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Tinubu’s move to recalibrate consumer credit in 2024 ‘ll favour Nigerians – SSA

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Mr Temitope Ajayi, Senior Special Assistant to President Bola Tinubu on Media & Publicity, says the Federal Government’s planned massive consumer credit system in 2024 will favour Nigerians.

Ajayi in a statement on Wednesday in Lagos, said during electioneering , Tinubu was big and loud on the catalytic effect of consumer credit in driving economic recovery, growth and development.

According to him, the credit is to boost industrial production and a strong weapon against corruption.

The aide said that long before Tinubu declared for the presidency, he had been a big advocate of consumer credit.

He recalled that the President made consumer credit a key highlight of his remarks at the 2016 edition of the Bola Tinubu Colloquium in Lagos.

According to Ajayi, Tinubu at the colloquium, called out the Chairman of Zenith Bank, Jim Ovia; his UBA counterpart, Tony Elumelu, and other bankers in attendance to begin to rethink consumer credit in Nigeria and charged them to develop good banking products in this regard.

Ajayi added that in ‘Financialism: Water from Empty Well’, a book Tinubu co-authored with Brian Browne, several pages were devoted to how consumer credit could propel unprecedented growth and shared prosperity.

“To demonstrate his absolute commitment to achieving this objective and a major campaign promise clearly enunciated in his Renewed Hope Agenda for a better Nigeria Tinubu set in motion the process to entrench consumer credit as one of the building blocks of a virile and productive economy.

“Against this backdrop, the Presidential Council on Industrial Revitalisation, on Dec. 20, 2023, just before the Christmas holiday, established a Technical Working Group (TWG) to develop the needed framework to enhance consumer credit in Nigeria,” he said.

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He said the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, also recognised the importance of consumer credit and its linkage to market efficiencies.

“An efficient consumer credit system is a highly essential component of successful economies, as it works to improve market efficiencies and fill in gaps in consumption and productivity.

“It provides consumers immediate access to credit, allowing them to purchase ahead of ability.

“The absence of a well-structured consumer credit system has been a significant impediment to financial inclusion and economic prosperity,” Ajayi quoted the minister as saying.

Speaking further, Ajayi recounted that, at the inaugural meeting of the TWG on consumer credit system, the government lamented how the absence of consumer credit had shrunk the productive capacity of the economy and hampered financial inclusion.

He said the meeting had in attendance, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Communications and Digital Economy, Bosun Tijani, and Uzoka-Anite.

“Given the current state of the economy and the strong push by the government to revamp it, the setting up of the technical working group by the presidential council on industrial revitalisation can be said to be timely and strategic.

“The technical working group among other things, will draw up a working proposal and implementation method on how the country can achieve a viable institutional and regulatory framework that will significantly open up the consumer credit landscape,” he said.

Ajayi quoted Uzoka-Anite, as saying that Nigeria had numerous financial institutions and credit schemes but many Nigerians still faced substantial hurdles in accessing credit.

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He said this was due to stringent eligibility criteria, high interest rates, identity-related challenges, fragmented data sources for proof of livelihood and financial worth, lack of awareness or understanding of credit processes, and inadequate credit available for lending.

“To make sure the President’s agenda was established on a solid ground and for seamless take-off of the credit scheme, the government has brought together, various ministries and agencies of government that have roles to play to work collaboratively for a successful execution,” he said.

He said the technical working group drew its members from the Central Bank of Nigeria (CBN) Federal Inland Revenue Service (FIRS) National Identity Management Commission (NIMC) and the National Insurance Commission (NAICOM).

He said that membership was also drawn from the National Institute of Credit Administration (NICA) the Federal Competition & Consumer Protection Commission (FCCPC) and the Bank of Industry (BOI) amongst others.

“It must be said that because of the importance attached to the scheme by President Tinubu, the TWG set for itself, a five-month timeline to achieve its objectives.

“This means that by May 2024, a comprehensive, life-changing and an all-encompassing consumer credit system will be launched,” he said.

Ajayi said that Uzoka-Anite, who is the vice chairman of the presidential council on industrial revitalisation had spoken on the specific objectives and the tasks before her committee.

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PDP yet to conduct South-South zonal congress- Damagum

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The Peoples Democratic Party (PDP) on Thursday, inaugurated its South-South Caretaker Committee, saying it is yet to conduct its congress for the zone.

The PDP acting National Chairman, Umar Damagum, stated this while inaugurating the Chief Emmanuel Ogidi-led PDP South-South Zonal Caretaker Committee at the party’s national headquarters in Abuja.

“I want to use this opportunity to tell us that there was no election in the south south as far as this party is concerned.

“I have to make this clear because the tenure of the zonal committee has expired and we still have a few weeks or a month or so to hold the congresses, hence the necessity for this caretaker committee.”

Danmagum advised the zonal caretaker committee members not to be biased or take sides with any member.

He urged them to be diligent in the execution of their duties and come up with an all-inclusive election for new executive committee of the zone.

