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Courageous Steps by Tinubu in making Nigeria a destination of choice for investors , says Edun

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The President Bola Ahmed Tinubu administration to steer the economy in the right direction has propelled Nigeria to become the destination of choice for most investors.
Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun made this known yesterday at a press briefing in Marrakech, Morocco.

Highlighting Nigeria’s current investment climate and the opportunities available for foreign and domestic investors, the finance minister said Nigeria has taken bold, courageous steps to improve its economy and is now a prime destination for investment.

Edun acknowledged that more work is needed but believes that Nigeria is on the right path towards economic recovery, job creation, and inclusivity for women and young people.

He insisted that the opportunity being presented is not only to showcase what Nigeria has done but to also allow people to gain a better understanding of the progress that has been made.

The Minister noted that some countries now see Nigeria’s progress as an inspiration but lack the courage to take similar steps.

According to him, “regarding the opportunity to attract investment, there have been many conversations and in all honesty the narrative is that with the bold courageous steps that Nigeria has taken, we are now at the forefront almost number one on people’s list when they want to look at where to invest, that is now the narrative.

“There is more to be done but Nigeria is definitely on the right path, taking the right decisions for the economy to recover and for it to attract foreign direct investment as well as domestic investment in other to recover true economic growth, job creation and at the same time achieve inclusivity of women and young people.”

The finance minister added that “the opportunity we have had, not so much to stand in front of people and showcase but that they get the opportunity within this environment to understand even more clearly what has been done and the truth is there are some countries here that say that ‘these are steps we would like to take but they do not believe they have essentially the courage to do it’.

With regards to debt restructuring, the finance minister said the goal is to improve or modify the terms of the debt so that the borrower can better meet their obligations.

Edun agreed that waiting to restructure debt is not always the best approach but instead suggested being proactive and looking for opportunities to improve the conditions under which the debt was borrowed.

However, he pointed out that given the current global economic climate, debt is becoming less affordable due to high interest rates.

He noted that, if a borrower has access to cheap financing, they should take advantage of it as long as they are comfortably servicing the debt.

In situations where a borrower can afford to do so, they should try to pay down debt in order to avoid it becoming a burden.

Speaking about more government borrowing but this time from the Central Bank, the finance minister underscored President Tinubu’s commitment to fiscal responsibility, rule of law, and a responsible approach to managing government finances, particularly in the context of borrowing from the central bank.

According to him, one of President Tinubu’s key priorities is to adhere to the legal framework and regulations already in place and this, the minister explained, extends to the President’s commitment to staying within the limits for “Ways and Means”.

Edun emphasized that President Tinubu is aware of the importance of fiscal responsibility, even though he may resort to overdraft borrowing, “his goal is to ensure that the government doesn’t exceed the statutory limits set for such borrowing.

Moreover, the minister said that there has been a realization of the need to reduce the reliance on borrowing from the central bank, which might have been excessive or appeared to be spiraling out of control in the past.

On the talks with the World Bank on $1.5 billion budget support, the minister confirmed that Nigeria was in talks with the World Bank to access the facility.

According to Wale Edun, “it has free money through IDA International Development Association. It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero.

“So, therefore, there is no stigma attached to qualifying for World Bank funding to help finance development. In this particular case, it has long been in the pipeline, and we are hoping that the funding will come through soon.

“A lot of hard work is being done. There is a Federal Executive Council meeting on Monday, that should be able to discuss this, as well as other initiatives for financing on reasonable terms. We have talked about the high costs of money, the World Bank money is the cheapest”.

Speaking on the current level of hardship Nigerians are going through as a result of putting an end to subsidy on fuel and exchange rate unification, the finance minister said “these are painful reforms and Mr. President is a man of empathy who promised not to leave the vulnerable and poor behind.

“As you know there is a set of interventions being rolled out which, day by day, should improve things. More food has been grown, fertilizers are being released, Compressed Natural Gas (CNG) transport is the order of the day, while the government buses, conversion kits are on the way, there is take-up of that initiative by the private sector.

