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OPINION: Repositioning the Economy and What the Numbers Are Saying

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By Temitope Ajayi

On Thursday in Abuja, Minister of Finance Mr Wale Edun addressed a press conference and gave a mid-year report on the economy. The Minister told the press what President Tinubu’s administration had done in the last year to address some of the structural imbalances in the economy, working with the fiscal and monetary authorities.

The Minister, who will now address a quarterly media briefing on the state of the economy, highlighted that the economy grew faster in the first quarter of 2024 than in the first quarter of 2023.

According to him, economic activity in the first quarter of 2024 was not only faster than the first quarter of 2023, but it was also the second fastest first-quarter growth in the last six years.

Mr. Edun noted that the economic growth was broad-based across several sectors, including agriculture, industries, and services. The Minister specifically mentioned that the agricultural sector recovered from a negative position in the first quarter of 2023 to a modest growth in the first quarter of 2024. As the Minister pointed out, the industrial sector also grew seven times faster in the first quarter of 2024 than in the first quarter of 2023.

Mr. Edun linked the positive economic performance and upswing to the government’s well-coordinated fiscal and monetary policies.

On the revenue side, the Coordinating Minister of the Economy explained that aggregate federal government revenue in the first half of 2024 was more than double of the corresponding period in 2023. According to the Minister, the growth in government revenue was due to the reconfiguration and improvement in government finances, with oil revenue as a percentage of gross revenue increasing from 11 per cent in the first half of 2023 to 30 per cent in the first half of 2024.

Here are the numbers as presented by the Minister :

1. Non-Oil Revenue: The government’s determination to mobilise non-oil revenue has consistently delivered impressive results. For the half-year 2024, non-oil revenue not only surpassed the revenue in the first half of 2023 but was also 30 per cent above the 2024 budget target without any increases in taxes.

2. National Debt Burden: The Tinubu administration in the words of the Minister has been working to manage and reduce the national debt to create better fiscal headroom for economic management. In dollar term, Mr. Edun pointed out that Nigeria’s debt burden has reduced and the government’s fiscal deficit has improved.

“Our debt has fallen in dollar terms from $108 billion to $91 billion. Additionally, the government has diligently serviced all its loans and obligations with no recourse to ways and means of financing. The government has met all its obligations,” Edun said.

3. Ways and Means: In the last year, the administration has exited the Ways and Means debt trap due to better management of the fiscal space, as the Federal Government, under the leadership of the President, has not relied on borrowing from the CBN Ways and Means to fund its obligations. Edun pointed out that part of the inflationary pressure the country is currently experiencing was a result of the past abuse of ways and Means. The Federal Government has paid back the previous N7.3 trillion obligation within a year of President Bola Tinubu’s administration.

4. Debt Service to Revenue: In meeting its debt obligations to avert any form of default, the Federal Government of Nigeria, for decades, has been spending more than half of its revenue on debt servicing. By the end of June 2023, the Federal Government was spending 97% of total revenue to service debt. In the last year of President Tinubu, the country has recorded a positive trend in the debt service-to-revenue ratio. Currently, the debt service-to-revenue ratio has declined from 97 percent in the first half of 2023 to 68 percent in 2024, indicating the government’s strong position in managing its debt obligations.

5. Budget Deficit: It has been a major priority for the economic managers to reduce the budget deficit. To achieve this, the federal government, in the last year of the Tinubu administration, improved government revenue collection and blocked a lot of leakages. At the media briefing, Mr. Edun noted that the 2024 budget deficit has moved in the right direction, with a target of 4.1 per cent of GDP, an improvement from the 6.1 per cent deficit recorded in 2023.

“On an annualised basis, we are at 4.4 per cent, so you can see we are effectively very, very close to the budgetary target,” Edun said.

6. Foreign Inflows: The government’s efforts to attract more foreign inflows into the economy continue to yield good outcomes. The minister said the government will continue the reforms and improve the business environment to engender confidence further. Mr. Edun underscored the government’s efforts to attract foreign inflows, including implementing the national single window project, which he said will generate $2.7 billion annually in economic benefits. The Minister added that the government’s accelerated stabilisation and advancement plan has already attracted $500 million in investment in the gas sector, with $7 billion more on the sidelines waiting to come in.

