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Exchange Rate: Tinubu Explains Bold Decision
President Bola Ahmed Tinubu has explained his choice to unify exchange rates and reject arbitrage opportunities, highlighting his commitment to safeguarding the country’s financial stability.
President Bola Ahmed Tinubu has expressed his deliberate choice to unify the official and parallel market exchange rates, setting aside personal gains in favour of preserving the nation’s financial well-being. Speaking at a civic reception held in his honour by the Lagos State Government, President Tinubu emphasized his commitment to the best interests of the Nigerian people, paralleling his previous stance on fuel subsidy removal.
Decisive Actions For Financial Stability
According to President Tinubu, taking prompt and decisive actions during the early stages of his administration was imperative. Addressing the issue of fuel subsidy, he emphasized the necessity to curtail the financial bleeding and reiterated that the government had no alternative but to act swiftly. Furthermore, as a means to ensure the effective utilization of available resources, President Tinubu pledged to re-engineer the control and management of these resources, thereby fulfilling the obligations owed to the Nigerian people by political officeholders.
Re-engineering Resource Management For National Obligations
In the pursuit of efficient resource management, President Tinubu emphasized the need to meet the obligations owed to Nigerian citizens. To achieve this, the government aims to enhance the effectiveness of resource control and management. By implementing robust measures, President Tinubu intends to optimize the utilization of resources, ultimately benefiting the entire nation.
Building Partnerships For National Development
President Tinubu seized the opportunity to call for the collaboration of the governors present at the reception, emphasizing the significance of fostering even development across the country. Stressing an open-door policy, he expressed his determination to guide Nigeria towards a resilient economy. President Tinubu urged the governors to join forces with him in a united effort to rescue the nation and steer it towards transformation.
Gratitude And Commitment From Governors And Political Leaders
Acknowledging the reception organized by the Lagos State Government and the attendance of his friends and associates, President Tinubu conveyed his heartfelt appreciation.
He apologized to those friends in the audience who had longed to meet him but were unable to due to the demands of his office. He emphasized that the magnitude of the assignment required dedication beyond the confines of comfort, emphasizing the importance of prioritizing the responsibilities of his role.
Lagos State Governor Babajide Sanwo-Olu, expressing overwhelming joy, extended gratitude to God for the leadership of President Tinubu. Describing him as a competent manager of human and financial resources, Governor Sanwo-Olu praised President Tinubu’s ability to transform the economic fortunes of the country.
Kwara State Governor and Chairman of the Nigeria Governors’ Forum (NGF), Abdulrahman AbdulRazaq, pledged the collective cooperation of state chief executives, irrespective of party affiliations, to work alongside President Tinubu. The NGF expressed excitement over the fact that both the President and Vice President were alumni of the forum. They affirmed their support for a renewed hope agenda, emphasizing their commitment to work with a federalist leader within a truly federal system.
Senator Godswill Akpbio, speaking on behalf of the National Assembly, expressed gratitude to President Tinubu for his leadership in facilitating the smooth commencement of the 10th National Assembly. He assured the President of the Assembly’s unwavering support, promising to utilize all legislative means to ensure his success in achieving the nation’s goals.
Former Governor of Lagos, Mr Babatunde Fashola, who previously served as the Minister of Works and Housing, appealed to governors and Nigerians alike, emphasizing that the task of remaking Nigeria should not rest solely on the President’s shoulders. Fashola stressed the importance of replicating good governance practices across all 36 states, urging collective efforts towards national development.
Reflecting on the historical significance, Pa Tajudeen Olusi, the leader of the Lagos Governor’s Advisory Council (GAC), acknowledged the pivotal role played by Lagos in shaping the political landscape of Nigeria.
Olusi expressed gratitude that Nigeria finally had a President from Lagos, highlighting the state’s longstanding contribution to the nation’s political evolution since the era of Herbert Macaulay.
President Bola Ahmed Tinubu’s decision to unify exchange rates and reject arbitrage opportunities demonstrates his commitment to Nigeria’s financial stability and national interest.
Through decisive actions and resource management reforms, he aims to address critical issues and ensure the effective utilization of resources. With the support of governors, political leaders, and the National Assembly, President Tinubu envisions a collaborative effort towards transforming Nigeria into a resilient and prosperous nation. The reception organized by the Lagos State Government served as a platform to express gratitude and reinforce the collective commitment to national development.
Controversial social media commentator, Mr. Martins Innocent Otse, widely known as VeryDarkMan, has been granted administrative bail by the Economic and Financial Crimes Commission (EFCC) and will be released upon meeting the required bail conditions.
The anti-corruption agency disclosed that the arrest stemmed from multiple petitions received against the social media figure, alleging involvement in financial misconduct.
