Connect with us
Maduka University Advert

Politics

Tinubu’s first anniversary gift: FG plans fresh cash transfer to 75 million Nigerians

Published

on

Maduka University
The Federal Government on Tuesday said it had reinstated the suspended social investment programme, disclosing the scheme would provide direct payments to 75 million Nigerians in 50 million households to reduce the suffering of citizens, especially vulnerable groups.
It stated that the cash transfer programme was overhauled to tackle fraud.The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, announced this at the ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja.

On January 12,  Tinubu suspended all the programmes administered by the National Social Investment Programme Agency for six weeks, as part of a probe of alleged malfeasance in the management of the agency and the scheme.

The president also suspended Betta Edu as the minister of Humanitarian Affairs and Poverty Alleviation on January 8. Edu’s ministry supervises the operations of the NSIPA.

The intervention programmes affected include the N-Power, the conditional cash transfer scheme, the government enterprise and empowerment programme, and the home-grown school feeding initiative.

On March 13, the House of Representatives asked the federal government to resume the implementation of the suspended social investment initiatives.

Advertisement

To revamp the programme, Tinubu approved the establishment of a Special Presidential Panel, led by Edun to carry out an intensive review and audit of the existing financial frameworks and policy guidelines of the social investment programmes.

Giving an update on the steps taken by the committee at the briefing, the finance minister stated that the government had decided to restart the programme to provide succour for poor Nigerians.

Edun said, “I am duty-bound to give you an overview of the strategy, policies, and implementation of Mr President’s reform programme. Immediately upon assuming office, Mr President launched macroeconomic reforms to restore stability to the Nigerian economy, including subsidy reforms and foreign exchange market reforms. These reforms caused a spike in costs for individuals and businesses, but Mr President is committed to counterbalancing the negative effects with interventions across the social spectrum.

“The government has restarted the social investment program, providing direct payments to 75 million Nigerians in 50 million households. Access to credit has been improved, with N1bn allocated to consumer credit and grants of 50,000 Naira being given to 1 million nano industries.”

Food inflation

Advertisement

The National Bureau of Statistics in its April CPI report, said Nigeria’s 33.69 per cent inflation rate was largely driven by food inflation which stood at 40.53 per cent in April, 2024.

Nigerians have continued to lament the steady rise in the prices of goods and services partially fuelled by the removal of petrol subsidies.

But, the minister said with 30 per cent of the world affected by issues of food security, agriculture would play a critical role in addressing global food insecurity.

He stated, “Food security is a worldwide issue, affecting 30 per cent of the world’s active population, and Nigeria is no exception. As I mentioned earlier, agriculture is critical, and success in this area is crucial. Efforts are being redoubled, with N200bn provided by the Ministry of Finance towards an intervention program.

“Just today (Tuesday), we met with the social investment prudential panel and development partners to discuss the President’s emergency plan for food security. We talked about advancing this issue and providing food, nutrition, and security, and this area will receive more attention in the coming weeks. The economy is growing at 2.98 per cent in the first quarter of this year, higher than the population growth rate and last year’s growth rate. Agriculture has the potential to help move the economy forward and reduce inflation.”

Advertisement

Speaking further, the minister stated that the federal government had initiated direct payments to contractors, suppliers, and vendors engaged by the government, evidently aiming to curb corruption in business dealings.

He explained that this measure would guarantee the prudent and accountable expenditure of the nation’s wealth.

Edun also revealed that the government was set to roll out an Economic Emergency Plan that would be implemented in the next six months. The plan, he explained, would help stabilise the economy and set the country on the path of growth.

He explained, “A system of payment has been implemented to ensure that Nigeria’s money is spent wisely and accountably. The government has played a role in helping states in attracting cheap funding and processing projects at the community level. Nigeria’s international credit rating has improved, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.

“The government is committed to counterbalancing the negative effects of economic reforms with interventions across the social spectrum. Infrastructure is key to growing the economy, building employment, and creating multiplier effects throughout the economy. A fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian and we are working to attract cheap funding for states and process projects at the community level.”He added, “And as it was mentioned earlier, the pivot thing to CNG is a government policy not just for vehicles but for generators. They have to be either CNG-fueled or solar-based or electric vehicles.
Advertisement

“That is the new incentive structure. And it continues also in the oil and gas sector. There has just been a new set of incentives that are encouraging new investments. We expect $7bn worth of investment that has been sitting on the sideline to now come; similarly, in other sectors.

