Tinubu: Nigerian Youths are Vibrant, Ready to Compete Globally
Lauds Mastercard Foundation for profiling 10m jobs for young Nigerians Departs Abuja for private visit to France, returns first week of February
in Abuja
President Bola Tinubu has declared that Nigerian youths are vibrant, talented, eager to learn and ready to compete globally.
However, Tinubu departed Abuja yesterday, for a two-week private visit to Paris, France.
According to a statement by presidential spokesperson, Ajuri Ngelale, Tinubu would be due back in the country in the first week of February, 2024.
But speaking earlier yesterday, at a meeting with the President and Chief Executive Officer of Mastercard Foundation, Ms Reeta Roy, at the State House, Tinubu stressed that, "We must give hope and assurance to our teeming youth population.
‘God has blessed Nigeria with a vibrant youth population, ready to
Speaking at the unveiling of the Nigerian Economic Summit Group (NESG) 2024 Macroeconomic Outlook Report, in Lagos, Cardoso said the coordination between the fiscal and monetary authorities would produce a more balanced and stable exchange rate.
The CBN governor stated that the bank's collaborative effort with the Ministry of Finance had ensured that all crude oil sales by the Nigerian National Petroleum Company Limited (NNPCL) were channelled through the central bank, in an attempt to improve and solidify the inflow of foreign exchange (FX) into the economy.
Cardoso said, “We believe that the naira is currently undervalued and, coupled with coordinated measures on the fiscal side, we will expedite genuine price discovery in the near term.”
The country's creditors and credit ratings institutions, who believed the naira was overvalued, had repeatedly prevailed on the CBN to float the currency and allow it find its real value.
But the naira is now open to market forces, and the apex bank believes the national currency is
Prince Alonge, Dr Yomi Finnih, Prince Olusi,Hon Korede Duyile, Prof Ropo Sekoni, Hon Lekan Alabi and Dr. Kunle Olajide.
A communique issued after the meeting and signed by the National Publicity Secretary, Jare Ajayi, explained that a motion on the need to abrogate the dual positions of Acting Leader and Deputy Leader was moved by Dr. S. J. Ibikunle from Ogun State and was seconded by members from Ekiti, Kwara, Oyo and Ondo States.
"When the matter was thrown to the general house, the motion was unanimously carried," he said.
The group also resolved that there was an urgent need to rework the Security Architecture of the country to ensure that Nigerians live and move about without the fear of being kidnapped or harassed in any way.
"Such reworking should include giving states and local government councils that so desire to establish own police services with all the requisite powers to function as such.
“Doing so would check, if not totally stop, the incidences of kidnapping and sundry banditry now ravaging the land.
"The unfortunate blast in Ibadan clearly underscores the need to allow the federating units in the country to control mineral resources in their respective areas with particular reference to mining and exploration.
“The reasoning behind this was that had it been that states were in control of mining, for instance, learn, and capable of competing in the global economy of the 21st century. Leadership is what is necessary.
''The incubation is growing, and we are earning a good reputation, and we will continue to do that across sectors of the economy in order to achieve sustainable growth.”
He assured his visitors that his administration would strongly support public-private partnerships aimed at creating dignified work and employment opportunities for Nigerian youths.
Tinubu commended Mastercard Foundation's initiative, which aims to create 10 million jobs for young people in Nigeria, noting that the programme aligns with his Renewed Hope Agenda for economic development and job creation.
According to him: "We believe in what you are doing. We are undervalued.
Cardoso said inflationary pressures were expected to decline in 2024 due to CBN's inflation-targeting policy, which aims to rein in inflation to 21.4 per cent. He said this would be aided by improved agricultural productivity and the easing of global supply chain pressures, which would benefit businesses by boosting consumer confidence and purchasing power.
He said the anticipated moderation in petrol prices due to the expected operational status of the country's key government and privately-owned refineries in 2024 remained a pivotal factor in the economic equation.
Cardoso stated that the expected stabilisation or reduction in fuel costs would have far-reaching implications across various sectors, and contribute significantly to overall economic efficiency and resilience.
On the apex bank's FX initiatives, Cardoso expressed satisfaction with CBN's collaboration with the Ministry of Finance and NNPCL to ensure that all FX inflows were returned to the central bank. He stated that the coordinated effort would greatly enhance the bank's FX
AFENIFERE REMOVES ADEBANJO AS ACTING LEADER, CONSTITUTES ELDERS’ CAUCUS
Oyo State government was likely to know how explosives were being moved around.
“Such would have made last week's horrendous blast that claimed many lives, traumatised hundreds of people and destroyed properties running into Billions of Naira preventable."
According to the Communique, the meeting took note of the report that Miyetti Allah Have set up a 1,144-strong Nomad Vigilante militia in Nasarawa ostensibly to provide security for Fulani herders.
"Afenifere was of the opinion that Miyetti Allah, being a non-state actor, should not have power to do a thing like that. It, therefore, considered the action of the Department of State Security (DSS) to checkmate Miyetti Allah on the issue as timely and in order.
