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Petrol subsidy removal, exchange rate regulation may cause initial hardship – Tinubu

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The President-elect, Asiwaju Bola Tinubu, on Friday gave a hint of what his early days in office might look like.

Looking ahead of his Monday inauguration as Nigeria’s 16th leader, Tinubu said things might not be as rosy as some people are expecting.

He identified the pending plan to remove petrol subsidy and the need to end the multiple foreign currency exchange rates as issues that would pose initial challenge to the incoming administration.

He spoke through Vice President-elect Kashim Shettima at the 2023 Presidential Inauguration lecture held at the National Mosque, Abuja.

But he appealed for the support of everyone as efforts are made to deconstruct the maze of challenges facing the nation, declaring that the time had come for all Nigerians to stand together and face the challenges.

Shettima said: “Ours is a great nation waiting to unleash its great potentials to the world.

“China was once called a sleeping giant, but today, China has woken up. Nigeria needs to wake up.

“We are calling on all of you to pray for us for God’s guidance. I want to assure you that Tinubu will hit the ground running.

“We do not have the luxury of time. The challenges facing us are getting worse. We are living in a pressing time.

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“You can rest assured that in the fullness of time, Nigeria will pay glowing tributes to us.

“The starting point might not be rosy; let me be very honest with you.

“Oil subsidy is an albatross on our necks. The multiple exchange rate system is a drain on the national economy.

“There are certain decisions the President-elect will take, but in the fullness of time, Nigerians will not only appreciate but also celebrate us.”

Read Also: Senator urges Tinubu to prioritise fuel subsidy removal, census

Continuing, he said: “As the Chinese will say, the worst curse that a Chinese man may wish on you is for you to live in interesting times. And indeed, we are living in interesting times.

“But rest assured that in the fullness of time, Nigerians will come to pay glowing tributes to Asiwaju Bola Ahmed Tinubu.

We’re here — we’re leaders — not because of our intellect. Neither Kashim Shettima nor Asiwaju Bola Ahmed Tinubu holds any PhD degree.

“We are what we are not because of our physical powers. We are what we are, not because of our political sagacity. There are better politicians.

“Power, to us, will be a humbling experience. It’s an opportunity to serve God and humanity. And whether we accept it or not, we are going to spend more years of our lives outside power than in power.”

READ  How I plan to identify, solve Nigeria’s problems – Tinubu

He pledged that women would be well represented and compensated in the incoming administration.

Buhari, represented by the Secretary to the Government of the Federation, Boss Mustapha, said the economic, security and other problems faced under his watch were not peculiar to Nigeria.

But he said the way Nigerians handled the problems showed that they surmounted other challenges and shall overcome.

He said: “The problems we have had within the economic, security and social sector are not peculiar to us. The potentials are always there to make the country great.

“How we managed during COVID-19 and the Russian /Ukrainian war among others have shown how Nigerians can come out of difficult situations.”

He urged Nigerians to set aside their differences in the polls and support the incoming administration.

Buhari said: “Elections have come and gone. Another set of leaders has been elected. It is our duty to give them the necessary cooperation to enable them deliver on their plans towards transforming Nigeria.

“As citizens we must turn our differences into our source of strength to enable progressive development.

READ  Tribunal dismisses Obi’s drug trafficking suit against Tinubu

“We must also strive to ensure peaceful coexistence, harmony, respect for the rule of law.

“A solid foundation has been laid in the last administration for successive administrations to build on.”

In a goodwill message during the lecture, Joint Admissions and Matriculation Board (JAMB) Registrar Ish-haq Oloyede said Tinubu’s victory in the February 25 election was sanctioned by God following the APC flag bearer’s desire for it.

Oloyede recalled the ’emi lokan’ (it’s my turn) statement by the President-elect on June 2, 2022 in Abeokuta and said God in his wisdom granted the request.

His words: “When Asiwaju said ‘Emi lokan’, Allah accepted it because Quran 15:5 and Quran 23:42 say no group can, on its own, hasten his own term and turn, nor can it be delayed by anybody. That is Quran 15:5.

“So, it is almighty Allah who has said “Iwo lokan” (It’s your turn).

He prayed that God might grant the President-elect and the Vice President-elect a successful tenure in good health, sound mind and divine guidance.

“May the almighty Allah who has granted Asiwaju — the meaning of Asiwaju is ‘the leader’ — the victory of power not to strip him of the garment of honour,” he said.

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: 18 feared killed in fresh Plateau attacks

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1. No fewer than 18 persons are feared dead after gunmen struck on Friday morning in Tilengpan community of Mangu Local Government area of Plateau State. It was reported that 12 individuals were reportedly killed in Mangu villages, with an additional six persons murdered in four Bokkos communities, along with a university student last night.

2. President Bola Tinubu has appointed a new Board for the Securities and Exchange Commission, SEC with immediate effect. According to a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, the new board members bring a wealth of experience and expertise to the commission, which plays a vital role in developing and regulating Nigeria’s capital market.