“A stable, growing economy attracts investment that increases productivity, grows the economy further, creates jobs and reduces poverty. That is the trajectory that Nigeria is now on.”

Speaking on economic reforms, the finance minister announced that Nigeria has sufficient resources to pay its debts, both domestically and internationally, without strain.

According to him, this is a significant improvement from the previous situation where the government struggled to pay its way through implementing technological change procedures.

The minister said the revenue of the Federal Republic “has been totally revamped, rejuvenated, and increased substantially” due to the implementation of macroeconomic reforms and the restart of the social investment program.

Advertisement

He said, “We met a situation where the government did not have enough money. The government was not able to pay its way through implementing technological change procedures, which does not just require the skill of the workforce but also the political will.

“However, we are now in a situation where the revenue of the Federal Republic of Nigeria has been revamped, related and increased substantially. What did mean is that the government can now pay its way the government is paid is debt service without resulting to Ways and Means, particularly into debt service, the obligations domestically are now being paid.”

This has put the government in a comfortable position to service its debts and meet its financial obligations.

Edun also highlighted the improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positive.

This, combined with the paying up of a $200m shareholding with the Islamic Development Bank, has built confidence and allowed Nigerians to take their rightful place at the table.

Advertisement

“The process that has been put in place is one that we are mandated not just by Mr President, but even the National Assembly passing the 2024 budget insisted that Nigeria’s money that was in the hands of parastatals agencies, or other enterprises needed to be brought in properly and that has been done which puts the government now in a comfortable situation as we would like to where we pay our way domestically internationally.

“There is a whole host of debt that we met. We owe Islamic Development Bank $200m in shareholding, this is not in terms of loans but in terms of shareholding, our subscriptions. These were things that did not allow the confidence to be built and did not allow Nigerians to have that pride of place when they sit at a table when they travel and they owe money. All these are things of the past now,” he said.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Politics

Tinubu Orders EFCC to Unfreeze Osun Accounts Ahead of Governorship Election

Published

on

Maduka University

President Bola Tinubu has directed the Economic and Financial Crimes Commission (EFCC) to immediately return to court and vacate the order freezing the Osun State Government’s accounts, citing the need to safeguard public confidence in the democratic process ahead of the state’s governorship election.
In a statement issued by the State House on Thursday, the President said he was not opposed to the EFCC exercising its statutory powers but expressed concern over the timing of the action, noting that Osun is only days away from the August 15 governorship poll.
Tinubu said he was “deeply embarrassed” not by the anti-graft agency’s mandate, but by the decision to freeze the state’s accounts at such a sensitive political period.
The EFCC had obtained a court order on August 5, 2026, as part of an investigation into alleged financial infractions involving the Osun State Government. The commission maintained that its actions were lawful, insisting it could freeze accounts suspected to be linked to financial crimes and seek judicial approval for extended restrictions.
The President, however, said actions taken by federal institutions are often attributed to him, regardless of whether he had prior knowledge of them.
He reiterated that since assuming office, he had consistently allowed anti-corruption agencies to operate independently without political interference, stressing that strong democratic institutions were essential to the rule of law.
Despite this position, Tinubu said the proximity of the Osun governorship election made the timing of the EFCC’s action inappropriate and required his intervention to prevent any perception that federal agencies were being used to influence the electoral process.
According to him, although he had not been fully briefed on the facts behind the investigation, the overriding public interest demanded that confidence in the integrity and fairness of the election be protected.
The President subsequently directed the EFCC to immediately return to court, vacate the freezing order and discontinue the action against the Osun State Government.
The development follows a dispute between the Osun State Government and the EFCC over allegations of financial misconduct. The state government has denied claims of misappropriating ₦11 billion and accused the commission of attempting to justify its decision to freeze the accounts, while the EFCC insists its investigation is strictly based on its statutory mandate and not politically motivated.

