Tinubu Visits Sokoto, Condoles With Wamakko Over Daughter’s Death

 

Chieftain of the All Progressives Congress (APC) Bola Ahmed Tinubu, has visited Sokoto to console former Sokoto State Governor, Aliyu Magatakarda Wamakko over the demise of his daughter Sadiya Aliyu Wamakko.

The National Leader urged the former Governor to take solace in God and accept the death of his daughter as the will of Allah.

Read Also: Senate President Condoles With Senator Wamakko Over Daughter’s Death

He prayed Allah to grant other members of the family the longevity denied the deceased daughter.

Sadiya Aliyu Wamakko died on Thursday at the Usmanu Danfodio Teaching Hospital from complications arising from childbirth.

Speaking further, Tinubu called for national unity and cohesion, which he says will bring about national development.

He said no Nigerian became a Nigerian by choice, but through the divine arrangement of God who chose to place everybody at the different geopolitical regions.

“There’s nothing we can achieve without unity, so, we have to be united to develop our country,” he said, adding that “the blood that runs in your veins is the same blood that runs in my vein”.

“Sadia who has just passed on did not dictate that Wamakko will be he father, it is God’s gift and it is the almighty Allah who decides. So if you know that you have no control over it, whether I’m a Yoruba or Hausa or Igbo man, the essence of our life is that we are Nigerians and we should always take that first in everything we do”.

I Have Made No Decision Regarding 2023 – Tinubu

File Photo of Bola Ahmed Tinubu. Sodiq Adelakun/Channels Television

 

A chieftain of the All Progressives Congress (APC) Bola Ahmed Tinubu, says he has not taken any decision to run for president in 2023 contrary to speculations.

He said rather, he was more concerned about the health and economic challenges facing the country at the moment.

Tinubu said this in a statement issued on Saturday while reacting to comments that the dissolution of the party’s National Working Committee, had ended his purported 2023 ambitions.

He described the comments as distasteful, saying “already, you have assigned colourful epitaphs to the 2023 death of an alleged political ambition that is not yet even born”.

Read Also: APC NEC Dissolves National Working Committee

According to him, rather than politicking, he has been spending his time trying to think of helpful ideas and policies to help in solving the myriad of problems in the country.

“During this period, I have not busied myself with politicking regarding 2023. I find that a bit distasteful and somewhat uncaring particularly when so many of our people have been unbalanced by the twin public health and economic crises we face. I have devoted these last few months to thinking of 8 policies that may help the nation in the here and now. What I may or may not do 3 years hence seems too remote given present exigencies,” the statement read in part.

Read the full statement below.

THE FULL STATEMENT: BECOMING THE PARTY WE WERE INTENDED TO BE

I wish to begin my remarks by commending members of the National Working Committee. Under their collective stewardship, the party earned great and important victories, not least the vital second mandate handed to President Buhari. President Buhari’s victory, and the overall electoral success of APC speak highly of them. Our task as a party is to build upon the progress thus made so that both nation and party may advance to their better future.

Yet, we must acknowledge that something important has gone off track. For some months we have experienced growing disagreement within the leadership of the party. This unfortunate competition had grown so intense as to impair the performance of the NWC, thus undermining the internal cohesion and discipline vital to success.

Some people have gone so far as to predict the total disintegration of our party. Most such dire predictions were from critics whose forecasts said more about their ill will than they revealed about our party’s objective condition. Predictions of the APC’s imminent demise are premature and mostly mean-spirited. However, an honest person must admit the party had entered a space where it had no good reason to be.

The trouble is not that we would forfeit our collective existence but whether we were in danger of losing our collective purpose. In some ways, this possibility is of greater concern. A political party that has lost sight of the reason for its existence becomes but the vehicle of blind and clashing ambitions. This is not what drove the APC’s creation.

Those who believe Nigeria can be forged into a better nation and deserves good governance must harken back to the establishment of our party. Those who were there and contributed the most to the party’s genesis embraced a common vision. Not only did we believe the venal, purblind PDP was leading the nation into a pit, we sincerely held a common vision of progressive good governance. This was the overriding reason for the APC.

Those most intimately involved in founding the party remain faithful to this benign, timely assignment. Sadly, many members have lost their balance. Their personal ambition apparently came to greatly outweigh the obvious national imperatives.

Even in the best of times, Nigeria is beset by myriad challenges. Poverty and economic inequality, insecurity, lack of infrastructure are longstanding obstacles that have blocked our access to national greatness for too long.

Through no fault of our own, we now live in a moment of heightened difficulty. We did not ask for COVID-19 but it has found us. We must deal with it and navigate its rude economic consequences. At the same time we must grapple with the violent insecurity caused by increasingly desperate terrorists and criminals. People need concrete help from us. We must focus on building roads and creating jobs. For the average man, watching politicians wrestle for position is a poor substitute to seeing politicians working for the benefit of all.

Yet, such intramural fighting has come to occupy the attention of many high ranking party officials and members.

The National Working Committee, itself, became riven by unnecessary conflict. Those who disagreed with one another stopped trying to find common ground. Attempts were made to use the power of executive authority to bury each other. I must be blunt here. This is the behaviour of a fight club not the culture of a progressive political party.

