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The many silver linings of Tinubu’s 7 months in office By Bayo Onanuga
The many silver linings of Tinubu’s 7 months in office
By Bayo Onanuga
The removal of fuel subsidy and the move to merge foreign exchange rates, two headline reforms introduced by the Tinubu administration since late May, triggered problems such as high fuel prices and the depreciation of the Naira, two monstrosities which combined to cause a general spike in costs of services and goods.
Today, many Nigerians complain of a rise in the cost of living.
According to the latest NBS report, Nigeria’s inflation, which rose to 26.7 percent in September, again rose to 28.2% in November from 27.33% in October. Food Inflation remains untamed, rising from 31.52% in October to 32.84% in November 2023.
To compound the economic problems, few multinational companies such as GlaxoSmithKline, Procter & Gamble have announced their exit from our country, complaining about the difficult operating environment and the scarcity of dollar.
The truth is that the new policies alone are not solely responsible for the economic problems we are facing today. We were destined for the tough and rough patch, where we are today because of the prevailing conditions before Tinubu took over on 29 May.
As at June 2023, budget deficit was N10.8 trillion. Actual Debt service was 98.95 percent of revenue, far higher than the projected 59.37 percent. Inflow into the country’s foreign reserve came in trickles. And so bad was the state of affairs that Nigeria could not remit about $800 million fund of foreign airlines. JP Morgan exposed our near insolvency by claiming in a report that our net foreign reserve was just about $3.7 billion, not the $33 billion plus flaunted by Emefiele’s CBN.
President Tinubu, who promised during the campaign to take hard and difficult decisions, moved to tackle the economic problems from Day One, by first dispensing with the wasteful fuel subsidy that was billed to consume about N7trillion this year, five times more than what was provisioned for capital spending.
President Tinubu is quite aware of the side effects of his move to reset our economy. Though his administration has earned plaudits from the World Bank, the IMF and rating agencies such as Moody’s and Fitch, he is not carried away by the praises.
He is focussed on turning the economy round for growth, development and prosperity.
The moves are yielding some good effects. Amidst what some sections of the media perceive as general gloom, some silver linings are emerging, signposting that with a little more patience, our material conditions will improve and inflation will be tamed. For businesses, operating conditions will also improve.
In its third quarter report for the year, the NBS reported that GDP grew by 2.54percent. In a similar period in 2022, GDP recorded a growth of 2.25%. To demonstrate that the sun may be shining on us again, the 2.54% GDP growth recorded in Q3, was also higher than the 2.51% recorded in Q2.
The service sector, made up of information and communication, financial and insurance, was responsible for the growth witnessed in Q3. It had a 3.99% growth, contributing 52.7% of the aggregate GDP. The agriculture sector declined from 1.34% growth in Q2 to 1.3percent in Q3.
Growth was also recorded in construction and real estate, metal ores(69.76%), coal mining(58.03%), chemical and pharmaceutical products(6.77%), Cement(4.2%) and construction(3.89%). Oil reported a negative growth of 0.85%, a major improvement to the negative 22.67% recorded at the same period last year. It was -13.43 in Q2 of 2022. The improvement in the oil sector and its contribution to GDP has been attributed to the improvement in the security of oil infrastructure and operations, leading to increased production. Going forward in this Q4 and 2024, the NNPC Limited is confident that the sector will continue to climb the curve.
In the same Q3, according to NBS, the Industrial sector grew by 0.46%, an uptick compared with Q3 2022, when it had a negative 8% growth, even in the era of P&G and GSK exit.
An interesting revelation in the NBS Q3 report was the big jump in the volume of trade, from N12.16 trillion in Q2 to N18.8 trillion. Trade volume in the same period in 2022 was N12.28 trillion. We also recorded a trade surplus of N1.89trillion in Q3, an increase from the N708.8 billion in Q2 2023. In Q3 in 2022, we recorded trade deficit of N409.39 billion.
Value of exports in the third quarter was N10.35 trillion, far higher by 60.78 percent than the N6.44 trillion posted in Q2 2023. Crude oil dominated the export, accounting for 82.5 percent, a confirmation that our country is pumping out more oil for export unlike the previous years.
Just as our exports increased, imports also increased, rising from N5.73 trillion in Q2 2023 to N8.46 trillion in Q3, a rise of 60.8 percent. The imports recorded in the quarter was also higher in value compared to Q3 2022, which was N6.34 trillion.
As the Minister of Budget and National Planning, Atiku Bagudu noted in a recent report, economic prosperity in our country will be achieved with the reforms being implemented, supported by strong monetary and fiscal policies, food supply management and other intervention programmes.
President Tinubu who has never shied away from acknowledging the temporary pains triggered by the reforms, gave an assurance in a recent newspaper interview that his Administration will continue to take proactive measures to wrestle with the problems. Many of these measures are already being taken and in the New Year, we expect the silver linings, that are at present understated, to blossom into rays of sunshine to be experienced by all Nigerians.
