Tag: Tinubu

  • Aviation Unions Petition Tinubu Over Grounding Of Arik Air Fleet

    Aviation Unions Petition Tinubu Over Grounding Of Arik Air Fleet

    LAGOS – Unions in the Nigerian aviation industry have jointly written an open letter to President Bola Tinubu on the grounding of the Arik Air fleet of aircraft by the Nigerian Airspace Management Agency (NAMA).

     

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    The unions; National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Association of Aircraft Pilots and Engineers (NAAPE), expressed shock with the grounding of the airline’s fleet.

     

    The open letter dated August 1, 2024 and obtained by Daily Independent, was signed by Comrades Ocheme Aba; General Secretary, NUATE, Frances Akinjole, Principal Deputy General Secretary, ATSSSAN and Olayinka Abioye, General Secretary, NAAPE.

     

    The petitioners, expressed shock with the grounding of the operations of the airline over the indebtedness between Engr. Arthur Eze and Sir. Johnson Arumemi-Ikhide, the founder of Arik Air.

     

    The unions also maintained that the aircraft in question belonged to secured creditors as lien and wondered how such equipment could be taken over by another creditor.

     

    They argued that the aircraft could not have been used as writ for the loan.

     

    According to the unions, the action had created anguish and severe frustration among Arik’s passengers and had exacerbated the present air travel challenges in the country.

     

    The unions also said that no fewer than 2,000 direct staff of the airline would be affected, while no fewer than 16,000 dependents would also face the current hardship of the grounding of the airline by the agency.

    The petition added: “Under the current severe socio-economic upheavals, throwing such large numbers of citizens into economic quagmire can only worsen the forbearance strains. This is apart from losses of the other third party vendors and service providers – airports, aviation agencies, ground handlers, fuellers, caterers and many more. This will also have a significant negative impact on the earnings of aviation agencies.

     

    “Against the background of the negative consequences of the earlier similar grounding of Dana Air for which the industry is still counting the losses, we consider this avoidable situation to be truly worrisome.”

     

    The unions appealed to intervene in the crisis by calling all parties in the matter, especially the government agencies to order and allow the airline to continue its operations, even while the issues are being resolved.

     

    The unions also pointed out that there was an order of court directing all parties to maintain status quo ante on the issue.

     

    Daily Independent had exclusively reported on Monday that the grounded aircraft, Boeing 737-700 with the registration number: 5N-MJF, B737-800; 5N-MJQ and DASH8-Q400 with the registration number: 5N-BKX, belonged to Afrexim Bank.

     

    The paper also reported that the situation may discourage foreign creditors from financing aircraft purchase for indigenous airlines, fearing that their assets may be taken as lien by other creditors in case of litigation.

     

    NAMA in a statement last Tuesday by Alhaji Abdullahi Musa, its Director, Public Affairs and Consumer Protection, had said that three Arik Air aircraft were affected by the Supreme Court ruling.

     

    The statement clarified that the airline’s fleet of aircraft were grounded over the $2.5 million debt to one Atlas Petroleum International Ltd, which attached its airplanes.

     

    Earlier, the management of Arik Air (In Receivership), had accused Mr. Festus Keyamo, the Minister of Aviation and Aerospace Development of grounding the airline’s fleet of aircraft

     

     

     

  • Tinubu’s speech justified nationwide protests — Rights lawyer, Inibehe carpets presidential broadcast

    Tinubu’s speech justified nationwide protests — Rights lawyer, Inibehe carpets presidential broadcast

    Tinubu’s speech justified nationwide protests — Rights lawyer, Inibehe carpets presidential broadcast

     

    Tinubu

    Human rights lawyer, Inibehe Effiong has knocked President Bola Tinubu’s presidential broadcast on nationwide protest, describing it as ignoring real demands of protesters.

     

    Inibehe stated that despite what Nigerians have witnessed across the country in the last three days,

     

    Vanguard reported that President Tinubu on Sunday morning while reacting to the ongoing hunger protests in a national broadcast, urged protesters to suspend their demonstrations to prevent further violence and bloodshed.

     

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    The protest entered its fourth day on Sunday, with demonstrators demanding an end to hardship and poor governance.

