"Alhaji Atiku's ideas, which lacked details, were rejected by Nigerians in the 2023 poll." - Presidency Response to Alhaji Atiku Abubakar.

In a statement released by Bayo Onanuga
Special Adviser to President Tinubu.

Statement reads: “We have just read a statement credited to former vice president Alhaji Atiku Abubakar, in which he tried to discredit President Bola Tinubu's economic reform programmes while pushing his untested agenda as a better alternative.

“First, Alhaji Atiku's ideas, which lacked details, were rejected by Nigerians in the 2023 poll.

“If he had won the election, we believe he would have plunged Nigeria into a worse situation or run a regime of cronyism.

“Abubakar lost the election partly because he vowed to sell the NNPC and other assets to his friends. Nigerians have not forgotten this, nor would they be comforted by Atiku’s antecedents when he ran the economy in the first term of President Olusegun Obasanjo’s government between 1999 and 2003.

“As vice president, Atiku supervised a questionable privatisation programme. He and his boss demonstrated a lack of faith in our educational system, and both went to establish their universities while they allowed ours to flounder.

“Talk is cheap. It is easy to pontificate and deride a rival’s programmes even when there are irrefutable indices that the economic reforms yield positives despite the temporary difficulties.

“Despite the futile attempt to hoodwink Nigerians again in his statement, it is gratifying that the former Vice President could not repudiate the economic reforms pursued by the Tinubu administration because they are the right things to do.

“His advocacy for a gradualist approach only showed that he was not in tune with the enormity of problems inherited by President Tinubu.

“It is so easy to paint a flowery to-do list. It is expected of an election loser.

“President Tinubu met a country facing several grave challenges. Fuel subsidies were siphoning away enormous resources we could ill afford, and there was criminal arbitrage in the forex market.

“No leader worth his name will allow these two economic disorders to persist without moving to end them surgically.

“While advocating for gradual reforms may sound appealing, Tinubu took measures that should have been taken decades ago by Alhaji Abubakar and his boss when they had the opportunity.

“Alhaji Abubakar calls for empathy and a human face to reforms. We have no problem with this as it resonates well with our administration's focus. President Tinubu has consistently emphasised the need for compassion and protection of the most vulnerable.

“The administration has prioritised social safety nets and targeted support for those affected by recent economic transitions.”

The Northern Governors Forum has opposed the Tax Reform Bill that has been submitted to the National Assembly.

In a statement delivered by the chairman of the forum and the Governor of Gombe State, Mohammed Yahaya, the governors expressed their discontent with the suggested changes to the allocation of Value Added Tax (VAT) to a Derivation-based Model.

The statement reads: “Forum notes with dismay the content of the recent Tax Reform Bill that was forwarded to the National Assembly. The contents of the Blare against the interests of the North and other sub-nationals especially the proposed amendment to the distribution of Value Added Tax (VAT) to a Derivation-based Model.

“This is because companies remit VAT using the location of their headquarters and tax office and not where the services and goods are consumed. In view of the foregoing, the Forum unanimously rejects the proposed Tax Amendments and calls on members of the National Assembly to oppose any bill that can jeopardise the well-being of our people.”

The Abuja beggars express to Wike that they did not choose this situation.

During the flag-off ceremony for the construction of access roads in the Katampe District on Tuesday, Wike issued a warning concerning a potential crackdown on beggars.

Expressing concern over the rising number of beggars in the Federal Capital Territory, the former governor of Rivers State has instructed law enforcement officials to begin apprehending them starting this Monday.

The beggar expressed that he never found joy in begging, emphasizing his dislike for the discrimination that comes with it, particularly in the nation’s capital.

“This situation I find myself in is not something I wanted. It can happen to anyone who is still alive. Some people see us coming and run away.

“In public vehicles, nobody wants to sit close to us. You see, there are people who think that just by interacting with me, they will become blind.”

“We depend on what I get from begging. With the current economy, where people are suffering and there’s no food, my family and I will have to stay at home and wait for death because there will be nothing to live on—no food.