Some members went against their chairman in a bid to forcefully oust him. In hindsight, his fence-mending attempts were perhaps too little too late. I believed and continue to believe that Comrade Oshiomhole tried his best. Mistakes were made and he must own them. Yet, we must remember also that he was an able and enthusiastic campaigner during the 2019 election. He is a man of considerable ability as are the rest of you who constituted the NWC.

It had been my hope that the disagreements could be resolved. After all, a political solution should not be beyond the ken of leaders of a major political party. But such resolution has failed to materialise. It was as if some unseen but strong force continued to stoke the embers. Instead of calling a prudent ceasefire, too many people sought more destructive weapons against one another.

Order, party discipline and mutual respect went out of the window. Members instituted all manner of court cases, most of them destructive, some of them frivolous, none of them necessary. In the process, a dense fog fell upon our party.

When this matter first came to a boil a few months ago, I issued a statement against this litigious tendency. President Buhari and former interim chairman Akande published strong words against this misuse of the courts as being contrary to the spirit of the party and the letter of its constitution. Each of us knew nothing good would come of such conduct. Instead of listening to this counsel, party members increased their trips to the courts. While busy providing ample livelihood for a gaggle of lawyers, these actions cast the good of the party to the wind.

After the fusillade of lawsuits and countersuits, two NWC members laid competing claims to the chairmanship. One legitimately elected at our national convention; the latter whose claim was based on the questionable suspension of the former.

With lawsuits so numerous one needed a spreadsheet to keep track, President Buhari has reasonably decided that he has seen enough.

I do not lament his intervention or its outcome. I lament that the situation degenerated to the point where he felt compelled to intervene.

President Buhari is much more than a mere beneficiary of the party. He is one of its founding fathers. The APC does not exist in its current form without his singular contributions. That is not opinion; it is an undisputed fact.

Given these antecedents, he cares about the condition of the party as any parent would care for its offspring. President Buhari has done what any parent in his position and with his authority would do. The more troubling consideration is that so many trusted people acted in such a way as to force the president to put aside the issues of statecraft in order to address these problems.

The President has spoken and his decision has been accepted. It is now beholden on all of us, as members of the APC, to recommit ourselves to the ideals and principles on which our party was founded. While we recognize that people have personal ambitions, those ambitions are secondary, not sacrosanct. Members must subordinate their ambitions to health and well-being of the party. Never should our party be defined by one person’s interests or even the amalgam of all members’ individual interests. A successful party must be greater than the sum of its parts.

In this vein, I appeal to all former members of the National Working Committee and all members of our party to sheathe their swords and look to the larger picture.

We have governorship elections around the corner in Edo and a primary and elections in Ondo. On these important events we must concentrate our immediate energies. In the longer run, we must restore the collegial nature to the party so that it should be in the practice of coming to support the President instead of him having to rescue the party from itself.

In Edo, we must rally round our candidate Pastor Osagie Ize Iyamu. In this, Comrade Oshiomhole has a crucial role to play. I congratulate him for his equanimity and loyalty to the party and our President in accepting the dissolution of the NWC. I encourage him, now, to return to Edo State to energise the campaign for the election of Pastor Ize-Iyamu.

In Ondo, we must set the procedures for primaries and conduct that exercise in a fair, transparent manner that shows the Nigerian people the party has left turmoil behind.

In addition to the daily operation of the party, the Caretaker Committee has the mandate to prepare for a mini national convention within six months. We must give the committee the support needed to fulfil this assignment in an impartial manner.

As I understand it, no one has been precluded from seeking any party office to which he is otherwise eligible. Former NWC members are free to seek re-election to the NWC. Provided they have the support of party members, they will have an opportunity to return to serve the party in a leadership capacity. This reflects our overriding desire to restore and maintain internal democracy not subvert it.

To those who have been actively bleating how the President’s actions and the NEC meeting have ended my purported 2023 ambitions, I seek your pity. I am but a mere mortal who does not enjoy the length of foresight or political wisdom you profess to have. Already, you have assigned colourful epitaphs to the 2023 death of an alleged political ambition that is not yet even born.

At this extenuating moment with COVID-19 and its economic fallout hounding us, I cannot see as far into the distance as you. I have made no decision regarding 2023 for the concerns of this hour are momentous enough.

During this period, I have not busied myself with politicking regarding 2023. I find that a bit distasteful and somewhat uncaring particularly when so many of our people have been unbalanced by the twin public health and economic crises we face. I have devoted these last few months to thinking of policies that may help the nation in the here and now. What I may or may not do 3 years hence seems too remote given present exigencies.

Those who seek to cast themselves as political Nostradamus’ are free to so engage their energies. I trust the discerning public will give the views of such eager seers the scant weight such divinations warrant.

Personally, I find greater merit trying to help in the present by offering policy ideas, both privately and publicly, where I think they might help. I will continue in this same mode for the immediate future. 2023 will answer its own questions in due time.

I have toiled for this party as much as any other person and perhaps more than most. Despite this investment or perhaps due to it, I have no problem with making personal sacrifices (and none of us should have such a problem) as long as the party remains true to its progressive, democratic creed. Politics is but a vehicle to arrive at governance. Good politics promotes good governance. Yet, politics is also an uncertain venture. No one gets all they want all the time. In even a tightly-woven family, differences and competing interests must be balanced and accommodated.

