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LEAKED DOCUMENTS ON FISCAL POLICY PROPOSALS NOT OFFICIAL

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LEAKED DOCUMENTS ON FISCAL POLICY PROPOSALS NOT OFFICIAL

By: Bayo Onanuga

The attention of the Presidency has been drawn to two fiscal policy documents in circulation that are being given wide coverage by the mainstream media and social media platforms.

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.

We urge the public and the media to disregard the two documents and cease further discussions on them. None is an approved official document of the Federal Government of Nigeria. They are all policy proposals that are still subject to reviews at the highest level of government. Indeed, one has ‘draft’ clearly written on it.

According to 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.

The Coordinating Minister of the Economy 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”.

We call 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.

LEAKED DOCUMENTS ON FISCAL POLICY PROPOSALS NOT OFFICIAL

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Zulum in Damboa; Inaugurates Tolamari High Islamic School, Garjang Junior Secondary School

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Zulum in Damboa; Inaugurates Tolamari High Islamic School, Garjang Junior Secondary School

… approves N50 million grant for High Islamic School

… inspects ongoing construction of General Hospital

By: Our Reporter

Borno Governor, Prof. Babagana Umara Zulum, paid a working visit to Tolamari and Garjan community in Damboa Local Government Area in the southern part of the State.

During the visit, Zulum commissioned a Community High Islamic School in Tolamari and a Junior Secondary School in Garjang all part of Damboa.

As part of his ongoing efforts to improve education, Governor Zulum approved a grant of 50 million Naira for the Community High Islamic School and authorized the rehabilitation of the secondary school in Wovi.

During the ceremonies, Honourable Commissioner of Education, Science, Technology, and Innovation, Engr. Lawan Abba Wakilbe, highlighted the progress achieved in Damboa’s educational sector, expressing gratitude to the governor for his commitment.

Additional remarks were made by the Member of the House of Assembly representing Damboa, Commissioner of Health, the SUBEB Chairman, the District Head of Damboa, and a representative from the Sangaya Board.

Governor Zulum was accompanied by APC State Party Chairman Hon. Bello Ayuba, Deputy Speaker of the Borno State House of Assembly Rt. Hon. Abdullahi Musa Askira, Commissioners, Permanent Secretaries, GM RUWASSA, party supporters among other government officials.

Zulum in Damboa; Inaugurates Tolamari High Islamic School, Garjang Junior Secondary School

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ACTING COAS EMBARKS ON MAIDEN OPERATIONAL TOUR TO TANGAZA, ILLELA… Calls for collaboration to end security challenges

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ACTING COAS EMBARKS ON MAIDEN OPERATIONAL TOUR TO TANGAZA, ILLELA… Calls for collaboration to end security challenges

By: Our Reporter

The Acting Chief of Army Staff Lieutenant General Olufemi Oluyede today, Sunday 10 November 2024, embarked on an operational tour to Sokoto State in the 8 Division Area of Responsibility. The Acting COAS on arriving Sokoto in the early hours of the day, immediately proceeded to Forward Operations Base Tangaza and 248 Battalion in Illela, where he received briefs on the security situation by the General Officer Commanding 8 Division Brigadier General Ibikunle Ajose.

Addressing troops deployed in Tangaza and illela, Gen Oluyede commended the troops for their sacrifice and commitment in the ongoing fight against terrorism and insurgency in the North West zone of the country. He disclosed that he was on an operational tour to obtain first-hand information and assessment of the security situation and challenges of the troops. The Army Chief assured them of his full support and encouragement to decisively deplete the activities of terrorists and insurgents in their respective areas of responsibility and the North West zone in general. He charged the troops to shun any form of complacency that could jeopardize ongoing operations to overcome the security challenges bedeviling the region.

The Acting COAS, while interacting with the Chairman Tangaza Local Government Area, Honorable Bashir Salihu, traditional heads and heads of security agencies at Illela urged for synergy and collaboration with the troops. He called on the people to support the troops with credible information, adding that it is with their support that the troops will effectively protect them and secure the nation as a whole. “Nigerian Army is the people’s Army and Nigeria belongs to all of us, without support of the locals, Nigerian Army cannot succeed. We must collectively do all it takes to defend our country” Gen Oluyede clarified.

