Category: General News

By Iyiola Olalere

The Tinubu Media Volunteers (TMV) has said that President Bola Tinubu’s maiden media chat has once again proved that he has a grasp of the economic conditions of Nigerians and has workable and realistic solutions for them.

In a statement signed by its Chairman Chukwudi Enekwechi and Secretary Sunday Shedrach, the group argued that the President was empathic on the efficacy of his reforms.

TMV said: “We note that in the media chat, President Tinubu announced his government’s plans to procure 2000 tractors soonest for the Nigerian farmers.

“This policy is aimed at bringing his government’s agriculture mechanization programme into effect. It is gratifying that he acknowledged that Nigeria can not continue with the model of agriculture that was practised during the days of his grandfathers.

“Definitely, this policy will enhance the policy of food security and ultimately reduce poverty in the land. Similarly, President Tinubu acknowledged the hardship inherent in the fuel subsidy but was quick to remind Nigerians that the policy has led to healthy competition, thereby making the commodity available as prices have started dropping.

“According to him, this is the hallmark of a free market economy which his government is encouraging. He also believed that the policy has eliminated monopoly and corruption in the sector to the benefit of all Nigerians.

“We note that the President has used the opportunity of the media chat to clarify many issues surrounding fuel subsidy removal and reassured Nigerians of a brighter future as well as his government’s commitment to addressing the hardship associated with the economic reforms of his administration.”

The group implored Nigerians to repose faith in the Tinubu administration ahead of the new year.

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By Danladi Ahmed

The Tinubu Media Support Group (TMSG) has said that President Bola Tinubu’s inaugural media chat has proved his sound grasp of an economy that works for the collective prosperity of Nigerians

In a statement signed by its Chairman Emeka Nwankpa and Secretary Dapo Okubanjo, TMSG said that the president’s bold assertions on the efficacy of ongoing reforms are inspiring and commendable.

It said: “With 18 months in office, the Presidential media chat offered Nigerians the first great opportunity to hear President Bola Tinubu’s unscripted sound bite on the economy and his reforms.

“For us, it was a performance that showed a sound grasp of the economy, its direction, and the expected positive outcomes of the ongoing reforms.

“There are already several sound bites and quotes from the media chats that aptly capture President Tinubu’s economic policies for anyone who is still in doubt about his perspectives.

“For instance, we see the President’s firm stance on the removal of fuel subsidy as soon as he assumed office as a bold one that is indeed meant to preserve the country’s future.

“And while many people would have seen price control as a means of taming food inflation in the aftermath of fuel subsidy removal, the President’s emphatic dismissal of such suggestion during the media chat is instructive.

“It showed a President who dares to drive his conviction. It shows a leader determined to allow the interplay of the forces of demand and supply. Perhaps most defining is his affirmation that providing food in surplus for domestic consumption is the ultimate answer to food inflation in the country.

“Tied to this is the President’s Agriculture mechanisation programme which involves the establishment of a local assembly plant for tractors, harvesters, disc riders, bottom ploughs, and other farm equipment, which has a 2025 time frame for completion.

“We also find it interesting that the President brought, into the discourse, one of the takeaways from his recent visit to Brazil where he secured a $2.5bn investment from JBS one of the world’s largest meat packaging companies.

“Aside from the economic benefit of the investment in Nigeria’s livestock sector, many Nigerians have failed to realize that it was an investment that came within a few months of President Tinubu’s decision to create a Ministry of Livestock Development.

“This also speaks to his position during the media chat about the decision to create additional ministries and the efficiency of his cabinet.

“We dare say that apart from the Livestock Development ministry, other new ministries like Marine and Blue Economy and the Creative Economy are a reflection of his clear-headedness in a changing world of multiple opportunities.”

TMSG also touched on President Tinubu’s tax reform proposals as well as his reaffirmation of the plan to reduce the current inflation rate by more than 50 per cent.

“Like many Nigerians, we are enthused by the President’s audacious assertion of his intention to reduce the inflation rate from 34.6% to 15%, and we make bold to say that he would prove sceptics wrong.

“As for the proposed tax reforms, it takes a man who understands how the economy works to push for the sort of reforms that underline the tax bills currently before the National Assembly.

“The President boldly affirmed that the reform is pro-poor contrary to the stark picture painted by opposition politicians and sceptics.

“He is also realistic enough to know that there might be some concessions in some parts of the proposed tax reform that are contentious,” the group added.

TMSG urged Nigerians to see President Tinubu’s performance at the media chat as an expression of confidence in the efficacy of his economic policies.

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By Iyiola Olalere
The Democratic Front (TDF) has said that the announcement of a $5 billion final Investment Decision (FID) by Shell on the Bonga North Deep Offshore field is yet another proof of the investment-friendly mindset of the Tinubu administration.

In a statement signed by its Chairman, Mallam Danjuma Muhammad and Secretary Chief Wale Adedayo, the group noted that it showed that International Oil Companies (IOCs) still found Nigeria attractive for investment.

The statement read in part: ” We join President Bola Tinubu in celebrating the Final Investment Decision (FID) by Shell on Bonga North Offshore Field.

“It is a thing of pride for us that the investment is the outcome of reforms introduced by the President through the Presidential Directives numbers 40, 41, and 42 to fast-track regulatory approvals, reduce operational costs, and promote competitive fiscal incentives in the oil and gas sector.

“We have a conviction that the pertinence of the fresh investment in the sector and indeed the larger Nigeria economy is not only limited to the $5 billion value of the investment but also extends to the field’s potential volume of 350 million barrels of crude oil.

“It is a development that is bound to further raise the nation’s oil output and revenue as well as bolster its position as Africa’s largest oil producer.

“Like the President, we are elated about Shell’s $5bn deep water investment especially as it came at a time of misconceptions about IOCs leaving Nigeria when indeed many of them are making strategic investment decisions in response to the administration’s incentives.

“We recall that earlier this year, the Ubeta upstream gas field known as OML 58, attracted a $500 million investment from TotalEnergies on account of President Tinubu’s fiscal incentives to drive foreign direct investments into the newly transformed oil and gas sector.

“The Ubeta upstream field is estimated to produce 350 million standard cubic feet of gas per day when operational and will go a long way to raise the country’s profile as a major gas producer. This remarkable economic feat was unarguably achieved under the economic reform of President Bola Tinubu.

“It is instructive that since its discovery in 1996, the Bonga deepwater field, located in OML 118, at water depth exceeding 1000 meters, has not witnessed such a humongous investment as the $5 billion coming from Shell and this is an attestation of President Tinubu’s pro-business approach to governance.

“Furthermore, this extraordinary display of confidence in Nigeria’s investment ecosystem is a confirmation of the success of the current reforms in eliminating investment encumbrances and the risks of doing business in Nigeria.”

TDF is confident that more IOCs will key into the fiscal incentives introduced by the Tinubu administration to make fresh investments in Nigeria’s oil and gas sector.

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