June 22, 2023

President Tinubu with Afreximbank chief Orumah

June 22, 2023

Nigeria ready for business, Tinubu tells Afreximbank, EBRD chiefs

WE’RE READY FOR BUSINESS, PREPARED TO WELCOME INVESTORS TO NIGERIA, PRESIDENT TINUBU TELLS AFREXIMBANK, EBRD PRESIDENTS IN PARIS

President Bola Ahmed Tinubu Thursday in Paris – France said ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate, will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI), urging investors to take advantage of opportunities in Nigeria.

“We are ready for business, prepared to welcome investments,’’ he said, while receiving President and Chairman of the Board of Directors of African Export-Import Bank (Afrexim), Prof. Benedict Oramah and President of European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact.

The President assured the delegation of AfreximBank Executives led by Dr Oramah that the Federal Government will continue to stimulate the economy with policies that support investments in areas of Nigeria’s competitive advantage, particularly agriculture.

“We need reforms for national survival,’’ he added, noting that it would take boldness and courage to reposition the economy, calling for more collaboration to solidify the economy.

“We must stimulate recovery for the growth and prosperity of our people, which will not be far away. Nigeria is ready for global business and our reform is total.

“Nigeria is blessed with human and material resources,’’ President Tinubu told the delegation, who had earlier listed areas of interventions to buoy the economy, like infrastructure, health, energy and agriculture.

The President of AfreximBank commended President Tinubu for the bold steps in removing the fuel subsidy and unification of the exchange rate, assuring the Nigerian leader of the full support of the financial and development institution on the ongoing reforms.

Dr Oramah said the bank was already building the first African Specialist Hospital in Abuja, and Energy Bank, pledging to inject more money into the economy to further build confidence of investors.

In the meeting with the EBRD, President Tinubu said, “We are challenged in terms of reforms, and we have taken the largest elephant out of the room with removal of fuel subsidy, and multiple exchange rates are equally gone. We are determined to open up the economy for business. Consider us a stakeholder in the Bank.’’

He told the EBRD President that Nigeria’s economy was too large and potent to be ignored, adding, “Ignoring Nigeria will be a peril to the universe.’’

Renaud-Basso said it would be a mistake for the development bank not to invest in Nigeria, after considering six potential economies for investment.

She explained that focus would be on the private sector, especially Small and Medium Scale Enterprises (SMEs).

Dele Alake

Special Adviser to the President

Special Duties, Communication and Strategy

June 22, 2023

Tinubu’s govt debunks salary increase news

Allocation and Fiscal Commission (RMAFC), President Bola Ahmed Tinubu, Revenue Mobilisation

NO PRESIDENTIAL APPROVAL FOR SALARY INCREASE FOR POLITICAL OFFICE HOLDERS AND JUDICIAL OFFICERS

We have followed with consternation the viral story of the purported 114% increase in the salary of the President, Vice President, elected Federal and State political office holders and judicial officers.

We state without any equivocation that President Bola Tinubu has not approved any salary increase, and no such proposal has been brought before him for consideration.

While we recognise that it is within the constitutional remit of Revenue Mobilisation, Allocation and Fiscal Commission (RMAFC) to propose and fix salaries and allowances of political office holders and Judicial Officers, such cannot come to effect until it has equally been considered and approved by the President.

It is important to note that RMAFC, through its Public Relations Manager, has responded to this fake story being circulated and has already set the record straight.

However, that this unfounded story gained prominence on social media and in a section of mainstream media, again, brings to the fore the danger fake news poses to the society and our national well-being.

The misinformation was, obviously, contrived to create ill-will for the new administration, slow down the upward momentum and massive goodwill the Tinubu-led administration is currently enjoying among Nigerians as a result of its fast paced, dynamic and progressive policies.

It is important to reiterate to journalists, media managers, and members of the public that stories on government activities and policy issues that do not emanate from approved official communication channels should be ignored.

Media practitioners are enjoined to, at all times, cross-check their stories to ensure accurate reportage, which is the hallmark of responsible journalism.

