Connect with us

Latest News

We‘ll Revisit Naira Redesign Policy, Says Tinubu; Takes Over As Nigeria’s 16th President

Published

on

Tinubu vows to sustain Nigeria’s progressive agenda beyond 2023

… Says Subsidy is gone

 President Bola Tinubu, has promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN).

Tinubu, who said this in his inaugural speech in Abuja on Monday, however, said that his administration would treat both the old and the new naira notes as legal tender.

He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians.

“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,” he said.

Tinubu said that the country’s monetary policy needed thorough housecleaning.

He urged the CBN to work toward a unified exchange rate.

Tinubu vows to sustain Nigeria’s progressive agenda beyond 2023
Asiwaju Bola Ahmed Tinubu

“This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

“The interest rate needs to be reduced to increase investment and consumer purchasing in ways that sustain the economy,” he said.

In the meantime, Sen. Bola Tinubu on Monday, has finally been sworn in, as the 16th Nigeria’s President and Commander-in-Chief of the Armed Forces amidst pomp and page


This followed his swearing-in at  10:37 a.m at a Presidential Inauguration held at the Eagle Square in Abuja.

Sen. Kashim Shettima was also sworn-in as the Vice-President of the Federal Republic of Nigeria at about 10:30 a.m.

The President shortly after taking the Oath of Office proceeded to inspect the Brigade of Guards.
This was closely followed by a ceremonial parade, air display by the Nigerian Airforce, cultural display as well as 21 Gun Salute. 

Meanwhile, President Bola Tinubu has declared that the subsidy regime will end with the commencement of his administration.

He made the declaration during his inauguration as the 16th President of the Federal Republic of Nigeria on Monday in Abuja, stressing that subsidy has over the years favoured the rich more than the poor.

The president commended the decision of the outgoing administration in phasing out the petrol subsidy regime.

“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

“We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions,” he said.

On job creation, the president said his administration would create meaningful opportunities for the youth.

He said his administration would honour the campaign commitment of one million new jobs in the digital economy.

Tinubu said: “Our government also shall work with the National Assembly to fashion an Omnibus Jobs and Prosperity Bill.

“This Bill will give our administration the policy space to embark on labour-intensive infrastructural improvements.

“The Bill will also encourage light industry and provide improved social services for the poor, elderly and vulnerable.”

The News Agency of Nigeria (NAN) reports that Tinubu took his oath of office amidst pomp and pageantry at the Eagle Square in Abuja.

He was sworn-in at 10.37 a.m, while, Sen. Kashim Shettima was equally sworn-in as the 16th Vice President at exactly 10:30 a.m.

Latest News

CIoTA Executives Visit NIMASA DG, Mobereola

Published

on

CIoTA Executives Visit NIMASA DG, Mobereola

…Pledged collaboration to ensure the transportation sector is professionally driven

The Executives of the Chartered Institute of Transportation Administration of Nigeria (CIoTA) paid a visit to the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, at the NIMASA Towers in Lagos.

CIoTA Executives Visit NIMASA DG, Mobereola
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola (right), receiving a plaque from the President of the Chartered Institute of Transportation Administration of Nigeria (CIoTA), Mr Segun Obayendo, during the NIMASA DG’s conferment as a Fellow of CIoTA at the NIMASA Towers in Lagos.

The executives, led by the President, Mr Segun Obayendo, congratulated the DG on his appointment and pledged to collaborate with the agency in ensuring the transportation sector is professionally driven.

The DG welcomed the association and expressed the Agency’s readiness to partner with CIoTA towards achieving a robust transport sector.

The President of the Chartered Institute of Transportation Administration of Nigeria (CIoTA), Mr. Segun Obayendo; the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola; the Executive Director of Operations, NIMASA, Engr. Fatai Adeyemi; and the Executive Director of Maritime Labour and Cabotage Services, NIMASA, Jibril Abba, during the NIMASA DG’s conferment as a Fellow of CIoTA at the NIMASA Towers in Lagos.

Dr. Dayo Mobereola, the NIMASA DG, was conferred with a fellowship at the institute.

Continue Reading

Latest News

NPA: Tinubu Sacks Bello-Koko, Appoints Dantsoho New MD; Sen. Adeyeye Chairman

Published

on

NPA: Tinubu Sacks Bello-Koko, Appoints Dantsoho New MD; Sen. Adeyeye Chairman

President Bola Tinubu has kicked out the Nigerian Ports Authority NPA Managing Director, Muhammed Bello-Koko and replaced him with Dr Abubakar Dantsoho. He also approved the appointment of Sen. Adedayo Adeyeye as Chairman of the NPA Board.

A statement by his spokesman, Chief Ajuri Ngelale, the new Managing Director is a core professional and holds a PhD, in Maritime Technology.

“Dr Dantsoho holds a Doctorate in Maritime Technology from Liverpool John Moores University, United Kingdom, and a Master’s degree in International Transport from Cardiff University of Wales, United Kingdom.

Dr Abubakar-Dantsoho

“Before his appointment, he had served in various roles in the Nigerian Ports Authority as Assistant General Manager; Technical Assistant to the Managing Director; Port Manager, Onne Port; and Principal Manager, Tariff & Billing”, Ngelale stated, adding:

“Senator Adeyeye, the Board Chairman, is a seasoned lawyer, journalist, and politician,” the statement further said.

Sen. Adedayo Adeyeye

Adeyeye is a former Minister of State for Works and a former Ekiti South Senatorial District senator.

“The President expects the new leadership of this pivotal agency to deploy excellence in the discharge of their duties to enable efficient port services and improved industry outcomes,” Ajuri Ngelale indicated further.

Continue Reading

Latest News

Customs Enforcement: NAGAFF Clarifies Role And Mandate Amidst Allegations Of Frustration, Extortion

Published

on

Customs Enforcement: NAGAFF Clarifies Role And Mandate Amidst Allegations Of Frustration, Extortion

The National Association of Government Approved Freight Forwarders (NAGAFF) has expressed concern over the lack of understanding among some freight forwarders regarding the role of the Enforcement Unit of the Nigeria Customs Service (NCS) at Tin Can Port.

In a statement released by NAGAFF Headquarters, the association emphasized that the Enforcement Unit serves as gatekeeper and an intervention force, mandated to police the ports and border stations, acting on intelligence information from the Customs Intelligence Unit, Interpol, and informants.

NAGAFF clarified that the Customs Intelligence Unit operates effectively, bursting revenue crimes in customs ports, and encouraged freight forwarders to report any corruption or observations to the appropriate authorities.

Customs Enforcement: NAGAFF Clarifies Role And Mandate Amidst Allegations Of Frustration, Extortion

The association advised freight forwarders to maintain professional standards, ensuring genuine declaration of imports and exports for customs purposes, as non-disclosure is an offence against customs laws, leading to seizure and prosecution.

NAGAFF assured high response rates from its High Command to protect genuine declarations and compliance, emphasizing that the Comptroller General of Customs and his management team will not tolerate any corrupt acts.

The statement was signed by Dr Clement Iwegbuna, NPS, NAGAFF Hqtrs, and forwarded to the Comptroller General of Customs, DCG Enforcement, and DCG T&T Hqtrs for their information and records.

Continue Reading
ADEBAYO SARUMI: Doyen of Maritime Industry Marks 80th Anniversary, Saturday 

Editor’s Pick

Politics