News

Presidency slams New York Time’s report, says Tinubu inherited dead economy

The Presidency has tackled the New York Times over its report on the current situation in Nigeria, saying that President Bola Tinubu, on May 29, 2023, inherited a dead economy.

The presidency also justified some of the policy decisions taken by the Tinubu’s administration like floating of the naira and fuel subsidy removal, declaring that the policies were taken in the best interest of the country.

In a statement entitled, “Rejoinder to New York Times jaundiced report on Nigeria’s current economic situation”, issued on Sunday, by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency said Nigeria is not the only country in the world facing a rising cost of living crisis.

The statement read: “Ruth Maclean and Ismail Auwal’s feature story with the title ‘Nigeria Confronts Its Worst Economic Crisis in a Generation’, published on June 11, reflected the typical predetermined, reductionist, derogatory, and denigrating way foreign media establishments reported African countries for several decades.

“Because of the misleading slant of the report, we need to clear up some misconceptions conveyed by the reporters as regards the economic policies of the Tinubu administration that came into power at the end of May 2023.

“Most significant about the report was that it painted the dire experiences of some Nigerians amid the inflationary spiral of the last year and blamed it all on the policies of the new administration.

“The report, based on several interviews, is at best jaundiced, all gloom and doom, as it never mentioned the positive aspects in the same economy as well as the ameliorative policies being implemented by the central and state governments.”

The Presidency said that as of the time Tinubu took over the reign of government, the nation’s economy was bleeding and needed urgent measures to bring it back.

It said, “To be sure, President Tinubu did not create the economic problems Nigeria faces today. He inherited them. As a respected economist in our country once put it, Tinubu inherited a dead economy. The economy was bleeding and needed quick surgery to avoid being plunged into the abyss, as happened in Zimbabwe and Venezuela.

“This was the background to the policy direction taken by the government in May/June 2023: the abrogation of the fuel subsidy regime and the unification of the multiple exchange rates.

“For decades, Nigeria had maintained a fuel subsidy regime that gulped $84.39 billion between 2005 and 2022 from the public treasury in a country with huge infrastructural deficits and in high need of better social services for its citizens.

“The state oil firm, NNPC, the sole importer, had amassed trillions of naira in debts for absorbing the unsustainable subsidy payments in its books. By the time President Tinubu took over the leadership of the country, there was no provision made for fuel subsidy payments in the national budget beyond June 2023.

“The budget itself had a striking feature: it planned to spend 97 percent of revenue servicing debt, with little left for recurrent or capital expenditure. The previous government had resorted to massive borrowing to cover such costs.

“Like oil, the exchange rate was also being subsidised by the government, with an estimated $1.5 billion spent monthly by the CBN to ‘defend’ the currency against the unquenchable demand for the dollar by the country’s import-dependent economy.

“By keeping the rate low, arbitrage grew as a gulf existed between the official rate and the rate being used by over 5000 BDCs that were previously licensed by the Central Bank. What was more, the country was failing to fulfil its remittance obligations to airlines and other foreign businesses, such that FDIs and investment in the oil sector dried up, and notably Emirate Airlines cut off the Nigerian route.

“President Tinubu had to deal with the cancer of public finance on the first day by rolling back the subsidy regime and the generosity that spread to neighbouring countries. Then, his administration floated the naira.”

Although, it acknowledged that the exchange rate got to its worst level, it contended that it’s gradually regaining some level of stability.

The Presidency said, “After some months of the storm, with the naira sliding as low as N1,900 to the US dollar, some stability is being restored, though there remain some challenges. The exchange rate is now below N1500 to the dollar, and there are prospects that the naira could regain its muscle and appreciate to between N1000 and N1200 before the end of the year.

“The economy recorded a trade surplus of N6.52 trillion in Q1, as against a deficit of N1.4 trillion in Q4 of 2023. Portfolio investors have streamed in as long-term investors.

“When Diageo wanted to sell its stake in Guinness Nigeria, it had the Singaporean conglomerate, Tolaram, ready for the uptake. With the World Bank extending a $2.25 billion loan and other loans by the AfDB and Afreximbank coming in, Nigeria has become bankable again. This is all because the reforms being implemented have restored some confidence.