*Onanuga is the special adviser Information and strategy to President Bola Tinubu
celebrity radar - gossips
COAS Ties Battlefield Success to Constitutional Allegiance and Civil Authority
COAS Ties Battlefield Success to Constitutional Allegiance and Civil Authority
During his operational visit to the 4 Special Forces Command in Doma, the Chief of Army Staff, Lieutenant General Waidi Shaibu, delivered a stark message, intertwining the elite unit’s combat effectiveness with an unshakeable pledge of allegiance to President Bola Ahmed Tinubu and the Nigerian Constitution.
While directing troops to intensify high-impact operations, the COAS made it clear that their mission is a direct expression of their constitutional oath. He reaffirmed that the Nigerian Army’s primary role is to defend the nation against external aggression and provide aid to civil authority, all in strict adherence to the supreme law of the land and under the leadership of the Commander-in-Chief.
This emphasis on loyalty served as a powerful backdrop to his operational directives. By linking the “decisive defeat” of terrorists to the Army’s constitutional mandate and loyalty to the President, Lt. Gen. Shaibu sought to galvanise the Special Forces, framing their upcoming engagements not just as military objectives but as a sacred duty to the democratically elected government and the nation’s founding charter. The message was clear: their fight is a fight for the Constitution and the president it empowers.
celebrity radar - gossips
Mercy Johnson Okojie, Purity Okojie Lead Campaign for Girls Tag’s All-in-One Period Care Kit
*Mercy Johnson Okojie, Purity Okojie Lead Campaign for Girls Tag’s All-in-One Period Care Kit
iBlend Services, appointed Regional Agency for Girls Tag alongside its PR and marketing firm, Eddie MPR, has officially launched Girls Tag, described as Nigeria’s first all-in-one period care pack designed for girls aged nine and above.
The initiative seeks to tackle persistent gaps in menstrual health education and access to sanitary products in Nigeria, where many girls experience their first period with little preparation or guidance. According to the promoters, Girls Tag was created to eliminate the fear, confusion, and stigma often associated with puberty, replacing them with confidence, comfort, and dignity.
Beyond hygiene, the brand positions itself as a supportive care system for both girls and parents, offering tools and language to guide families through early puberty conversations.
To strengthen its reach, Girls Tag announced a strategic ambassadorial partnership with Nollywood actress and philanthropist Mercy Johnson Okojie and her daughter, Purity Okojie. The mother-daughter collaboration is intended to reflect authenticity and relatability for Nigerian families navigating similar experiences.
Speaking on the partnership, the leadership of iBlend Services expressed confidence that the ambassadors’ real-life connection would resonate deeply with mothers and daughters nationwide.
Mercy Johnson Okojie, in her remarks, described the initiative as a natural fit, noting that puberty can be an anxious period for both parents and children. She also revealed that her newly authored puberty guide, Youberty, will be included in every Girls Tag kit. The book is designed to help boys and girls aged 10 to 13 better understand the physical and emotional changes that come with growing up.
Each Girls Tag care pack contains premium sanitary pads in various sizes, overnight period pants, panty liners, disposable sanitary bags, a discreet sanitary purse, and a copy of Youberty. The kit is tailored to support first-time and early period experiences while promoting proper hygiene and self-care.
The company disclosed that the product will be available nationwide in Q2 2026 at select retail stores, pharmacies, and malls, with direct delivery options through its website and social media handle, @girlstag.ng.
With its combined focus on education, dignity, and accessibility, Girls Tag aims to reshape menstrual health support for young girls across Nigeria.
celebrity radar - gossips
DSS Invites Ogun LG Chairman, Alebiosu and others Over Attack At APC Stakeholders Meeting
*DSS Invites Ogun LG Chairman, Alebiosu and others Over Attack At APC Stakeholders Meeting*
The Department of State Services (DSS) Abeokuta on Monday invited Ijebu Ode local government Chairman, Hon Dare Alebiosu, and some political thugs alleged to have caused disturbance, incitement and physical attack during an APC stakeholders meeting few days to Ward Congress in the area.
A reliable security source disclosed that an aide of the Governor who was reportedly attacked during the stakeholders meeting was said to have petitioned the DSS.
According to the source, there have been growing concerns over the activities of the LG Chairman, who was alleged to be backing cultists and using them as a tool for harassment and intimidation in the community.
As it was reported, the LG boss was accused to have openly confronted and accused the Governor’s aide for identifying some of the cultists to DSS officials, while one of the cultist was said to have hit their target in the face and removing his medicated glasses. The swift and professional intervention of the Men of DSS quickly deescalated the matter and the meeting went on to a conclusive end.
The meeting which held at the residence of Chief Okuboyejo, the Governor’s Advisory Council Chairman at GRA Ijebu ode became tensed, after the LG chairman invaded the private premises of the old man with a large number of cultists which some of them were allegedly believed to be armed.
The source added that the case is presently with the DSS, while the petitioner has also submitted various evidence against the LG Chairman.
In another turn of event, Commisoner for Urban and regional planning was harassed and robbed, so also the former SLG to the Local govt also almost lost his life as he was attacked with cutlass by thugs who were allegedly said to be led by Dapo Adebajo, he was hospitalized. The case has also been reported to the DSS and Police as at the time of filling this report.
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