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We’ve cleared ways and means debt of over N30trn, says Tinubu

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President Bola Tinubu says the Federal Government has cleared over N30 trillion in ways and means advances.

Tinubu spoke on Tuesday while addressing the nation to commemorate the country’s 64th Independence Day.

Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) provides short-term financing to cover the federal government’s budget shortfalls.

On May 3, 2023, the senate approved the securitisation of the N22.7 trillion loan request made by former President Muhammadu Buhari.

In December of the same year, the national assembly approved President Bola Tinubu’s request for the securitisation of outstanding N7.3 trillion ways and means debt balance.

In the first quarter (Q1) of 2024, the country’s public debt increased to N121.67 trillion.

According to the Debt Management Office (DMO), the rise in Nigeria’s public debt stock is partly due to new borrowing, as well as ways and means securitisation.

Wale Edun, minister of finance, had also said the federal government is not relying on ways and means to fund external debt service or other liabilities.

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Also, while giving his speech, Tinubu said there has been a gradual reduction in the debt service ratio by about 29 percent.

“We have cleared the ways and means debt of over N30 trillion. We have reduced the debt service ratio from 97 per cent to 68 per cent,” the president said.

According to Tinubu, his administration has also been able to pay bills, clear the foreign exchange (FX) backlog of $7 billion his government inherited and raise Nigeria’s foreign reserves to $37 billion, despite inheriting over $33 billion foreign reserves 16 months ago.

He said the country is gradually leaving the fiscal imbalances such as huge debt-to-GDP ratio.

‘ECONOMY UNDERGOING NECESSARY REFORMS’

Tinubu said the economy is undergoing the necessary reforms and retooling to serve the country better and more sustainably.

“If we do not correct the fiscal misalignments that led to the current economic downturn, our country will face an uncertain future and the peril of unimaginable consequences,” the president said.

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“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy.

“The more disciplined approach adopted by the Central Bank to monetary policy management has ensured stability and predictability in our foreign exchange market.”

He said the country is moving ahead with fiscal policy reforms such as the approval of the economic stabilisation bills.

Tinubu said the economic stabilisation bills will make Nigeria’s business environment more friendly, stimulate investment and reduce the tax burden on businesses and workers once they are passed into law.

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JUST IN: NSIB locates wreckage of crashed helicopter in Port Harcourt

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The Nigerian Safety Investigation Bureau (NSIB) says its search and recovery teams have successfully located the wreckage of the ditched Sikorsky SK76 helicopter.

In a statement on Thursday, Bimbo Olawumi Oladeji, NSIB’s director of public affairs and family assistance, said the wreckage was identified during recovery dives conducted on Wednesday night.

Details later…

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Don’t Patronise Fake Oil And Gas Bodies, NUPENG Cautions

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The leadership of our Union has identified fraudulent advertisements from individuals falsely claiming to represent a dubious association of Transporters and Oil and Gas Marketers.

The association urge the public and government institutions to be vigilant against these unscrupulous figures, who seek to exploit the current economic landscape following the removal of fuel subsidies. The Union reaffirms its support for recognized associations in the industry and urges all stakeholders to reject these miscreants and their deceptive practices.

The open letter below:

The attention of the leadership of our great Union has been drawn to some advertisements on news media of some unscrupulous and dangerous individuals claiming to be members of one amorphous association they claim is both Transporters and Marketers of the Oil and Gas at the same time, and we wish to state that this association is nothing but assemblage of failed Rent Seekers in the Subsidy Regime and Irredeemable Smugglers of Petroleum Products disguising as businessmen and women.

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The general public and government institutions are hereby warned and strongly . advised to be very wary of these individuals who are desperately seeking ways and means to continue to exploit Nigerians and collecting rents in other manners since the current administration removed subsidy from petroleum products and make
smuggling unprofitable for them.

 

The leadership of our great Union recognizes National Association of Road Transport Owners (NARTO) as the legitimate umbrella body of Transporters in the Nigeria Oil and Gas Industry and Employers of Petroleum Tankers Drivers (PTD) of which our Union has Collective Bargaining Agreement with on behalf of Petroleum Tankers Drivers.

We also recognize Independent Petroleum Marketers Association of Nigeria (IPMAN), Major Energy Marketers Association of Nigeria (MEMAN) as well as Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) as legitimate marketers of Oil and Gas products. These are associations of Marketers that are well known and respected in the downstream sector of the Nigeria oil and gas industry.

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There is also no ambiguity in the fact that the Nigeria Labour laws only recognize Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as the umbrella bodies
for oil and gas Workers in Nigeria. These are the two organizations that represent and protect the job interests of the Nigeria oil and gas workers including Petroleum lanker Drivers (PTD) as prescribed in the Constitution of the Federal Republic of Niger
AFFILIATED TO THE NIGERIA LABOUR CONGRESS (NLC) & Industrial Global Union
Ref:
SUPPORT OUR DREAM

GAS WORKERS

We implore all well-meaning Nigerians and government officials whose names these Usurpers and Rent Seekers are dropping to urgently disregard any invitation from them and publicly denounce them because they are purely mischief-makers, names Droppers and unscrupulous business individuals that can sell their families and country for money and are unfortunately part of those that plunge the country into the current economic woes and hardship that the country is currently battling and struggling with. Following numerous failed attempts to coerce our Union into collecting money for them at various petroleum depots, they have now resorted to these names-calling and cheap blackmail to further their insidious rent-seeking schemes.

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Our Solidarity remains Constant for the Union makes us strong!!!

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Finally, Joseph Wayas, ex-senate president, to be buried November 30 — three years after his death

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November 30 has been fixed for the burial of former Senate President Joseph Wayas, who died three years ago.

 

Wayas, who served as senate president from October 1, 1979, to December 31, 1983, died on November 30, 2021, at a London hospital after a protracted illness. He was 80 years old.

 

On July 10, his remains arrived in Nigeria after several controversies that followed the repatriation of his corpse.

 

Speaking on Thursday at a press briefing in Calabar, the capital of Cross River, Dorn-Cklaimz Enamhe, secretary of the central planning committee for Wayas’ burial, thanked Bassey Otu, governor of the state, and other individuals for repatriating Wayas’ body.

 

Enamhe noted that the committee, in collaboration with other authorities in Nigeria and the Nigerian High Commission in the United Kingdom (UK), worked together to ascertain the authenticity of the body.

 

He also appreciated the media for constantly reminding the nation that the body of the former senate president was yet to be buried.

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“Unfortunately, the body has been kept this long due to issues and disagreement among members of his family,” he said.

 

“We had to wait for these issues to be resolved, and as of today, they have been resolved; that is why we are going ahead with the burial.”

 

Nsa Gil, the chief press secretary to the governor of Cross River, added that the funeral would be held at the UJ Esuene Stadium in Calabar and later at the deceased’s hometown in Bassang, Obanliku LGA.

 

Senate President Godswill Akpabio and many other dignitaries are expected to attend the burial.

 

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