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Tinubu Stimulates Economy with N2 Trillion Injection

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President Bola Tinubu has authorized the injection of N2 trillion into the economy to foster growth and stability, according to Finance Minister and Coordinating Minister of the Economy, Wale Edun Tinubu.

The announcement was made on Thursday during the unveiling of an accelerated stabilisation and advancement plan at the State House in Abuja.

The Presidential Economic Coordination Council (PECC), inaugurated three months after the constitution of a 30-member committee tasked with revitalizing the economy, received the detailed plan. Minister Wale Edun Tinubu outlined the allocation of funds, stating, “The sum of that very important exercise is a N2 trillion package involving N350 billion funding for health and social welfare, N500 billion for agriculture and food security, N500 billion for the energy and power sector, and general business support of about N650 billion.”

He further briefed journalists after the meeting, explaining, “They (PECC members) were presented with the outcomes of Mr. President’s review of the accelerated stabilisation and advancement plan. It is an emergency plan to cover the next six months, which Mr. President had directed his economic team, the sub-nationals, and the private sector to put together for his consideration.”

The economic plan includes a range of policy and tax measures, alongside executive orders aimed at easing the cost of doing business. Minister Tinubu emphasized, “There are a number of funding initiatives which will reduce the cost of interest rates for certain sectors, particularly small and medium-scale enterprises, as well as larger companies.”

This move comes at a critical juncture for the Nigerian economy, grappling with significant challenges including soaring inflation following the removal of fuel subsidies and the floating of the naira. Labour unions have been vocal about the need for improved wages amid rising living costs.

In response, Tinubu’s administration has urged patience, assuring Nigerians that ongoing reforms will yield positive results in the near term.

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Rep Oseni Urges Unity, Compassion in Christmas Message to Nigerians

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As Nigerians celebrate Christmas amidst festivities and reflections, the Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA) and lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo state, Engr. Aderemi Oseni has sent a heartfelt message to Nigerians, emphasising the importance of unity, compassion, and selflessness in nation-building.

In his Christmas message on Wednesday, contained in a statement by his media aide, Idowu Ayodele, and made available to journalists in Ibadan, the lawmaker described the season as a time to reflect on the love and sacrifice demonstrated by the birth of Jesus Christ.

He urged citizens to embrace the spirit of giving, kindness, and shared humanity that Christmas symbolises.

“Christmas is a season of hope, joy, and renewal,” Oseni said. “It reminds us of our shared duty to show love to one another, regardless of ethnicity, religion, or political affiliations. Let us work together to foster unity and peace in our country, especially as we navigate through challenging times.”

The lawmaker also highlighted the significance of collective responsibility in nation-building.

“As we celebrate, we must remember the less privileged in our communities. Acts of charity and kindness, no matter how small, can make a significant impact on someone’s life,” he added.

The APC chieftain expressed gratitude to his constituents in Ibarapa East/Ido for their unwavering support, assuring them of his commitment to delivering more impactful governance.

He also called for patience and cooperation as the government works towards addressing issues affecting the nation, including infrastructure development, economic stability, and security.

“Let this Christmas inspire us to continue building bridges of hope and fostering the true Nigerian spirit of togetherness,” he stated.

As the year draws to a close, Oseni encouraged Nigerians to remain optimistic about the nation’s future, assuring them that better days lie ahead with collective effort and unwavering faith.

 

 

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NCAA Sanctions Five Airlines Over Regulatory Breaches

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The Nigeria Civil Aviation Authority (NCAA) has initiated enforcement action against five airlines—two international and three domestic operators—for various violations of its regulations under Part 19.

The offenses include non-payment of passenger refunds within the stipulated timeframe, non-responsiveness to NCAA directives, mishandling of luggage, short-landed baggage, delayed and canceled flights, among other infractions.

Addressing journalists at the NCAA’s corporate headquarters in Abuja on Tuesday, Michael Achimugu, the Authority’s spokesman, stated that airlines must adhere to regulations regarding flight disruptions. He emphasized that failure to comply attracts sanctions.

“Although airlines are not always responsible for flight disruptions, NCAA regulations stipulate actions that airlines must take during such incidents. Failure to comply attracts various levels of sanctions,” Achimugu said.

He reminded airlines of the NCAA’s recent directive mandating refunds to passengers within 14 days for online ticket purchases and immediate cash refunds for tickets bought with cash.

The yuletide season has seen a rise in passenger complaints about delays and cancellations, largely attributed to harmattan-induced poor visibility. Achimugu clarified that airlines are not liable for cancellations due to force majeure but stressed that the enforcement actions are for cases where airlines are found at fault.

“This is harmattan season, so there is poor visibility. Flights must get canceled. This is force majeure, and the airlines do not owe passengers anything in those instances. The enforcement we are initiating today is on cases where the airline is deemed to have been at fault. More will come,” he explained.

Achimugu further disclosed that the NCAA would summon the chief executives of all airlines this week to address flight disruptions and regulatory breaches.

While the names of the sanctioned airlines were not officially revealed, sources close to the Authority identified them as Ethiopian Airways, Royal Maroc Airways, Arik Air, Aero Contractors, and Air Peace.

 

 

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FG Targets 15m Households for Conditional Cash Transfer Scheme

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The Minister of Humanitarian Affairs, Disaster Management, and Social Development, Nentawe Yilwatda, has announced the Federal Government’s plan to reach 15 million households, representing 75 million people, through its conditional cash transfer scheme.

Speaking on Monday during an interview on Channels Television’s The Morning Brief, Yilwatda explained that the initiative is part of President Bola Tinubu’s commitment to mitigating the economic hardships faced by vulnerable Nigerians.

“The president was so specific,” Yilwatda noted.

“There are policies that he brought in to see if that can ease those challenges for people at the lower end of the pyramid. One of those policies is to reach out to 15 million beneficiaries under the conditional cash transfer, targeting households rather than individuals. Each household will receive ₦25,000 monthly, paid three times a year.”

Yilwatda further clarified that the 15 million households being targeted translate to 75 million Nigerians, assuming an average of five persons per household.

So far, the Federal Government has reached five million individuals but is facing challenges in fully sanitizing the social register, particularly with the implementation of the Central Bank of Nigeria’s (CBN) policy mandating digital identities for transparency and traceability of payments.

“Currently, only 1.4 million people on the social register have digital identities. Many of those we are targeting are outside the formal banking system,” the minister disclosed.

Yilwatda emphasized that women are specifically targeted as household leaders under the program to ensure the funds are used effectively for the benefit of children and other vulnerable members of society.

The conditional cash transfer programme, which is administered under the National Social Investment Programme, had earlier been suspended by President Tinubu in January due to allegations of corruption. However, the scheme was reinstated in February, with plans to extend the initiative to an additional 12 million households.

 

 

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