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Tinubu to establish credit firm to bring down food, drug prices

Published

4 months ago

January 1, 2025

President Bola Ahmed Tinubu

Tinubu to establish credit firm to bring down food, drug prices

President Bola Tinubu said yesterday the Federal Government hopes to bring down the price of food and promote local manufacturing of essential drugs and other medical supplies through the establishment of a National Credit Guarantee Company in the new year.

Tinubu, who disclosed this in his New Year nationwide broadcast to the nation, also asked states to key into the federal government’s Compressed National Gas, CNG, programme to reduce the cost of transportation for Nigerians.

The President equally said the youth confab he promised in the aftermath of the #EndBadGovernance protests across the country, would begin in the first quarter of 2025, as a testament of his government’s commitment to youth inclusiveness and investment as nation-builders.

This is as the main opposition party, the Peoples Democratic Party, PDP, charged the President not to taint the new year with an address that will not proffer immediate and concrete steps to reduce the price of fuel and address widespread hunger.

New coy to partner BOI, NSIA, others

According to the President, the new company, which is expected to begin operations before the end of the second quarter of the new year, is a partnership of government institutions, including the Bank of Industry, BOI, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, NSIA, the Ministry of Finance Incorporated, the private sector and multilateral institutions.

Tinubu, who noted that the initiative will strengthen the confidence of the financial system, expand credit access and support under-served groups such as women and youth, said the new company will help expand risk-sharing instruments for financial institutions and enterprises.

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The President said: “As the new year dawns, it brings many hopes, aspirations, and prospects for better days. By the grace of God, 2025 will be a year of great promise in which we will fulfil our collective desires.

“Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days. Economic indicators point to a positive and encouraging outlook for our nation.

“Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the naira has strengthened against the US dollar, bringing greater stability.

“The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.

“In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people.

“In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

“To achieve this, the Federal Government will establish the National Credit Guarantee Company to expand risk-sharing instruments for financial institutions and enterprises.

The company, expected to start operations before the end of the second quarter, is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.

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“This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialisation, and better living standards for our people.

“On a personal note, thank you for placing your confidence in me as your president. Your trust humbles me, and I promise to continue serving you diligently and wholeheartedly.

“We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

‘’I seek your co-operation and collaboration at all times as we pursue our goal of a one trillion-dollar economy. Let us stay focused and united.

‘’We are on the right path to building a great Nigeria that will work for everyone. Let us not get distracted by a tiny segment of our population that still sees things through the prisms of politics, ethnicity, region, and religion.

‘’To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.

‘’Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.

‘’I will unveil the National Values Charter, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together.

‘’The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens.

Youth confab for the first quarter of 2025

‘’The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population.

‘’Let me use this New Year’s message to urge our governors and local council chairpersons to work closely with the central government to seize emerging opportunities in agriculture, livestock, and tax reforms and move our nation forward.

‘’I commend governors who have embraced our Compressed Natural Gas initiative by launching CNG-propelled public transport. I also congratulate those who have adopted electric vehicles as part of our national energy mix and transition. The Federal Government will always offer necessary assistance to the states.

“To all citizens, your sacrifices have not been in vain over the past 19 months. I assure you they will not be in vain, even in the months ahead. Together, let us stay the course of nation-building.
The New Year will bring us closer to the bright future we all desire and the Nigeria of our dreams.

Tinubu to establish credit firm to bring down food, drug prices

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Obi lied, I blocked him from visiting IDP camp for lack of courtesy – Alia

Published

3 hours ago

April 25, 2025

Trends Admin

Obi lied, I blocked him from visiting IDP camp for lack of courtesy – Alia

Peter Obi and Governor Hyacinth Alia has given a reason for his blocking major opposition figure Peter Obi from visiting the IDP camp in Benue.

Mr Alia accused the Labour Party leader of violating standard protocols by failing to inform the governor ahead of his visit as courtesy demands.

Mr Alia, in an interview with TVC on Thursday, said Mr Obi was blocked from visiting the Benue IDP camp because his “intention” was unknown, and he violated protocols by not informing him in advance.

“A very respected Peter Obi was a governor. If you are coming into someone’s state, there are protocols. Very high personality; you are coming into someone’s state, and your party does not even know you are coming.

“I, the sitting governor, did not know you were coming. Then you are going into where I’m protecting even the most, the IDP camp. It’s my duty to protect them. They’ve been displaced. I need to protect them even some more. I don’t know the intent you have,” Mr Alia explained.

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He added, “Is it not courteous enough for me to know as a sitting governor and even to provide more security to you and prepare the minds of the IDPs that a guest is coming to visit them?”

The governor denied claims that he was unreachable when the former Anambra called to inform him of his visit.

“No, that’s not the right narrative. I can never politicise that. I’m the one bearing the brunt, pain and sorrows of the IDPs in my state,” Mr Alia stated. “No. That’s not the true story. If he (Mr Obi) couldn’t reach me, I have a chief of staff, I have an SSG, (and) I have a PPS. That’s not true.”

Last week, Mr Alia said he could not guarantee the safety of any individual or group visiting Benue without his knowledge or clearance, barring Mr Obi from visiting the state.

However, Mr Obi expressed displeasure at how Mr Alia’s government allegedly politicised his planned visit to the troubled Benue.