My fellow party members who now feel aggrieved by the NEC meeting I urge you to accept the sacrifice you have been asked to make so that the air can be cleared, the party can assume its proper role of helping this government lead the nation toward enlightened improvement, and the party itself can grow and firmly establish itself as the best, most democratic party in the land.

SIGNED

Asiwaju Bola Ahmed Tinubu

27 June 2020.

COVID-19: Reduce Interest Rates, Provide Tax Reliefs – Tinubu Tells Banks And FG

NASS Leadership: Why I Am Backing Buhari, APC’s Position – Tinubu
APC National Leader, Bola Tinubu, speaks at the 11th Bola Tinubu Colloquim in Abuja on March 28, 2019. Photo: Channels TV/ Sodiq Adelakun.

 

The national leader of the All Progressives Congress (APC), Bola Tinubu, is of the opinion that if the COVID-19 crisis is to have any positive economic aspect, then it should be that Nigeria used this moment to drive down interest rates.

Chief Tinubu in a lengthy communique on Sunday, advised the Federal Government avail tax reliefs  that would aid financial institutions in the country to reduce their interest rates.

In his statement, the elder statesman noted that by doing this, the government will saving the nation from a monumental drag on national economic growth.

According to him, lower rates will increase domestic investment and production, as well as create jobs.

While noting that lower rates may have some negative short-term impact on inflation and the exchange rate, the former governor of Lagos argued that the economic dislocations caused by the coronavirus will serve to mitigate those temporary negative consequences.

READ ALSO: Nasarawa Assembly Member Dies Of COVID-19

Below is the full statement by Asiwaju Bola Ahmed Tinubu.

THE CASE AGAINST HIGH INTEREST RATES IN TIME OF CONTAGION

THE TIME IS NOW – CORRECT THE INTEREST RATE

The economic fallout from the coronavirus may present the best, most pressing case for revising the CBN’s high interest rate policy. The undue rates penalise domestic investment and consumer borrowing. This reduces both aggregate domestic supply and, to a lesser degree, aggregate domestic demand. The chronic gap between domestic supply and demand has been filled by bloated levels of imports and encouraged an overvalued exchange rate that the high interests have helped produce. In normal times, the high interest rates also attract significant foreign financial speculation, the ever-ominous hot money. While in the short-term, the foreign speculation boosts financial inflows. Over time, as compound interest payments become due on these foreign investments, the nation will lose an ever-increasing amount of money to satisfy foreign debt obligations. In the short run, high rates seem to attract foreign capital and spur the economy while giving it discipline against inflation. In the longer-term, all of this is untrue. High rates give us the worst of both worlds. They stifle domestic investment and incomes while pushing up inflation and exposing an ever-increasing share of our financial system to foreign manipulation and dependence. Put another way, if you take a single picture early in the process, the high interest rate policy looks good at that moment in time. However, if you view the entire movie, you will see an ending that is both painful and unnecessary.

The Central Bank of Nigeria has demonstrated its financial agility by establishing a growing number of special financing programs for various industries and sectors of the economy. While these programs look good at first glance, they also expose important contradictions in the CBN’s position. The special schemes are an implicit admission that normal rates stifle investment borrowing and thus suppress the economy. The extraordinary schemes would not be required if the general interest rate was at a proper level. By establishing the special programs, the CBN attempts the impossible. On one hand it defends the general rate as prudent. On the other, it proliferates special exceptions in order to spur investment borrowing that the general rate has heretofore stifled.

This complex CBN rear-guard action does not serve the greater purpose. It merely prolongs the inevitable: We must retreat from high interest rates if we want investment borrowing to attain levels that actually increase private-sector growth and job creation.

This point bears repetition. If the financial sector functioned properly, servicing the needs of the economy in general, there would be no need to constantly resort to specialised sectoral plans (one for this industry, another for that industry and so on) for concessionary lending below regularly available rates of interest. Each such scheme is evidence that the overall financial system is fragmented in a manner that artificially reduces investment and the positive consequences increased investment has on growth, production and employment. The schemes are akin to a homeowner who, confronted with severe structural damage, commissions a fresh coat of paint to obscure the obvious structural flaws. Just as the homeowner should focus on fixing the core problem to prevent the house from crumbling, the Bank should do the one great thing it can do to free the economy from an unpayable burden. It should reduce interest rates.

The modern global economy is built on credit. Prosperous nations have built success based on the sustained ability to use credit to generate high levels of domestic investment as well as allow for significant consumer financing. Unlike two centuries ago, most business investment is not derived from the self-generated funds of the businessman or investor. Investment comes mainly from bank loans. However, the current rate of interest in Nigeria prohibits most normal business investment. Thus, the productive sector stagnates as innovation and creative endeavour are discouraged. Employment and aggregate demand are dragged down. The economy becomes a slave to a negative, impoverishing dynamic.

THE STORY THUS FAR

The current form of our financial system is antithetical to growth. Our financial system was originally structured to serve the colonialists who wanted a highly centralised system that provided little chance of prosperity for indigenous business beyond that which the colonial master would allow. Though the years have passed since the end of the colonial era, the basic structure of that old financial system remains intact. The system has not kept pace with the needs and challenges of our evolving nation.

After national independence, the system was but slightly modified to fit the requirements of highly centralised military rule. Broad and diffused growth was not the goal. Such growth contravened the underlying tenet of military rule – tight, centralised control of political power and economic resources.

