Business
FG’s immediate Priority, Is To Reduce Food Price, Support MSME,s Others-Finance Minister
…As Nigeria exits Ways and Means Borrowing for economy stability
Joel Ajayi
The Minister Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, has revealed that the immediate priority of present government is to ensure reduction in the high cost of food, supporting MSMEs, to reduce inflation as well as provision of critical infrastructure that will improve 5he standard of living of every Nigerians.
FG who has made significant strides in its economic reforms, well on its way to achieving a step-change in the revenues of the Federal government; closely in line with the budget for 2024.
To this end, government announced its exit from the Ways and Means borrowing mechanism for economy stability and growth.
Speaking at the Quarterly Ministerial Press Briefing held on Thursday in Abuja the Minister of Finance and Coordinating Minister of the Economy who highlighted the direction and travel of the present government in the in the area of economy recovery and growth, progress and prospect.
Theme: Economic Recovery and Growth: Progress and Prospects 2024 half year review.
According to him, the most critical thing for President Ahmed Tinubu is to ensure food prices go down by all means.
The Minister informed that one of the major priorities of the President Bola Ahmed Tinubu-led Administration in the immediate term is to reduce food prices and focus on providing all the necessary support to increase local food production, given the impact of high food prices on inflation. He noted that efforts are underway to achieve this goal.
He highlighted successes of the Government’s reforms, citing a projected budget deficit of 4% in the 2024 Fiscal Year.
He also acknowledged the temporary hardships caused by the reforms but assured that Nigerians would soon benefit from the expected outcomes as the well coordinated economic policies of the Federal Government are beginning to yield results as shown in the slowing in the rate of growth of inflation, increasing foreign investments relative to the same period in the previous year, amongst other positive fiscal yardsticks that are being noted.
“Part of what government is doing is to reduce high cost of food is the released of 20 trucks each to all the state governors and some ongoing initiatives toward stabilization of food price “
He then appealed to all Nigerians to give president Tinubu more time toward ameliorate the suffering of Nigerians especially the vulnerable.
Edun emphasized the President’s commitment to the welfare of ordinary Nigerians and the Government’s efforts to ensure transparency and accountability in its social protection initiatives including but not limited to the acceleration of the direct benefit transfer programme that has now been restarted following an initial pause of the programme to improve transparency in its delivery. He mentioned that, following the resumption of payments, over 600,000 households have already received this direct transfer this week.
As part of efforts to further improve foreign exchange liquidity and to showcase the resilience of the Nigerian financial system as economic stability takes root, the Minister also announced plans for the Federal Government to issue domestic USD denominated securities of up to US$500 million, in the first instance to attract investment from Diaspora Nigerians and Nigerians with savings held abroad.
Edun acknowledged the Supreme Court’s judgment on direct payment of federation allocations to Local Government Councils, and reiterated the Government’s commitment to implementing the judgement .
The Minister affirmed that with the outcome of the first half of 2024, indeed the Nigerian economy is turning the corner; and with macro-economic stability, the economy is being well positioned for sustained and inclusive growth that creates jobs, lifts millions out of poverty, and drives domestic and foreign investments that would improve the general well-being of the average Nigerian.
Business
Court Orders Arrest Of Wike-led FCTA Director, 10 Others
By Aliyu Galadima
An Abuja High Court has issued a bench warrant against the director of investigation and prosecution of the FCTA, Joseph Eriki, and 10 others.Justice Suleiman Belgore has issued an order to compel the director and others to appear before the court for a suit filed against them.
The Judge’s decision followed the application of the prosecuting counsel, David Kaswe, who lamented the failure of the efforts to ensure that the suspects appear in court.
Justice Suleiman Belgore of the High Court in Abuja has issued a warrant of arrest against Joseph Eriki, the director of investigation and prosecution of the Nyesom Wike-led Federal Capital Territory Administration ,FCTA, and 10 others.
The judge had issued the order to compel the appearance of Joseph Eriki and 10 others before the court, as they had been arraigned in a suit filed against them by the federal government.
The warrant was issued following an application by the prosecution counsel, David Kaswe, who stated that all efforts to ensure the suspects’ presence in court had failed. Kaswe informed the court that the prosecution had made several attempts to notify the suspects’ lawyers and sureties, but to no avail.
He cited Section 124 of the Administration of Criminal Justice Act ,ACJA, which allows for the issuance of a bench warrant to compel attendance in court.
The court agreed to the application, issuing the warrant to ensure the suspects’ appearance for arraignment on a six-count charge. The charges against the suspects include criminal conspiracy, criminal trespass, forgery, and using a forged document as genuine.
They are also accused of using criminal force to deter a public servant from performing their duty. The suspects allegedly entered a plot of land belonging to Etha Ventures and constructed structures without authorisation, to defraud the company.
According to the prosecution, the suspects fraudulently obtained a consent judgment for the land, which was given to Super Structures Limited. The case has been adjourned until June 4 for arraignment.
The court’s decision to issue a bench warrant highlights the seriousness of the allegations and the need for the suspects to face trial. The suspects are facing a six-count charge, which was filed in February.
The court’s ruling emphasises the importance of a speedy trial and the need for the suspects to be held accountable for their actions.
With the bench warrant in place, the court is taking steps to ensure that the suspects appear in court and face the charges against them
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