     

    Protesters are demanding the reinstatement of fuel subsidy to ease the burden of soaring prices and alleviate widespread suffering, but President Tinubu remains resolute in his stance, maintaining that the policy is correct despite the public outcry.

     

    But, Inibehe Effiong in a post on his X account on Sunday said those who wrote President Tinubu’s speech have succeeded in justifying the reasons for the nationwide protest.

     

    He described President Tinubu’s administration as anti-people, asserting that the government is only useful if it serves the interest of the governed.

     

    He wrote, “It is a confirmation of my long-held view, that we are dealing with a fatalistic political class that is intentionally deaf and willfully blind to the sufferings and yearnings of Nigerians.

     

    “This President is disconnected from the reality of the everyday Nigerian. He’s living in an imaginary Nigeria that only exists in his head. The speech couldn’t have been more meaningless and aimless.

     

    “Those who wrote it, and Mr. Tinubu who read it out, have succeeded in justifying the reasons for the nationwide protest.

     

    “It is appalling that despite what we have witnessed across the country in the last three days, the President did not deem it necessary to speak to the specific demands of the protesters.

     

    “A government is only useful if it serves the interest of the governed. This government is anti-people.

     

    “Tinubu made no mention of electoral reform, no reversal of his horrible and devastating economic policies, he did not attempt to cut down the over bloated size of his government.

     

    “Tinubu made no concessions. This President only did what despots do; ignore the agitations of the masses.

     

    “Great leaders make sacrifices for their country, but terrible leaders like Tinubu only know how to sacrifice the country for their interest.

     

    “It is not his voice that people wanted to hear, people wanted him to speak directly to their demands. His call for dialogue is in bad faith. He did not address the mindless killing of protesters by security agencies in any meaningful way. He also did not set up any credible machinery for a purposeful dialogue.

     

    “Tinubu is preoccupied with the ridiculous idea that the protest is being sponsored by his political adversaries. This provocative arrogance by Nigerian politicians will be ended one day by Nigerians, one way or the other

     

     

  • Hardship: Nigerians have right to peaceful protest — Presidency

    Hardship: Nigerians have right to peaceful protest — Presidency

     

    Hardship: Nigerians have right to peaceful protest — Presidency

    By Dayo Johnson, Regional Editor, South-West, Johnbosco Agbakwuru, Omeiza Ajayi, Joe Erunke, Henry Ojelu & Favour Ulebor

     

    AKURE — The Presidency has said Nigerians have the constitutional right to peaceful protest and no one can deny them this.

     

    The declaration came on a day of pro-government protests, organised by statement chairmen of All Progressives Congress, APC rocked state capitals across the country and the Federal Capital Territory, FCT, Abuja.

     

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    The Federal Government is also said to be taking steps to placate youths in the country to stave off the protest slated for Thursday, August 1, billed to last for 10 days.

     

    However, the Inspector-General of Police, IGP, Kayode Egbetokun, yesterday summoned the legal adviser to the organisers of the protest, Mr Ebun Olu-Olu-Adegboruwa, SAN, to a meeting at Force Headquarters in Abuja today over the August 1, nationwide protest.

     

    The declaration came against the backdrop of calls across the country that the protest against hardship in the land should not hold for fear of its being hijacked by violent people.

     

    This came as no fewer than 36 civil society organisations in the country also reaffirmed the fundamental rights of citizens to peaceful protest as a fundamental pillar of democratic governance.

     

    This is even as one of the arrowheads of the planned protest and convener of Take-It-Back Movement, Damilare Adenola, said Minister of Federal Capital Territory, FECT, Nyesom Wike, has no right to deny organisers of the protest use of Eagle Square in Abuja, it being a public facility.

     

    The minister had a weekend and threatened to stop the use of the facility unless organisers of the protest, slated for Thursday, August 1, applied officially for it.

     

    Meanwhile, Senate President, Godswill Akpabio, yesterday blamed the planned nationwide protest on politicians who lost the 2023 elections, alleging that they were intent on coming to power through the back door, just as the South-West Executive Committee of the All Progressives Congress, APC, appealed to Nigerians that the present hardship will soon give way to meaningful livelihood for all and urged them to ignore the protest.