Only those allied to the power core were enabled to access credit and favoured to prosper in business. A high interest rate regime was integral to this centralised and closed system. High interest rates prevented the growth of independent business. One had to seek the alliance and friendship of the government of the day to overcome the strong impediments that high rates caused. This rendered business an appendage of government, dependent on government favour to survive. There were no nodes of power truly independent from the centre. Nor did this situation foster creative and innovative economic thinking leading to sufficient business start-ups that might have grown and diversified the economy.

All things were thus reliant on the goodwill of those at the core of national power. There were few successful businesses that did not have a patron seated in the high ranks of government. In many nations, prosperous businessmen can rightfully claim they know no one in government. In Nigeria, such claims were nigh impossible. Genius was declared upon those who could get close to the men in uniform and did not always depend on whether a person could efficiently organise an enterprise or invent a useful device.

Thus, the banking system became one intended to bar most businesses and people from access to sufficient commercial and consumer credit, a system constructed to suppress large-scale independent economic activity unless expressly sanctioned and approved by arbitrary power. Thus, it suppresses wealth and job creation. It keeps the economy on crutches so it cannot run too fast as to get beyond the grasp of whosoever wields that arbitrary power. As such, we are in a situation where the banking system is not sufficiently governed by the rational dynamics of economic maximization. As a result, the system sputters and fails to reach full throttle. Without optimal financial sector support, the productive economy has failed to grow as it should. We all suffer, especially the poor man who would have been employed and earning enough money to take care of a family and contribute to national wealth if only sufficient levels of investment had been attained.

In decades past, this model could survive because our economic situation was more benign than it now is. Oil prices were such that the nation gained enough revenue given its then existing population. The nation could stay afloat and even record modest growth rates when oil prices climbed to their highest levels. Yet, this economic model was never meant to last as it risked all based on the price of one commodity.

This model led to an overvalued currency, which has caused Nigeria long-term harm. It undermined the global competitiveness of local producers. It also made imports cheaper. We became an import-reliant nation with a dwindling productive capacity. Over the long haul, such a position is high risk. Underlying economic fundamentals have become more adverse over time. Oil revenues, in real terms, have not and cannot keep apace population growth.

As oil revenues lose their potency to carry the economy, this financial model becomes an increasingly heavier albatross impeding economic growth. We remain too import reliant even though our supply of funds to buy imports dwindle. We seek to maintain a strong currency because of this import reliance and because of national pride. However, this reliance drains funds to support the exchange rate that could be better invested in strengthening our productive capacity. Moreover, pride is fleeting for who can maintain pride in a weakening economy with a stubbornly high incidence of abject poverty.

At this moment, we need business and industry to take up the slack generated by the weakening of the oil sector. However, the productive economy is barred from this needed increase in activity because the high interest rates, along with an unreliable power supply, combine to form a steep obstacle to sufficient real-sector investment, growth and productivity.

The high interest rate financial model runs contrary to the ideals of a progressive democracy to which Nigeria aspires. A nation cannot become a genuine democracy while access to credit remains under a semblance of authoritarian lock-and-key. Lending schemes under which a central bank has sole authority to prescribe lower interest rates may appear to open the system. In truth, they do no such thing. Instead, they merely move the discretionary power to give financial concessions from where it formerly resided (the military in times past) to the central bank.

LONG TERM POSITIVE RELATIONSHIP BETWEEN HIGH RATES AND INFLATION

Over time, high rates cause more inflation than they prevent. In the initial phase, high rates might lower inflation. However, an economy is dynamic not static. Feedback loops created by the initial high rates will eventually encourage inflation. First, the suppressed levels of private sector activity will result in higher levels of government borrowing than otherwise would be the case had private sector incomes and productivity been unhindered by the high rates. This means that government must spend an increasing sum merely on interest charges. This places more naira in circulation without a corresponding increase in goods and services. This is inflationary.

Second, to the extent domestic firms can borrow, they must charge high prices in order to achieve profit levels sufficient to repay their high interest loans. This too is inflationary.

Third, we attract initial dollar inflows as private loans or investments in government bonds because of the high rates. Yet, the interest payments on the underlying bond, being computed as compound interest, compels us to pay an increasing percentage of our dollar intake through oil sales just to service the interest charge on the foreign debt. Consequently, we must engage in all manner of tricks to cover the widening gap between ever increasing foreign debt calculated at compound rates and foreign currency revenues which tend to remain flat and linear, if not decline during times of economic weakness. Debt servicing as a percentage of overall public and private sector spending will increase, causing more naira to be misdirected; exchanged into dollars instead of being used for productive economic discourse that would create wealth and jobs on these shores. This not only is an unproductive way to use the extra naira, such practices are historic drivers of inflation in any nation that measures inflation. Such practices are avoided by the best central bankers because their abuse courts ruin. This is why the best managed developing economies shy from heavy borrowing of foreign currency.

However, we have become too reliant on foreign borrowing. In our case, we have created a highly imbalanced and imperfect economy. On one hand, high rates are used to scare domestic investment borrowing thus undermining income, production and consumption. On the other hand, high interest rates are used to attract foreign creditors who must be repaid with an increasing percentage of our intake of dollars. This indifference to domestic investment yet open encouragement of foreign financial speculation is a rather odd mis-arrangement that makes little sense if the true objective is to grow the overall economy.

