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IMPI rates Tinubu’s 8-month as good for Nigeria’s economic growth despite challenges

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***Asks President to maintain tempo on fight against corruption

The Independent Media & Policy Initiative (IMPI) has rated the administration of President Bola Ahmed Tinubu high in the delivery of its Renewed Hope Agenda
This it said is despite enormous institutional, economic headwinds and domestic challenges it has had to contend with.

At a press conference on Tuesday in Abuja, Chairman of the IMPI, Chief Niyi Akinsiju indicated that from the conceptualisation and deployment of policies across multifarious sectors by the federal government, it is convinced that “President Tinubu is putting in place new building blocks to serve as the bedrock of a new model for national economic growth and socio-political development.”

The Group had reviewed policy applications by the federal government and the Central Bank working together in the management of foreign exchange, and it encouraged that the policy outcomes of the collaboration would address the supply side of forex in the context of the current floating regime with expected consequential effects on the value of the Naira.

“Currently the Nigerian Stock market takes a pride of place as the number one stock exchange globally, principally driven by domestic investors, which as at 2023, accounted for 88.52% of total market value.

“This is a confirmation of the existence of conducive environment for foreign investors to invest across the Nigerian investment ecosystem.”

While acknowledging that the removal of fuel subsidy triggered the immediate positive outturn on Premium Motor Spirit (PMS) consumption and related revenue earnings compared to the pre-subsidy removal regime, Chief Akinsiju said the action has led to a quantum leap in total gross revenue going into the federation account and subsequent FAAC allocation to the three tiers of government from N786.161bn in May 2023 to a high of N1.1trn in August because NNPCL was no longer resorting to its famed under-recovery.

“And for the first time in the history of FAAC, the Federal Government of Nigeria started cultivating the culture of savings from revenue accruals beginning from the over N700bn that was saved in July last year when the FAAC received the sum of N1.959 trillion.

“This has marked a turning point in Federation accruals and revenue generation with implications for budget performance.”

On the concerns over food inflation and its remedies, the group said it findings have shown a commitment by the President to stemming the tide of rising food prices and ensuring food security by approving the accelerated cultivation of 500,000 hectares of land across the country in collaboration with state governments.

“This, in itself, is a commendable model of cooperation between the federal government and the sub-nationals. We are certain that in a short while, Nigerians will start receiving the products of the federal and sub-national governments working together.

“To crystallise the policy, the administration has introduced an irrigation programme to facilitate and guarantee all-year round farming. Our investigation within the general purview of agriculture implicates the deployment of several policies including waivers on the importation of tractors and farm implements, the recent launch of dry season farming in Jigawa State and the allocation of N102bn to the National Agricultural Development Fund (NADFUND) to mention just a few.

“It is our view that these measures will guarantee adequate food supply in the shortest possible time.”

On the fight against corruption by the Tinubu’s administration, the group urged the President not to bow to pressure, but ensure that the report of investigation and those of other government officials under investigation be made public in the spirit of transparency.

“However, we take notice of the President’s swift response to corruption allegations against a member of his cabinet, Dr. Betta Edu, by suspending and ordering her investigation.

“Without prejudice to the outcome of the ongoing investigation, we urge the President to not bow to pressure, but ensure that the report of that investigation and those of other government officials under investigation be made public in the spirit of transparency.

“This will go a long way to sending clear signals to local and international audiences about the Tinubu administration’s seriousness to tackle the scourge of corruption as recently observed by the US Secretary of State, Anthony Blinken during a recent visit to Nigeria.”

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Strike: NASS Leadership, Labour Leaders, others in closed meeting to avert industrial action

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In last minute effort to prevent indefinite industrial action declared by Nigeria Labour Congress ( NLC) and affiliate bodies from tomorrow, Monday, June 3, 2024 , the leadership of the National Assembly led by the President of the Senate, Godswill Akpabio and Speaker of the House of Representatives, Hon Tajudeen Abbas, are currently in closed door meeting with the labour leaders and some Ministers at the Senate Wing of the National Assembly
The Secretary to the Government of the Federation, Senator George Akume, Minister of Finance , Wale Edun, Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi and some other Ministers are also at the Emergency meeting.
Labour welcomes negotiations for “survival wage “NOT “starvation wage” for workers. Akpabio cautions Labour to be mindful of possible “collateral damage” that might lead to massive job loss
Thesewere just before they went into a closed door meeting.
The National Assembly had had earlier indicated that it would engage the organized labour as part of moves to avert the industrial action due to commence on Monday.
It said its decision of to intervene followed the deadlock between the federal government and the Labour Unions in agreeing on a new national minimum wage and reversal of the recent hike in electricity tariffs. The National Assembly stressed that both parties have tenable reasons for their respective positions.
A statement issued Sunday and jointly signed by the spokesperson of the Senate, Senator Yemi Adaramodu and the spokesperson of the House, Akin Rotimi revealed that the President of the Senate, Senator Godswill Akpabio, and Speaker of the House of Representatives, Hon. Abbas Tajudeen, are taking proactive steps to mediate and avert the impending industrial action.
The legislative arm was of the opinion that the strike action would have severe repercussions on the populace and economy

It said: “The National Assembly acknowledges the announcement by Organised Labour, including the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC), to commence an indefinite strike action from Monday, June 3, 2024, nationwide.