“So day by day we are moving closer to affordable and even cleaner energy simply because the price of petroleum products has been put where it really stands rather than having cheap fuel which is below the market price and below its value. Now you are seeing the right value and that is making the move to cleaner and finer energy.

He also added that one of the benefits of some of the measures taken, “is the fact that there has been a 30 per cent reduction in smuggling of petroleum products across the border, I think is a major achievement of that all important step to remove fuel subsidy.

Meanwhile, the Minister has been appointed as the Chairman of the African Governors’ Forum of the World Bank.

The African Governors’ Forum is a platform for African finance ministers and central bank governors to engage with the World Bank on issues of mutual interest.

The African Caucus was established in 1963 to strengthen the voice of African Governors.

A statement issued by the Federal Ministry of Finance on its official X (formerly Twitter) account, said that this marks the first time Nigeria has assumed the role of Chairman in 60 years.

It said: “World Bank Appointment: Nigeria’s Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun has been appointed to Chair the African Governors’ Forum of the World Bank.

“This marks the first time Nigeria has assumed the role of Chairman in 60 years.

‘’The appointment presents a unique opportunity for Nigeria and the implementation of President Tinubu’s Renewed Hope Agenda.’’

According to the IMF’s guiding principles for the caucus, the forum’s Chairman is determined by rotation based on the alphabetical order of African countries.

This system ensures that each country takes its turn to lead the group, preventing one nation from chairing the forum twice while others have yet to assume the role.

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Update : Mambilla: Nigeria Wins $2.35bn ICC Arbitration, Tinubu Hails Buhari, Obasanjo

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The International Chamber of Commerce tribunal in Paris has ruled in favour of Nigeria in the arbitration brought by Sunrise Power and Transmission Company Limited over the Mambilla Hydroelectric Power Project in Taraba State.

President Bola Tinubu, in a statement issued on Thursday by his Special Adviser on Information and Strategy, Bayo Onanuga, said the tribunal rejected the claims by Sunrise.

The company had sought $680m from Nigeria as a settlement sum and interest in relation to a separate arbitration in which it is claiming more than $2.7bn in compensation and interest over disputes surrounding the development of the 3,960-megawatt Mambilla project.

However, the tribunal, as reported by The Cable, also dismissed Sunrise’s claim for $400m arising from the 2020 settlement agreement, according to the details of the award reported on Thursday.

It further ordered Sunrise and its promoter, Leno Adesanya, to reimburse Nigeria 75 per cent of its legal fees and expenses, amounting to $11.82m.

The tribunal also reportedly declared that Adesanya was bound by the arbitration agreement with Nigeria under the settlement agreement and its addendum and that it had jurisdiction over Nigeria’s counterclaim against him and his firm.

In the statement, Tinubu said the ruling demonstrated the government’s determination to defend the country’s interests.

“This latest decision affirms the Nigerian State’s determination not to succumb to predatory and exploitative claims by corrupt local and international entities and their enablers and funders,” he said.

The President commended the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, and officials of the Federal Ministry of Justice for their role in the case.

He also commended former President Olusegun Obasanjo and the late former President Muhammadu Buhari, who testified in the arbitration.

“I also commend the FRN defence team, led by Ms Elizabeth Oger-Gross and Mr Tolu Obamuroh, both of Paul Hastings LLP, for their professional and excellent defence of the country.

“I commend the patriotism and support of former President Olusegun Obasanjo, GCFR, and late President Muhammadu Buhari, GCFR, who testified in the case, which dated back to an illegal 2003 contract to build a 3,050-megawatt hydroelectric plant in Taraba State under a build-operate-transfer model.

“The Federal Executive Council never authorised the contract. I thank the other witnesses in this case, including former Ministers Babatunde Raji Fashola, SAN, and Suleiman Adamu, and the experts, for their active participation in defending Nigeria’s interest in the arbitration,” the statement read.

“I want to assure you that while our country remains committed to partnering with genuine investors and honouring its legal obligations, it will continue to defend all opportunistic claims instituted against our commonwealth strongly.

“Today’s ICC ruling clears the single biggest legal hurdle that has paralysed the Mambilla hydro power project for years,” Tinubu said.

