News
“We Must Be Patient and Work Hard to Rebuild Nigeria’s Economy” – Tinubu
President Bola Ahmed Tinubu has urged Nigerians to embrace hard work and patience, stating that there are no more free rides when it comes to the country’s economic realities.
He emphasized the need for the population to focus on sectors like agriculture while the government works on rebuilding and restructuring the economy.
Tinubu expressed this during a meeting with the Forum of Former Presiding Officers of the National Assembly, led by former Senate President Ken Nnamani, in Abuja.
Addressing the concerns of many citizens facing economic challenges, Tinubu acknowledged the difficulties people are experiencing, especially with rising prices and economic instability.
“I understand that people are hungry and struggling,” he said, “but we cannot continue like this.
There is no free beer parlour anymore. We must be patient and work hard as we retool and rebuild Nigeria’s economy.”
His remarks come as his administration continues to implement significant economic reforms aimed at stabilizing the country.
Nigerians have been grappling with the effects of two major economic policies introduced shortly after Tinubu took office.
One of these was the removal of the fuel subsidy, a move that led to a sharp increase in the cost of petrol.
On his first day in office, the price of fuel tripled, and as of Friday, some filling stations in Abuja were selling petrol for between N950 and N1,100 per litre.
Another policy, aimed at unifying the exchange rate system, resulted in a dramatic depreciation of the naira.
Before Tinubu’s presidency began on May 29, 2023, the naira was trading at around N600 to the dollar.
Now, just a few months later, the exchange rate has soared, with the naira trading at over N1,500 to the dollar at the official market.
Despite these economic challenges, Tinubu has remained firm in his approach, urging Nigerians to trust in the government’s long-term strategy to rebuild the economy.
He stressed that while the current hardship is undeniable, the necessary reforms are critical for the country’s future prosperity.
Tinubu’s call for patience and hard work reflects his administration’s belief that these changes, though painful, are essential for Nigeria’s economic recovery.
The president’s words highlight the significant shift in expectations for the country, as the days of relying on government subsidies and support appear to be coming to an end.
His administration is focused on fostering self-reliance and resilience among Nigerians, particularly through sectors like agriculture, which he views as key to the country’s economic revival.
As Tinubu’s policies take shape, the nation watches to see how his economic vision will unfold in the coming months.
News
Ngozi Okonjo-Iweala Says Nigeria Lacks a Maintenance Culture
The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has spoken on Nigeria’s economy, stating that the country lacks a good maintenance culture.
She said “The fact is that endowments alone do not add value. Budgetary allocations alone do not lead to new roads or good maintenance.”
“We lack a maintenance culture in the country. I have to say that. I’m Nigerian, but we need that. We need better ports and digital infrastructure, and lower trade costs. Execution is what matters, and successful execution requires focus. It requires prioritisation.”
News
Peter Obi Criticises President Tinubu’s Statement on Hunger
Politician and former presidential candidate Peter Obi speaks on President Bola Tinubu’s comments regarding the rising hunger and worsening economic situation in Nigeria.
It can be noted that the President recently stated that hunger has always existed in Nigeria.
Peter Obi responded “I watched with deep concern the statement made by President Bola Tinubu to the Catholic Bishops, that there has always been hunger in Nigeria, even before he was born.”
“While it is true that hunger has been a part of human life and has existed in our country for decades, such a statement appears insensitive to the plight of the millions of Nigerians who face worsening economic hardship today.”
News
Nigerian Army Launches New IED Training Programme
Reports have been shared stating that the Nigerian Army has launched a new programme designed to train and improve the skills of engineers in tackling threats posed by Improvised Explosive Devices (IEDs).
The seminar is being organised by the 41 Engineer Brigade of the 1 Division Nigerian Army.
It was stated “Improvised Explosive Devices have become one of the greatest security threats confronting the Nigerian Army in ongoing counter-insurgency operations. Their widespread use has complicated military operations and humanitarian activities in conflict-affected areas.”
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