“In view of this, the National Assembly Leadership and the Chairmen of the Senate and House Committees on Labour, Employment and Productivity respectively, Senator Diket Plang, and Rep. Adegboyega Adefarati, are looking to engage both parties in constructive dialogue and explore a variety of solutions in addressing the issues at hand.”

It added that the 10th National Assembly was committed to ensuring that the interests of all parties are fairly represented.

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Strike is not in the interest of Nigerians, Labour Minister cautions organised labour

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The Minister of State for Labour and Employment, Barr. Nkeiruka Onyejoecha, has caution the organised insisting that embarking on a nationwide strike is not in the best interest of the country and its people.
In a statement by her Special Adviser (Media) Emameh Gabriel the minister
Minister advised the workers unions to have a rethink as declaring a strike in the middle of ongoing negotiations would not only compound the economic woes but also exacerbate the suffering of millions of Nigerians who are already struggling to eke out a living from their daily endeavors.
Explaining further the Minister noted that the “government has consistently demonstrated commitment and goodwill throughout the negotiations with organised labour.
She pointed out that the government’s proposals were carefully crafted, taking into account the country’s economic realities and incorporating innovative solutions.

“These proposals include a comprehensive package featuring a wage increase to N60,000 for federal workers, the introduction of CNG-fueled buses, and enhanced financial access for Micro, Small and Medium Enterprises (MSMEs). “Additionally, the government has pledged investments in strategic sectors such as agriculture, manufacturing, education, healthcare and many others that are already in the pipeline.
She however cautioned that any new minimum wage must not lead to widespread job losses, particularly in the Organised Private Sector, which employs the bulk of the nation’s workforce

“This sector is crucial to the country’s economic growth and stability. The government’s stance is rooted in a deep understanding of the negotiations, demonstrating its dedication to finding a balance between the needs of workers and the economic realities of the country.
“The goal is to establish a minimum wage that is not only realistic but also sustainable, avoiding any potentially detrimental consequences for the economy.

“By adopting this approach, the government aims to safeguard the interests of both workers and employers, ensuring that any agreement reached is mutually beneficial and does not jeopardise the country’s economic progress.
“This balanced stance is crucial for maintaining harmony in the workforce and driving national growth”, she explained.

The Minister expressed disappointment that in a surprising turn of events, organised labour abruptly exited the negotiations yesterday, despite the government’s flexibility in rescheduling the meeting from Monday to Friday, May 31st, to accelerate the talks.
“Labour unions remained adamant in their demand for a staggering 1,547% wage increase, after the government’s proposed 100% increase, accompanied by various incentives for workers.

“It is widely acknowledged that the labour unions’ demands are unrealistic, given the country’s current economic position. The government takes into account the nation’s fiscal constraints and the need for sustainable economic growth. In contrast, labour’s demands seem disconnected from the economic realities, potentially jeopardising the very gains they seek to achieve”.

“The government’s willingness to engage in dialogue and its demonstrated flexibility in the negotiations underscore its commitment to finding a mutually beneficial solution. However, labour’s inflexibility and unrealistic expectations may hinder the progress made thus far, ultimately harming the workers they represent and the nation as a whole, the minister added.

She however, urged the unions to reconsider their decision and continue engaging in constructive dialogue to find a solution that benefits all, as strike will disproportionately harm the most vulnerable segments of our society. She concluded by asking
organised labour to continue to respect the principles of social dialogue, engaging in good-faith.

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Gov Yusuf Visits National Security Adviser, Ribadu

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Governor Abba Kabir Yusuf of Kano State on Thursday met with the National Security Adviser Malam Nuhu Ribado at his Office in Abuja
The meeting which was ocasioned by the recent happenings in Kano following the dissolution of five emirates by the Kano State House of Assembly through the repeal of the state emirate law, the governor’s assent and the subsequent restoration of Emir Muhammad Sanusi II by the
Governor.
The Governor’s spokesperson Sanusi Bature Dawakin Tofa, in a statement indicated that the two political leaders deliberated on various matters relating to state/national development and the peaceful coexistence of the nation during their discussions in Abuja.
Recall that the NSA had been accused of involvement in the Kano crisis for allowing a substantial military presence to protect the dethroned Emir Aminu Ado Bayero, a position the Office of the NSA debunked
The Kano State Deputy Governor, Comrade Aminu Abdussalam Gwarzo, had apologized to the NSA for his implication in the Kano crises, attributing the error to flawed intelligence.
Recognizing the respected professional background and integrity of the NSA throughout his time as an Officer and Anti-corruption campaigner, the state deemed it necessary to retract the allegation and offer a sincire apology.
In harmony with these events, the Governor’s meeting with the NSA coincided with Emir of Kano Muhammadu Sanusi II’s six-day stay at the Kano palace, where a significant majority of district heads and kingmakers already pledged their allegiance and loyalty to the newly consolidated Kano Emirate under the leadership of the 16th Emir.
The state assured that Kano has been characterized by peace and tranquillity, and thus urges all residents to continue their regular activities in compliance with the rule of law.
“It was a fruitful discussion between myself and the National Security Adviser, his role is critical for the harmonious existence of our nation, so I briefed him on the recent developments in Kano,” Governor Yusuf confirmed.

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