1st August, 2024
By Ayorinde Oluokun/Abuja
George Akume, the Secretary to the Government of the Federation led four ministers in President’s Bola Tinubu’s cabinet on Wednesday to appeal to Nigerians to shelve the plan to embark on the protest scheduled to hold from 1 to 10 August.
The SGF and the Ministers – Wale Edun (Finance), Atiku Bagudu (Budget and Planning), Dele Alake (Solid Minerals Development) and Mohammed Idris (Information and National Orientation) at a press conference in Abuja appealed to Nigerians that the current hardship being faced by the citizens are like pains of a child birth that will be rewarded bountifully as the fruits of President Tinubu’s reforms begin to materialize.
They also warned of the possibility of the hijack of the protests by criminals even as they acknowledged the right of Nigerians to hit the streets to show their disenchantment.
Hardship Would Soon End
Speaking at the press briefing, Senator George Akume, appealed to Nigerians of whatever persuasion, belief, demography, gender and status to shun calls for protest against hunger by prioritising peace and progress.
He added that with the ongoing interventions by the Federal Government, the hardships Nigerians were experiencing would soon be be a thing of the past.
“The ongoing economic hardships would abate very soon and we shall all enjoy endless prosperity.
“For the avoidance of doubts, the government of President Tinubu recognises the right to peaceful protest but circumspection and vigilance should be our watchwords.
“Government is weary of the dangers associated with protests that are vulnerable to being highjacked by bandits, insurgents and other criminals. Rather, we request that dialogue should be advanced and we remain open to such,” he said.
According to him, economic prosperity for the nation remains the ultimate goal of the administration of President Bola Ahmed Tinubu because it is the engine that drives progress, lifts families from poverty, and builds strong, resilient societies.
He stated, “This administration at inception in May 2023 inherited an economy in need of urgent, bold and imaginative reforms. Policy measures including the removal of an unsustainable fuel subsidy regime had to be taken. This, it must be admitted has resulted in unexpected adjustments that impacted all facets of the economy and our daily lives.
“The administration similarly inherited a security situation that had existed for two decades and required greater attention in terms of upgrade of security architecture, infrastructure, systems, capability and capacity of personnel. This has compelled a massive infusion of scarce resources from our already dwindling revenue. The objectives have been to secure lives and property, build foreign investors’ confidence, and increase food production by returning our communities to their homes and farmlands in a safe and secure environment.
“President Bola Ahmed Tinubu sought the mandate of Nigerians to lead the nation at this difficult time because he knew that effective leadership was required to address the challenges that had accumulated over several years. That was why he sought to renew the hope of Nigerians.
“Within a space of fourteen months of purposeful leadership, the administration has recorded tremendous accomplishments that laid the foundation for the immediate, medium and long-term prosperity of Nigerians, in an inclusive manner.”
Tinubu Understands Concerns Of Nigerians.
Also speaking during the press conference, Wale Edun said President Bola Tinubu said the President as a democrat believes in federalism; freedom of speech and human rights. But he said the President understands the challenges being faced by Nigerians as a result of his reforms.
The Minister however said the high cost of living is not peculiar to Africa’s populous nation but a global phenomenon.
He also blamed the ongoing war between Russia and Ukraine for the rise in global inflation.
“The President truly understands the concerns that are being expressed, particularly the high and elevated cost of living which is not peculiar to Nigeria at this stage with wars in Ukraine, Gaza and Sudan.
“There is disruption around the world and there has not even been a full recovery from Covid. So inflation is high around the world, and costs are high around the world. With our import dependency for raw materials, we too are feeling the effect. However, inflation is falling around the world and in Nigeria.”
Economy In Recovery Mode
However, the Minister said President Bola’s Tinubu reforms are yielding fruits with the economy in a state of recovery in the past 15 months.
He said: “We have come from a situation where the nation was living in debt. Every time there was a bill to be paid, it was not paid from revenue or investment funding but it had to be paid from debt, particularly from the Central Bank and of course, that was not sustainable.
“That is no longer the case. The revenue of Nigeria has doubled compared to the first half of 2023, the 2024 revenue of the Federal Government has doubled and is expected to maintain that trajectory.”
“His concern and that of many people in this country, and even beyond, is that the protest would remain peaceful such that the gains that have been made over the last 12 to 15 months should not be disillusioned.
“He is concerned that the momentum that has been achieved in turning around the economy should not be dislodged, or disturbed.
“I think, among many other well-meaning Nigerians, the President truly understands the concerns that are being expressed, particularly the high and the elevated cost of living, which is not particularly good for Nigeria at this stage.
“With wars breaking out in Gaza and Sudan, there’s disruption around the world, and there has not even been a full recovery from COVID.”
“So, inflation is high around the world. Costs are high around the world. And with our import dependency on raw materials and so forth, we, too, are feeling the effects.
“However, inflation is falling around the world, and in Nigeria. Over the last 15 months or so, the economy has been totally, and I will even say, dissimulated from the precipice.
“I think that, on one hand, we have come from a situation where the nation was living in debt. That is no longer the case.
