President Bola Tinubu has allayed the concerns of the business community, assuring them that crucial plans are underway to improve foreign exchange liquidity.

The President said that his administration will honour every legitimate contract with respect to the nation’s foreign exchange obligations.

Speaking at the 29th Nigerian Economic Summit (NES) in Abuja, today, October 23, President Tinubu said he is confident that by working closely with the private sector, financing the Three Trillion Dollar National Infrastructure Stock can be achieved in 10 years and not in 300 years.

The President said that the construction of megacities in every geopolitical zone of the size and scale of Lagos must not take six decades because it can be achieved in one decade, emphasizing that a fully networked and connected Nigeria by rail, gas, fibre optics and road network can be constructed in less than 20 years with thriving Industrial Zones in every geopolitical zone of Nigeria before 2030.

“Consistent with our commitment to enshrining fairness and the rule of law in our country, this government will uphold the sanctity of every legitimate contract. Specifically, as it relates to the foreign exchange obligations of the government, all forward contracts that the government has entered into will be honoured and a framework has been put in place to ensure that these obligations are met in due course.

“My government is not blind to the challenges which several of you are facing in the financial markets. I can allay these concerns by revealing that we have a good line of sight into the additional foreign exchange liquidity that is required to restore market confidence.” 

The President assured the business community of a fairer and safer playing field for all, saying that his administration is strengthening the machinery and architecture of governance by establishing a public and civil service culture and structure that is performance and result-oriented.

“We shall govern ethically, with accountability and transparency; implementing sound and effective policies to accomplish our Eight Priorities.”

President Tinubu outlined the eight priority items of his administration as ending poverty, achieving food security, economic growth and job creation, access to capital across all segments of society and the economy, inclusivity, security, fairness and rule of law, and anti-corruption, stating that he is committed to delivering improved livelihoods and positive economic outcomes which Nigerians can tangibly feel and experience.

He recognized the institutional frailties of past years and his pragmatic approach to achieving his bold agenda through a path that fully accounts for present-day challenges.

“With the effects of an unsustainable fiscal deficit and hidden subsidies, these factors distorted the money supply and created an unfair playing field for an elite crop of unpatriotic forces. But that is no more. These changes have been tackled head-on. My government has introduced several measures to resuscitate the economy; including the Five Hundred Billion Naira intervention to support small businesses and the agricultural sector. By January 2024, the new student loan program and consumer credit schemes will have come into effect.”

The President called on the private sector to support his vision for a greater Nigeria, saying: “I would like to charge YOU, the Captains of Industry here present, to commit and redouble your commitment to our vision of a Renewed and more Prosperous Nigeria, a better Nigeria for all. “For us to successfully deliver our promise to Nigerians, we recognise that it is imperative that we foster a highly collaborative relationship with the private sector. We must work together. I have proven capacity in this regard, as we remember the role of public-private partnership in the transformation of Lagos State under my leadership. We will replicate that across Nigeria with your unwavering support.

“Today, I urge you, as Nigeria’s foremost private sector think tank and policy advocacy group, to go much further than you have done before. Bring your ideas, bring your leadership, bring your capital, bring the collective will of your large conglomerates and business networks. Let us build a future of renewed hope. My government is prepared. Are you also prepared?”

The annual Nigerian Economic Summit is organized by the Nigerian Economic Summit Group in collaboration with the Federal Ministry of Budget and National Planning.

The Nigerian Army have confirmed that those who attacked the Governor of Kogi State, Alhaji Yahaya Bello on his way to Abuja to attend an official assignment were in military uniforms and not the real military personnel.
This is coming on the heels of the governor’s denial of any attack on him, against the backdrop of a statement credited to his Commissioner of Information and Communications, Kingsley Femi Fanwo, that the governor escaped assassination in the attack.
The Director of Defence Information, Defence Headquarters, Brighter General Tukur Gusau, who reacted to the incident stressed that the attackers were criminals who cladded in fake military uniforms.
In an interview with PUNCH, Tukur Gusau said that Yahaya Bello’s attackers were criminals clad in fake military uniforms.
“The attack is unfortunate and we are not happy with what happened. However, the Governor did not say it was the military that attacked him.
“Military personnel will never attack the Governor. He said his attackers were in military uniforms. His attackers are criminals.”
The military spokesman called on the police to investigate the matter to unravel the circumstances and ensure that the culprits were brought to book.
“We urged the police to investigate the matter and unravel the circumstances and those involved in the attack.”
The Kogi State Commissioner for Information and Communications, Kingsley Femi Fanwo, was quoted as having said that the attackers, who were clad in military uniforms, ambushed the Governor’s envoy and started shooting at his vehicle.
He said that the attack was foiled by the quick intervention of security agents, and that security officers at the national level would investigate the incident.

The Independent National Electoral Commission (INEC), has complained of being thrown into darkness by the court over the candidacy of the All Progressive Congress (APC) for the Bayelsa State governorship election.

The Commission’s Chief Press Secretary, Rotimi Oyekanmi, answering questions when he featured on Channels Television’s ‘Politics Today’ programme, said that the commission awaits the court’s decision on the matter.

According to him, since the court had disqualified the APC candidate, Timipre Sylvia and an appeal is ongoing, INEC cannot make any decisions until a final court order is given.
When asked whether the APC has a governorship candidate in the state, Oyekanmi said: “This is the situation: when there are legal cases, you have to wait until the end of the legal issues.
“Because things can happen within a few days or a few weeks. If you have something today and the person is appealing to a higher court, you have to wait until the higher court takes a decision.
“What I am saying is that, when the final decision on that particular matter is taken, the commission will come out to say, ‘This is exactly what the situation is’. But please, let’s take it easy, and let’s wait till the commission takes that decision.”
The INEC spokesman said that the commission respects court orders, adding: “When a court order comes and says we should drop a particular name and accept another, we do so. And then in the remarks column, we now say ‘by court order’.”