“The inflationary rate is slowing down, as shown in the figures released by the National Bureau of Statistics for April. Food inflation remains the biggest challenge, and the government is working very hard to rein it in with increased agricultural production.

“The Tinubu administration and the 36 states are working assiduously to produce food in abundance to reduce the cost. Some state governments, such as Lagos and Akwa Ibom, have set up retail shops to sell raw food items to residents at a lower price than the market price.

“The Tinubu government, in November last year, in consonance with its food emergency declaration, invested heavily in dry-season farming, giving farmers incentives to produce wheat, maize, and rice. The CBN has donated N100 billion worth of fertiliser to farmers, and numerous incentives are being implemented. In the western part of Nigeria, the six governors have announced plans to invest massively in agriculture.”

The Presidency noted that with all the plans being executed, inflation, especially food inflation, will soon be tamed.

It said, “Nigeria is not the only country in the world facing a rising cost of living crisis. The USA, too, is contending with a similar crisis, with families finding it hard to make ends meet. US Treasury Secretary Janet Yellen raised this concern recently. Europe is similarly in the throes of a cost-of-living crisis.

“As those countries are trying to confront the problem, the Tinubu administration is also working hard to overturn the economic problems in Nigeria.

“Our country faced economic difficulties in the past, an experience that has been captured in folk songs. Just like we overcame then, we shall overcome our present difficulties very soon.”

US

Biden congratulates Trump, invites him to White House

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President Joe Biden called Donald Trump to congratulate him on his victory Wednesday and invited his Republican successor to hold a meeting in the “near future,” the White House said.

In his call with Trump, “President Biden expressed his commitment to ensuring a smooth transition and emphasized the importance of working to bring the country together,” a White House statement said.

Biden also spoke with Kamala Harris and “congratulated the Vice President on her historic campaign,” the statement said, adding that the president on Thursday “will address the nation to discuss the election results and the transition.”

News

Harris calls Trump to congratulate him on election win

US Vice President Kamala Harris called Donald Trump on Wednesday to congratulate him for winning the 2024 presidential election, one of her senior aides said, following a bitter and contentious race.

Democrat Harris discussed with Trump the importance of a peaceful transfer of power and being a president for all Americans, said the aide speaking on background, confirming that Harris will deliver remarks in Washington later Wednesday.

News

Morocco 2025: Ekong, Lookman, Osimhen, Simon, 19 others gear up for Benin, Rwanda

Captain William Ekong, Atalanta of Italy’s Ademola Lookman, effervescent winger Moses Simon, reigning Africa Player of the Year Victor Osimhen and 19 other players will seek for six points against Benin Republic and Rwanda in the closing rounds of the 2025 Africa Cup of Nations qualifying campaign this month.

Coach Augustine Eguavoen has also called goalkeepers Stanley Nwabali and Maduka Okoye, defenders Calvin Bassey and Bright Osayi-Samuel, as well as midfielders Frank Onyeka, Fisayo Dele-Bashiru and Alhassan Yusuf Abdullahi, and forwards Kelechi Iheanacho, Victor Boniface and Samuel Chukwueze. Home-based defender Victor Collins will join up with the group for the first time, and there is a return for gangling forward Sadiq Umar, who plays for Real Sociedad in Spain.

Defenders Olaoluwa Aina and Bruno Onyemaechi are also listed, while France-based defender Gabriel Osho will hope to play his first competitive game for fatherland, after his inability to honour a first call-up in the summer due to injury.

The Super Eagles will fly directly to Abidjan on 11 November, for the confrontation with the Cheetahs of Benin Republic at the Stade Felix-Houphouet-Boigny on Thursday, 14th November, before traveling down to Uyo for the final qualifying game against the Amavubi of Rwanda at the Godswill Akpabio Stadium on Monday, 18th November.

Currently top of their Group D, the Super Eagles will be certain of a place in the final tournament if they get a point against the Cheetahs, which will take then to 11 points, and with only final-day opponents Rwanda capable of catching up with them on points.

However, with a current tally of seven goals for and none against (following the CAF Disciplinary Board’s award of three points and three goals for the botched Matchday 4 encounter against Libya), the Super Eagles stand head and shoulders above the Amavubi, who have one-goal deficit and five points in their favour going into the final two matchdays.