Continue Reading

Politics

All Eyes on Tinubu Amid Adeleke’s Vow to Resist Intimidation

Published

on

Maduka University

Osun State Governor and Accord Party governorship candidate, Ademola Adeleke, has reaffirmed his administration’s commitment to resisting all forms of intimidation through lawful and democratic means as the state prepares for the August 15 governorship election.

In a series of posts on his X account on Thursday, Adeleke said his administration remains focused on prudent management of public resources and implementing people-centred policies that have improved the lives of residents across the state.

The governor expressed appreciation to party members and supporters in Ayedaade Local Government Area for the massive turnout during his campaign visit, describing the reception as a strong endorsement of his continuity agenda.

According to him, the enthusiasm shown by supporters reflects their determination despite what he described as repeated provocations.

Adeleke urged his supporters to remain peaceful, vigilant and united, insisting that the best response to intimidation is discipline and a massive turnout on election day.

Advertisement

His remarks come amid controversy over the reported freezing of the Osun State Government’s statutory allocation account by the Economic and Financial Crimes Commission (EFCC) as part of an ongoing investigation.

The Nigerian Bar Association has criticised the EFCC’s action, arguing that the anti-graft agency lacks the constitutional authority to impose a blanket restriction on a state’s finances without due legal process.

Meanwhile, the Osun State Government has denied any financial wrongdoing. Commissioner for Information and Public Enlightenment, Kolapo Alimi, accused the EFCC of acting on the alleged directive of former Governor Gboyega Oyetola to frustrate the payment of workers’ palliatives.

The Osun governorship election is scheduled for August 15, with Adeleke seeking a second term under the Accord Party platform.

Advertisement
Continue Reading

Politics

Impeachment: Ondo Lawmakers Set Up Panel to Probe Speaker 

Published

on

Maduka University

Amid allegations of financial impropriety rocking the Ondo State House of Assembly, lawmakers on Wednesday held a parliamentary meeting to deliberate on pending legislative matters and announced the constitution of a four-member panel to investigate and audit the Assembly’s accounts, including the alleged involvement of the Speaker, Olamide Oladiji.

The meeting was held at the Assembly complex, but the Speaker and his Deputy, Ololade Gbegudu, were absent. The Majority Leader, Hon. Olatunji Oshati, however, attended the meeting.

Addressing journalists after the meeting, the Chairman of the House Committee on Information, Hon. Olatunji Ifabiyi, alongside some lawmakers, confirmed that the Assembly’s accounts would be audited.

Ifabiyi, who did not disclose the identities of members of the four-member probe panel, said the leadership of the House had been under pressure to resume legislative activities.

He said the lawmakers considered it necessary to reconvene to discharge their constitutional responsibilities of lawmaking and oversight, following concerns over the prolonged absence of plenary sessions and committee meetings.

Advertisement

According to him, the lawmakers deliberated on issues affecting the development of Ondo State, including constituency projects, community development and the welfare of residents across the state’s 18 local government areas.

Speaking on the political situation in the Assembly, Ifabiyi said lawmakers had not abandoned their plan to impeach the Speaker, but were awaiting further directives from the leadership of the All Progressives Congress (APC).

He dismissed allegations that lawmakers had been financially induced to abandon the impeachment move, insisting that the process remained pending.

“We are still waiting for the leadership of the party. We are unable to proceed further until the leadership of the party asks us to. So, it’s pending. We are still on course,” he said.

On the role of the state government in the crisis, Ifabiyi said Governor Lucky Aiyedatiwa had no role in the day-to-day running of the legislature, describing the intervention of the APC leadership as a normal party affair.

Advertisement

“The Governor does not intervene in the running of the legislature. It is normal for a party to intervene because we are from the same family,” he said.

He added that the APC leadership should treat all members of the Assembly equally, noting that all 26 lawmakers belonged to the same political party.

“Our father will not prefer one person at the expense of 26. Our father will not do that,” Ifabiyi said.

Continue Reading

Politics

NDC Ward 9 Reaffirms Indefinite Suspension of SKC Ogbonnia

Published

on

Maduka University

The Ward Executive Committee of the Nigeria Democratic Congress (NDC), Ward 9, comprising Amoli, Ogugu, Owelli and Ugbo in Awgu Local Government Area of Enugu State, has reaffirmed the indefinite suspension of Mr SKC Ogbonnia from the party.