The dispute dates back to an agreement under which Sunrise claimed it had been awarded the contract to construct the Mambilla project.

The company commenced arbitration against Nigeria at the ICC International Court of Arbitration in October 2017, seeking about $2.354bn over an alleged breach of contract.

The parties later entered into a settlement agreement in 2020, under which Nigeria was to pay Sunrise $200m.

A subsequent dispute arose after the government did not make the payment, leading to another arbitration in which Sunrise sought $400m, comprising the $200m settlement sum and a $200m default payment.

In Thursday’s award reported by The Cable, the tribunal rejected Sunrise’s claim that Nigeria had breached its obligations under the settlement agreement and its addendum.

It also rejected the company’s demand for the $400m settlement and default sums.

The Cable reported that the tribunal fixed the arbitration costs at $1.6565m, with Sunrise and Adesanya responsible for 75 per cent and Nigeria for 25 per cent. Of the $11.82m in legal fees and expenses awarded to Nigeria, $2.5m is to be recovered from funds held in escrow by the ICC, while the remaining $9.32m is payable by Sunrise and Adesanya, with interest at 10 per cent annually, compounded annually, from notification of the final award until payment.

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Tinubu Tasks NIMC on 95% NIN Coverage Before December — Gbajabiamila

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President Bola Tinubu has urged the National Identity Management Commission (NIMC) to work towards achieving 95 per cent National Identity Number (NIN) coverage by December 2026.

The President gave the directive at the State House, Abuja, while delivering the keynote address at the 2026 National Identity Day celebration organised by NIMC.

He acknowledged NIMC’s excellent work so far, noting that National Identity Number (NIN) enrolment peaked at about 142 million, up from over 80 million Nigerians captured in the National Identity Database when he assumed office more than three years ago.

President Tinubu was represented at the event by his Chief of Staff, Hon. Femi Gbajabiamila. The event had the theme: “Nigeria’s digital public ecosystem: powering Africa’s digital economy.”

It was attended by the representative of Vice President Kashim Shettima, Senator Ibrahim Hadejia; the Secretary to the Government of the Federation (SGF), Senator George Akume; the Minister of Interior, Dr Olubunmi Tunji-Ojo; and the Minister of Education, Dr Tunji Alausa, amongst others.

President Tinubu said the target should be pursued through expanded ward-level enrolment, mobile registration initiatives and continued deployment of licensed enrolment networks. Government

The President noted that his administration’s vision goes beyond NIN coverage, stating that Nigeria “must build an identity system that is continuously useful, secure and responsive to the needs of Nigerians.”

“We are laying the foundations for a future of integrated digital services, including e-health records, e-transport systems and a more harmonised national data architecture.

“We must do this while protecting the rights, privacy and dignity of our citizens. The digital state must never become a state without accountability.

“Our commitment must therefore remain clear: innovation must be matched by responsibility. Efficiency must be matched by inclusion, security must be matched by trust. And digital transformation must ultimately improve the lives of ordinary Nigerians,” President Tinubu said.

The President, who commended the Director General of NIMC, Engr Abisoye Coker-Odusote, for a job well done over the past three years, called on Nigerians who have not obtained their NIN to do so, saying their NIN represents their connection to a modern Nigerian state.

Tinubu also applauded this year’s National Identity Day theme as very important, saying “Nigeria’s digital ecosystem must power Nigeria’s digital economy–and Nigeria’s digital economy must help power Africa’s.”

The President further said National Identity remains the engine room for the government’s Renewed Hope Agenda, noting that identity transformation is contributing directly to the government’s priorities.

“The NIMC ecosystem has created opportunities for thousands of Nigerians across the country. With more than 173 private companies, 30 state governments and 14 public sector institutions approved as licensed enrolment agents, the identity ecosystem is generating employment for enrolment officers, data professionals, supervisors, technology specialists and other support personnel. This is a digital infrastructure creating real economic opportunity,” he said. NigeriaNews Subscription

Speaking on the significance of national identity to Nigeria’s national security, President Tinubu said the two are linked, describing the connection as indispensable.

“A secure identity system is indispensable to a secure nation. By strengthening identity verification and enabling responsible information sharing across relevant government institutions, we are improving our capacity to combat identity fraud, financial crimes and other threats to national security.

