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Tinubu hitting it big in India – Presidency *Set to seal fresh deals  

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After sealing $14.5billion investment deals with some Indian concerns, President Bola Tinubu, has set his eyes on more inroads into foreign economies with three countries – Germany, South Korea and Indian governments coming into immediate the picture.

Ajuri Ngelale, spokesman to the President, while naming the countries as key partners to his economic development to invest in Nigeria, said in a statement that Tinubu, who was in India, a clear four days, met their leaders on the sideline of the G20 summit taking place in New Delhi, the capital of the Asian nation.

Though Nigeria is not a member of the powerful body, Tinubu’s participation, though peripherally, in which he is also to parley with Joe Biden, the US President, is on the invitation of Narendra Modi, the prime minister of India.

Tinubu was quoted as telling Olaf Scholz, the German chancellor, at the summit, that his administration was designing a financial architecture for an expanded economic partnership with a nation like his, as well as orchestrating its economic policies to align with large-scale manufacturers like Volkswagen, a German company.

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“It is not, for us, only a matter of designing the financial architecture for an expanded economic partnership. It is also about the practicality of aligning the perspectives of your large-scale manufacturers, such as Volkswagen and others, with the reality of the new incentives my government is putting in place for them to come and prosper across multiple value chains and sectors inside of our country.”

Scholz, in his reply, was said to have acknowledged the “business friendly” policies of the President adding that Nigeria and Germany shared economic history.

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Promising to visit the president in Nigeria in October, he reportedly told his Nigerian counterpart: “Thank you for this important discussion, Mr. President. I appreciate this opportunity to advance our economic relations. Your market is unique and our companies have a history in Nigeria.

“We acknowledge the business-friendly reforms you have put in place. I am happy to inform you of my desire to visit you in Nigeria in October, which will allow us to carry forward these initiatives.”

To Yoon Suk Yeol, the South Korea President, Tinubu was said to have stressed the need for partnership in the areas of production, telecommunications, technology and oil and gas, adding: “We will leave nothing hanging. We will finalise what we agree to and we will execute. We will work point by point with you to secure rapidly implementable MoUs across sectors of partnership that will involve the active presence of your biggest firms.”

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Tinubu, said to have praised Modi profusely for the tremendous development he had made in India as the Prime Minister, he said: “There are many lessons our nation can learn from the rapid progress of India. We see fantastic opportunity between our nations across sectors, such as agricultural development, but specifically, there is more we can do to advance ICT innovation and the emergence of Blue-Chip FinTech growth in Africa. Nigeria has the local players who can drive it from the front.”

On his part, the Indian leader, stressed the need for the economic teams of both countries to stay closely in touch to detail priority areas of upscaled cooperation with respect to agriculture, defence, industries, capacity building, and even FinTech growth, adding: “I see your commitment. We believe there are immense prospects for Nigeria in the UPI (Unified Payments Interface) and we will ensure that we come together and make progress on these fronts very rapidly.”

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Apart from these three leaders, Tinubu also had discussions with U.S. President Joe Biden; Ursula Von Der Leyen, President of the European Commission (EC); and Ajay Banga, the president of the World Bank.

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Tough economy: Trouble in APC, as staff plan strike

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A loud grumbling has enveloped the 40 Blantyre Crescent, Wuse, Zone 2, Abuja, headquarters of the All Progressives Congress (APC), where staff across different departments are threatening to down tools in protest of poor welfare and biting economic hardship.

Daily Trust, is reporting that the staff are specifically asking the party’s top echelon to make provision for their housing and other allowances, stressing that the economic situation of the country had become quite unfavourable to them.

The paper quoted one of the staff, who spoke on condition of anonymity, as saying that the party’s executive members had left them to suffer, while taking home humongous amounts of money as salaries and allowances.

Though Abdullahi Umar Ganduje, National Chairman of the party, is said to have commenced payment of N35,000 provisional wage award to them in January 2024, they argued that the largesse would in June, and they would be back to square one and therefore, they needed more stable welfare packages.

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In a swift riposte, Felix Morka, spokesman of the party, was quoted as dismissing the agitation, saying: “Those matters I don’t really discuss them. As you can see, there are many important things to discuss; at the national level, in Edo State. We are battling with all that. So, any in-house matters are not my focus right now.”

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BREAKING: Davido ups the ante, doles out N300million to orphanages

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David Adeleke Nigerian music sensation, otherwise known as Davido is stamping his giant feet with which he has mesmerised his audience across the world in the arena of philanthropy, with an announcement of a fresh donation of a whopping N300million to some orphanages across the country.

The latest is an increase of N63million up from the N237million the popular singer, who disclosed the largesse in a statement on his social media accounts on Tuesday, dolled out last year as part of the gesture in what is now turning out a yearly programme since it started a few years ago.

The gesture is coming at a time Nigeria is under an intense weather of deprivation and poverty, with the prices of food and other commodities hitting the roof and citizens, unable to afford basic items mostly going to bed on empty stomachs as a result.

In recent weeks, demonstrations had erupted in many parts of the country, including Niger, Kano, Ogun and Oyo States, where residents trooped into the streets to demand an end to the parlous situation, which they blamed on the insensitive policies of the government of Bola Tinubu, the Nigerian President.

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The singer, who first gave out N250m to 292 orphanages in October 2022, said the this year’s donation would be done through The David Adeleke Foundation (DAF), adding: “I and my foundation pledge the sum of 300 million Naira to orphanages around Nigeria … as my yearly contribution to the nation. Details of disbursement tomorrow.”

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BREAKING: Tinubu set to probe Buhari’s N23trillion Ways and Means debt

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At last, President Bola Tinubu, may be going through the N23trillion Ways and Means debt obtained by his predecessor, Muhammadu Buhari, with a fine comb to determine what the funds, which is attributed to a major part of the current debt overhang in the country, went into.

The Nation, quoted Wale Edun, Minister of Finance and Coordinating Minister for the Economy as revealing this much to participants at the ongoing Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MoFI).

Besides, the Minister reportedly said the Federal Government would also present a bill to the National Assembly, soon to authorise the removal of “all taxes and levies that constitute nuisance from the country’s tax system, as a measure to wean itself from future Ways and Means indebtedness.

The government, Edun added, will vigorously pursue policies that will allow it harvest revenue in real time from Government Owned Enterprises (GOEs) and Corporate entities.

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It was also on the same day that the Minister explained that Tinubu’s administration inherited a surge in food and general commodity prices from the previous government, but emphasised the government’s commitment to reducing food prices and tackling the nation’s high inflation rate.

Outlining the measures government was taking in tackling the situation, he revealed that, the government had released 42,000 metric tons of grains, with an additional 60,000 metric tons scheduled for release soon.

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