The Ward said the suspension took effect on May 18, 2026, following the conclusion of disciplinary proceedings conducted in accordance with the party’s constitution.

In a statement dated August 5, 2026, the Ward Executive Committee clarified that the suspension was not a recent decision and remains valid and binding until it is reviewed or lifted by the appropriate organs of the party.

According to the committee, the disciplinary action followed the report of a duly constituted Ward Disciplinary Committee set up to investigate petitions and complaints alleging anti-party activities, gross misconduct, acts of sabotage and conduct considered prejudicial to the interests of the NDC.

The Ward Chairman, Hon. Chief Chukwunta Chibuike Fabian, said the committee observed the principles of fair hearing and due process by issuing several invitations to Ogbonnia and giving him opportunities to appear and respond to the allegations against him.

However, the committee alleged that Ogbonnia failed and refused to honour the invitations or participate in the disciplinary proceedings.

Advertisement

According to the Ward, his alleged refusal to appear compelled the disciplinary committee to conclude its assignment based on the evidence before it.

The report was subsequently adopted unanimously by the Ward Executive Committee, which resolved that Ogbonnia be suspended indefinitely from the NDC with effect from May 18, 2026.

The party said the allegations against him included persistent anti-party activities, gross misconduct, disloyalty, attempts to undermine the party’s leadership, programmes and electoral interests, conduct capable of bringing the party into public disrepute, and disregard for the party’s constitution and lawful directives.

The Ward Executive Committee also claimed that its internal verification showed that Ogbonnia was not recognised as a registered member of the NDC in Ward 9.

The committee questioned the basis of his alleged association with the party and expressed concern over his possession of the Ward’s account number.

Advertisement

According to the Ward, it did not authorise or disclose its account details to Ogbonnia and called on him to explain how he allegedly obtained the information.

The committee further stated that, throughout the period of his suspension, Ogbonnia is prohibited from attending or participating in meetings, programmes, activities or decision-making processes of the NDC.

It also warned that he must not present himself publicly as a member, official or representative of the party unless and until the suspension is reviewed or lifted by the appropriate party authorities.

The Ward Executive Committee said the disciplinary action was necessary to protect the integrity, discipline, unity, constitutional order and credibility of the NDC.

It reaffirmed its commitment to accountability, internal democracy and what it described as zero tolerance for conduct detrimental to the collective interests of the party.

Advertisement

The statement was signed by Hon. Chief Chukwunta Chibuike Fabian, Ward Chairman, NDC Ward 9, Awgu Local Government Area, Enugu State.

Continue Reading

Politics

EFCC Freezes Osun Government Account 10 Days to Governorship Election

Published

on

Maduka University

The Economic and Financial Crimes Commission (EFCC) has reportedly frozen a bank account belonging to the Osun State Government, just 10 days before the state’s governorship election, heightening political tension ahead of the August 15 poll.

Documents obtained by Vanguard indicate that the account, domiciled with First Bank and reportedly used for the payment of workers’ salaries, has been placed on “Post No Debit” status by the anti-graft agency.

The development came barely hours after Governor Ademola Adeleke raised the alarm over an alleged plot by the EFCC to freeze the state government’s accounts and those of key government officials.

In a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the governor described the reported move as a deliberate attempt to cripple the operations of his administration ahead of the governorship election.

Adeleke argued that there was no legal basis for the action, insisting that the EFCC lacked the statutory authority to freeze the accounts of a state government.

Advertisement

A source close to the governor, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed that the restriction had already taken effect.

“I can confirm that the state government account has been frozen by the EFCC. It is no longer an allegation. The governor will address the press shortly to update the public on the situation,” the source said.

As of the time of filing this report, the EFCC had yet to issue an official statement confirming or explaining the reported action. The reason for the account restriction also remained unclear.

The reported account freeze is expected to heighten political tensions in Osun as political parties intensify their campaigns ahead of the August 15 governorship election.

Advertisement
Continue Reading
Advertisement

Trending