Obi lied, I blocked him from visiting IDP camp for lack of courtesy – Alia

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Zulum meets with Cameroonian troops after deadly Boko Haram attack in Wulgo

Published

4 hours ago

April 25, 2025

Trends Admin

Zulum meets with Cameroonian troops after deadly Boko Haram attack in Wulgo

Governor of Borno State, Babagana Zulum, has expressed his deepest condolences to the Multinational Joint Task Force (MNJTF) following the recent Boko Haram assault in Wulgo, a border town with Cameroon.

Governor Zulum made the visit on Thursday to Cameroonian troops under Sector 1 of the MNJTF, where he also extended sympathies to both the government and citizens of Cameroon over the devastating attack.

In Wulgo, located roughly 15 kilometers from Gamboru Ngala, the Governor was welcomed by Major General Godwin Michael Mutkut, the Force Commander of the MNJTF.

“I am here to commiserate with you, and with the government and people of the Republic of Cameroon, over the recent unfortunate incident. I wish to salute your bravery and unwavering commitment to safeguarding lives and property in the region,” stated Governor Zulum.

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The Governor also reaffirmed Nigeria’s commitment to supporting the MNJTF and Cameroon in their fight against terrorism and insurgency in the Lake Chad region.

“The Government of Nigeria will explore all possible avenues to complement the efforts of the Multinational Joint Task Force and the government of Cameroon to bring lasting stability to the Lake Chad basin,” he assured.

Alongside the Federal Government’s support, Governor Zulum pledged additional assistance from Borno State to the troops operating in the region.

The Governor was accompanied by Senator Kaka Shehu Lawan of Borno Central, Special Advisers Hon. Idrissa Jidda and Hon. Mustapha Dalatu, Hon. Yuguda Saleh Vungas, Chairman of the Borno State Social Investment Programme, the Chairman of Ngala Local Government Area, and his Principal Private Secretary.

Zulum meets with Cameroonian troops after deadly Boko Haram attack in Wulgo

metro

Tribunal upholds Nigerian government $220m fine against Facebook, WhatsApp

Published

4 hours ago

April 25, 2025

Trends Admin

Tribunal upholds Nigerian government $220m fine against Facebook, WhatsApp

The Competition and Consumer Protection Tribunal on Friday delivered its judgment in the appeal filed by Meta Platforms Incorporated (Facebook) and WhatsApp LLC against the Federal Competition and Consumer Protection Commission (FCCPC), affirming the Commission’s authority and actions in nearly all the contested issues.

A statement signed by Ondaje Ijagwu, Director, Corporate Affairs of FCCPC, said the Tribunal specifically determined that the Commission complied with prevailing laws, discharged its mandate, and exercised its powers within the confines of the 1999 Constitution (as amended).

It ruled that the multiple actions by WhatsApp and Meta, for which the Commission made findings of violations, were correctly identified, and that the Commission did not err in making those findings.

“In addition to upholding the major aspects of the FCCPC’s Final Order, the Tribunal awarded the sum of $220 million against Meta Platforms Incorporated and WhatsApp LLC as an administrative penalty, and further awarded $35,000 to the FCCPC as cost of investigation.

“The tribunal’s three-member panel was led by Honorable Thomas Okosun,” the statement said.

WhatsApp and Meta’s legal team was led by Professor Gbolahan Elias (SAN) while the FCCPC’s legal team was led by Mr. Babatunde Irukera. Both teams had made their final arguments on behalf of their respective clients on January 28, 2025.

PlatinumPost reports that FCCPC had on on July 19, 2024, issued a Final Order imposing a $220 million administrative penalty after concluding that the companies engaged in discriminatory and exploitative practices against Nigerian consumers.

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The case arose from a 38-month joint investigation initiated by the FCCPC and the Nigeria Data Protection Commission (NDPC) into the conduct, privacy practices, and consumer data policies of Meta Platforms and WhatsApp.

Dissatisfied with the Order last year, Meta and WhatsApp appealed to the Tribunal, challenging both the legal basis and the findings of the Commission.

While ruling on Meta’s appeal, the Tribunal also validated the Commission’s investigative procedures and processes.

The Tribunal resolved Issues 1 to 7 largely in favour of the FCCPC, dismissing the appellants’ objections to the Commission’s findings, orders, and legal competence.

One of the central issues (Issue 3) which alleged a breach of fair hearing, was decided in favour of the Commission, with the Tribunal affirming that the FCCPC fully discharged its quasi-judicial responsibilities by affording the appellants ample opportunity to respond.

The Tribunal found no violation of constitutional due process.

On Issue 4, which questioned the Commission’s powers in matters of data protection and privacy, the Tribunal held that the FCCPC acted within its statutory mandate, reaffirming its authority under Section 104 of the FCCPA to regulate competition and consumer protection even in regulated industries.

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On Issue 5, which challenged the Commission’s findings regarding Meta’s privacy policies, the tribunal also resolved in the FCCPC’s favour. The Tribunal found no error in the Commission’s conclusions and held that the privacy policy in question did, in fact, offend Nigerian law.

While Issue 7 was largely resolved in favour of the Commission, the Tribunal set aside Order 7 of the Commission’s Final Order, stating that it lacked sufficient legal basis.

While expressing delight at the landmark judgement, FCCPC Executive Vice Chairman/CEO, Mr. Tunji Bello, thanked the Commission’s legal team for their exceptional diligence and forensic skills in assembling evidence and marshalling their argument.

He restated FCCPC’s unwavering commitment to not only championing the rights of Nigerian consumers but also ensuring fair business practices in the country in accordance with FCCPA (2018) and consistent with the Renewed Hope Agenda of President Bola Ahmed Tinubu.