 

3. President Bola Tinubu on Friday announced the appointment of a new board for the National Insurance Commission, NAICOM with immediate effect. This was contained in a statement by Special Adviser to the President on Media and Publicity, Ajuri Ngelale.

READ  Tinubu appoints Gbajabiamila as Chief of Staff, Akume as SGF

 

4. The Nigerian Customs Service, Kebbi State Area Command, has intercepted goods, including 212 50kg bags of foreign parboiled rice, worth over N126m. The goods according to the Customs Area Comptroller, Iheanacho Ojike, included 10,025 litres of petrol worth over N2m.

 

5. Two people were killed on Friday while one other was injured in an accident around the Idogo junction on Ilaro-Owode Yewa Road, Ogun State. This is just as the Ogun Sector Command of the Federal Road Safety Corps threatened to begin a clampdown on motorists parking indiscriminately on the roads.

 

6. Kogi State Commissioner for Information, Kingsley Fanwo, has said Governor Usman Ododo did not help his predecessor, Yahaya Bello, beat security operatives who wanted to arrest him. Speaking in an interview with Channels TV, Fanwo, who also worked under Bello, said Ododo is committed to upholding the laws of the country, including respecting its legal processes.

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7. The Nigerian Army, on Friday, released Prince Clement Ikolo Ogenerukevwe, the monarch arrested over the killing of 17 military personnel in Okuama, Ughelli South Local Government Area of Delta State.

 

8. The Lagos State government on Friday, demolished illegal houses in Otto Ilogbo extension of Ebute Metta, Lagos, leaving hundreds homeless. It was gathered that four communities were affected by the demolition. They include Ifesowapo, Ifeoluwa, Toluwani and Ilaje Otumara Community Development Association, CDAs, sparking public outrage.

 

9. Road crashes that occurred on Thursday and Friday at Gaya Junction in Kano State and Tashar Yari in Kaduna State claimed the lives of 18 people, authorities have said. The Corps Marshal, Federal Road Safety Corps, Dauda Biu, has now condemned the use of substandard tyres and excessive speeding by drivers on Nigerian roads.

 

10. The Managing Director of First Bank Plc, Dr Adesola Kazeem Adedotun is to proceed on pre-retirement notice. He conveyed his decision to the Chairman of First Bank Hassan Odukale. He said in the letter that he would have retired from the bank in December but decided to proceed on pre-retirement leave effective April 20.

READ  BREAKING: JOHESU suspends strike for 21 days after meeting Tinubu

 

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BREAKING: FG, states, LGs share N1.123tn in March

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The Federation Account Allocation Committee has disbursed a total of N1.123tn to the federal, state, and local governments for March 2024.

 

The allocation, derived from a gross total of N1.867tn, marks a critical distribution of funds aimed at supporting various government tiers.

 

This was revealed in a statement signed by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga, on Friday.

 

FAAC has the duty of examining and approving the distribution of financial resources to the states and the Federal Government.

Monthly, this committee is tasked with the disbursement of funds across Nigeria’s 36 states and its 774 local government areas.

 

This allocation is anticipated to drive progress and support governmental bodies across various tiers in executing their duties.

 

The FAAC shared N1.152.trn to the three tiers of government for February 2024 from a gross total of N2.326.14trn.

 

Manga stated that the Accountant General of the Federation, Mrs. Oluwatoyin Madein, chaired the meeting and highlighted the importance of the allocation.

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This distribution is pivotal in ensuring that all government levels have the necessary funds to continue their development projects and provide essential services to the citizens,” the statement read.

 

The statement noted that the Federal Government received N345.890bn, states, and local governments received N398.689bn and N288.688bn, respectively, while oil-producing states received N90.224bn as 13 per cent mineral revenue derivation.

 

The FAAC statement also noted an increase in the gross revenue from Value Added Tax for March 2024, amounting to N549.698bn—an N89.210bn rise from the previous month.

 

This increase reflects the country’s economic growth and improved tax compliance.

 

Despite the positive trend in VAT, the Gross Statutory Revenue of N1.017tn for March was lower than February’s N1.192tn by N175.212bn.

 

The decrease has been attributed to reductions in excise duty, oil royalty, petroleum profit tax, customs external tariff levies, and electronic money transfer levy.

 

The balance in the Excess Crude Account as of April 2024 stands at $473,754.57, indicating a reserve for future financial stability.

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The statement noted that the FAAC’s decision to allocate these funds is expected to bolster economic activities across the nation and support the government’s efforts in improving infrastructure, healthcare, education, and other vital sectors.

 

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Tinubu appoints Emomotimi Agama as SEC DG

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President Bola Tinubu has appointed Emomotimi Agama as the director general of the Securities and Exchange Commission (SEC).

 

Ajuri Ngelale, special adviser to the president on media and publicity, disclosed this in a statement on Friday.

 

Details later…

READ  Tinubu appoints Gbajabiamila as Chief of Staff, Akume as SGF
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