Given the inescapable dynamics of compound interest, a dollar borrowed today will have to be repaid with 2 dollars some point in the future. This drains our reserves to the benefit of foreign creditors. If we must borrow dollars better to first borrow from our own people, then the DFIs (World Bank, etc.) at concessional rates. We should only borrow from the foreign private sector as a very last resort.

EXCHANGE RATE AND THE ECONOMY

If we went to a freely floating exchange rate, the naira would devalue. This means our currency is overvalued in terms of our trade with the outside world.

This overvalued exchange rate is buoyed by high interest rates. Yet to maintain both interest rate and exchange rate levels simultaneously over time requires that money be siphoned from use in the productive economy in order to prop up both rates. High rates drain liquidity from the system. However, here the multiplier effect works terribly against us. For every naira drained from the system, we lose more than one naira of productive wealth, activity and income.

This provides a higher exchange rate but a shrunken domestic economic base. This combination of a high exchange rate and a diminished domestic productive base gives strong impetus to high import levels. In a well-functioning economy, import levels should shape the exchange rate. In our economy, the exchange rate determines import levels. Our demand for unnecessary imports is much too high. This unhealthy appetite drains or limited supply of foreign currency. We are again relegated to placing more and more naira in circulation in the futile chase of the dollar, the pound and the euro. Again, this is a most unproductive way to use our currency. Had or currency issuance power been used to fund domestic infrastructural development, the economy would be much improved.

To maintain the exchange rate, we must sacrifice both naira and dollars that could have been invested in strengthening our productive capacity and job creation. Instead of bolstering the economy, we give these financial resources to international finance arbitragers who care little for our well-being, who invest little in our productive economy and who gain too much influence over our national economy as insensitive creditors. We have to progressively pay them increasing amounts just to sate their demands while giving our population relatively less.

CORONA VIRUS AND THE OPPORTUNITY TO LOWER INTEREST RATES

To stimulate their economies, the central banks of all major economies have driven their prime interest rates below 1 percent and nearer to zero percent. These central banks are lending vast amounts at low rates just to support to their industries and firms.

My position has always been one of reticence to foreign denominated debt due to repayment challenges. However, if we need foreign currency to buy items essential to protecting the nation from the coronavirus now is the time to borrow. The World Bank and other DFIs have said they will grant loans at concessionary rates. We should hold them to their word and demand a renegotiation of existing loans or debt relief.

While we are not yet inundated with the medical fallout of corona, we too suffer gravely from the economic and financial effects of the contagion. The rest of the world understands the imperative of lower interest rates. We should not pretend to be blind to that which every other major nation sees.

If this crisis is to have any positive economic aspect, let it be that we used this moment to drive down interest rates. To apply the rate reduction only to future loans would be prejudicial to current bank debtors. Thus, the financial authorities should consider formulating regulations that banks must reduce the high interest rates on existing business loans to the new lower general rate. This can be achieved through regulations requiring banks to automatically roll-over existing loans at the lower rate or regulations stating this must be done if the borrower so requests.

Any such change will alter the profit structure of most banks. To help moderate the change, government should provide generous tax relief to the banks. Additionally, government should institute a special bond-purchasing program where banks can purchase interest bearing government bonds at a significant discount or even on credit for a period of years. The central bank should give banks liberal access to its discount window in order to participate in such programs. These programs are intended to be transitional and thus will sunset in 3-5 years. During the transitional period, banks will have time to alter their lending practices. They must begin to earn profits from higher volumes of business and consumer lending at much lower profit margins per loan. In this way, our banking system will finally advance into the modern banking practices that have served as the linchpins for growth in any prosperous nation one can name.

There will be some initial jitters and anxiety. In the end, this will materially help us by sparking much needed private sector investment borrowing and encouraging suitable levels of consumer borrowing. Such borrowing will complement and thus lessen the amount of direct fiscal stimulus government must provide. The lower rates will be politically popular as well as economically benign at this time. Lower rates might dissuade some foreign speculators, but most speculative money has returned to its host nation at this point. So, the effects of lower rates will be muted. For those speculators still sensitive to arbitrage opportunities, our rates, albeit lower, will still be visibly above those obtained in any Western economy.

Yes, the lower rates will put pressure on the exchange rate. However, much of that pressure has already been priced into the exchange rate due to capital flight and lower oil prices caused by the viral outbreak. Moreover, shipping and the import-export business are at a minimum. With trade at a minimum, this is again an opportune moment to allow downward pressure on the exchange rate; the practical effects will be minimised since trade has already been materially reduced.

Another consideration we must weigh regarding interest rates is how lowering rates along with other innovations may unlock the potential for real estate to be catalyst for economic growth at this moment. The global economy will not rebound for several months if not longer. We must seek ways to inject liquidity into the economy and foster activity. Should the CBN lower rates as well as allow for longer-term mortgage notes, real estate would become a better functioning collateral for investment borrowing not only for the housing industry,but for the general economy. Reform of government mortgage agencies and policies will further allow us to deepen both the primary and secondary mortgage markets in ways that increase liquidity and spur economic activity independent of what may be happening in the outside world.