     

    Ahead of the protest, the Minister of Education, Prof. Tahir Mamman, yesterday directed all universities to make arrangements for the security and safety of staff, students and property.

    Special Adviser to the President on Media and Publicity, Ajuri Ngelale, who stated the Presidency’s position in an interview on TVC late Sunday night, said no one has the right to stop peaceful protest in the country, adding that it is the power of protest that brought the return of democracy to Nigeria.

     

    He said: “There is nobody within our administration that has the standing, the command, or the gravitas to tell Nigerians that they cannot peacefully protest and that they cannot peacefully protest in any part of the country.

     

    “We are not in office to dominate our people, we are in office to serve our people. And this is the position of the president.

     

    “President Bola Tinubu has been very clear that the notion of peaceful protest is a central component of an effective function in democracy.

     

    “Anyone who disagrees with the notion from inside the government, the notion that we are here to serve our people and not dominate them, they are lining up themselves against the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, who will defend the right of Nigerians to peaceful protest in any part of the country. And we want to be very unequivocal about that.”

     

    Ngelale noted that there were legitimate concerns that the protest might turn violent but stressed that was not enough to stop a peaceful protest.

     

    On fears that the protest might turn the way for the #EndSARS protest which result in the massive destruction of property, especially in Lagos, he said it was unfortunate that the great majority of the people suffered the actions of a few, noting that the people were also deprived of benefits of infrastructure destroyed during the protest.

     

    He said the government would ensure those out to hijack the protest do not succeed.

     

    Nigeria bids to placate youth to avert looming inflation protests

     

    Also, days before the protest, the Federal Government, according to Reuters, is offering young people jobs in the state oil company and billions of naira worth of grants among other incentives to discourage the action.

     

    Nigerian activists have been looking to emulate youth-led protests elsewhere in Africa which have rocked the government in Kenya and prompted a tough security response in Uganda.

     

    Nigeria’s state oil firm, which seven years ago warned job seekers against falling prey to fraudulent messages about job placements in the company, published on Friday nationwide job vacancies in a post on X for the first time in nearly a decade.

     

    An NNPC Ltd spokesperson said a flood of applications crashed the company’s website.

    Nigeria’s ministry of Youth Development on Friday, also relaunched a N110 billion ($70 million) youth investment fund that was started in 2020, aimed at providing grants to Nigeria’s youth to generate jobs.

     

    The youth ministry had said in May said it would revive the programme but little had been heard about it until Friday.

     

    Nigerians are organising online nationwide protests this week in response to a cost of living crisis that has seen inflation rise to a 28-year-high of 34.2 per cent which followed President Bola Tinubu’s removal of fuel subsidies and a currency devaluation.

     

    Religious clerics, traditional rulers and other prominent Nigerians have joined the government in discouraging young people from embarking on protests slated to begin on August 1, fearing Kenya-style protests will wreak havoc on the economy.

     

    The government has sought more time to end hardships and both the police and army leadership have warned against the protests, saying they could get out of control.

     

    Protesters have said they have a right to peaceful demonstrations, calling the government’s warnings of violence a smokescreen for a potential crackdown.

     

    Protest: IGP summons Adegboruwa

    Also yesterday, the Inspector-General of Police, IGP, Kayode Egbetokun summoned Mr Ebun Olu-Olu-Adegboruwa, SAN, to a meeting at the Force Headquarters in Abuja today over the August 1, nationwide protest.

     

    Adegboruwa had previously written to the IGP on July 26 seeking protection for members of the “Take-It-Back Movement,’ who are part of the civil society organizations taking part in the protest.

     

    In response to Mr Adegboruwa’s request, the IGP through his Principal Staff Officer, CP Johnson Adenola, said the Deputy Inspector General of Police, Operations and Intelligence), the Assistant Inspectors-General of Police in charge of Zonal Police Headquarters, and the Commissioners of Police in charge of state commands across the country had been mandated to accede to his requests.