Goalkeepers: Stanley Nwabali (Chippa United, South Africa); Maduka Okoye (Udinese FC, Italy); Amas Obasogie (Fasil Kenema SC, Ethiopia)

Defenders: William Ekong (Al-Kholood FC, Saudi Arabia); Bright Osayi-Samuel (Fenerbahce SK, Turkey); Bruno Onyemaechi (Boavista FC, Portugal); Gabriel Osho (AJ Auxerre, France); Calvin Bassey (Fulham FC, England); Olaoluwa Aina (Nottingham Forest, England); Victor Collins (Nasarawa United) Midfielders: Wilfred Ndidi (Leicester City, England); Raphael Onyedika (Club Brugge, Belgium); Alhassan Yusuf Abdullahi (New England Revolution, USA); Fisayo Dele-Bashiru (Lazio FC. Italy); Frank Onyeka (Augsburg FC, Germany); Alex Iwobi (Fulham FC, England) Forwards: Samuel Chukwueze (AC Milan, Italy); Victor Osimhen (Galatasaray FC, Turkey); Ademola Lookman (Atalanta FC, Italy); Kelechi Iheanacho

(Sevilla FC, Spain); Victor Boniface (Bayer Leverkusen, Germany); Moses Simon (FC Nantes, France); Sadiq Umar (Real Sociedad, Spain)

News

US Elections: President-Elect, Trump thanks X boss, Elon Musk for his support

Donald Trump, the Republican candidate in the 2024 United States presidential race, has publicly lauded tech mogul and SpaceX CEO Elon Musk for his remarkable contributions, specifically his deployment of the Starlink satellite service in the aftermath of Hurricane Helene.

Speaking to his supporters on Wednesday, Trump praised Musk as a “super genius” and recognized his efforts during the hurricane’s destructive impact on the southeastern United States in October.Hurricane Helene left communities across the southeast struggling, with critical infrastructure downed and thousands in need of urgent assistance.

In response, Musk’s Starlink satellite network provided much-needed internet connectivity, especially in North Carolina, which faced significant communication challenges.

Trump emphasized the importance of this rapid support, saying, “I told Elon they need it badly in North Carolina. Can you get it? He had that there so fast, it was incredible. It saved a lot of lives.

They saved a lot of lives.” Trump’s remarks underscore the critical role that Starlink played in relief efforts, enabling first responders and affected residents to stay connected, access vital information, and coordinate rescue operations.Trump’s admiration for Musk extended beyond the immediate context of the hurricane response.

He described the billionaire entrepreneur as “a character” and “a special guy,” attributing Musk’s success and innovation to his unique intelligence and drive. Trump noted, “He’s a super genius. We have to protect our geniuses; we don’t have that many of them.” This statement not only reflects Trump’s appreciation for Musk’s skills and achievements but also his broader belief in the value of supporting talented innovators who contribute to the nation’s progress.

In recent years, Musk has been an outspoken supporter of Trump’s policies and has aligned with the former president on key issues, particularly in the realms of business and technology. Musk’s support for Trump’s 2024 presidential campaign has gone beyond verbal endorsement; he has reportedly made financial contributions aimed at bolstering Trump’s efforts to reclaim the White House.

Musk’s backing reflects a partnership built on shared interests and values, particularly around economic growth, technological advancement, and a commitment to the entrepreneurial spirit.

As a pioneer in space exploration, electric vehicles, and satellite technology, Musk’s influence has permeated various sectors of the American economy and global innovation.

His Starlink initiative, a satellite internet network designed to provide high-speed internet access in remote or underserved areas, has proven its value in times of crisis, including this recent disaster response.

Through his dedication to innovation and swift action during Hurricane Helene, Musk has demonstrated the potential of technology to address real-world challenges, earning him recognition not only from Trump but also from communities that benefited from his support.

In praising Musk, Trump highlighted a central theme of his 2024 campaign: the importance of fostering American talent and protecting the country’s innovators.

His remarks suggest that he sees figures like Musk as essential to driving America’s future, and his relationship with the tech visionary illustrates a broader vision for a nation where public and private sectors collaborate to solve critical issues and strengthen resilience against future challenges.