“I can knit very well, forget that I am blind. The government should empower us instead of arresting and detaining us. We have many of us who are gifted, a blind beggar in Abuja said.

The oil markets have addressed a letter to the President, dated October 21, in which they are requesting a grant of N100 billion to assist in preventing the closure of impacted 10,000 marketers’ businesses in the coming weeks.

Dr. Joseph Obele, the National Public Relations Officer for PETROAN, stated that the price of a truckload of PMS has surged from N7 million to N47 million over the past 16 months.

He said, “Three days ago, there was a meeting at the national headquarters of PETROAN. At the meeting, there was, an indication that about 10,000 of our members would quit business in the next 45 days because their trading capital had been severely affected.

“That was why we wrote a letter to Mr President, dated October 21, requesting a grant of N100bn to save the affected marketers’ businesses from shutting down in the next few weeks.”

Abubakar Maigandi, the President of the Independent Petroleum Marketers Association of Nigeria, acknowledged that there has been a decline in fuel consumption. He noted that the union's members have also been impacted by this situation.

“There is a drop in consumption and the price of a truckload is higher now. So, we have reduced the quantity of fuel we buy. For instance, someone who bought 10 trucks before can only buy eight now. So, we haven’t been getting the right quantity that we are supposed to get. We sell only the little quantities we get,” he said.

The leadership of the Nigeria Union of Petroleum and Natural Gas Workers has highlighted that the failure of oil marketers to purchase fuel has led to job losses for truck drivers and employees at petrol stations across the nation.

Mr. Afolabi Olawale, the Secretary-General of NUPENG, stated, “The economy is not smiling at all. Many petrol station owners cannot even buy a single truckload, and this has affected our members. Those of them that are truck drivers hardly get loads to carry anymore. Many petrol stations have closed down and our members who are petrol station workers have lost their jobs.

“This is an unfolding situation. It’s evolving, so I may not be able to give you the actual number of people affected now because we have those in the informal and formal sectors. We have people in the upstream, downstream, and midstream. But I don’t have the statistics right here with me to give you.

“Though everybody is affected, those in the downstream are the most affected. It affects those in the downstream sector directly because they are truck drivers, station workers, and the representatives of the marketers at different depots.”

The Deputy Speaker of the House of Representatives and representative of the Bende Federal Constituency, Rt Hon. Benjamin Okezie Kalu, has provided financial assistance to support indigent and vulnerable individuals within the Bende community.

The initiative introduced by the Deputy Speaker, known as the "Family Support Grant for Rural Dwellers," is a financial assistance program designed to alleviate the hardships faced by vulnerable populations throughout the 13 wards in the constituency.

The family support grant aimed at rural residents was launched on Friday in Akanu Item, providing assistance to over 1,200 individuals who benefited from the substantial funds allocated for this initiative.

Speaking to newsmen on the grant distribution, Mr. Emma Trumps Eke, Director General, Benjamin Kalu Foundation, said the generosity by the Deputy Speaker is scheduled to run on a monthly basis and phases.

"My principal said he's going to run this over a period of time, so on a monthly basis, a different set of people selected by the traditional rulers, president generals of these communities, political leaders, other stakeholders and of course our structure, Hon Benjamin Kalu Movement will also have input." Eke said

Speaking on the selection process, Eke said 80 people were chosen from every federal ward of the constituency and it was done in a way to boost the philanthropic effort of the Deputy Speaker.

He revealed that some legislative aides from the constituency contributed to Benjamin Kalu family support grant for rural dwellers in the little way they can from their monthly salary.

"In view of this current economic situation, the Deputy Speaker came out with this noble idea of family support grant for rural dwellers. For people living in the rural areas, the grant can help you start petty trading and the multiplier effect, if properly harnessed, will put food on their table. There are legislative aides who said out of what they are earning, they are also giving back. We're looking at about 1,200 persons to receive this grant today," Eke added.