     

    The letter read: ‘’I am to inform you that the Inspector-General of Police has directed the Deputy Inspectors-General of Police (Operations and Intelligence), the Assistant Inspectors-General of Police in charge of Zonal Police Headquarters, and the Commissioners of Police in charge of State Commands across the country to attend to your request.

     

    ‘’I am to also inform you that the Inspector-General of Police wishes to have a meeting with you at the Nigeria Police Force Headquarters, Abuja on Tuesday, July 30, 2024, to deliberate further on your request.”

     

    Right to peaceful protest, pillar of democratic governance as constitutionally guaranteed

    Similarly, civil society organisations, CSOs, have also the right of the people to peaceful protest.

     

    In a statement jointly signed 36 CSOs, the groups said: ‘’This right is a cornerstone of any democratic society and a critical means for citizens to express their dissatisfaction, demand accountability, and advocate for change.

     

    ‘’Protesting is a legitimate form of expression enshrined in international human rights instruments, including the Universal Declaration of Human Rights, UDHR, the International Covenant on Civil and Political Rights, the African Charter on Human and Peoples’ Rights, and Nigeria’s 1999 Constitution (as amended), among others.

     

    ‘’It allows citizens to publicly voice their concerns, challenge injustices, and participate actively in the democratic process.

     

    Protests serve as a vital mechanism for holding leaders accountable and ensuring that government actions reflect the will and needs of the people.

     

    ‘’History has shown that protests can lead to significant changes in government policies, processes and practices, highlighting the power of collective action to address grievances and promote good governance.

     

    ‘’While the right to protest is a fundamental principle of democratic nations, we concede that it must be exercised peacefully and responsibly without violating the rights of others. Accordingly, we urge all parties engaged, including protest organisers, participants, and law enforcement agencies, to prioritise safety and the rule of law.

     

    ‘’Law enforcement must safeguard protesters while upholding public order. Demonstrators must avoid activities that might exacerbate tensions, cause unrest or threaten public safety.

    “Attempts to suppress demonstrations through intimidation, excessive use of force, or unjust legal actions are unacceptable and counter-productive.

     

    ‘’Every protest is deemed peaceful, and if intelligence indicates otherwise, it is the role of the appropriate government agencies to identify such saboteurs and arrest them immediately.

    Arresting protest organisers shows a lack of understanding of the enemies of the state.

     

    ‘’We urge the Nigerian Judiciary and the National Human Rights Commission (NHRC) to uphold the rights of all protesters and establish a mechanism to promptly address and dismiss oppressive charges that may arise from these protests.

     

    ‘’The demands include reducing the cost of living, curbing insecurity, reducing the cost of governance, electoral reform, judicial reform, and constitutional reform, which are all recurring themes in Nigeria’s journey towards a healthy democracy.

     

    ‘’We reaffirm our commitment to the principles of democracy and human rights and stand in solidarity with those who decided to exercise the right to peaceful protest.

     

    ‘’We encourage all citizens to actively participate in shaping a just and accountable society, and we call on all stakeholders to uphold the principles of democracy, human rights, and the rule of law.

     

    No going back on Eagle Square usage, protest campaigner tackles Wike

    Similarly, one of the arrowheads of the planned protest has said the Eagle Square in Abuja is a public property and that the Minister of the Federal Capital Territory, FCT, Nyesom Wike, has no choice than to allow “hungry Nigerian youths” demonstrate their displeasure on the facility.

     

    Damilare Adenola, the Director of Mobilisation of Take It Back Movement, a non-governmental organisation, stated this in an interview on Channels Television.

     

    Adenola had signed a letter, dated July 26, 2024, addressed to the minister seeking the use of the facility.

     

    However, the FCT minister said this weekend that he hadn’t received the letter, which non-delivery the activist blamed on bureaucratic bottlenecks in government but said the minister would get the letter unfailingly yesterday, ahead of the demonstration starting on Thursday.

     

    The protest mobiliser said: “It is possible that the receipt of the letter is being delayed by most likely bureaucracy in government or the minister is likely being insincere about receiving the letter.

     

    “If he (Wike) insists that he hasn’t received it, the alternative is that he was served by publication because many Nigerian ministries streamline what to receive or not. If he says he didn’t get it physically, then we could as well say that he was served by publication.

