President Bola Ahmed Tinubu, GCFR, has approved the appointment of Chief Ajuri Ngelale as Special Adviser to the President on Media and Publicity.
The appointment takes effect from 31st July, 2023 and would terminate at the end of this administration unless otherwise decided by the President.
The President urges him to bring his wealth of experience to bear on the new assignment.
My fellow citizens,
I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.
I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.
For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.
It also compounded the threat that the illicit and mass accumulation of money posed to the future of our democratic system and its economy.
-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
Nigeria’s listed equities garnered about N1.81trillion ending the Month of July. In the period under review, the market increased by 5.53percent. The market had opened July with All Share Index (ASI) and equities capitalisation at 60,968.27 points and N33.197 trillion.
The Nigerian Exchange Limited (NGX) All-Share Index and equities market capitalisation depreciated by 1.10percent on Monday July 31 to close at 64,337.52 points and N35.011trillion respectively as against preceding day’s 65,056.39 points and N35.403 trillion.
As the market opened the new trading week in red, investors lost N392billion on Monday. The market’s negative take-off to new week was driven by stocks like ETI, Dangote Sugar Refinery, NPF Microfinance Bank, Livestock Feeds, and Caverton Offshore Support Group.
ETI moved down from N17 to N15.30, losing N1.70 or 10percent. Dangote Sugar Refinery dropped from N30 to N27, down by N3 or 10percent.
Read also: FBNH, Transcorp, others cause stock market’s first dip this week
The recorded dip pushed down the positive return year-to-date (YtD) to 25.53percent. Investors in 9,788 deals exchanged 673,424,564 shares valued at N6.474billion.
Abbey Mortgage Bank, Fidelity Bank, Union Bank, FCMB Group and Universal Insurance were most traded stocks.
In their July 31 commentary, Meristem research analysts said “we project that the tickers in the banking sector will be instrumental in spurring buying activities in the local bourse.”
“We highlight the broad positive H1:2023 earnings results in the sector as a primary driver for the expected upbeat mood. Thus, we anticipate this to spillover to other sectors.
“In addition, profit taking on some stocks last week placed them at attractive entry prices for investors seeking bargain hunting opportunities. As such, we do not expect a drastic rotation of funds out of the equities market.
“However, we do not rule out the possibility of further selloffs on tickers (especially the consumer goods) due to unsatisfactory H1:2023 performance impacted by inflationary pressures and FX revaluation losses,” the report said.
“Overall, we anticipate the overriding sentiment in the market to be positive during the week,” Meristem analysts added.
The Federal Ministry of Health has urged citizens to enable breastfeeding by supporting working mothers with conducive workspace to improve health of the baby and address malnutrition.
Ms Patricia Deworitshe, Director, Media and Public Relations in the ministry, made the call in a statement in Abuja ahead of the World Breastfeeding Week (WBW).
World Breastfeeding Week is celebrated every Aug. 1 to Aug.7 across the world.
The theme for WBW 2023, “Enable Breastfeeding, making a Difference for Working Parents”, focuses on creating more awareness on breastfeeding support in workspace.
Deworitshe, in the statement, also emphasised the benefits of breastfeeding on infants, young children, mothers, families and the society at large.
According to her, conducive environment will ensure optimal breastfeeding and increase productivity in the workplaces.
She stated: “In Nigeria, only two per cent of infants under age 6 months were found to be exclusively breastfed, while only 42 per cent were put to breast within the first hour of birth.
“To achieve a higher impact on malnutrition reduction such as stunting, the coverage of nutrition sensitive and nutrition specific interventions among the targeted population should be 80 per cent and above.” she stated
She noted that balancing the demands of careers, domestic chores and maintaining the household were challenges affecting effective breastfeeding among working mothers.
She identified myths, early return to work after childbirth and lack of a conducive breastfeeding environment, especially for working mothers, as hindrances to breastfeeding.
Deworitshe stated that aggressive marketing of breast milk substitutes among others also hindered breastfeeding of infants in Nigeria.
She said: “The Ministry also wishes to emphasis that work places should be made conducive to encourage breastfeeding as this will enhance productivity for these mothers, while assuring their nurturing role.
“Breast milk is very nutritious and builds the immunity of the baby. It also protects babies from common diseases such as diarrhea and pneumonia.
“Much more, the bonding between mother and baby during breastfeeding improves emotional and social development of the child.
“The general public, is being reminded that breast milk is the ideal food for infants, it is readily available, cheap, safe, clean and gives the first form of protection against many common childhood illnesses.”
The statement also emphasised the importance of breastfeeding within an hour of birth.
It stated that exclusive breastfeeding for the first six months and continued breastfeeding up to two years of age or beyond with the introduction of appropriate complementary food were very important.
The Lagos State Government says it has confiscated, burnt and buried six animals infected with Anthrax disease, to prevent its spread.
The Permanent Secretary, Ministry of Agriculture, Mrs Olatokunbo Emokpae made this known in a statement on Sunday.
Mrs Emokpae said; “the cases were discovered during surveillance of animals on Lagos Island and Agege.”
Emokpae said that “no case of human infection had either been identified or reported since the discovery of Anthrax disease in Lagos.”
She said human and animal surveillance activities had been stepped up.
According to her, “free vaccination activities and monitoring have been intensified.”