CONCLUSION

High interest rates are a fundamental drag on national economic growth. Only our unreliable power supply may loom as a bigger impediment to national prosperity.

Lower rates will spur domestic investment and production. This creates both jobs and wealth. High rates serve only to suppress these vital factors. Lower rates will have some negative short-term impact on inflation and the exchange rate. However, in a twist of irony, the economic dislocations caused by the coronavirus serve to mitigate those temporary negative consequences. If there is a time to reduce interest rates, that time is now.

SIGNED
Asiwaju Bola Tinubu,
APC National Leader,
May 3, 2020.

 

Tinubu Visits Buhari, Rejects Calls For Oshiomhole’s Removal

 

The national leader of the All Progressives Congress (APC), Mr Bola Ahmed Tinubu, says he is not in support of the calls for the removal of the Party’s Chairman, Adams Oshiomhole.

He said this on Wednesday while addressing journalists after he met with President Muhammadu Buhari at the Presidential Villa in Abuja.

Tinubu, therefore, appealed to aggrieved members to respect the party’s supremacy and channel their grievances through its appeal committee.

Read Also: Oshiomhole Visits Buhari, Defends Performance As APC National Chairman

He said, “We all have to respect the party’s supremacy. “You were all here when we had the Congress and we elected the new executives. We had the convention.

“We surrendered to avoid conflict, to avoid domination and abuse of power.

“We surrendered our rights, all rights, to the National Working Committee headed by Adams Oshiomohole, that the NWC will set up electoral bodies to supervise various state congresses and elections. We signed up for it.

“So, if it is not in our individual favour, so be it. We gave three options: Consensus. Where there is no consensus because you are more than two or three and you cannot agree to one candidate, you go to the next level.

“The next level is the stakeholders’ delegate and you have to be supervised by the National Working Committee of the party, the National Election Committee of the party. That shows party supremacy.

“Or the freest option, the less cumbersome is direct primary – you line up and count… 1,2,3.  If you win, you win and if you fail, go home.

“Then appeal committee was set up to listen to all appeals – internal mechanism for conflict resolution. It was there, you cannot turn against that. You cannot turn against all of that”.

The former Governor of Lagos State further stated that the party is not threatened by any move or meeting by the opposition party as he believes Nigeria will not go back to her past.

APC Celebrates Tinubu At 66

 

The All Progressives Congress (APC) has celebrated a former Governor of Lagos State, Mr Asiwaju Bola Ahmed Tinubu, ahead of his 66th birthday on Thursday (March 29).

In a statement signed Wednesday, by the Party’s National Publicity Secretary, Bolaji Abdullahi, the APC praised his efforts towards nation-building and described him as a frontline politician, who has built lasting political bridges across divides in the country.

The statement read: “We attest to Tinubu’s progressive and patriotic contributions towards efforts to deepen democracy and ensure good governance in the country. As a frontline politician, he has built lasting political bridges and alliances across divides in the country.”

Furthermore, the party assured him of its support in the task of reconciling all its aggrieved members and wished him more years in good health.

“As a National Leader of our great Party, APC, we particularly reference his contributions to the growth and our electoral successes. As he carries out the presidential task of reconciling members of our great Party, we once more assure him of our support in ensuring the success of this important task.

“The APC family wishes him many more fulfilled and healthy years of service to our great Party and Nation,” APC said.

Ondo APC Group Rejects State’s Ambassadorial Nominee

Ondo APC Group Rejects State's Ambassadorial NomineeThe nomination of Mr Igbekele Daudu as non-career ambassador from Ondo State has been rejected by a group within the All Progressives Congress (APC) in the state.

The group, Movement Against Imposition (MAI) alleged that Igbekele Daudu worked for the Alliance for Democracy in the last governorship election.

The Coordinator of the group in the State, Austin Pelemo, while addressing a press briefing in Akure, the state capital said President Mohammadu Buhari, party leader, Bola Tinubu and other leaders of the party must intervene in the issue.

Pelemo said: “A man that is known across the state to be a member of Alliance for Democracy can never be allowed to take a position that is meant for members of the APC.

“It is an act that must be resisted by all members of the APC in the state.

“A name came up yesterday as an ambassadorial designate from Ondo state, Jacobs Daudu. We later got to know that he is the same Igbekele Daudu, as we speak , Mr. Igbekele Daudu is not a member of the APC in the state” Pelemo said.

A leader of the group, Saka Yusuf Ogunleye alleged that Igbekele was involved in anti–party activities during the last governorship election in the state.

Yusuf said: “I am a member of the State Executive Committee of this party, Jacobs Daudu joined our great party one week to the presidential election, after serving six years in Governor Olusegun Mimiko administration.

“After the party primary, the man left for the AD, when President Buhari came here to canvass for vote for our governor–elect, Igbekele Daudu was with Olusola Oke canvassing for votes for him.

“We realized that there must be discipline in our party and that Jacob Daudu must be disciplined for anti-party activities and not that he should be compensated.

“In APC, we want to demonstrate to the whole world that we have discipline and that is why we will not allow this Igbekele’s nomination to stand.

“We are now appealing to the President, a man of discipline and high integrity, a leader of the party Muhammadu Buhari. We are also appealing to the National Chairman of our party, John Odigie Oyegun, National Leader of our party, Asiwaju Bola Ahmed Tinubu, the Senate President, Senator Bukola Saraki and the three Senators from Ondo State not to encourage indiscipline in our party”.