     

    “The organisers of the protest are hungry Nigerians; they are a host of unemployed Nigerians, they are a host of hopeless Nigerians who are roaming the streets. They are the out-of-school children spread across the country.

     

    ‘’These are the organisers of the protest and the greatest motivation of this #EndBadGovernance protest is hunger. People are really hungry,” he said.

     

    “This is the idea of battered Nigerian people, this is the idea of hungry Nigerian people, this is the idea of hopeless Nigerian people.

     

    “Young people are tired and need to express their displeasure against government’s malfeasance.’’

     

    NBA urges dialogue, warns against anarchy

     

    The Nigerian Bar Association, NBA, yesterday called on the Federal Government, organisers, proponents and supporters of the planned nationwide protest to call off the protest, and come together for a frank discussion on what must be done to immediately begin to turn around the plight of the people for good.

     

    In a statement, the outgoing President of the NBA, Mr Yakubu Maikyau, SAN, said mechanisms should be put in place for government and people’s engagement regularly.

     

    He said: “This is not about protesters versus non-protesters, it is about our dear country Nigeria, and no more. There cannot be any interest greater than Nigeria. Truth is, we all are protesters in one way or the other.

     

    “It is how we protest and where we express our protests that differ from person to person, or from one group of persons to the other. So, in essence, it is about all of us. I have also not set out to talk about the legality or otherwise of the planned protest.

     

    ‘’While the importance of conducting ourselves in a lawful and orderly manner cannot be overstated – representing our respect for the supremacy of the rule of law, my appeal is to our collective duty as Nigerians, to see to the peace and order in our country which is necessary to guarantee its existence.

     

    “We must all remember that our individual and collective aspirations can only be realised if Nigeria remains in existence. Therefore, dissatisfied as we may be with the state of affairs, we must find reasons to exercise restraint/caution, by avoiding anything that could cost us our dear country.’’

     

    Losers in 2023 polls behind planned protest — Akpabio

    In a similar development, President of the Senate, Godswill Akpabio, yesterday blamed the planned nationwide protest on politicians who lost the 2023 elections, alleging that they were intent on coming to power through the back door.

     

    He stated this at the Presidential Villa Abuja, shortly after signing into law the new national minimum wage bill by President Bola Tinubu during yesterday’s Federal Executive Council, FEC.

    While stressing the need for those behind the protest to abandon it, Akpabio appealed to the nation’s youths not to allow themselves to be used to destroy the country, highlighting the efforts of both the executive and the legislature to lessen hardship in the country.

     

    He said: “People who probably do not have their fortunes in the 2023 election are thinking they can come through the back door and that will amount to anarchy.”

     

    On the signing of the new minimum wage into law by President Tinubu, the Senate president said: “I’m ecstatic, I’m excited about the Nigerian worker and the national minimum wage amendment is for the whole nation; for the Federal Government, the states, the local governments, for the private sector, and even for individual employers.

     

    “So, I think this is a great day for workers in the country. We are not only doubling the minimum wage, we have added something on top. Initially, it was N30,000, now it is N70,000.

     

    “So, my appeal to the Nigerian youths is do not allow any group to mislead you politically. Any destruction of any property will cost Nigeria money. We don’t have the money. Instead, let’s put the money in developing you and developing your environment, instead of going to rebuild.’’

     

    FG directs varsity VCs to secure staff, students, property

    Ahead of the protest, the Minister of Education,Prof. Tahir Mamman, yesterday directed all universities to make arrangements for the security and safety of staff, students and property.

    The minister specifically directed the National Universities Commission, NUC, to convey the directive to vice-chancellors of universities in a memo to the commission.

     

    NUC Acting Executive Secretary, Chris Maiyaki, conveyed the minister’s directive in a circular, marked:”NUC/ ES/138/Vol.38″, dated July 28, 2024.

     

    It was captioned:” Urgent Arrangements for the Security and Safety of University Staff, Students and Property During The Proposed Nationwide Protests.”