Also speaking, the state woman leader of Benjamin Kalu Foundation, Lady Philomena Ikwuegu told newsmen that the kind gesture means a lot to the beneficiaries especially in these hard times.

"One of them was so excited because he has not received such in these hard times," Lady Philomena said.

The beneficiaries expressed their profound gratitude to the Deputy Speaker for his benevolence.

One of the beneficiaries, Chief Ihendu John Ogba said; "I want to thank him, let him continue, by the grace of God, the next time, he is going to be the senator of this senatorial zone. One good turn deserves another".

Another beneficiary, Mrs. Comfort Chukwu thanked the Deputy Speaker, saying that she plans to use her share to invest in her farm land for increased cultivation.

On her part, Mrs Mba Ijeoma Precious, a petty trader from Apanu Item expressed joy after receiving her share and said it will boost her petty trade.

"I'm very excited to receive this amount of money, as a petty trader, I will use this money to support my business. This money is even given without minding your political affiliation. May God bless Hon Benjamin Kalu and give him the strength to do more," she said

On Friday, Governor Uba Sani of Kaduna State revealed that the number of out-of-school children in his state has reduced by 300,000 since April 2024.

Governor Sani shared this information with reporters at the State House following his discussions with President Bola Tinubu at the Aso Rock Villa in Abuja.

According to estimates from the Kaduna State Bureau of Statistics, there are approximately 768,739 children in the state who are not currently enrolled in basic education, covering grades Basic 1 through 9.

Sani mentioned that this figure has dropped by 300,000 as a result of prioritizing educational infrastructure.

He said, “I informed him (President Tinubu) that in the last six months, we have reduced the number of out-of-school children by about 300,000 because we built 62 secondary schools in Kaduna and 2,340 classrooms in primary schools; we have employed teachers.

“We have also been able to reconstruct, remodel, and equip about 12 secondary healthcare centres in Kaduna State.

“Yes, we embarked on a severe adjustment. We clarified that we need to reduce the cost of governance in Kaduna State. To date, we have not bought a single vehicle for any government official in Kaduna State.

“We’ve reduced the allowances of all our commissioners and advisers; even I have been receiving half of my salary since I became governor of Kaduna State, and I’ve not had a single new vehicle as governor.

“So we have tremendously reduced the cost of governance, and that’s the way to go if we want to address our problems and improve major areas such as education and healthcare infrastructure.”

Zebra and Ostrich

Zebra have poor eyesight, and ostriches have poor hearing. These two have formed a symbiotic relationship through communicating and warning each other of danger.

The best partners aren’t the ones that do what you do. They’re the ones that complement you. The ones that share your problems and see the dangers. And the ones that give you a fresh angle. Why is it that you always see ostriches and zebras stood together in the wild?

It’s because the zebra has crystal clear hearing and a great sense of smell. The ostrich likewise has a brilliant vision. By working together they both become stronger and more successful. Nature’s very own Confederation. Both the ostrich and the zebra strive for the same goal. We at Confederation Studio immerse ourselves in the culture of our clients to find and adopt that same goal for ourselves.

That’s how we see it, we love working with the disruptors who don’t follow traditional ways of working. As the client, you know more about your mission and competitive landscape. We as the agency know all about how to take you to market and engage with your customers. But we recognize that we will never know the minute details of your business as well as you do.

Source: Ultimate Facts
https://unsplash.com/photos/a-zebra-and-an-ostrich-in-a-grassy-area-LSI7hL-nLtU?utm_content=creditShareLink&utm_medium=referral&utm_source=unsplash

By *Muhammad Dangiwa*

According to the World Bank Nigeria incurs a loss of N13 trillion due to foreign exchange subsidies. They have urged the government to maintain a unified exchange rate, which would help rectify the significant distortions created by the previous administration and ultimately benefit the economy.

The world report indicated that the government experienced losses of N2 trillion in 2021, N6.2 trillion in 2022, and N5 trillion in 2023.