Massive Crowd Throng Out For Arisekola’s Burial

alaoCommercial activities were grounded for several hours in the ancient city of Ibadan as it literally stood still in honour of the Aare Musulumi of Yoruba land, Abdul Azeez Arisekola – Alao as his remains were buried amidst wailing and crying.

The main bowl of the Lekan Salami Sports Complex where prayers were held for the late Islamic leader was thronged by eminent personalities from across the country, representatives of the Federal Government, politicians, religious leaders, community leaders, artisans and many others.

The body of the late business mogul and philanthropist, which was flown in to the country from the United Kingdom, was received at the Ibadan end of the Lagos-Ibadan toll gate by Governor Abiola Ajimobi, his wife, Florence and other dignitaries.

The late mogul’s children, some of his associates and religious leaders including the National Leader of the All Progressives Congress (APC), Bola Ahmed Tinubu, Chief Kola Daisi, Mr. Oba Otudeko, Chief Ebenezer Obey, Justice Bola Babalakin, Gen. David Jemibewon, Gen. Raji Rasaki, Chief Yekini Adeojo, Senator Teslim Folarin, Chief Rotimi Akeredolu were also present to receive the body, after which it was taken to the Lekan Salami Sports Complex.

A Presidential envoy was led by the Minister of Police Affairs, Mr. Abdul Jeleel Adesiyan, the Minister Of State for Defence, Musiliu Obanikoro.

Clerics from all the states in the South-West led by the President-General, League of Imams and Alfas in the Yoruba speaking states, were also at the stadium.

Some of the people who thronged the stadium to pay their last respect to the late Aare Musulumi of Yorubaland, could not hold back their tears, as his corpse arrived the sports complex at exactly 10.05 A.M.

In his sermon during Islamic rites, the Chief Missioner Ansar-Ud-Deen Society of Nigeria, Sheikh Abdur- Rahman Ahmad enjoined all present to emulate the rare virtues embodied by the late Arisekola even as he described the vacuum created by his death as monumental.

Shortly after prayers were said, Arisekola’s corpse was moved to his Oluwo Kekere residence at Bashorun Area of Ibadan with a select group of mourners where it was interred.

Speaking at the occasion, Governor Abiola Ajimobi extolled the virtues of the late religious leader, describing him as a philanthropist of philanthropists, who served the poor and also helped the rich during his lifetime.

According to him, “Aare was to the Nigerian masses what the late President Nelson Mandela was to South Africans. He served the poor and helped the rich. He came to serve humanity and served them to his very last”.

“He was accommodating, spiritual, religious and intelligent. He had been serving the poor from the age of 19. He was the greatest philanthropist of our time. Aare gave everything he had for the benefit of the people,’’ he remarked.

The secretary of ALGON in the state, Prince Abass – Alesinloye who spoke on behalf of the 33 local government transition chairmen in the state also described Arisekola as a rare giver who was blunt and accommodating.

 


 

Bills Are Made For The Nation Not Political Parties, Enang Tells Tinubu

Senator_Ita_EnangThe Chairman Senate Committee on Rules and Business, Senator Ita Enang, has responded to allegations made by Senator Remi Tinubu that the Senate was divided and the PDP majority in the Senate actively tries to sink the bills initiated by APC lawmakers.

Senator Enang, in an interview with Channels Television, said that it was uncharitable for any Senator to allege partisanship on the floor of the Senate.

He said that the leadership of the Senate allows lawmakers from both the majority and minority parties to contribute to debates on motions and bills on the floor of the Senate.

Senator Enang also stressed that PDP lawmakers were aware that bills and laws are not made for the party but for the nation.

The former Lagos State First Lady had said that she was not entirely interested in extending her term at the National Assembly. She accused the PDP Senators of frustrating genuine bills their counterparts from APC sponsored in the House.

Tinubu revealed how the PDP “cabal” at the Senate allegedly scuttled her bill on social security. She made the allegations in Lagos while addressing journalists on her achievement since she was voted in as a Senator representing Lagos Central Senatorial district.

Tinubu, in her speech titled, “Making A Mark: Three Years Of People-Focused Representation”, gave an account of her stewardship in the Senate since her election three years ago.

PDP, Tinubu Architects Of My Downfall- Bode George

The former Deputy National Chairman, , south west, of the People’s Democratic Party (PDP), Mr Bode George has blamed his party and leader of the All Progressives Congress (APC) and former governor of Lagos state, Bola Ahmed Tinubu of spearheading the alleged political witch hunt that landed him in jail.

Speaking to Channels Television’s Political Correspondent, Seun Okinbaloye, Mr George blamed “people within my party” who “were part of it, to make sure that Bode George was out of their equation”.

He further noted that his party members collaborated with their “greatest political enemy, Bola Tinubu” to achieve their aim.

Speaking further, Mr George noted that the political events showed that the south west region of the country is the “greatest hell” adding that he had “always told people” how “this fellow in Lagos state” has “plundered the finances of Lagos; how he has completely mismanaged the assets that have been given to us by those who built Lagos state”.

He noted that being on different political divides, it was impossible for “his (Tinubu’s cohorts) to try him” adding that “when we started (the fraud case), he (Justice Oyewole) looked fair”.