"The meeting expressed the hope that President Tinubu's Renewed Hope Agenda would be giving the necessary push so that life can be easier for the people of Nigeria.
“Among the means of achieving this are taking steps that would strengthen the value of our currency, the Naira, reduce costs of energy (fuel in particular) through local production of petroleum products as well as regular supply of electricity."
In view of the current high cost of living, Afenifere urged the federal government, through its various organs in charge of finance and fiscal policies, to accelerate actions that will strengthen the value of naira, enhance productivity, reduce costs of items determined to run an inclusive government and change the dynamics and perception of this country. Nigeria is the largest economy in Africa and, as such, must take its leadership of this continent very seriously."
The President also welcomed Mastercard Foundation's emphasis on digitisation, recognising the role of technology as a potent and indispensable tool against corruption.
"We are ready to work with you and remove all impediments, and we have assembled a great team to work with you. The hope of the youth must be built on a solid foundation of sustainable growth and prosperity.
“We are working with other partners, and we assure you of our robust and focused collaboration," he further stated. flows and contribute to the accretion of reserves.
Cardoso added that the expected stability in the foreign exchange market for 2024 could be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN.
According to him, “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing opportunities for arbitrage. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria's appeal to global investors.
“We are implementing a comprehensive strategy to improve liquidity in our FX markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years.
“Upholding the integrity of financial markets is crucial for building confidence. With the completion of an independent forensic review and the subsequent clearance of the backlog of valid FX transactions, we remain steadfast in our commitment to decisively address any infractions and abuses.”
Cardoso stressed that in the effort to stabilise the exchange rate, it was critical to prioritise transparency and
Federation (AGF), Dr. Oluwatoyin Madein, affirmed that FIRS now accounted for about 70 per cent of the country's total revenues, adding that a lot of tax revenues are still left uncollected and there is need to expand the current tax base.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the country must focus on domestic revenue mobilisation to fund its budget. Edun said amid the current economic realities, exploring expensive debts was not good for the country.
He said the President Bola Tinubu administration remained committed to actualising a 77 per cent increase in domestic revenue mobilisation to assist in funding critical infrastructure, especially healthcare and education.
Edun said while tax revenue remained crucial, the issues around increase in government revenue deserved attention, adding that federal government owned enterprises must do more to augment the current fiscal position of government going forward.
While commending the FIRS chairman and his team for exploring options to boost collection, Edun stated that the country's tax revenue, as a percentage of GDP, remained low at 10 per cent, compared to other African countries and the developed world, in general.
Earlier in his speech, the Coordinating Minister of Health and Social Welfare, Dr. Muhammad Ali Pate, noted the wide-reaching impact of the Mastercard Foundation across Africa and its proven capacity to change the fortunes of human capital development in Nigeria.
"This is an institution that holds assets worth more than $40 billion and they are prudent in ensuring that their resources are applied digitally and in a way that reaches their target beneficiaries directly. Mr. President's strong commitment to reforming social intervention and health service delivery in Nigeria will be greatly boosted through this partnership," Pate stated.
On her part, CEO of Mastercard Foundation, Ms. Reeta Roy informed the President that the Foundation's focus on education and financial
CARDOSO: NAIRA UNDERVALUED, SEEKS FISCAL COLLABORATION, MARKET STABILITY
create a market environment that enabled the fair determination of exchange rates, and ensured stability for businesses and individuals alike.
He stated that CBN's adoption of the inflation-targeting framework involved clear communication, use of monetary policy instruments, and collaboration with fiscal authorities to achieve price stability, foster market confidence, and positively influence consumer behaviour.
The CBN governor stressed, “The outlook for decreasing inflation in 2024 will have a profound impact on businesses, providing a more predictable cost environment and potentially leading to lowered policy rates, stimulating investment, fuelling growth, and creating job opportunities.
“Additionally, the bank has reverted to the conventional monetary policy approach with a focus on attaining price stability, which fosters sustainable economic growth for Nigeria.”
Cardoso said the apex bank would vigorously address the various structural impediments to development by tackling institutional deficiencies, and restoring corporate governance in the financial system.
He said efforts were underway to strengthen regulations and implement prudent policies, adding that the CBN would be a reliable partner in fostering economic growth.
He also said the economy was currently at a turning point,
He said though FIRS met and surpassed its target for last year, additional efforts were still needed to measure up to the challenge this year.
He challenged the FIRS management on public trust, and accountability to the people regarding tax collection.
Edun, “Bear in mind that in order to maintain and build confidence and public trust, what the taxpayers want to see is that their money is faithfully collected as it should be and properly spent and accounted for with minimal excess wastes and leakage. They deserve it and I believe you'll give it to them.”
He said the emphasis of the current administration was to grow the economy, adding, “Given what is going on around the world, even a high and elevated and sustained increase in interest rates, borrowing is not the way to go.
“The emphasis is on IGR, domestic resource mobilisation, and equity as opposed to debt.”
Adedeji expressed confidence that the task was not impossible, especially given the reforms and new structure being put in place under his leadership to boost voluntary compliance by taxpayers.