The Bretton Woods report says, “Quantifying the fiscal cost, through forgone revenue of multiple exchange rates: Prior to the full FX unification in February 2024, the presence of a parallel FX premium generated enormous fiscal costs, in the form of forgone revenues.

“This situation emerged because FX revenue inflows—such as oil and customs revenues, as well as a portion of domestic VAT and CIT which are paid in FX—were transferred to the treasury at the official exchange rate.

“However, due to the significant difference between the official and parallel market rates, the amount of naira-denominated revenue received by the Federation from FX-linked revenues was significantly reduced.

“The unification of the FX rate has therefore eliminated the forgone revenues that previously benefited certain groups at the expense of the entire nation.

“The estimated implicit forgone revenues from the FX premium were even larger than the PMS subsidy, underscoring the importance of maintaining a unified FX rate.

“In 2022, when the cost of the PMS subsidy reached N4.5tn, representing 2.2 per cent of the Gross Domestic Product, the revenues forgone that emerged due to the large parallel rate premium are estimated to have been N6.2tn, representing 3 per cent of GDP.

“N4.5tn of FX revenue was forgone from gross oil revenues and N1.7tn from the FX revenue forgone from non-oil tax revenues.

“These findings demonstrate that the FX unification reform not only addresses distortions in the FX market and the real economy but also has a substantial impact on restoring fiscal space.

“Therefore, maintaining the unified FX rate that Nigeria has achieved since February 2024 is essential from a fiscal perspective.

“It should be noted that in addition to the large estimated fiscal benefits, the FX reform is also expected to benefit the economy by removing the large distortions the previous regime imposed, such as skewing the competitive landscape in favour of importers with preferential access to FX, making it more difficult and less profitable to export, and fueling rent-seeking and illicit activity,”

“In this geopolitical zone, we must deliver 100 percent in favour of APC. Therefore, Ondo State, you must be the forefrontl the two other states – Oyo and Osun – we will capture them, but I will not reveal our secret.” - Ganduje says APC will capture all South West states.

Abdullahi Umar Ganduje, the National Chairman of the All Progressives Congress (APC), has announced that the ruling party aims to secure control of the South West by triumphing in the upcoming off-cycle gubernatorial election in Ondo State on November 16.

Ganduje made this announcement while leading the National Working Committee (NWC) of the APC at a stakeholders’ meeting held in Akure, the capital of the state, on Sunday.

He said, “In this geopolitical zone, we must deliver 100 percent in favour of APC. Therefore, Ondo State, you must be the forefrontl the two other states – Oyo and Osun – we will capture them, but I will not reveal our secret. We are strategising. Everything must be 100 per cent behind President Asiwaju Bola Ahmed Tinubu.

“In this coming election, we are solidly behind Governor Aiyedatiwa. We have made arrangements at the national level to have a successful election and I announce Governor Babajide Sanwo-Olu as the Chairman National Campaign Council.

“This election is a task that must be done. We are encouraged by this large crowd of stakeholders. It shows there is unity, solidarity, and vigour in the party. We are expecting 90 percent votes in the forthcoming governorship election. You have to visit house to house. Neighbour to neighbour and ensure that people come out to vote.

“Let me remind those who contested the primary election with Aiyedatiwa that are not losers because there is no victor, no vanquish in the exercise.”

Oyo State Governor Seyi Makinde has announced his eligibility to run for the presidency in the 2027 elections.

While interacting with journalists at Fashola Farm in Oyo Town on Friday, Makinde emphasized that discussions surrounding his political future are both unwarranted and unrequested.

The governor expressed that he is of an age where he can voice his opinions on any matter without concern for fear or pressure. He mentioned that should he have anything to share regarding his political future, he would do so openly.

He said, “We didn’t host the PDP reporters’ retreat because somebody has a presidential ambition. No comment, nothing. But all I can say to you is, I’m old enough if I want to do something, I will come out and say, this is what I want to do.

“So, no speculation, nobody can push my agenda. I will push my agenda when the time comes.”