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‘We’ll consolidate on reforms’ gains’ — Tinubu speaks on ₦6.95tn trade surplus

Published

2 weeks ago

September 13, 2024

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President Bola Tinubu says his administration will consolidate on gains of reforms, assuring of a robust economy.

Tinubu was reacting to Nigeria’s N6.9 trillion trade surplus increase recently reported by the National Bureau of Statistics (NBS).

The NBS had said the second quarter (Q2) trade surplus figure was a 6.6 percent increase from the N6.52 trillion recorded in the first quarter (Q1) of 2024.

The bureau said total exports reached N19.42 trillion in Q2, a 1.31 percent rise from the N19.17 trillion recorded in the previous quarter and a 201.76 percent increase relative to the N6.44 trillion recorded in Q2 2023.

The NBS also said crude oil exports accounted for N14.56 trillion or 74.98 percent of total exports, while the value of non-crude oil exports made up N4.86 trillion or 25.02 percent of total exports.

In a statement on Thursday, Bayo Onanuga, special adviser on information and strategy to the president, said the report showed that economic indicators are turning positive.

READ Again, gunmen ‘kill 13 farmers’ in Niger state

According to the statement, the report comes days after the “country recorded almost 100 percent oversubscription of its first $500 million domestic bond and half-year revenue of N9.1 trillion” and underscores the “increasing positive shifts in the economy over the last year”.

“President Tinubu expresses confidence in the reforms his administration is pursuing and believes they will create a more robust economy that will usher in a new era of prosperity for Nigerians,” the statement reads.

“Generally, the economic indicators, which were very low when President Tinubu assumed office last year, are turning positive.

“The government will continue to consolidate on the gains of the reforms as more fiscal and tax policy reforms already embarked upon by the administration come to fruition.”

Onanuga said Tinubu is determined to “confront the inhibitions” that have stunted the growth and development necessary to unlock the country’s full potential.

Related Topics:Bola Tinubu NBS Trade surplus

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Tinubu’s planned cabinet reshuffle won’t make any difference, says Buba Galadima

Published

1 hour ago

September 28, 2024

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Buba Galadima, a chieftain of the New Nigeria Peoples Party (NNPP), says President Bola Tinubu‘s planned cabinet reshuffle would not make any difference.

On September 25, Bayo Onanuga, special adviser to the president on information and strategy, said Tinubu “has expressed his desire to reshuffle his cabinet and he will do it”.

Speaking on Politics Today, a programme on Channels TV on Friday, Galadima said reshuffling the cabinet would not curb food inflation.

Galadima claimed that the president intends to reward his cronies with the reshuffle.

“That (planned cabinet reshuffle) has nothing to do with me or any Nigerian. What is of importance to all of us is bringing down the harsh conditions of living and the buck stops only on the table of one man. That is President Bola Ahmed Tinubu,” Galadima said.

“No amount of reshuffling can make a difference. As far as that team is only ‘job for the boys,’ nothing will come out of it.

READ I have no cabal to compensate, my election was bankrolled by me - Tinubu

“Anybody that calls himself president or governor is responsible for their cabinet’s performance. He should be told that some of his appointees are more interested in their pockets than service delivery.

“I expected him to do better than this; and to hit the ground running.”

The NNPP chieftain asked Tinubu to find a solution to the country’s foreign exchange crisis “which has seen the naira performing abysmally”.

There have been growing calls from Nigerians and members of the All Progressives Congress (APC) for Tinubu to reshuffle his cabinet and remove underperforming ministers.

Tinubu’s policies have driven petrol prices to record highs and depreciated the naira to record lows since he assumed the reins on May 29, 2023.

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Israel claims Hezbollah leader killed in Beirut strike

Published

2 hours ago

September 28, 2024

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The Israeli military announced early Saturday that Hezbollah chief Hassan Nasrallah was killed in a strike on Beirut.

“Hassan Nasrallah is dead,” military spokesman Lieutenant Colonel Nadav Shoshani announced on X. Military spokesman Captain David Avraham also confirmed to AFP that the Hezbollah chief had been “eliminated” following strikes Friday on the Lebanese capital.