“ I have no doubt that you will be diligent in your responsibility and usher in the new, soon-to-be-elected executive committee of the zone,’’ he said.

Damagum described PDP as a party to beat, urging its leaders not to be afraid of constructively engaging the ruing party.

“Nobody is going to change your destiny for you other than yourself. So please, let’s be up and doing. Don’t fear anyone, Nigeria belongs to all of us. There’s nobody who is a better Nigerian than you are.

“It’s all an opportunity and if you put your acts together, the path is very bright, we will reach the destination,’ Damagun said.

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In his remarks, Gov. Sheriff Oborevwori of Delta, represented by his Deputy, Monday Onyeme, also tasked the committee to discharge its duties in a manner that would further unite the party in the zone.

“It is my prayer that this new caretaker committee will discharge its duties very favorably to the extent that our great party will become more united and continue to win elections in the south-south just as we used to.

“It is my belief and that come 2027, all the six states of the south-south will belong to PDP,’’ Oborevwori said.

The Chairman, PDP Board of Trustees (BOT) Sen. Adolphus Wabara said inauguration of the caretaker committee was not about the 2027 general elections but to get PDP right.

“It’s about PDP as a platform. If we get it right, 2027 is just for us to pick,’ he said.

The Senate Minority Leader, Abba Moro, described the inauguration as inspiring and a signal that the PDP is on the trajectory of regaining its winning ways.

Moro assured the party of the continued support of PDP lawmakers in the national assembly.

The chairman of the caretaker committee, however, pledged that the members would discharge their responsibility passionately with all fairness, saying “we will give everyone equal opportunity.

“I want to give thanks to God Almighty for this opportunity to serve and also to the National Working Committee for approving us.

“I want to assure you that by the grace of God, we will discharge our duties dispassionately to the glory of God.

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I want to thank everybody present. I will assure you that what is expected of us, we are going to do it,’’ he said.(NAN)

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Labour Party extends party registration/validation exercise to May

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The national leadership of Labour Party has extended the ongoing registration and revalidation exercise by the party to May.

The party’s National Publicity Secretary, Obiora Ifoh, made this known in a statement issued on Thursday in Abuja.

Ifoh quoted the party’s National Chairman, Julius Abure, as saying after the meeting of the National Working Committee (NWC) that LP congresses across the wards, local governments and states would hold between June and July.

The News Agency of Nigeria (NAN) reports that the validation exercise was supposed to have ended on Jan. 31.

NAN also reports that the ward congresses were supposed to have been held between February and March.

The party had earlier launched an online membership registration and validation application, as part of efforts to exceed a membership size of 20 million before the 2027 general elections.

Abure also pledged to ensure a free, fair and credible exercise during the forthcoming governorship primaries in Anambra.

According to him, Nigeria will get better only when a fair and honest leadership recruitment process is enthroned.

Abure also dismissed the allegation that the Labour Party was working for another political party, saying that the party had grown to be one of the largest political parties in the country.

“I want to reassure our members in Anambra State that as it is usual with our party, our primaries and congresses will be free, fair and credible.

“It has been our ideology and philosophy in this party that we must do things differently because you can’t adopt a similar approach and expect a different result.

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” If you must get a different result, it means your approach must be different. And therefore, for us in Labour Party, it is our desire to do things differently.

“This is because we believe that it is only where there is internal party democracy, where there is competition, where there is no godfatherism, that the best of the bests can emerge from such process.

“And we believe that when you have the best emerging from political parties, that is when you will have the best hands that will handle the affairs of the country.

“I believe we have not had our best to handle the affairs of the country and that is why we have the challenges in governance today in Nigeria,” he said (NAN)

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Buhari Disowns El-Rufai Over Defection

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… Says he will protect APC

… El-Rufai says he informed Buhari before SDP move

Former President Muhammadu Buhari has reiterated his unwavering loyalty to the All Progressives Congress (APC), stating that he remains a committed member of the ruling party and will continue to promote its ideals, a comment many viewed as disowning one of his allies, former governor of Kaduna State Nasir El-Rufai who has joined the Social Democratic Party (SDP).

El-Rufai joined SDP last week to challenge his former party, APC, and many were waiting to hear from his ally, Muhammadu Buhari, who came out to say he will not leave the APC and will promote its ideals.

In a statement reaffirming his political allegiance, Buhari emphasised that he would never distance himself from the party that brought him to power and supported him through two terms as president.

“I am an APC member, and I like to be addressed as such,” he said. “I will try to popularise the party by all means.”

The former president expressed profound gratitude to the APC for the platform it provided him, describing his tenure as the highest honour of his political career.

He maintained that he had no further personal demands from the party but remained committed to strengthening its foundation.

Buhari also highlighted the sacrifices made by the party’s founding fathers, stressing that their efforts in establishing a strong political movement should not be taken for granted.

He called for the protection of democratic principles and the continued growth of the APC as a vehicle for national development.

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