News

Democratic Lessons: Atiku Advocates for Integrity in Nigerian Elections After US Vote

Former Vice President of Nigeria and prominent figure in the People’s Democratic Party (PDP), Atiku Abubakar, has recently reflected on the outcome of the United States presidential election, underscoring valuable lessons he believes Nigeria should adopt.

Atiku’s remarks come in the wake of the U.S. election, which concluded with former President Donald Trump, representing the Republican Party, emerging as the President-elect after a victory over Democratic candidate Kamala Harris.

Atiku, who ran as the PDP presidential candidate in Nigeria’s 2023 election, addressed Nigerians through a statement that highlighted his belief in the importance of electoral integrity.

He emphasized that Nigeria’s democratic journey could greatly benefit from studying and implementing the practices that contributed to the credibility of the recent U.S. election. According to Atiku, the success of the election in the United States was not merely a testament to the candidates involved, but also to the effectiveness of an electoral system that prioritizes transparency, accountability, and the sanctity of the ballot.

He expressed hope that the peaceful transition of power seen in the United States would inspire Nigerian leaders to prioritize free and fair elections.

“The lesson for us in Nigeria is the integrity of the process that ensures a credible outcome,” Atiku stated. This, he elaborated, is essential to maintaining public confidence in electoral institutions and fostering a culture where political outcomes reflect the will of the people.

Atiku’s comments highlight his advocacy for electoral reforms in Nigeria, as he has long been an outspoken proponent of measures aimed at strengthening the democratic process and making elections more transparent.

Atiku went further to express his hope that the incoming Trump administration would support democratic principles internationally, especially in nations like Nigeria where political processes are often marred by allegations of irregularities.

He stated, “It is the expectation of every Nigerian that the Trump administration will stand resolute in ensuring free and fair elections in Nigeria and other places in the world.

”Additionally, Atiku extended a warm message of congratulations to the American people, acknowledging their commitment to democracy and the power of the vote.

“My warm congratulations go out to the people of the United States, whose unwavering faith in the power of democracy and the sanctity of the ballot has once again shown the world the true might of the people’s voice,” he remarked.

Atiku’s message serves as a call to action for Nigeria’s electoral body and political stakeholders to commit to reforms that would enhance the electoral process.

He advocates for a system in which every citizen’s vote counts and where electoral outcomes are uncontested due to credibility.

For Atiku, this is a vital step in restoring Nigerians’ faith in democracy, ensuring that future elections are free of violence and manipulation, and paving the way for a democratic system where leaders are chosen by the genuine choice of the people.

News

Ododo, Makinde mourn COAS Lagbaja

Governors Usman Ododo and Seyi Makinde of Kogi and Oyo States respectively have mourned the death of the COAS, Lt. Gen. Taoreed Lagbaja

Kogi State Governor, Usman Ododo and his Oyo State counterpart, Seyi Makinde have mourned the death of the Chief of Army Staff, Lt. Gen. Taoreed Lagbaja, calling his demise a huge loss to the country.

Ododo’s condolence was contained in a statement signed by the Kogi State Commissioner for Information and Communications, Kingsley Femi Fanwo.

Ododo said the departure of the gallant and brave Army Chief was sad at a time when the fight against insecurity in Nigeria had gathered momentum.

He noted that the late Gen. Lagbaja was a “fearless General, an indomitable fighter, a tactical genius and an uncompromising warrior determined to stamp out terrorism and banditry from Nigeria.”

The governor extended his heartfelt sympathies to President Bola Tinubu, the National Security Adviser, Mallam Nuhu Ribadu, the Military establishment, the government and people of Osun State and the family of the departed hero.

He called on the Nigerian Armed Forces to ensure that his dream of a secure and safe Nigeria does not die with him and prayed for the repose of his soul.

Oyo State governor, Seyi Makinde on Wednesday also described the death of Lagbaja as a sad loss to the country.

Makinde described Lagbaja as a patriot and one of the finest military officers produced by Nigeria.

He expressed condolences to President Tinubu, the Nigerian Army and commiserated with the immediate family of the deceased COAS as well as the government and people of Osun State on the demise of their illustrious son, praying to Allah to grant repose to his soul.