Vindicating himself of any wrong doing, Mr George insisted that the memo was not written by him revealing that “the experts went to the market and did their survey” before it was “looked at by the management and then presented to the board”.

He also denied any operational knowledge of the companies that benefited from the contract adding that now that “I am vindicated, I am ready to help rescue my party from the crisis, especially in the south west region”, dismissing any form of threats from the opposition APC may pose ahead of the election next year.

Mr George and other board members of the Nigerian Ports Authority (NPA), were convicted and sentenced to two years imprisonment by Justice Oyewole of a Lagos High Court for contract splitting.

However, more than three years after serving a two-year jail term in Kirikiri Maximum Prison, the Supreme Court in Abuja reversed the conviction of Mr George.

The judges of the apex court, headed by Afolabi Fabiyi, in their judgment, ruled that the charges of contract splitting, on which the Economic and Financial Crimes Commission (EFCC) arraigned and secured his conviction was unknown to the law of the land.

Buhari, Tinubu, Akande Lead APC Protest TO INEC Headquarters

Former Head of State, General Mohammadu Buhari, former Lagos State governor, Bola Ahmed Tinubu and Interim National Chairman, Bisi Akande of the All Progressives Congress (APC) on Thursday led other party members on a protest march to the headquarters of the Independent National Electoral Commission (INEC) in Abuja.

The march, according to the organisers, was to call for the cancellation of the governorship elections conducted by INEC in Anambra state on November 16th.

The protesters had a confrontation with security officers which had stationed themselves before the national headquarters of the commission.

Speaking to journalists outside the commission, some of the party’s leaders accused the electoral commission of being compromised and called for an end to the rigging of elections in the country.

Meanwhile, the chairman of INEC, Prof. Attahiru Jega has reiterated the commission’s resolve to conduct the supplementary elections on November 30th as planned. He insisted that there is no sufficient evidence to justify the cancellation of the elections.

He however promised to fish out those responsible for the flaws in the original poll, which held on November 16th

 

Tinubu Is A National Distraction- Lagos PDP

The Lagos State chapter of the People’s Democratic Party (PDP) on Tuesday alleged to have “unravelled the real reason why the National Leader of  All Progressives Congress (APC) and former Governor of Lagos State has now come up with warped, chauvinistic and unpatriotic criticism” of the proposed National Dialogue.

The Party stated that the comments of the former Governor is in “bad faith, diversionary and indeed a serpent-like attack on the person of Dr. Femi Okurounmu” and not actually the dialogue.

This was contained in a statement by the publicity secretary of the Lagos chapter of the party, Taofik Gani.

According to Lagos PDP, contrary to the Public display, the former governor’s outburst is because “he still sees Dr Femi Okurounmu as a political enemy ever since the latter exposed the former as never a student of Government College, Ibadan (GCI)”.

The statement further noted that “Dr Femi okurounmu is a well known ex-student of Government College, Ibadan” insisting that “Tinubu ought to accord comradeship to Dr Okunrounmu If indeed he ever attended GCI like Dr Okuorunmu did, but indeed Tinubu has remained haunted by the revelation that he never attended GCI”

The Party also “challenged Tinubu to risk a live debate with Dr Femi Okurounmu on the propriety of the National dialogue at this time of our Nationhood”.

In the opinion of the party “Tinubu has now confirmed himself as a pseudo Progressive and enemy of Nigeria having condemned a popular wish of Nigerians, home and abroad” alleging that “Tinubu is now more of a National distraction than a National attraction”

The statement then “recalled that late Chief Gani Fawehinmi took Tinubu to court for falsification of information in order to contest the Lagos state governorship election in 1999. One of such falsified information remains the true secondary School Tinubu attended”.

“This has remained one of the numerous moral burdens hanging on the former Governor and which ought to preclude him from enjoying any form of leadership in the country”

The Lagos State PDP restates its unequivocal support and confidence in the chairmanship of Dr Femi Okurounmu and the eventual Success of the National dialogue.

Resign Or Be Recalled, PDP To Remi Tinubu

The Lagos State chapter of the People’s Democratic Party (PDP) has asked that Senator Oluremi Tinubu be recalled owning to her comments to the opposition members of the Senate, who she said are playing with the lives of the Nigerian people.

The senator had on Saturday asserted this view during a meeting with journalists where she gave a report of her stay in the Senate and denounced rumours that she is interested in the Governorship of the State in 2015.

Mrs Tinubu, currently representing Lagos State in the Senate, accused lawmakers belonging to the People’s Democratic Party of sidelining bills proposed by the opposition.

In a counter response, the Lagos state PDP, in a statement signed by the Publicity Secretary, Taofik Gani, described her comments as “the long awaited evidence needed to commence the recall of the confused Senator”.

The statement further called on “registered voters in the Lagos central Senatorial district to immediately commence the recall process of the Senator without further delay”.

The party accused Senator Tinubu of performing below expectation on the floor of the Senate adding that “she has indeed not initiated any successful bill to justify her membership of the senate”.

The party regards as dishonourable her chastisements on senators not going home to their people because “they are so comfortable in Abuja”.

“She has also misapplied the privilege of being the senator representing the most strategic senatorial district in the state, even though she is non-Lagosian.”

The party has now asked the Senator to “resign honourably or face imminent recall”.