7. Inflation and High Cost of Living: To address the current high cost of living and bring more relief to the masses, the Minister again pointed out that the government has implemented several initiatives and interventions, including a strategic input programme to increase the supply of food, a pivot to Compressed Natural Gas (CNG) fuel for mass transit vehicles, and providing lower-cost financing for the manufacturing industry and production. Mr Edun, who sympathised with Nigerians for the current hardship, which he also noted will soon blow away, expressed optimism that inflation, despite being “quite sticky at the moment,” will decelerate and come down due to the government’s commitments and actions.

Mr. Edun said: “Clearly, as part of the reform program, on the monetary side, monetary policy has been tightened. CBN has been proactive in adjusting the monetary policy rate to address inflation head-on, which is in line with its legal mandate.”

Ajayi is the Senior Special Assistant to the President on Media and Publicity

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Opinion

Almajiri: Why Northern Leaders Must Look Themselves in the Mirror

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By Taiwo Adisa

Two incidents happened during the 1994/95 NYSC service year, which I was part of in Birnin-Kebbi, Kebbi State, and they gave me profound culture shocks that I still remember till today. I would equally say that those incidents probably justified the Federal Government’s decision to float the scheme.
We were told that part of the reasons General Yakubu Gowon floated the NYSC was to ensure national integration, cohesion and exposure of  young Nigerians to cultures of other parts of the country other than where they were born.
First was the shock of seeing a director that I was attached to in the then Government House, who had just taken a new wife, and sat among drivers, gate men and other junior staff to dine. I saw them seated round a huge iron pot of Koko, a local delicacy, exchanging one big spoon made of calabash, as each took turns to use the spoon to eat the delicacy. It was as if I was witnessing a scene where children of a big family were struggling to catch a portion of food or where people were eating Saara, as they say it in Yorubaland.
As I walked past the noisy crowd, I was transfixed seeing the newly-wedded director among the lot. He saw me standing still, as I couldn’t comprehend what he was doing there, and he got the message. ‘Taiyo, (as he used to call me) you won’t understand,’ he said as he waved to me to keep going. When we later saw, he explained that what he just did was a way of assuring the commoners that ‘we are all one,’ as they felicitated him on the new bride. But I could not fathom how the occupant of a ‘huge office’ as that of  a director in a Government House , would sit among “commoners” on a tattered mat to share a single spoon and  eat in public.
The other incident was quite pathetic. My friend, Tunde Omobuwa, was posted to a school in Yauri, in the southern part of the state, for his primary assignment. But he found the place boring on weekends. So, he arranged to always be with me on weekends. One such weekend, we decided to take a stroll round the streets near the Government House. We took off from the place of my primary assignment, the Federal Information Centre; bought corn beside the office, and started ‘blowing’ the ‘mouth organ’ as we strolled.  We were too engrossed in our gist and the sweetness of the corn to note that some young boys were trailing us, praying that some leftovers of the corn would drop for them to scavenge. Somehow, the two of us dropped the corn cob almost simultaneously. We were more than taken aback by a commotion that erupted at our back. Four eight or nine year-olds had descended on the supposed leftovers and broken the corn cobs into pieces. I was again transfixed as if one was hit by an electric shock. Remember that feeling when you play with electric fish? I was moved to tears as I had never ever seen a group of children scavenging on nothing as it were. I beckoned to the kids and offered them N20, which was the highest denomination at the time, and with some smattering Hausa words told them to go buy their own corn from the same place we got ours. As they left, heading to the corn seller, I couldn’t erase that ugly sight from my mind. Was it really possible that some people scavenge on nothing this way? I was later to see incidents of children swarming around restaurants and pouncing on near empty plates. These incidents told me clearly that the North was a different place and that the life of the boy child is not only risky and endangered but sold to stagnation and deprivation, unless you are one of the lucky few.
Having benefited from the free education policy of the Unity Party of Nigeria (UPN) between 1979 and 1983, when the Second Republic was terminated, I knew that there is a lot the government can do in educating the children. In my secondary school days, I was the Library Prefect at one point, and so I saw an excess of books supplied by the government to our school. So, I was an example of the feasibility of free education. It was the same way the Action Group government had handled education in the years preceding Nigeria’s independence and the First Republic.
So why can’t the state governments in the North declare free and compulsory education for the young ones out there? Why should children be made to scavenge on empty corn cobs just to see if they can find pieces of seeds left over? And why was my director giving drivers and gate men in the Government House false hope that they were all the same, instead of him to challenge them to seek to lift themselves up the social ladder?
I think there was no excuse for the North not to have adopted a free education policy, just as Chief Obafemi Awolowo did in the South-West.  And if we say the North needs to look itself in the mirror, you again remember the efforts by President Goodluck Jonathan to educate the multitude of Northern children through the Almajiri Schools. That government built more than 400 of such schools, which were abandoned because it could upset the oligarchy. The oligarchs forgot the truism that the children of the poor they refuse to train today won’t let their children sleep peacefully.
But the governor of Borno State, Prof Babagana Zulum, appears to have got the message. Last week, I was thrilled to see him organise a summit to reform the Almajiri system.
The Almajiri education system is a traditional Islamic method of learning widely obtained across states in northern Nigeria. Through that system, which is tied to Islamic teaching, youths, especially boys are kept out of the formal western education system. I don’t know why the teachings by Islamic scholars cannot go alongside that of Western education as it obtains in Saudi Arabia, Iran, Iraq and other Islamic countries that are doing well economically and in the world of science, technology.
While addressing the summit, Zulum had mentioned the need to address the root causes of insecurity through the provision of education for citizens of Borno, adding that improper teaching of Islamic studies has contributed to the emergence of Boko Haram insurgents in the state. According to him, to curtail whatever is the adverse effect of Almajiri education; the Borno State Government has established the Arabic and Sangaya Education Board to introduce a unified curriculum for Sangaya and Islamic schools. He said that the reform would include establishing Higher Islamic Colleges to cater for Almajiri children and blending the religious teachings with the secular curricula as well as skills.
He said: “The Sangaya Reform is a great development. It will give Almajiri a better chance in life, particularly the introduction of integrating western education, vocational, numeracy, and literacy skills into the centres, which are also described as Almajiri and Islamic schools.
“Distinguished guests and esteemed educationists, government’s intention was to streamline the informal and formal education systems to quality integrated Sangaya School for admission into colleges and universities.”
One would have thought that governors with radical postures like Nasir el-Rufai and others before him would have proposed this type of reform, but it is better late than never. Zulum should be supported to get something out of this.