“The revenue of Nigeria as a result of diligent accumulation of technology and new processes, has doubled compared to the first half of 2023.
“In 2024, the revenue from the Federal Government has doubled and is expected to maintain that trajectory.
“On the cost side, there has been reconfiguration of procedures and processes, such that costs are now under control.
“Spending is now visible and accountable and the money of Nigerians is being well spent.
“So, that was the basis on which we implemented measures that were necessary, reform measures that were needed to save the economy.
“Yes, they have led initially to a spike in costs because, just like medicine, you take the medicine and then the effect comes. So, the cost is the medicine and it comes first.
“However, already we are seeing that the benefits are coming. The economy, in the first half of this year, has grown.
“Why is there a lack of food? It is because agriculture was contracting. In the first quarter of this year, it has started growing back again and we expect that and we are doing everything to maintain that.
“Industry is growing. Led by ICT technology, led by solid minerals, it is growing and creating employment and likewise, of course, services, even at a relatively high scale, the services are also growing.
“So, that is the turnaround and the momentum that we do not want to see slowed down in any way.
“A series of measures in agriculture, for small-scale industry, even for the larger industries, there is financing at nine per cent that is being made available.
“For transportation costs, CNG, which is 30 per cent of the cost of PMS for fueling vehicles, is being made available.
“In implementing reforms, there are times when what is planned and the timetable sometimes slips.
“But the answer is not to throw out the effort. The answer is not to stop. The answer is to keep going and keep trying. That was the case with the direct benefits, the direct payments to 15 million households, covering 75 million people.
“At first, it was quite hard for me to plan, so there was a pause. And now, under a much better and technologically strong configuration, payments to individuals have started going out again.
“In the last six years, it was restarted. One million households, covering five million people, have received benefits. And in the last week alone, 300,000 payments were made.
“So, under the new system, we can expect a scaling up, a speeding up of the payments.
“And Mr. President is committed to giving to the poorest and the most vulnerable to help them.
“What has happened is that we have implemented a comprehensive plan that covers agriculture, covers young people, it covers transportation costs in the urban sector, it covers grants to smaller enterprises, N50,000 for micro-enterprises, and it covers, as I said earlier, funding at an affordable interest rate. Inflation is slowing, but interest rates are still high.
“We have heard about the other key elements of what is being done to get the economy growing and to get jobs created. It’s when you make investments that you increase productivity, that you grow the economy, you create jobs, and then reduce poverty.
“And the key element there also is that our major resource, what we have to rely on most, is the God-given resource of oil at a time when crude oil prices are high.
“And we have the commitment of those in charge of the oil industry that there will be a substantial 21 per cent increase in oil production to 2 million barrels per day.
“And the benefit of that is immediate. It allows funding across the board, social services, infrastructure, business support, and agriculture.”
“And the commitment of Mr. President is in the immediate time to bring down food prices. And that’s why there are initiatives in addition to supporting farmers to produce.
“And what he’s saying in the meantime is that we need to give ourselves this golden opportunity to take Nigeria forward. We need to be patient with each other.
“We need to listen to each other as he is listening to Nigerians and showing example to lead us to a better future.”
Tinubu meeting the needs of protesters
Also speaking, the Minister of Information and National Orientation said President Tinubu has already met some of the demands of the protesters.
He listed some of these to include granting of the N70,000 minimum wage for workers, ensuring local government autonomy and support for states through provision of trucks of rice to states to be sold at N40,000 per bag against the prevailing market price of N80,000.
Idris said: “After one year in office, President Bola Tinubu has performed creditably in laying the foundation for a Nigeria that would be economically viable, sufficient, and secure, so much that the dispensing of energy to organise a ‘national protest’ by some Nigerians, would be better put towards looking into the several opportunities available to Nigerians by the Tinubu Administration.
“A pushback to current policies of the government in the guise of protests only indicates the inability of the organisers to come to terms with the realistic conditions necessary for growth and development; and in the case of Nigeria, a retooling of our economic system, provision of grand-scale infrastructure, investment in health, agriculture, human capacity through the student loans, among several others.”
Tinubu’s tough choices needed
In the same vein, Bagudu said in assumption of office, the President decided to take bold and tough decisions to turn situation in the country around.
According to him, the solutions adopted by the President though pleasant and tough, needed to be taken.
And responsible leadership sometimes necessitates a leader to make tough choices: “As most of you can imagine, there’s nothing that a politician loves other than to be clapped for or applauded.
“But a responsible leader has to make tough choices for the future.
“So, that’s why, in delivering on those renewed agenda priorities, including the restoration of macroeconomic reforms, we are instructed that we should ensure plan-based governance and budgeting to be equitably involved within our constitutional federalism.
“Not surprisingly, our budget reflects our priorities and innovation. We have increased funding for security.
“We have increased funding for infrastructure, human capital development, education, health, and social transport to support the vulnerable, as well as innovation and industrialisation.
“We have brought initiatives that we believe are transformative, that can help us generate high levels of growth based on choices that we have seen other countries make.”