He said the new approach was to provide the enabling environment for businesses to survive in order to facilitate collection of taxes. inclusion in Africa, particularly in Nigeria, aims to impact 30 million young Africans by 2030.
She reported progress on the Foundation's 10 million target for Nigeria, stating that 2.1 million young people trained under the ‘Young Africa Work Strategy' are already engaged in dignified work.
Furthermore, she said no fewer than seven million people had gone through programmes classified as work enablers, including skill acquisition, education, access to financial tools, networks, or linkages into opportunities.
According to her: "We are still on a journey and have more work to do. We are excited about looking at a whole new frontier, and that is in the healthcare sector.
"While we may not historically be a health organisation or health explaining that bold reforms are underway across different segments of the economy.
Cardoso said the initial hardship experienced as a result of policy changes were ultimately directed towards addressing identified challenges in a sustainable manner.
The CBN governor further assured both domestic and foreign investors, and other stakeholders, that the economy would transition to a new state of stability in the short-to-medium term, "as we recalibrate our policy toolkits and implement far-reaching measures."
He added, "I am confident that we are already witnessing positive outcomes, and these will undoubtedly become more apparent in the near future.
"The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy.
"Indeed, recent reports from international rating agencies, such as Fitch, Moody's, and commendations from multilateral banks, like, the World Bank reflect this, with upgrades to Nigeria's ratings from stable to positive."
Cardoso explained further, "These reports acknowledge the possible reversal of the deterioration in the country's fiscal and external position due to the authorities' reform efforts.
"While noting the painful adjustments, they all identify a direction of travel that will unlock the muchneeded
Adedeji told THISDAY, “Our duty is to provide an effective tax collection system, we are not a revenue generating agency; we are a revenue collection agency.
“And if you go with the plan the president has to rejuvenate the economy, it comes mainly from macroeconomic indices, remember, we are going to tax prosperity not poverty, we are going to focus on the fruit and not the seed.
“Our duty is to make sure we have that viable economic environment to lead to economic prosperity and for us here, it's just to put the structure in place to aid effective collection.”
The FIRS boss said, “Our focus is to increase tax without increasing tax rate. So, our focus is actually to improve our effectiveness in collection to drive voluntary compliance.
“Also, expand the base and have a good environment that makes the companies prosper. When the base is big, the same percentage will give you more taxes and that is our target.”
He said the unveiling of the new FIRS organisational structure, was a critical milestone in the service's commitment to revolutionise tax administration in the country.
Adedeji said the cornerstone of the paradigm shift was the establishment of a customer-centric organisational structure designed to streamline
President Bola Tinubu
foundation, we are looking at that sector as part of a vibrant economic landscape ripe with opportunities for young people and our focus will be on workforce development.
"Thank you for placing young people at the heart of your economic growth agenda across multiple sectors. We appreciate your contributions to the health sector.
“I know there are many things that require your time, but I am really grateful and very much encouraged to see that healthcare and education are also critical parts of the way forward. We hope that you find in us a partner that is steadfast, open, and ready to learn". growth and development for our economy in the medium to long term.
"I am under no illusion that these commendations are reducing the price of rice in the market or the cost of FX that you need for your businesses or to pay your children's school fees. These concerns will be addressed shortly."
Commenting on the NESG Macroeconomic Outlook, Cardoso said the report emphasised the necessity of economic transformation. He said the central theme, "Economic Transformation Roadmap: MediumTerm Policy Priorities,” underscored the requirement for a clearly outlined roadmap comprising distinct, yet interconnected, phases and essential policy recommendations.
Cardoso said the new five-year Strategy for the Central Bank of Nigeria for the period 2024-2028, which was unveiled last week, provided a clear roadmap for achieving the bank's mandates anchored on price stability and monetary policy effectiveness, robust and resilient financial system, as well as governance, compliance, and advisory to government.
He added, “These form the pillars around which all our actions and activities will revolve, enabling us to deliver on our mission ‘to ensure monetary, price and financial system stability as a catalyst for inclusive
FIRS TARGETS N19.41TN REVENUE IN 2024, NOW ACCOUNTS FOR 70% OF CONTRIBUTIONS TO FEDERATION ACCOUNT
processes and enhance efficiency in our tax operations.
“We are not merely adapting to change; we are leading it. The forthcoming structure, set to kick off from February 2024, embodies our dedication to modernise and digitise the tax administration landscape in Nigeria.”
He stated that in its pursuit of a more efficient and contemporary tax administration methodology, the service was embracing an integrated tax approach, leveraging technology at every step.
This approach, he said, positioned FIRS at the forefront of innovation, ensuring that it meets the evolving needs of our taxpayers in a rapidly changing world.
Adedeji said, “The structure advocates for a comprehensive approach to taxpayer services, consolidating our core functions and support under one umbrella. By tailoring our services to specific taxpayer segments, we aim to simplify the taxpayer experience. No more complexities, no more overlaps—just a seamless and user-friendly interaction for every taxpayer.
“In a ground-breaking move, we are shifting away from traditional tax categorisation. Instead of maintaining different departments for distinct