 

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Chieftain Responds to LP Tanko on Obidient Movement

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The National Coordinator of the “Obidient Movement,” Yunusa Tanko, has come under fire from Ibrahim Idoko, the National Vice-Chairman of the Labour Party, North-Central, for asserting that the movement is larger than the Labour Party and therefore bringing it into the spotlight.

While claiming that the movement is bigger than the party, Tanko also mentioned its independence and the potential to switch to a different political platform in order to maintain its principles of accountability and good governance in the upcoming 2027 elections, should the Labour Party be forced to adopt its viewpoints. Tanko made these remarks in a recent interview with Arise News.

Idoko rejected Tanko’s remarks in a press release sent to reporters on Wednesday, calling him a political opportunist attempting to appease his bosses.

Tanko’s claim should be ignored by all party members and supporters nationwide, he said, adding that the LP has been winning elections and making great strides without the Obidient Movement for many years.

The statement read: “To say the least, this is laughable, coming from a one-time national chairman of a deregistered political party. Tanko and his allies need a brief history lesson on the Labour Party and its successes before the rise of the Obidient Movement.

“It is obvious that Tanko and his co-travellers are either living in denial or are grossly misinformed; either way, they are just being mischievous.

“The Labour Party has been winning elections across Nigeria long before now. For the record, His Excellency, Alex Otti, the current Governor of Abia State, is not the first governor elected on the platform of the Labour Party.

“His Excellency, Olusegun Mimiko, a former Governor of Ondo State, was a two-term governor. The party has also had National Assembly and House of Assembly members in various states.

“It should be noted that well-recognised politicians such as Senator Ovie Omo-Agege of Delta State, Senator Joshua Dariye of Plateau State, and Hon. Samuel Godday of Benue State, among others, were elected under the Labour Party’s platform.

