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Nigerian Govt To Use $322.52m ‘Abacha Loot’ For Social Safety Net Program
Nigerian government has announced plans to use the $322.52 million returned to the country by the Swiss government as part of the fund looted and stashed abroad by late military dictator, General Sani Abacha, to implement its national social safety net programs.
Mrs. Kemi Adeosun, the Minister of Finance, made this known while talking to the press at the end of the 2018 International Monetary Fund and World Bank Spring Meetings in Washington DC, United States on April 22.
Mrs. Adeosun stated that the recovered fund which had already been lodged in a special account in the Central Bank of Nigeria (CBN) will be used for the social safety nets projects aimed at providing access to targeted transfers to poor and vulnerable households under an expanded national social safety nets system.
Mrs Adeosun also spoke on the current growth in the country’s economy. She stressed that the current economic growth showed inflation rate slowing down, with foreign reserves rising and that the current outlook contrasted with the situation experienced under previous administration before 2015.
Citing statistics from the National Bureau of Statistics (NBS), she said inflation dropped from 14.3 per cent in February 2018, to about 13.49 per cent in March 2018.
She also noted that the country’s foreign reserves, which stood at about $23 billion in October 2016, has grown to more than $47.93 billion, from about $47.37 billion as at April 5, 2018.
She said the government was optimistic that the country’s economic growth would be sustained, with current projections for 2019 expected to be far more robust than the present level in 2018.
“Government is confident that if we diligently implement our economic plan, we will continue to grow the economy,” she said.
Speaking on the government-owned-enterprises like the Nigerian National Petroleum Corporation, the minister said government would continue to efficiently and effectively manage their operational costs, plug leakages and ensure efficiency.
She said, “We must make sure every money earned comes in. We will drive the process of improving good governance and accountability.”
The Minister also said government is currently refinancing inherited debt portfolio from short term Treasury Bills to longer tenured debts and that this has resulted into huge savings and reduction in costs of funds.
She also informed that the Voluntary Assets and Income Declaration Scheme (VAIDS) deadline was extended by three months till June 30, 2018 following appeals from taxpayers for more time to regularize their tax status. She also pointed out that the present administration has raised the taxpayers’ base from 13 million in 2015 to 17 million as at 2018.
Mr. Godwin Emefiele, governor of the Central Bank of Nigeria, who was also at the briefing reassured the country of positive economic growth as he noted that a growth rate of 2.5 per cent projected by the IMF and World Bank for Nigeria was achievable.
Noting the sustained growth in the country’s external reserves, Mr Emefiele stressed the need to continue to grow the reserves to save for the rainy day.
He also guaranteed that concerted efforts were ongoing to realise the 80 per cent target for financial inclusion by 2020.
He said, “If we had enough reserves, we wouldn’t have suffered the recession shocks.”
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Politics Should Be About Issues, Not Violence – Let’s Protect Our Democracy, Says Tinubu
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I have followed recent reports of violence accompanying political events in different parts of the country.
Every form of violence stands condemned. Violence should never have a place in our political campaigns as we move toward the 2027 general elections.
Our campaigns should be about issues, a contestation of ideas that promote the welfare of our people and the progress of our country.
As the leader of this country, I commit myself to a peaceful, free, and fair election, and I urge political leaders and supporters across party lines to conduct themselves responsibly.
I have said that being in different political parties or pursuing different ambitions does not make us enemies.
As Nigerians, we are members of the same household living in different rooms. Therefore, our politics must elevate human conditions and focus on national progress and development.
I want to reiterate my previous directive to the security agencies: be strict and firm against anyone who seeks to test our resolve and will to preserve public order.
Our administration is committed to an orderly and peaceful election, and all political parties and candidates should be protected and free to campaign anywhere in the country without molestation or fear for their safety.
We shall not tolerate any irresponsible conduct by politicians and their supporters.
Security agencies are therefore authorised to confront thuggery and other anti-social and anti-democratic activities with full force.
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Update : THE COURAGE TO REFORM” BOOK TO BE UNVEILED DECEMBER 1 ,
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The Central Planning Committee for the official unveiling of the book, The Courage to Reform: Architecture of President Bola Ahmed Tinubu, GCFR, Beyond 2027 — Statecraft, Vision for National Renewal, has announced Tuesday, December 1, 2026, as the new date for the highly anticipated ceremony.
The unveiling, which was initially scheduled for Thursday, November 5, 2026, at the Bola Ahmed Tinubu International Conference Centre, Abuja, was earlier postponed following adjustments to the official schedule of President Bola Ahmed Tinubu, GCFR, who is the Special Guest of Honour at the occasion.
HON. IMAAN SULAIMAN-IBRAHIM
Honourable Minister of Women Affairs and Social Development
Chairperson, Central Planning Committee
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2027: Tinubu Dares Obi, Atiku to Showcase Their Achievements in Office, Accuses Them of Abandoning Their Responsibilities
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President Bola Tinubu has criticised former Anambra State Governor Peter Obi and former Vice-President Atiku Abubakar over their political affiliations, questioning their leadership credentials ahead of the 2027 general elections.
Tinubu made the remarks on Friday during his visit to Akwa Ibom State, where he inaugurated projects executed by Governor Umo Eno’s administration and addressed supporters at a political gathering.
Although he did not mention either politician by name, he appeared to refer to Obi, the presidential candidate of the Nigeria Democratic Congress, and Atiku, who joined the African Democratic Congress after leaving the Peoples Democratic Party.
Referring to Obi’s tenure as Anambra governor, Tinubu accused him of failing to tackle erosion in the state, contrasting it with his own claim of confronting the Atlantic Ocean during his administration as Lagos governor.
“One, who said he is in one party they call NDC, who is running for president. He ran away from erosion. In Anambra State, he could not confront erosion.
“I, Bola Ahmed Tinubu, I confronted the Atlantic Ocean. I claim it for you. Umo Eno confronted the erosion in Akwa Ibom and is working for, he is stable,” the President said.
Tinubu also questioned the political loyalty of a former PDP member who moved to another party, in an apparent reference to Atiku’s defection to the ADC.
“If a man that was, once upon a time, was a baby of PDP, became a father of PDP. And because of a little inconvenience, he ran away from that party. And formed a dangerous ADC in another party. Is that a leadership trait? Is that a leadership character? And he wants you to vote for him?” he said.
Obi governed Anambra State between 2006 and 2014, while Atiku served as Nigeria’s Vice-President from 1999 to 2007 under the PDP.
Atiku contested the 2023 presidential election on the PDP platform, finishing second behind Tinubu, while Obi, who contested under the Labour Party, came third.
Obi left the Labour Party for the NDC in May 2026, while Atiku joined the ADC as part of opposition efforts ahead of the 2027 election.
Tinubu’s reference to Anambra’s erosion problem recalls his 2023 presidential campaign promise to tackle the menace in the state.
During a campaign rally in Awka in February 2023, the then APC presidential candidate promised to address gully erosion in Anambra, saying he would handle it in the same way he claimed to have tackled the Atlantic Ocean surge in Lagos.
“I have come here to promise you development. We will industrialise Nigeria and Anambra State. You know me, I am the city boy of Lagos; I caged the Atlantic Ocean in Lagos; the way I handled the Atlantic Ocean in Lagos, I will handle the erosion menace in Anambra State,” he said at the time.
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