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‘Setback To The Economy,’ Atedo Peterside Faults FG’s N90bn Hajj Subsidy
The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, has faulted the Federal Government’s N90 billion subsidy for the 2024 Hajj, saying it is a setback to the nation’s economy.
Peterside, who was a guest on Channels Television’s Politics Today, believes the move has a political undertone ahead of the next electoral cycle.
“This is not about religion but about politics. We are mixing religion and politics. So, what do we now expect Christians to do? – to say they want their own share of this subsidy,” he questioned on Thursday.
“How are you going to refuse them? This is all about politics, perhaps someone feels that ‘it is time for me to score some cheap political points.
“You now come and send the wrong signal about our economy at a time when our economy is in deep trouble. We need to bring ourselves out of the hole. Each time you turn around and do something insignificant like this and throw away N90 billion, you set back the process by which investors and others can take you seriously.
“For me, it is not about just religion and pilgrimage, it is the setback of the economy by sending the wrong signals. The government should stop sending the wrong signals.”
During the show, the economist also weighed in on the depreciation of the naira against the dollar, asking the current administration to take steps for the local currency to rebound when compared to the greenback and other currencies.
He exonerated the current administration from the depreciation of the naira but insisted that hurrying to make the currency gain strength won’t work out.
According to him, the best approach would be for the central bank to stabilise the naira to a level where they can sustain it for some time and gradually build the reserve.
“I will be fair to this government, they inherited the exchange rate problem and what they have been doing is trying to manage it. Recently I would have thought, let’s get some stability around N1,300 or N1,400, don’t be in a hurry to appreciate the exchange rate.
“Going to sell dollar to bureau de change at N1,000, N1,050, those guys will turn round two weeks later and sell it at N1,400, N1,500 and they go away laughing. What’s the point for that?
“It’s better to have some stability they can sustain, keep between N1,300 and N1,300 which looks to be the natural equilibrium band today, keep it there for a while, build up your reserve to let confidence come back.
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Again, Senator Manu shares 10,000 bags of rice, 15,000 cartons of spaghetti, transport fares to constituents (Photos/Video)
Just like 2023 Yuletide, Senator Manu Haruna has this year , 2024 distributed 10,000 bags of rice, 15,000 cartons of spaghetti and transport fares to constituents going home to celebrate this festive season.
Manu who represents Taraba Central Senatorial District also just completed a two-day ICT program for students across three local governments in Taraba Central and distributed starter packs and laptops to over 500 students.
The tireless Senator has left no one in doubt in his constituency that he has good intentions and this is clearly demonstrated in the over 47 projects he has embarked upon within 18 months as a lawmaker.
Speaking after Senator Manu’s constituents were provided with transport fares, Media Director of his campaign organisation, Jovita Safe said:
“Senator Haruna is a man of honour who keeps to his promises and a politician with a difference.
“He has done this gesture to help cushion the effects of the economic crunch in the country.
“He is reliable and his constituents should not hesitate to give him the necessary support come 2027 to return to the National Assembly.
Beneficiaries who also spoke praised Senator Manu for rescuing them this difficult time of the festive season.
See video/Photos below:
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Tinubu confesses, says corruption can’t be eradicated in Nigeria
President Bola Tinubu has reaffirmed his stance on removing the fuel subsidy, describing it as a necessary step to secure Nigeria’s financial future. Speaking during his first live presidential media chat broadcast nationwide on Monday, Tinubu acknowledged the challenges of combating corruption but emphasized that systemic flaws must be addressed to reduce it.
Corruption: A Persistent Challenge
The president admitted that while corruption cannot be entirely eliminated, it can be minimized through strategic measures.
“Block all the loopholes, where anybody can just gain in the system. Part of the anti-corruption is the removal of subsidy too. It is very, very difficult to say you will eliminate it, but you can reduce it to the barest minimum,” Tinubu said.
He further stressed the need to meet citizens’ needs, support education, and improve living standards as part of his administration’s efforts to combat corruption.
Fuel Subsidy Removal: No Regrets
President Tinubu stood by his decision to remove the fuel subsidy, arguing that the policy was unsustainable and a drain on Nigeria’s resources.
“We are spending our future. We are spending our generation’s fortunes. We are not investing. We are just deceiving ourselves,” he said.
The president warned that maintaining the subsidy would lead to financial disaster, not just for the current generation but for future ones.
“I don’t have any regret in removing the fuel subsidy. We have no choice. Otherwise, we are headed for the slippery slope,” Tinubu concluded.
Stampede Tragedies: Organisers at Fault
During the chat, Tinubu also addressed the recent fatal stampedes in Ibadan, Anambra, and Abuja, which claimed over 60 lives during palliative distributions. He described the incidents as a “grave error” on the part of the organisers.
“I’ve been giving to the less privileged at Bourdillon for the past 25 years, and we’ve never experienced a stampede,” the president said.
The Federal Capital Territory Police Command confirmed that 10 individuals, including four children, died in a stampede during a food distribution event at Holy Trinity Catholic Church, Maitama, Abuja, on Saturday. Similarly, in Ibadan, 32 children lost their lives in a similar incident, as reported by PUNCH Online.
Tinubu extended condolences to the families of the victims and advised against publicizing events when resources are insufficient to meet demand.
Conclusion
President Tinubu’s media chat highlighted the tough decisions his administration is making to address systemic challenges, including corruption and economic sustainability. While acknowledging the difficulties, he reaffirmed his commitment to reforms aimed at securing Nigeria’s future.
As the nation continues to adjust to these changes, Tinubu’s policies are likely to shape Nigeria’s path toward long-term stability.
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Retired AIG Bola Longe is dead
Retired Assistant Inspector-General of Police (AIG), Emmanuel Adebola Longe is dead. He died on Sunday.
The Chairman of the Nigerian Bar Association (NBA), Ibadan branch, Ibrahim Lawal confirmed the news of his death in a telephone confirmation with Tribune Online on Monday.
He has earlier issued a statement to announce his death.
The statement read, “The death has been announced of Pastor Bola Longe AIG (Rtd), a partner at Afe Babalola & co which sad event happened yesterday.
“The Bar commiserate with the family and Emmanuel Chambers. May Almighty God repose his soul.”
Longe, who burst one of the largest syndicates of railway line vandals in North Central Nigeria in 2021, retired from the service of the Nigeria Police Force. after 33 years and eight months of meritorious service to his country.
Bola Longe retired from the rank of Assistant Inspector General of Police, AIG in-charge of Federal Operations, (Fed.Ops) Force Headquarters, Abuja.
He was an alumnus of the University of Ibadan, UI), and the University of Lagos.
He was a renowned student activist, a master of political science, peace and conflict expert, a refined solicitor, investigator, mentor and pastor.
Longe was one of the finest personnel in the Nigeria Police Force who served and left unblemished.
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