News
Better days ahead for Nigeria’s economy, says Wale Edun
Better days ahead for Nigeria’s economy, says Wale Edun
The Minister of Finance and Coordinating Minister of Economy, Mr Wale Edun, has expressed optimism about Nigeria’s economic future, assuring of better days ahead with the determination of the President Bola Ahmed Tinubu-led Administration to implement policies, initiatives and programmes that will positively impact on the lives of millions of Nigerians.
The Minister disclosed this at a meeting with foreign investors on the sidelines of the on-going Annual Meetings of the IMF and World Bank in Washington DC, last night.
Speaking of the fiscal performance, HM Edun said, On fiscal performance, where we met things was huge debt servicing, costing nearly 100 percent of revenues.
“We have cut it down by the half of this year to about 60 percent or so, which is still eye-wateringly high, but we are coping with it.
He added that the budget deficit is cut down from 6.5 per cent of GDP to about 4.4 per cent and we are still hopeful of achieving our target of 4 percent of GDP for 2024.
Edun said that the present administration was determined to increase the revenue side of the budget with a target of reaching 23 per cent of GDP.
His team, he assured further, would pursue the re-set of the macro economy with a view to achieving a level of performance that could bring about sustained development and rapid growth.
At the meeting, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu reported the Federal Government of Nigeria’s significant revenue performance of N12.6 trillion as at August this year.
He informed that the pro-rata budget projection for the month of August was N13.1 trillion, while actual performance was N12.6 trillion, resulting in a N500 billion deficit.
His words, *Revenue Budget by August was 13.1 trillion and actual performance was N12.6 trn, leaving us with a deficit 500b. Aggregate revenue target was missed by 3.6 percent, so we are doing well.*
This positive momentum is a testament to the administration’s efforts to revamp Nigeria’s economy.
With continued commitment and strategic planning, better days indeed seem to be on the horizon for Nigeria and the citizenry.
Better days ahead for Nigeria’s economy, says Wale Edun
News
Nigeria needs divine intervention for economic Stability – Tinubu Support Group
Nigeria needs divine intervention for economic Stability – Tinubu Support Group
The Disciples of Jagaban, a group supporting President Bola Tinubu, has defended the upcoming national prayers, emphasizing the need for divine intervention to help address Nigeria’s economic challenges.
The prayers, set to be led by First Lady Oluremi Tinubu and National Security Adviser Nuhu Ribadu, have sparked mixed reactions from the public.
While some, including former Vice President Atiku Abubakar, have criticized the plan, others see it as necessary given current economic struggles.
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Adegoke Alawuje, National Coordinator of Disciples of Jagaban, stressed that President Tinubu’s administration faces complex economic issues that require more than just policy measures. He urged Nigerians to recognize the president’s accomplishments rather than focus on criticism.
“President Tinubu’s policies are not punishments but survival strategies,” Alawuje said. “Just like a caring doctor who continues treatment despite the patient’s discomfort, the president knows these efforts will ultimately bring relief.”
Alawuje also praised Tinubu’s administration for reducing Nigeria’s debt service-to-revenue ratio by 32% within 17 months, calling it a significant accomplishment. He encouraged Nigerians to continue praying for the president and his efforts to stabilize the economy.
Nigeria needs divine intervention for economic Stability – Tinubu Support Group
News
Lagbaja: National flag at half-mast as Remi Tinubu visits widow
Lagbaja: National flag at half-mast as Remi Tinubu visits widow
President Bola Tinubu has directed that the national flag must be flown half-mast as Nigeria mourns its Chief of Army Staff, Lt.-Gen. Taoreed Abiodun Lagbaja, who died after a brief illness.
First Lady Senator Oluremi Tinubu has paid a condolence visit to the widow of the departed Chief of Army Staff.
Secretary to the of the Federation (SGF), Senator George Akume, said President Tinubu gave the directive of the flag flying at half-mast on Wednesday.
A statement signed for Akume by Mr Segun Imohiosen, Director, Information and Public Relations Office of SGF (OSGF) read, “The President has directed that National Flags be flown at half-mast throughout the country for seven days in honour of the departed Army Chief.”
In another statement, the First Lady expressed condolences, praising the COAS for his exemplified valor.
She stated, “It is with a heavy heart that I received the sad news of the demise of the Chief of Army Staff, Lt. General Taoreed Lagbaja. ”Throughout his career, the late Chief of Army Staff exemplified valor, patriotism, and unwavering dedication to the service of our dear country.
“I extend my deepest condolences to his wife, Mrs Mariya Abiodun Lagbaja, children, family, friends, colleagues and associates.
“May Almighty God comfort and grant them the fortitude to bear this irreplaceable loss.
“May his gentle soul rest in perfect peace.”
News
Oyo civil servants to enjoy N80,000 as minimum wage
Oyo civil servants to enjoy N80,000 as minimum wage
Workers under the employment of Oyo State Government are to enjoy a minimum wage of N80,000.
This was announced on Wednesday by the state Commissioner for Information and Orientation, Dotun Oyelade.
He said the technical committee set up by the state government recommended the amount and was approved by Governor Seyi Makinde.
He added that the new scale would be implemented as soon as the consequential adjustments process is completed by the committee comprising government and labour top officials.
Oyelade said only last month, the National Bureau of Statistics, in its latest employment statistics published for 2024, rated the state as the most worker-friendly in the whole of Southern Nigeria due to a significant decline in the state’s unemployment rate, following the high-pitched employment of workers into various sectors of the state.
“The Oyo State Government has been paying workers’ salaries on the 25th of every month since Governor Makinde took office in 2019.
“The governor began paying the previous ₦30,000 minimum wage from the start of his tenure over four years ago, including consistent payments of pensions, gratuities, and a 13th-month salary for both workers and pensioners alike.
“Since November 2023, Governor Makinde has been paying ₦25,000 to workers and ₦15,000 to pensioners as a welfare wage award.
“The Makinde administration introduced the wage award to cushion the effects of the Federal Government’s fuel subsidy removal and has remained consistent with these payments for over a year, even to this day,” Oyelade said.
The commissioner said Makinde had paid the backlog of gratuities from 2008 to 2015 for pensioners, with an increase in gratuity payments for those under both the Local Government Staff Pensions Board and those paid by the Ministry of Establishment and Training.
He added that the governor had reinstated pensioners whose names were removed by the previous administration and continues to provide all pensioners with an annual Christmas/New Year chicken bonus.
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