“The ongoing collaboration among institutions, including the Nigeria Police Force, Nigeria Immigration Service, and the Economic and Financial Crimes Commission, demonstrates what is possible when government systems work together,” President Tinubu said. GeographicReference

The Minister of Interior, Dr Olubunmi Tunji- Ojo, also praised the Director General of NIMC for delivering excellent work with little supervision, saying she has shown appreciable leadership.

He said the President expected more from her and her team, adding that Nigerians need wider, easier, and more convenient access to identity services, including for Nigerians in the diaspora.

“We need more in providing a trusted national public key infrastructure and digital public infrastructure that support secure digital identity, authentication and electronic trust services, more in including a stronger foundation for Nigeria’s digital economy, digital governance and long-term national development,” Tunji-Ojo said. GeographicReference

The Director General of NIMC, Abisoye Coker-Odusote, in her remarks, commended President Tinubu and the Minister of Interior for their support, saying it has brought about a total transformation of Nigeria’s identity and existence.

She said, “Our reach tells its own story. Enrolments have grown from less than 100 million to over 142 million Nigerians and legal residents. The engine behind that growth is the ward-to-ward Enrolment Project, undertaken directly under Mr President’s initiative. NigeriaNews Subscription

“This project carried our officers into all 8, 8,809 boards of this Federation and mobilised the National Youth Service Corps members as adult enrolment officers in connection with front-end partners in communities that had never before hosted an enrolment desk.

“Alongside it, we launched the Self- Service Notification Platform, which has already processed close to two million record updates, turning a process that once took weeks in two communities into one that takes 24 to 48 hours directly from a citizen’s phone.”

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Anambra Debt Row: Presidency Questions Obi’s Record as Governor

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The presidential candidate of the Labour Party in the 2023 general election and a leading opposition figure ahead of the 2027 presidential election, Peter Obi.
The presidential candidate of the Nigeria Democratic Congress,

The Presidency has reacted to the ongoing dispute between former Anambra State Governor and presidential candidate of the Nigeria Democratic Congress, Peter Obi, and the state government over the state’s debts and financial liabilities.

Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, in a post on X on Wednesday, said Obi had claimed to have left Anambra without debt and challenged him to follow through on his pledge to quit the presidential race if his claim was disproved.

Bayo Onanuga. US
File: Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga.
Onanuga wrote, “Peter Obi claimed he left Anambra with a clean slate of debt and even threatened to quit the presidential race if his claims were proven otherwise.”

He added that the Anambra State Government had responded with claims concerning liabilities allegedly left by the former governor’s administration.

“Now, the Anambra government has confronted him with facts and figures showing he owed Water Corporation workers, teachers, and pension and gratuities, and had also borrowed for frivolous things,” Onanuga said.

“The ball is back in his court. Will he follow through on his threat by quitting the race?” he asked.

Anambra govt disputes Obi’s ₦2.13bn ecological fund claim
The reaction followed a fresh response by the Anambra State Government to Obi’s Tuesday denial of claims that his administration left behind inherited debts, including a ₦2bn ecological fund, contractor liabilities and unpaid salaries, gratuities and pensions.

Obi had said his administration cleared more than ₦35bn in historical gratuities and arrears and left office without outstanding salary, pension or gratuity obligations.

He also disputed the government’s claim concerning the ecological fund, saying more than ₦2.13bn was left untouched in a First Bank account for the Oko/Umuchiana erosion crisis.

Soludo
File: Governor Charles Soludo of Anambra State
However, in a statement on Wednesday, Anambra State Commissioner for Information and Value Reformation, Law Mefor, disputed Obi’s account, saying the account he identified was an Internally Generated Revenue Consolidated Revenue Account and not an ecological fund account.

Mefor said the government obtained a certified printout of the account and claimed that “from 2011 when the account was opened until date, there has never been any such amount—whether as inflow or balance—in the account.”

Obi had challenged anyone who could establish that his account of the state’s finances was incorrect, saying, “If anybody can establish anything to the contrary, I will stop campaigning.”

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