ACTING COAS EMBARKS ON MAIDEN OPERATIONAL TOUR TO TANGAZA, ILLELA… Calls for collaboration to end security challenges

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Nigeria On Line to Benefit Massively from Korean $24 billion Assistance to Africa- Envoy

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Nigeria On Line to Benefit Massively from Korean $24 billion Assistance to Africa- Envoy

By: Michael Mike

Ambassador of the Republic of Korea to the country, Ambassador Kim Pankyu has said Nigeria is among the top contenders to benefit from his country’s $10 billion development assistance to Africa.

He also said Nigeria also stand tall to benefit from the $14 billion boost to Korean companies to encourage their activities in Africa.

Speaking at at the Korean National Day Reception in Abuja at the weekend, the envoy said: “During the Korea-Africa Summit, my President announced that Korea would continue to expand official development assistance up to ten billion US dollars by 2030 as a catalyst for projects for cooperation with Africa.

“In addition, he committed to provide fourteen billion US dollars to Korean companies by 2030 to encourage their activities in Africa.

“I am happy to share the news that
recently an intra-governmental task force team has been composed to follow up on the economic partnership agreements made on the occasion of the Korea-Africa Summit.
Since Nigeria is a leading economy and the biggest market in Africa I believe that the partnership between Korea and Nigeria will be one of the most vibrant ones in the years to come.”

He added that: “In fact, we are already witnessing meaningful progress. During the third quarter of this year, the trade between Korea and Nigeria increased by fifty-five percent. In particular, I would like to point out the fact that the import from Nigeria to Korea increased by ninety-one percent. I believe that this positive development will continue as more and more Koreans are interested in Nigeria and more and more Nigerians are interested in Korea.”

Speaking in the level of relationship between the two countries, the Ambassador said: “When I first came to Abuja earlier this year, I was pleasantly surprised by Nigerian people’s high interest in Korean culture such as Korean language, K-drama, K-pop and K-food.

“I had an opportunity to observe K-food contest in Abuja and was deeply impressed by the Korean foods made by Nigerian chefs. When I observed Taekwondo championship in Abuja recently I had a feeling that in a few years the number of gold medals that Korean athletes win at the Olympics may decrease due to brilliant Nigerian athletes. My fellow Koreans may be disappointed, but as a former Korean ambassador to Nigeria I will be happy to watch that. I believe these kinds of cultural exchanges between our two countries
will strengthen our bonds of friendship and mutual understanding. Furthermore, I think there is a huge potential for cooperation between the two countries in the creative economy.”

On his part, the Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar said:
“Over the years, the world has witnessed the remarkable process that led to the emergence of Korea as one of the economic giants of Asia and one of the strongest economies in the world. The success story of Korea following the war in 1953, global economic downturns and the COVID-19 pandemic is a testament to the strength, determination and resilience of successive governments as well as the patriotism of the good people of Korea.

The Minister, who was represented by the Director of Regions in the Ministry of Foreign Affairs, Ambassador Janet Olisa, said: “I wish to commend the government of Korea for the efforts towards increased cooperation with Africa with the overall aim of achieving shared development through sustainable economic partnerships. The successful hosting of the first Korea – Africa Summit in Seoul in June 2024 is definitely a positive step towards a formidable partnership. Nigeria expresses its appreciation to the government of Korea for its decision, which was announced during the Summit, to extend its Trade and Investment Promotion Frameworks to Africa and to increase its investment and Official Development Assistance (ODA) to the continent.”

He noted that: “Nigeria and Korea have enjoyed excellent and vibrant relations since the establishment of diplomatic relations in 1980. These relations have continued to grow in leaps and bounds across various sectors, including political, economic, cultural and people-to-people relations. On the political front, the two countries have, in recent years, witnessed the exchange of high-level visits, the signing of significant MoUs, as well as the successful hosting of six sessions of the Nigeria – Korea Joint Commission. It is hoped that these relations will be elevated to a more strategic relationship with the highest level of engagement.

“In the economic sector, there have been close collaborations between the two countries in the fields of construction/heavy-duty industries, electronics and chemicals production. There is a significant number of Korean companies registered and doing business in Nigeria, including prominent companies like Samsung, Daewoo, and Hyundai Heavy Duty Industries, as well as LG, Samsung Electronics, and the Lotte Chemical industry. These companies have contributed immensely to the growth of the Nigerian GDP and have created job opportunities in the country..”

The Minister added that: “With the increasing momentum in our bilateral relations and improved trade relations, I am optimistic that both sides will work assiduously towards achieving a significant increase in the volume of trade for the mutual benefit of both nations.”

Nigeria On Line to Benefit Massively from Korean $24 billion Assistance to Africa- Envoy

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