     

    The circular read:” The Honourable Minister of Education has directed that the attention of Vice-Chancellors of all Nigerian Universities be formally drawn to the plan by unknown groups to embark on nationwide protests.

     

    “The Federal Government is not unaware of the right of any Nigerian to peaceful protest, but is concerned about the safety of staff, students and university property should there be any protest action.

     

    “Consequently, the Honourable Minister has directed that Vice-Chancellors of all Nigerian Universities should take proactive steps to ensure the security and safety of the university community, including staff and students. In addition, Vice-Chancellors are to please issue specific statements to assure staff and students of their safety. It is also advisable that students remain on campus to focus on their academic pursuits so as to avoid exposure to any potential danger during the planned protests.”

     

    Wike mobilises stakeholders against protests in Abuja

    Also, the Minister of the Federal Capital Territory FCT, Mr Nyesom Wike, has embarked on a series of troubleshooting meeting, mobilizing relevant stakeholders against joining the planned strike.

     

    Wike, who had on Saturday met with religious, traditional, women and youth leaders, also met with youths from Abuja South Federal Constituency, in Kwali Area Council of the FCT weekend, said: “There is no need for the protest. The current administration is barely one year in office and not enough to assess its performance.

     

    “You cannot judge leadership within one year. I have not been in office for up to a year, but I have done so much that should be appreciated and convince people that FCT is working.

     

    “It is not fair to say we have not done anything on insecurity when we have improved security in FCT. We want peace in FCT and so, we cannot fold our arms and allow it to be destroyed in the guise of protest.’’

     

    Don’t turn South West to theatre of war, hardship’ll soon give way- S/W APC leaders

    Ahead of the protest, the Southwest Executive Committee of the All Progressives Congress, APC, also yesterday appealed to Nigerians that the present hardship would soon give way to meaningful livelihood for all.

     

    Rising from an emergency meeting of the party’s zonal executive committee in Akure, Ondo State, they appealed for caution and pleaded that Nigerians should be patient with the present administration.

     

    In a communique signed by National Vice Chairman/ Chairman South West, Isaacs Kekemeke, and Zonal Secretary, Vincent Bewaji, the party, called on all South Westerners, both home and abroad, to refuse to allow the Southwest of Nigeria to be used as a theatre of war or centre of criminality via violent protests.

     

    The communique read: “The party in the zone recognises that every Nigerian has a right under our Constitution to peaceful protest and expresses himself or herself over the programme(s) of government.

    “The party in the zone notes the giant and monumental steps already taken by President Bola Ahmed Tinubu’s administration to give a new socio-economic direction to Nigeria to ultimately ensure prosperity and abundance for all Nigerians.

     

    “The Party in the zone further notes that, as to be expected, the monumental structural economic changes undertaken by the government have brought hardship to a great number of Nigerians. Members of the party in the Southwest are not insulated from the pains and hardship.

     

    “The party, while acknowledging the right of all those who abode/live in the Southwest to peaceful protest, called on leaders of the Southwest, including traditional rulers, leaders of opposition parties, elites, union leaders, market women, students, and religious leaders in the Southwest to stand up and protect all socio-economic interests of the South West by ensuring that no violent protests of any sort are held in any part of the Southwest.’’

     

    APC to organise counter-rallies, says it won’t allow election losers topple Tinubu

    In relation, the forum of states chairmen of the ruling All Progressives Congress, APC, have declared their resolve to mobilize members of the party across wards, local councils, and states to organize nationwide solidarity rallies for President Bola Tinubu for the next two weeks, starting from July 29 to August 11.

     

    The forum urged those planning to protest against the president to shelve the idea as security reports had uncovered plans by some partisans to hijack the protests in a bid to topple the administration.

     

    Declaring that protests were legitimate in a democracy, the forum said the government would, however, not allow some persons who lost in the last general election to hijack the process to further their sinister objectives.

     

    Speaking on behalf of the Forum, its Secretary and Chairman, APC Cross River State, Alphonsus Ogar Eba, said the protest would only worsen the current challenging socio-economic situation of the country.

     

    He said the forum had become fully aware through public utterances of some persons that the protest was more political than the economic concerns earlier expressed.

