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FG debunks N5.4trn provision for subsidy payments
FG debunks N5.4trn provision for subsidy payments
Special Adviser to the President on Information and Strategy, Bayo Onanuga, has dismissed media reports insinuating that the federal government has made provisions of N5.4trillion for fuel subsidy payments, insisting that the era is gone for good.
He cautioned the mainstream media and social media platforms to desist from reporting fiscal policy documents that have not been ractified by the government.
Onanuga lamented that one of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were an executive order signed by President Bola Ahmed Tinubu.
“The other is a 65-page draft document with the title “Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve the Nigerian economy. President Tinubu received a copy of the draft on Tuesday,” he noted.
He urged the public and the media to disregard the two documents and cease further discussions on them, stressing that none is an approved official document of the Federal Government of Nigeria.
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Quoting the Coordinating Minister of the Economy, Mr Wale Edun, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
“Emanating from the two documents have been reports second-guessing government’s policy on customs tariffs, fuel subsidy and other economic matters.
“The government wants to restate that its position on fuel subsidy has not changed from what President Bola Ahmed Tinubu declared on 29 May 2023. The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” Edun stated.
He said the Coordinating Minister of the Economy had further clarified: “As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy program last year, and this policy remains firmly in place.
“The Federal Government is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians.
“Our strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs. With the implementation of our CNG initiative, which aims to displace high PMS and AGO costs, we expect to further reduce these costs.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations.”
He called on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels so that the members of the public are properly informed, guided and educated on government policies and programmes.
FG debunks N5.4trn provision for subsidy payments
News
Saudi Crown Prince assures Tinubu of govt support
Saudi Crown Prince assures Tinubu of govt support
The Saudi Crown Prince and Prime Minister of Saudi Arabia, Prince Mohammed bin Salman bin Abdulaziz Al Saud, has assured Nigeria of support in its economic reform programmes.
The assurance came when the Crown Prince and President Bola Ahmed Tinubu met on Monday in Riyadh on the sidelines of the joint Arab-Islamic Summit.
Bayo Onanuga, the Special Adviser to the President on Information & Strategy, disclosed this in a statement on Tuesday.
He said the two leaders explored potential areas for cooperation, particularly oil and gas, agriculture, infrastructure and the constitution of the Saudi-Nigeria Business Council.
Nigeria wants an agreement with the Saudi government over a proposed $5 billion bilateral trade facility between the two countries.
The Saudi Agricultural and Livestock Investment Company, SALIC, invested $1.24 billion in 2022 to acquire a 35.43% stake in Olam Agri, one of Nigeria’s leading agricultural firms.
Talks are being held so that SALIC can have more stake in the company.
The Saudis hoped the investment would make Olam one of the biggest agro-allied businesses in the world.
The Crown Prince commended President Tinubu’s economic reforms, noting similarities to his steps to strengthen Saudi Arabia’s stability and development when he became Prime Minister.
He also assured Nigeria of his support and promised to motivate his team to realise the various areas of partnerships discussed at the meeting.
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At the meeting with the Crown Prince were the Saudi Minister of National Guard, Prince Abdullah bin Bandar bin Abdulaziz, the Minister of Defense, Prince Khalid bin Salman bin Abdulaziz, and several senior officials.
Meanwhile, the Joint Arab-Islamic Summit has renewed the mandate of Nigeria and other member states on the Ministerial Committee assigned to engage with global leaders in seeking an end to the ongoing war in Gaza and Lebanon.
This decision was part of the resolution issued after the extraordinary Joint Arab-Islamic Summit, which took place in Riyadh, Saudi Arabia, on November 11, 2024.
President Bola Tinubu and other leaders from the Organisation of Islamic Cooperation, OIC, and the League of Arab States were in attendance.
The Joint Arab-Islamic Ministerial Committee, led by the Kingdom of Saudi Arabia, was formed by a resolution at the First Joint Arab-Islamic Summit in Riyadh on November 11, 2023.
The group includes the foreign ministers of Nigeria, Egypt, Qatar, Turkey, Indonesia, Palestine, and Jordan.
In its final resolution, the summit urged the Ministerial Committee to “intensify its efforts and expand them to include working on ending the aggression on Lebanon.”
The committee will submit periodic reports, which the secretariats of the OIC and the League of Arab States will circulate to member states.
The Committee has also been tasked with further engaging actors across the Global South in the efforts to strengthen international support towards ending the war and Israeli occupation.
The resolution stressed the importance of protecting sea lanes by rules of international law and welcomed the signing of the tripartite mechanism by the League of Arab States, OIC, and the African Union to support the Palestinian cause.
The summit praised the African Union’s steadfast support of Palestine.