Dele Alake

Special Adviser to the President

Special Duties, Communications & Strategy

June 22, 2023

Shettima with British High Commissioner Montgomery

June 22, 2023

Shettima seeks closer ties with UK

Richard Montgomery, United Kingdom, VP Kashim Shettima

STATE HOUSE PRESS RELEASE

VP SHETTIMA SEEKS STRONGER RELATIONS WITH UK, ADVOCATES CREATION OF BI-NATIONAL COMMISSION

Vice President Kashim Shettima has called for stronger relations between Nigeria and the United Kingdom (UK) given the long standing historical antecedents, business activities and shared interests between the two countries.

Vice President Shettima made the call today during a courtesy visit to his office by the British High Commissioner to Nigeria, Mr. Richard Montgomery at the Presidential Villa, Abuja.

In his brief remarks, the Vice President commended the long standing assistance and support of the UK government to Nigeria and expressed hope for a more robust business relations.

According to him “I will urge you to facilitate the setting up of the Nigeria-UK Binational Commission; that Bi-national Commission can be the driver for accelerating enhance business relationship between our two countries.”

“We need to ramp up the trade between our two nations taking into cognizance our proximity. There is no nation that we are close to than the UK and our trade represent less than five per cent of the volume of our import and export.”

Speaking on the issue of the economy, the Vice President said “most definitely, we are going to create an enabling environment for businesses to flourish in this country.”
Sen. Shettima underscored the need for economic reforms in order to position the country’s economy for growth especially the removal of fuel subsidy, “this is just the beginning because it was fait accompli to withdraw the fuel subsidy. We either get rid of the fuel subsidy or the fuel subsidy get rid of the Nigerian nation.”

The Vice President observed that “in 2012, we spent $10bn on fuel subsidy alone. Last month, we were purportedly consuming 67 million litres per day, but after the removal of the subsidy it drops to 41 million bpd, nearly 40% off. So the whole subsidy regime was opaque, ridden with a lot of inconsistency.

Still on economic reforms, the Vice President noted that the previous multiple exchange rate regime with a lot of corruption brought about the proliferation of so many schemes. “So obviously we have no option but to collapse the exchange rate regimes into one. In the coming weeks and months, we are going to make more pronouncements on how to reposition the Nigerian economy and make it vibrant for business.”

Emphasizing the role of the private sector in driving economic growth, the Vice President citing the example of Lagos said “Lagos is booming fundamentally because of the private sector but not because of government; the government just created the avenue for businesses to thrive.”

On efforts to find a lasting solution to the security challenges in the country, Sen. Shettima stated that there is need for both kinetic and non-kinetic approaches towards addressing the problems.

“Unless we want to engage in an endless war of attrition, you have to find a kinetic and non-kinetic solutions to our problems. Yes, we have to strengthen our security architecture, so that we can be a stronger bargaining position with the insurrectionist; Boko Haram terrorists and kidnappers.”
He added that as part of the efforts of the Tinubu administration towards addressing on-going security problems, the Vice President disclosed that government will soon roll out different socio-economic intervention programmes and initiatives in the North East and North West that will facilitate empowerment and social inclusion of the vulnerable groups in the regions.

“So, I can assure you that we will pursue both kinetic and non-kinetic solutions to our challenges,” he added.

In his remarks, the British High Commissioner, Mr. Richard Montgomery, commended the new administration’s proactive economic policies especially the reforms. He lauded the long standing relationship and cooperation with Nigeria especially in areas of trade and investment, security and defence, digital technology, education. He expressed the readiness of the UK government to partner closely with the Federal Government to achieve overall development of the country.

In the delegation of the British High Commissioner were the Deputy Development Director, Susan Mshana; Counsellor Lake Chad Basin, Alex Maclean; Political Counsellor, Jonathan Bacon and Senior Political Advisor, Damilola Oyedele.

Olusola Abiola
Director, Information
Office of the Vice President
21st June, 2023

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Day: June 22, 2023

Nigeria ready for business, Tinubu tells Afreximbank, EBRD chiefs

Tinubu’s govt debunks salary increase news

Shettima seeks closer ties with UK