     

    Two-week counter rallies

    “Against this background, in the next two weeks, commencing from today (yesterday), July 29 to August 11, 2024, and from this press briefing, we shall follow with a solidarity rally by all structures of our party across all political wards, LGAs and states capital, including Abuja, FCT.’’

     

     

  • Breaking: Tinubu meets Dangote, Rabiu, Elumelu, other members of private sector

    Breaking: Tinubu meets Dangote, Rabiu, Elumelu, other members of private sector

    President Bola Tinubu is currently in a crucial meeting with selected members of the organised private sector at the presidential Villa.

     

    Those present at the meeting included Chairman of the Dangote Group, Alhaji Aliko Dangote, founder and chairman of BUA Group, Alhaji Abdul Samad Rabiu, CEO of Oando, Wale Tinubu and the Chairperson of the United Bank for Africa, Tony Elumelu.

     

    Details later…

  • Tinubu calls for strengthening Nigeria-China relations

    Tinubu calls for strengthening Nigeria-China relations

    1. Tinubu calls for strengthening Nigeria-China relations

    Tinubu calls for strengthening Nigeria-China relations

    President Bola Tinubu on Thursday in Abuja commended the partnership between Nigeria and China.

     

    The President gave the commendation when he received Mr Chen Xiaodong, the Vice Minister of Foreign Affairs of the People’s Republic of China.

     

    “For us, it is a new beginning with you. A relationship that has lasted more than 50 years must be nourished, nurtured, and promoted.

     

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    “Our mutual commitment to the values of labour, understanding, and development is very important.

     

    “I am very happy that President Xi Jinping is paying attention to Africa as a whole and our developmental needs,” President Tinubu told the Chinese delegation at the State House.

     

    The President welcomed the support of China for a more prominent position for Nigeria in the G20, UN Security Council, and the intergovernmental organisation of developing economies, comprising Brazil, Russia, India, China, and South Africa (BRICS).

     

    “We believe in ourselves. We are determined to enhance the values of our people. Over the years, China has gone through phases of transformation and development.

     

    “I once visited Shanghai when it was a village, and to see the rapid transformation, the technological development, is worth more collaborative efforts,” the president said.

     

    President Tinubu commended President Xi Jinping for consistently strengthening relations with Nigeria and Africa.

     

    “We believe in our bilateral relations, and we want to strengthen that. I am glad you mentioned United Nations, BRICS, and the G20. This is the largest economy in Africa.

     

    “To classify us as a backwater economy, no matter how hungry we are, we will manage our hunger. We will be friends and partners with those who respect our values, and China is one of them.

     

    “I commend what President Xi Jinping is doing in Africa, helping with capital mobilization for projects that positively impact the lives and livelihoods of our people in Africa,” said Tinubu.

     

    He stated that the infrastructure needs of Africa were monumental, particularly those of Nigeria.

     

    “You have good technology that you can transfer. You have a good opportunity to make an indelible mark on Nigeria.

     

    “We have a very vibrant youth population, well-educated and ready to learn. Skill development programmes and transfer of knowledge is extremely important,” President Tinubu added.

     

    He also thanked President Xi Jinping for an invitation to visit China.

     

    “I am glad you appreciate my effort on Lekki Free Trade Zone, and we are doing very well. We need to establish more industrial parks across the country.

     

    “Nigeria is blessed with mineral resources, and we have a lot of Chinese nationals around. We need to discuss more on that and promote cordial relationships for mutual benefit,” the president stated.

     

    In his remarks, the Chinese Vice Minister of Foreign Affairs said he was in Nigeria to brief the President on the invitation extended by Jinping and the itinerary of the state visit.

     

    Xiaodong commended the President for his strategic vision, playing leading roles in ECOWAS and Africa.

     

    “You are an important leader and a strategist in Africa. We believe that your meeting with President Jinping will open up more discussions and opportunities for Nigeria and Africa,” the Chinese envoy said.