Mrs Emokpae said; “Animal owners should take advantage of the exercise by coming forward with their herd for inoculation.
‘“Please report cases of symptoms in animals to the Lagos State Ministry of Agriculture Director of Veterinary Services via telephone on 08023427594, 08180703010 or contact the Veterinary Epidemiologist on 08023328244.”
The International Federation of Women Lawyers (FIDA), Ogun State Chapter, on Sunday emphasised the need to combat trafficking in persons by addressing its root causes and tackling the systemic factors that allow it to flourish.
Mrs Taiwo Olusesi, Chairperson, FIDA Ogun Chapter, said this in a statement to commemorate the 2023 World Day Against Trafficking in Persons with theme: “Reach Every Victim of Trafficking, Leave no One Behind”.
World Day Against Trafficking in Persons, which holds on July 30 every year was first observed in 2014. It was enacted to educate people and nations on the scourge of human trafficking, the plight of victims and their relations, the need to protect and preserve the rights of such victims, and ultimately, the urgent interventions required to put an and to incidents of human trafficking.
Olusesi stated that addressing trafficking in person required collaboration, cooperation, and a multi-faceted approach involving governments, law enforcement agencies, civil society organisations, and individuals.
She noted that the annual event was a solemn occasion that brought to remembrance the grave injustices perpetrated against fellow human beings.
She said the day called for reflection, action, and a united commitment to eradicate this heinous crime from the world.
The FIDA Ogun Chairperson, acknowledging the presence of human trafficking within close communities, said it was the duty of each individual to expose it, to confront it head-on, and to bring those responsible to justice.
She stated “We `Leave People Behind’ when we fail to play our part in putting an end to exploitation, refuse to support victim-survivors and their affected families, and leave individuals and groups vulnerable to traffickers and trafficking. We must recognise that human trafficking is not an isolated issue.”
Olusesi said education and awareness were powerful weapons in the battle against human trafficking.
She said that by educating ourselves and others, we empower communities to recognise the signs of human trafficking, to protect the vulnerable, and to report suspicious activities.
On this World Day Against Human Trafficking, let us reaffirm our commitment to justice, equality, and the inherent worth of every human being,” she said
The Nasarawa State Government has said that no fewer than 23,224 residents of the state have tested positive to the viral Hepatitis B and C.
The Permanent Secretary of the State Ministry of Health, Dr. Janet Angbazo, made the disclosure during a Press briefing held in commemoration of the 2023 World Hepatitis Day tagged “We are not waiting, one life, and one liver”, in Lafia on Monday.
She explained that a total of 229,682 individuals were screened but out of the figure, 23,224 residents tested positive for the disease. Adding that some of the infected persons were presently taking treatments in government hospitals across the 13 Local Government Areas of the state.
She said, “The World Hepatitis Day, is a day set aside by the World Health Organization to recognize viral Hepatitis as a global Public Health Challenge. It is commemorated every year to increase the visibility of the disease and attract more resources for the battle against it, as well as to bring succor to the people affected by the viral Hepatitis.
The Permanent Secretary further appealed to the general public to make themselves available for the testing of HBV and HCV in government hospitals across the 13 LGAs of the state, and avoid the use of unsterilized sharp objects, sharing of needles/syringes, and the transfusion of unscreened blood/blood products.
President Bola Tinubu, on Monday, said the Federal Government had saved over one trillion Naira since the removal of fuel subsidy.
Tinubu said this in his nationwide broadcast on current economic challenges in the country, adding that the money will now be channeled into intervention programmes targeting families nationwide.
Tinubu’s words: “In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy, which only benefitted smugglers and fraudsters.
“I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
“All of our good and helpful plans are in the works. More importantly, I know that they will work.”
While acknowledging the hardship occasioned by an unavoidable lag in palliative measures these past 62 days, he urged Nigerians to “look beyond the present temporary pains and aim at the larger picture.”
President Tinubu also said that the economic defects he is fighting to correct were benefitting only the rich, which was why fuel subsidy had to go and other fiscal policies were being implemented.
Tinubu said: “I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy.
“Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
“Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them.
“As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
President Bola Tinubu has said that the Federal Government will spend N75 billion to expand the manufacturing sector in order to create jobs for Nigerians.
The president said the fund will be spent from July 2023 to March 2024 as a mechanism to finance no fewer than 75 enterprises to begin sustainable economic growth in Nigeria.
He also disclosed that about N125 billion has been set aside to fund the micro, small and medium-sized enterprises as well as the informal sector, acknowledging their importance to economic growth.
Tinubu made these known during a nationwide broadcast on Monday evening.
“To strengthen the manufacturing sector, increase its capacity to expand and create good-paying jobs, we are going to spend N75 billion between July 2023 and March 2024,” Tinubu said.
“Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity.
“Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months repayment for long-term loans and 12 months for working capital.”
Speaking on SMEs, the president said, “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.”
He further promised to give N50,000 each to 1,300 owners of nano businesses in all local government areas in the country, as N50 billion will be utilised for that project.
“Out of the sum, we will spend N50 billion on Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country,” he said.
“Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at 9% interest per annum and a repayment period of 36 months,” he added.
My fellow citizens,
I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.
-Our administration will invest N50 billion each to cultivate 150,000 hectares of rice and maize.
-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.
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