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Tinubu Defends Fuel Subsidy Removal, Cites Economic Necessity.

Ikechukwu Emmanuel

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President Bola Ahmed Tinubu has reiterated the necessity of the fuel subsidy removal, acknowledging the hardship it has imposed on Nigerians. Speaking to a delegation from the Catholic Bishops Conference of Nigeria (CBCN), led by Archbishop Lucius Ugorji, at the Presidential Villa on Friday, President Tinubu defended the policy as a crucial step towards economic resilience.

The President conceded that the decision was “hard and tough,” but ultimately unavoidable. He argued that the previous subsidy regime was unsustainable, diverting resources from vital investments and burdening future generations.

President Tinubu emphasized the universality of poverty, transcending religious and ethnic lines, and called for collective action in addressing the issue. The removal of the fuel subsidy, announced during his inauguration on May 29, 2023, marks a significant shift in Nigeria’s economic policy, aimed at long-term stability and sustainable growth.

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Benue Governor Alia Denies Defection Rumors, Affirms APC Leadership.

Ikechukwu Emmanuel

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Makurdi, Benue State – Governor Rev Fr Hyacinth Alia has vehemently refuted recent rumors alleging his planned defection to the Social Democratic Party (SDP). In a statement released by his Chief Press Secretary, Tersoo Kula, Governor Alia dismissed the claims as “dubious” and a smear campaign orchestrated by unnamed “discontented politicians in Abuja.”

The Governor reaffirmed his unwavering commitment to the All Progressives Congress (APC), emphasizing his role as the party leader in Benue State. He accused his detractors of attempting to sow discord between him and President Bola Ahmed Tinubu, asserting the strength of their existing relationship.

Governor Alia declared that the allegations, which included insinuations of joining forces with former Kaduna State Governor Nasir El-Rufai, are “absolutely gratuitous and lack any trustworthy evidence.” He urged the Benue public to disregard unsubstantiated information and reiterated his dedication to serving the state with transparency and unwavering resolve. He highlighted his efforts to reconnect Benue with the federal government, resulting in numerous benefits for the state and its people, and reaffirmed his commitment to President Tinubu’s “Renewed Hope” agenda.

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APC Aims for Anambra: Governor Otu Expresses Optimism.

Ikechukwu Emmanuel

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Governor Bassey Otu of Cross River State, Chairman of the All Progressives Congress (APC) Anambra State Governorship Primary Election Committee, has voiced confidence in the party’s potential to secure victory in the upcoming gubernatorial election. Addressing APC delegates in Awka, Governor Otu emphasized the possibility of wresting control of Anambra State from the incumbent All Progressives Grand Alliance (APGA), currently led by Governor Charles Soludo.

Governor Otu highlighted the strategic importance of aligning Anambra with the ruling party at the center, suggesting that such alignment would benefit the state’s populace. He further stressed the need for unity amongst party members, urging them to support the eventual primary election winner and work cohesively towards achieving success in the general election. The governor underscored the APC’s growing presence in the Southeast, emphasizing the potential impact of adding Anambra to its regional portfolio. His remarks signal a renewed and determined effort by the APC to expand its influence in the region.

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Nigeria’s Public Debt Burden Significantly Increases.

Ikechukwu Emmanuel

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Nigeria’s public debt has experienced a substantial surge, reaching N144.67 trillion by December 2024, a 48.58% increase from the N97.34 trillion recorded at the close of 2023. This data, released by the Debt Management Office, indicates a year-on-year increase of N47.32 trillion and a quarter-on-quarter rise of 1.65%.

This escalation is primarily attributable to increased external and domestic borrowing. External debt rose by 83.89% to N70.29 trillion, while domestic debt increased by 25.77% to N74.38 trillion. The Federal Government accounts for the majority of both external (N62.92 trillion) and domestic (N70.41 trillion) debt.

This significant increase in Nigeria’s debt profile has prompted concern among financial experts, particularly regarding the country’s capacity to manage this growing burden amidst existing infrastructural deficits. The implications of this rising debt for Nigeria’s economic stability and future development remain a critical area of analysis.

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