“Tanko is simply being mischievous and seeking relevance from his paymasters. If Tanko and his allies wish to pursue an alternative path to the LP in 2027, so be it.

“We bear no grudges, but we are confident that under the leadership of Barr. Julius Abure and the current National Working Committee, the Labour Party will only grow stronger, and in 2027, LP will emerge victorious in the elections,” he said.

Idoko, who is also the current Benue State LP Chairman, further reaffirmed the North-Central LP chairmen’s resolve to give Abure all the assistance he needs to take the party to new heights.

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Opinion

What Trump’s Comeback May Mean for Africa

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By Farooq Kperogi

A few weeks ago, I spoke at a symposium in my university here in Georgia on the implications of the U.S. presidential election for the African diaspora. To the bemusement of my audience (who were a mix of Donald Trump and Kamala Harris supporters), I explained the curious phenomenon of African support for Donald Trump, particularly among Nigerian and Kenyan evangelicals.

I described how a surprising number of African Christians (and, in fact, some Muslims) consider Trump “God’s chosen one,” a valiant defender of conservative religious values whom they imagine will take on global LGBTQ rights with righteous vengeance.

The audience was incredulous and struggled to reconcile Trump’s infamous moral transgressions with his appeal to African conservatives. When I explained that these supporters see Trump as a warrior against the “cultural liberalism” they believe threatens their faith, eyebrows raised

The eyebrows raised even further when I pointed out that there are Muslims who are so disillusioned with the Biden/Harris administration’s support for Israel that they prayed for a Trump win even when Trump is more manifestly hawkish than Biden/Harris and so disdains Muslims that he enacted a “Muslim ban” (which actually included non-Muslims) within the first few months of his first presidency.

But here’s the crux: Donald Trump is no more interested in religious morality than he is in the theological reveries of his African fan base. He is, in truth, a transactional man, a walking paradox of deals and calculations, utterly bereft of the very spiritual or moral foundation his African supporters so naively project onto him.

Trump’s “faith,” such as it is, is at best a performance, an asset to be deployed for strategic gains among America’s own conservative Christians, whom he has calculatedly courted for votes. To imagine Trump as the champion of conservative religious values is to mistake calculation for conviction and propaganda for principle.
His record speaks louder than his rhetoric. In 2015, for example, at a gathering of conservative Christians in Iowa, he openly admitted he never asks God for forgiveness, a theological anathema for any believer.

Later, on the campaign trail, he betrayed his biblical unfamiliarity, when he clumsily referred to “Two Corinthians” rather than the more common “Second Corinthians.” A slip of the tongue, perhaps, but in a subsequent interview, he tried to salvage his Christian credibility but ended up quoting a verse that doesn’t even exist: “Never bend to envy,” he offered, an adage Christians say is found nowhere in the Bible.

Even when cornered about his favorite Bible verse, he misfired by citing “an eye for an eye,” a command Jesus explicitly repudiated. These are not the errors of a deeply religious man but the floundering of someone who considers faith a tool, not a calling.

Two Trump biographers sum up his attitude to Christianity and God nicely. Timothy O’Brien, in a 2007 book titled TrumpNation: The Art of Being Donald, wrote: “Donald has never been a spiritually or religiously serious person.”

And in 2001 book titled The Trumps: Three Generations That Built an Empire (which was revised and reissued as The Trumps: Three Generations of Builders and a President), Gwenda Blair wrote: “He’s a transactional guy with humans, and it’s no different with God — it’s all about whatever is to his advantage with regard to his supporters, and referencing God is exactly and only that.”

Yet for all his transparent artifice, Trump has nonetheless cast a beguiling spell on certain parts of Africa and the African diaspora, who see in him a savior of conservative values. They seem unfazed by the fact that his administration’s policies, his rhetoric, and his track record show little regard for Black humanity.

This disdain was palpable during his last tenure, and his recent rallies have done nothing to dispel it. Take, for instance, his unfounded claim during the first and only presidential debate that Black Haitian immigrants in Springfield, Ohio, were eating cats and dogs, a baseless assertion that isn’t just false but revelatory: it reveals a mind committed to degrading Blackness wherever he sees it.