     

    He also congratulated President Tinubu on his re-election as Chairman of ECOWAS Authority of Heads of State and Government. (NAN)

     

     

  • FG to remove N2trn from Access, UBA, Zenith, other banks’ accounts, gives reason

    FG to remove N2trn from Access, UBA, Zenith, other banks’ accounts, gives reason

    FG to remove N2trn from Access, UBA, Zenith, other banks’ accounts, gives reason

    The Federal Government of Nigeria is looking to increase its non-oil revenue and has its eye set on Nigerian banks

    The government is proposing a one-off tax payment on foreign exchange (forex) gains by banks, which is over N20 trillion

    Banks that fail to comply with the directive and have not remitted the assessed forex gains face a penalty of an additional 10%

    Journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

     

    The administration of President Bola Ahmed Tinubu has proposed an amendment to the 2023 Finance Act to tax banks 50% of profit realised from foreign exchange revaluation in 2023.

     

    If approved by the National Assembly, the tax could potentially fetch the Nigerian government not less than N2 trillion.

     

    Nigerian government to raise funds from forex gains

    FG to raise funds from banks forex gains Photo credit: Krisztian Bocs Source: Getty Images

    Punch reports that the tax will be debited from banks’ forex windfall in 2023 to fund part of the 2024 supplementary budget.

     

    According to the Nation report, the levy on forex revaluation gains, otherwise known as a windfall, will finance “renewed hope” infrastructure projects, education and healthcare.

     

    Why is the government interested in banks’ forex?

    Following the decision of the Central Bank of Nigeria to adopt a more liberal foreign exchange management system in 2023, the naira depreciated from N461.1/US$ in December 2022 to N951.79/US$ (Nigerian Autonomous Foreign Exchange Rate Fixing) in December 2023.

     

    This movement helped Nigerian banks make estimated forex revaluation gains at about N4 trillion in 2023.

     

    Some of the banks reported forex gains

    GTCO: N441.79 billion

    Zenith Bank: N228.98 billion

    UBA: N26.58 billion

    FCMB Group: N83.96 billion

    Fidelity Bank: N44.09 billion

    Access Holdings: N17.25 billion

    FBN Holdings: N8.77 billion

    The banks could make so much due to their foreign assets.

     

    Expert react

    Regarding the development, Wale Ajayi, PMG Partner and Head, Tax, Regulatory and People, described the federal government decision as surprising and expected legal disputes.

     

    He said:

    “The impact of this retroactive application may raise constitutional concerns as it may violate the principle of legitimate expectations.

    “It will, therefore, not be surprising if the implementation leads to legal disputes and challenges.

    “Retroactive tax laws can discourage investment as potential investors may perceive the Nigerian tax system as unpredictable.”

    CBN shows $9bn drop in forex demand

    Legit.ng earlier reported that the demand for foreign exchange by individuals and companies engaged in importation and other forex-related activities decreased by 42% year-on-year.

     

    The total sectoral utilisation of foreign exchange indicated that 19 sectors and services received $21.12 billion in forex allocations in 2023.

     

    This represented a 41.9% decline, or $8.87 billion, compared to the $29.98 billion allocated in 2022.

     

  • BREAKING: Tinubu seeks injection of N6.2tn into 2024 budget

    BREAKING: Tinubu seeks injection of N6.2tn into 2024 budget

    BREAKING: Tinubu seeks injection of N6.2tn into 2024 budget

    President Bola Tinubu has forwarded to the Senate for consideration and approval the injection of N6.2 trillion into the N27.5 trillion 2024 budget.
    The President, in the request via a letter read on the floor of the Senate by its President, Godswill Akpabio, during plenary on Wednesday, specifically sought for withdrawal of N3.2 trillion from the Consolidated Revenue Fund, for capital expenditure.
    The President in the second leg of the request sought for withdrawal of another N3 trillion from the consolidated revenue fund for additional recurrent expenditure for the year ending on December 31, 2024.

    According to the letter, Tinubu is also seeking an Act to amend the Finance Act of 2023, to impose and charge windfall tax on banks and to provide for the administration of the tax and matters related thereto.

    For expeditious consideration, the Senate had already listed the two requests on Order Paper as Executive bills for consideration.

    If the requested N6 2 trillion is injected into the N27 5 trillion 2024 budget, the budget size will increase to N33.7 trillion.