News
Finance Minister Denies Promising Economic “Silver Bullet” as Nigeria Faces Hardships
Wale Edun, Nigeria’s Finance Minister and Coordinating Minister of the Economy, clarified that the government never promised an immediate “silver bullet” for the country’s economic challenges. This statement was made during the opening of the 65th annual Nigeria Economic Society (NES) conference in Abuja on Tuesday. The conference, themed “Social Economic Development in Nigeria: Implications, Imperatives and Impacts,” saw a wide array of attendees, including government officials, economists, industry leaders, academics, and students from across the country.
Speaking through Grace Ogbonna, Director of Economic Research and Policy Management, Edun acknowledged the severe economic difficulties currently faced by Nigeria, attributing them to years of ineffective leadership. He highlighted that the government’s tough decisions, such as removing fuel subsidies, aim to address these issues and strengthen the economy.
Edun identified several key economic challenges, including a lack of production and diversification, price instability, high inflation, currency depreciation, energy issues, and debt management. He assured that the government is actively working to improve economic conditions by creating jobs, supporting Small and Medium Enterprises (SMEs), and enhancing overall economic indicators.
National Planning Minister Atiku Bagudu, represented by Vitalis Obi, Permanent Secretary in the Ministry, emphasized the significance of the conference. Bagudu noted that the NES has played a crucial role in guiding economic policy and that the government would carefully consider the outcomes of the three-day event.
NES President Prof. Adeola Adenikinju, in his welcome address, expressed concern over the government’s failure to utilize the expertise of NES in policy-making. He called for greater inclusion of NES in economic discussions and affirmed the organization’s commitment to supporting government efforts with valuable insights for economic growth and development.
The conference is expected to produce recommendations that, if implemented, could lead to significant economic improvements benefiting all Nigerians.
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
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