The leaders condemned recent Israeli military actions in northern Gaza, describing them as “crimes of genocide,” including allegations of torture, executions, disappearances, and “ethnic cleansing.”
They also criticised ongoing efforts to solidify Israel’s presence in occupied East Jerusalem, reaffirming it as the “eternal capital” of Palestine and calling for the unification of the West Bank, Gaza Strip, and East Jerusalem under a sovereign Palestinian state.
The resolution reiterated “the full sovereignty of the State of Palestine over occupied East [Jerusalem], the eternal capital of Palestine”. It rejected any Israeli actions aimed at altering the city’s identity or consolidating its occupation.
The summit also expressed unwavering support for Lebanon’s security, stability, sovereignty, and the safety of its citizens.
Saudi Crown Prince assures Tinubu of govt support
News
Two Nigerian companies developed contactless passport renewal – FG
Two Nigerian companies developed contactless passport renewal – FG
The Federal Government has revealed that the contactless passport renewal solution, which went live in Canada on November 1, 2024, was developed by two Nigerian software companies.
The disclosure was made by Olubunmi Tunji-Ojo, the Minister of Interior, during the Politics Today programme on Channels Television on Tuesday.
Tunji-Ojo explained that the Federal Government deliberately chose to trust indigenous technology for the project.
“The solution is completely indigenous. We did not go to look for foreign technology. We got Nigerian technology – the two companies/vendors that came together to develop the solution are Nigerian software companies,” he said.
The minister expressed confidence in the solution, citing his over two decades of experience as an IT cybersecurity expert and his extensive history as a project manager on numerous occasions.
He did not, however, mention the names of the companies, and at this time, they are not yet publicly known.
The Interior Minister emphasized that the contactless passport renewal solution is designed to alleviate the challenges faced by Nigerians in the diaspora, such as long travel distances, accommodation costs, and taking time off work to renew passports.
He shared specific examples of Nigerians in Canada and London who had to cancel lectures or miss work to complete their passport renewal process.
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While acknowledging that the new solution has encountered some initial hitches, Tunji-Ojo reassured Nigerians that these issues would be addressed.
Tunji-Ojo also clarified that delays in passport issuance, such as those reported by some Nigerians in Canada who experienced waiting times of up to 42 days after using the contactless passport renewal process, are not linked to the system itself.
- Instead, he attributed the delays to the limited processing capacity of Nigerian embassies. For instance, he said that the UK embassy, which has received over 48,000 passport renewal applications (note: the contactless renewal system is not yet available in the UK and is currently exclusive to Canada), can only process 300 applications per day, leading to significant backlogs.
- The Interior Minister explained that the contactless system leverages biometric databases, facial recognition, and live authentication checks, enabling applicants to renew their passports via a mobile app without visiting the Nigerian Immigration Service (NIS) office.
- However, the system applies only to Nigerians aged 18 and above with existing biometric records, as first-time applicants must still visit the NIS office for interviews and biometric capture.
- The Federal Government plans to expand the contactless passport renewal solution to other countries in the coming weeks.
Additionally, a centralized personalization center is being established in Abuja, equipped with advanced machines capable of printing up to 32,000 passports daily, to improve the efficiency of passport issuance.
Two Nigerian companies developed contactless passport renewal – FG
News
New Edo Gov Okpebholo takes oath of office, Shettima, others present
New Edo Gov Okpebholo takes oath of office, Shettima, others present
Vice President Kashim Shettima on Tuesday led the Federal Government delegation to the inauguration of Monday Okpebholo as a brand new governor of Edo State.
Other dignitaries at the event are Abdulrahman Abdulrazaq, chair of the governors forum; and Philip Shaibu, the reinstated deputy governor of Edo.
Many sitting state governors across the country elected on the platform of the All Progressives Congress (APC) that also graced the ceremony are Babajide Sanwo-Olu of Lagos, Dapo Abiodun of Ogun, Hope Uzodinma of Imo, and Ahmad Aliyu of Sokoto, among others.
The National Chairman of the APC, Dr Abdullahi Ganduje, and his predecessor, Senator Adams Oshiomhole, were also at the ceremony, held inside the Samuel Ogbemudia Stadium in Benin.
Okpebholo took his oath of office at about 1pm on Tuesday.
Dennis Idahosa was also sworn in as Edo deputy governor.
The new governor rode in an open-top van round the stadium while acknowledging cheers from supporters.
As candidate of the All Progressives Congress (APC), Okpebholo won the September 21 off-cycle governorship election in the state.
He polled 291,667 votes to defeat Asue Ighodalo of the Peoples Democratic Party (PDP) who came second with 247,274 votes.
Olumide Akpata, candidate of the Labour Party (LP), came third with 22,763 votes.
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