This information was shared by the EFCC on its verified Facebook page on Tuesday, where the commission elaborated on the grounds for the arrest.
“The Economic and Financial Crimes Commission (EFCC), in fulfilling its mandate to combat economic and financial crimes, invited Martins Innocent Otse due to a series of petitions concerning various allegations of financial offenses against him,” stated the EFCC.
The agency further noted that Otse failed to respond to several invitations sent to him at his known addresses and through other communication channels.
The EFCC emphasized that the petitions involve serious accusations of financial wrongdoing that warrant attention.
“It is important to acknowledge that the Commission is aware of the numerous unrestrained criticisms directed at its operations by the suspect. While such behavior is regrettable, his arrest was not motivated by these criticisms. The appropriate law enforcement agencies will investigate these matters,” the EFCC clarified.
In executing the arrest and subsequent detention, the commission confirmed that it obtained the necessary remand order. It stated, “He has been granted administrative bail and will be released once all bail conditions are satisfied.”
The EFCC appreciates the public’s interest in its operations and welcomes the enthusiasm and varied reactions to its activities.
“However, speculations regarding the motives behind our actions should cease. The EFCC must be allowed to perform its duties impartially. Charges will be filed as soon as investigations are concluded,” the Commission stated.
By Amos Tauna, Kaduna
A Northern-based civic group, the Concerned Northern Forum (CNF), has alleged that Zamfara state government has released over two billion naira (N2bn) aimed at smearing the good image of the Minister of state, Ministry of Defence, Bello Matawalle, whom is considered as a political threat to the reelection of Dauda Lawal, the state governor.
Alhaji Aliyu Muhammad, Chairman/Convener,
Concerned Northern Forum (CNF), while briefing newsmen in Kaduna on Tuesday had on Monday in a press briefing described as the deliberate deelay by the Economic and Financial Crimes Commission (EFCC) to investigate former Zamfara state governor, Bello Matawalle, despite multiple petitions and earlier commitments by the agency.
Muhammad said, “l wish to call on the general public to disregard such press conferences that may be addressed in the coming days, as it was gathered that the Zamfara State Government has allegedly released over two billion Naira for that purposes, all which is aimed at smearing the good image of the defence Minister whom he consider as a political threat to his reelection bid.”
He added, “I wish to unequivocally state that, I was misled by the information presented to me, and the content of the press text was blown out of proportion, a political witch hunt, deliberately orchestrated and propagated by the opposition who are envious of the Minister’s achievements, therefore dedicated to not only distracting him from diligently discharging his duties but also smearing his most respected and highly esteemed personality.”
According to him, it is on record that Bello Matawalle served Zamfara State well with an unprecedented level of success, unwavering dedication, and loyalty to his people, stressing that his achievements have resonated in all sectors, from security, infrastructure, health, economy, and education.
He stated that the former governor oversaw the commencement of the construction of a new airport, a crucial step towards economic growth and improved connectivity for the state, construction of roads, and improved the state’s water system.
He explained that Matawalle made significant strides in security infrastructure by purchasing over 200 Hilux vehicles and ambulances and installing solar-powered street lights in the state capital.
Muhammad stated that the healthcare sector in Zamfara state also saw substantial investments, with the construction of special primary healthcare centers in all 147 wards in the states, general hospitals, and primary healthcare centers.
The administration of Bello Matawalle, he noted also settled backlogs of payments for NECO and WAEC examinations and focused on technology by establishing a Digital World ICT Center and a Command and Control Room in Gusau, thereby contributing to the economic development of the State.
At least, six persons have been confirmed dead when gunmen, in renewed attacks, stormed Marit and Gashish communities of Barkin Ladi local government council of Plateau State on Monday.
Our correspondent reports that the gunmen stormed the communities and started shooting sporadically, leaving several others with injuries.
Meanwhile, the Chairman of Barki Ladi local government area, Hon. Stephen Gyang, through the LG’s information officer, Mercy Yop Chuwang, confirmed the incident to our correspondent.
Gyang vehemently condemned the attacks that resulted in the loss of six innocent lives at Marit Village and Gashish District.
The Chairman who also visited the injured persons at the Barki Ladi General Hospital, expressed profound sadness and disappointment over the resurgence of violence in the area at a time the Council is working tirelessly to promote peace and stability.
He acknowledged the efforts of vigilantes and security agencies in maintaining law and order and urged them to be more proactive and vigilant in preventing further attacks.
Gyang also emphasised that the cycle of violence must be brought to an end and called on all relevant stakeholders, including security agencies, community leaders, and residents to join hands in promoting peace and security in Barkin Ladi.
He prayed for God’s comfort and peace for the families of the deceased and communities affected by the attack while he admonished the healthcare personnel to urgently attend to the health needs of the survivors of the attack.