursday to address the Foreign Exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country.
Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.
I don’t agree with that.
The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when, clearly, the government has demonstrated sufficient poverty of ideas to redeem the situation.
If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.
After a careful assessment of the state of our economy at the twilights of the last administration, I knew full well that the economy of the country was heading for the ditch and came up with a number of policy prescriptions that would rescue the country from getting into the mess that we are currently in.
Those ideas, encapsulated in my policy document titled: My Covenant With Nigerians made the following prescriptions:
- I had signed on to a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.
- A fixed exchange rate system would be out of the question. First, it would not be in line with our philosophy of running an open, private sector friendly economy. Secondly, operating a successful fixed-exchange rate system would require sufficient FX reserves to defend the domestic currency at all times. But as is well known, Nigeria’s major challenge is the persistent FX illiquidity occasioned by limited foreign exchange inflows to the country. Without sufficient FX reserves, confidence in the Nigerian economy will remain low, and Naira will remain under pressure. The economy will have no firepower to support its currency. Besides, a fixed-exchange rate system is akin to running a subsidy regime!
- On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option. In simple terms, in such a system, the Naira may fluctuate daily, but the CBN will step in to control and stabilize its value. Such control will be exercised judiciously and responsibly, especially to curve speculative activities.
- Why control, you may ask.
(i). Nigeria has insufficient, unstable, and precarious foreign reserves to support a free-floating rate regime. Nigeria’s reserves did not have enough foreign exchange that can be sold freely at fair market prices during crises.
(ii). Nigeria is not earning enough US$ from its sales of crude oil because its production of oil has been declining. And,
(iii). Nigeria is not attracting foreign investment in appreciable quantities.
These are enough reasons for Nigeria to seek to have a greater control of the market, at least in the short to medium term when convergence is expected to be achieved.
Tinubu’s new policy FX management policy was hurriedly put together without proper plans and consultations with stakeholders. The government failed to anticipate or downplayed the potential and real negative consequences of its actions.
The Government did not allow the CBN the independence to design and implement a sound FX Management Policy that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence.
I firmly believe that if and when the Government is ready to open itself to sound counsels, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans, the Nigerian economy would begin to find a footing again. -AA
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU APPOINTS NEW DIRECTOR/CHIEF EXECUTIVE OFFICER OF NIGERIAN FINANCIAL INTELLIGENCE UNIT (NFIU)
President Bola Tinubu has approved the appointment of Ms. Hafsat Abubakar Bakari to serve as the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), pending her confirmation by the Senate.
Ms. Bakari is a lawyer and financial intelligence expert with years of experience in anti-money laundering, counter-terrorism financing, and counter-proliferation financing (AML/CFT/CPF).
Before her appointment as the Chief Executive Officer of the NFIU, she served as Deputy Director at the Nigerian Financial Intelligence Unit, and was at different times the Head of the General Services Unit; Head of the Strategy and Reorientation Unit, and Head of the Board Secretariat of the Economic and Financial Crimes Commission (EFCC).
The President anticipates that Ms. Bakari will bring her wealth of experience and expertise to full discharge in this critical role, especially in view of his administration’s war against illicit financial flows and other sharp practices currently prevalent in segments of the nation’s foreign exchange markets.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
February 20, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU APPOINTS DCG KEMI NANNA NANDAP AS COMPTROLLER-GENERAL OF THE NIGERIA IMMIGRATION SERVICE
President Bola Tinubu has approved the appointment of DCG Kemi Nanna Nandap to serve as the Comptroller-General of the Nigeria Immigration Service (NIS), effective from March 1, 2024.
DCG Nandap takes over from Mrs. Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024.
Before her appointment as Comptroller-General, Nandap was the Deputy Comptroller-General in charge of the Migration Directorate of the Service.
The President anticipates that the new Comptroller-General will deepen the ongoing reforms in the service and create a robust mechanism for efficient and dedicated service delivery to Nigerians, as well as strengthen the nation’s security through proactive and effective border security and migration management.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
February 21, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU TO AFREXIMBANK: WE ARE DETERMINED TO SUCCEED IN HEALTHCARE
President Bola Tinubu says his administration is strongly committed to providing excellent healthcare facilities for all Nigerians and will continue to prioritize domestic and foreign direct investments in the sector.
The President made these remarks at a meeting with Professor Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), accompanied by a delegation from King’s College Hospital, London (KCH).
President Tinubu welcomed the partnership between Afreximbank and KCH London to establish a first-rate healthcare facility in Abuja, called Africa Medical Centre of Excellence (AMCE), scheduled for completion in 2025.
”We welcome this significant step towards investing in Nigeria’s healthcare sector. This facility is a great commitment to humanity. We are open and ready to assist this project in every way possible.
”Africa is in need, and Nigeria is committed to the need of its people. Putting people’s welfare first is putting healthcare first. The training and development of our people are our priorities, and we thank KCH, known for its global reputation, for partnering with us.
”Out of every five black persons, one is a Nigerian. We are racing against time to meet our obligations to our people. This project will further strengthen our long-term vision for the healthcare of our people. We are determined to succeed, and whatever you need in order for us to achieve this project, I want to assure you, we will do it,” he said.
President Tinubu, who was recently appointed the African Union (AU) Champion for Human Resources for Health and Community Health Delivery Partnership, emphasized that the continent cannot afford to remain behind in the quality and accessibility of its healthcare system.
The President, therefore, asked Afreximbank not to relent in its commitment to investing in projects that will ensure that Africa possesses the expertise and resources to meet its own healthcare needs.
The Coordinating Minister of Health and Social Welfare, Professor Muhammad Ali Pate, explained that the Bank and KCH are also collaborating on building a medical and nursing school alongside AMCE, in line with the administration’s commitment to expanding the training of healthcare professionals in the country.
”Your Excellency, you will recall that in October 2023, you approved an initiative to unlock Nigeria’s healthcare value chain and appointed a coordinator. We have worked in the last few months to identify various work streams.
”I am pleased to inform Your Excellency, that today, we signed an MOU with the President of Afreximbank for a $1 billion facility to finance a credit and equity contribution pool for private sector investors interested in investing in Nigeria’s health sector value chain,” he said.
The Nigerian-born President of the Bank, Professor Oramah, pledged the Bank’s commitment to developing quality health infrastructure on the continent, and contributing substantially to the reduction of medical tourism out of Africa, while promoting intra-Africa trade, and creating jobs in the country and continent.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
February 21, 2024
STATE HOUSE PRESS RELEASE
PRESIDENT TINUBU APPOINTS NEW EXECUTIVE DIRECTOR AT THE NIGERIAN EXPORT-IMPORT BANK
President Bola Tinubu has approved the appointment of Mr. Ibrahim Khalil Gaga as Executive Director, Corporate Services, at the Nigerian Export-Import Bank (NEXIM).
Mr. Gaga, a lawyer, has gained over 25 years of experience in the banking sector as well as in legal services.
Prior to his appointment, he was the Board Secretary and Legal Adviser at NEXIM Bank.
The President expects that Mr. Gaga will bring to his new role renewed zeal and diligence to enhance NEXIM’s mandate of providing finance, risk mitigation services, accurate trade and market information, as well as export advisory services to Nigerians in full support of the economic development agenda of his administration.
Chief Ajuri Ngelale
Special Adviser to the President
(Media & Publicity)
February 21, 2024