There’s a dark and disheartening history here. Trump’s disdain for Black people isn’t new, nor has it emerged from thin air. His bigotry is old news, woven through an embroidery of disparaging comments, discriminatory practices, and racially motivated policies dating back decades.

In 1973, the Department of Justice sued Trump for refusing to rent apartments to Black families, citing his blatant violation of the Fair Housing Act. He fought the case before reluctantly signing an agreement to stop his racist practices.

His remarks afterward? He railed that the government was forcing him to rent to “welfare recipients,” the vile code by which he aligned poverty with Blackness. The sentiment was clear: in his mind, Black people didn’t belong, and it was his duty to keep them out.

Such is Trump’s enduring perspective, made all the more alarming by his political ascendance. The implications of his return for Africa are both direct and symbolic. During his previous presidency, Trump cut aid programs that many African countries rely on and dismissed African immigrants as a detriment to American society.

His rhetoric went beyond mere words; his policies made a statement, a policy posture that informed his supporters, shaped the broader narrative around Black immigration, and foreshadowed his now-infamous “shithole countries” comment in 2018.

When Trump disparaged Haiti, Nigeria, and other Black-majority nations in favor of immigration from Norway, it wasn’t just a one-off gaffe; it was a worldview rooted in negrophobic disdain.

In truth, Trump has never reckoned with the humanity of Black people. Even before his “shithole countries” remark, he lambasted a Black accountant in 1991, citing “laziness as a trait in Blacks.”

Years later, during his 2016 campaign, he praised Ann Coulter’s venomously xenophobic book, which decried the arrival of Nigerians in the United States as a criminal invasion.

His decision to block the appointment of Ngozi Okonjo-Iweala, a Nigerian-American, to lead the World Trade Organization in 2020, was yet another evidence to his disregard for Black excellence—American citizenship or no.

This is not a man whose opinions have been shaped by reasoned disagreement but by ingrained prejudice and an unwavering belief that Black lives, both within and outside of America, are lesser. Such a man at the helm of one of the world’s most powerful nations isn’t just a potential diplomatic nightmare; it’s a moral catastrophe for those who value the dignity of human life.

For Africa, the implications of a Trump resurgence are manifold. His approach to immigration alone could lead to increased restrictions on Africans seeking opportunity or refuge in the United States.

His contempt for Africans doesn’t only taint those who seek to immigrate but extends to those who remain. His willingness to denigrate entire nations with his vile language reinforces a global view of Africa as “the other,” a place he deemed too backward to deserve respect or dignify.

But Trump’s leadership affects more than just immigration. His previous administration gutted health programs that African nations relied on to tackle AIDS, malaria, and other epidemics. His withdrawal from multilateral agreements and climate initiatives destabilized African countries that disproportionately suffer from the effects of global warming and benefit the least from its economic causes.

Africa is neither immune to nor shielded from Trump’s reign. From economic pressures to ideological disrespect, his contempt manifests as policies that undermine progress and sow the seeds of isolationism.

For Africans, Trump’s victory isn’t just a foreign policy issue; it’s a personal affront. It’s a slap in the face to the millions of Africans who know America as a country that historically symbolized freedom, opportunity, and hope.

Africa’s bond with the United States transcends politics; it is the memory of independence movements supported by the promise of democracy, the aspiration for economic opportunity, and the reverence for cultural exchange. Trump’s worldview, with its utter disregard for Black humanity, threatens to erode this bond, leaving in its wake a continent left to question its ties with the West.

The challenge before Africa is to use this moment as an opportunity for unity and self-determination. Trump’s contempt is an ugly mirror, a stark reminder that Africa cannot rely on foreign validation. Leaders and citizens alike must demand dignity, both in their interactions with the United States and in their own national narratives.

The message should be clear: Africa is neither a pawn nor a supplicant. It is a continent rich in resources, diversity, and human potential, undeserving of the scorn Trump so freely dispenses. Trump’s victory may symbolize a return to darkness, but it is also an opportunity to galvanize resilience.

Africa need not waste energy on a man who cannot see beyond his prejudice; instead, it should look to the future with resolve. Africa’s destiny lies not in the hands of a foreign leader, and certainly not in one so blind to its humanity. Let his disdain be a rallying cry, not for despair, but for Africa to rise on its own terms.

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