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President Tinubu urged to open Petroleum Subsidy Trust Fund [Open Letter]
Published
1 year agoon
AN OPEN LETTER TO PRESIDENT TINUBU GCFR: URGENT CALL FOR THE ESTABLISHMENT OF A PETROLEUM SUBSIDY (TRUST) FUND (PSF) TO ALLEVIATE ECONOMIC HARDSHIP
Your Excellency, Sir,
I write to you with a sense of urgency and deep concern regarding the current economic challenges facing our beloved nation. As a citizen deeply interested in the progress and prosperity of Nigeria, I appeal to you to take decisive action by spearheading the establishment of a Petroleum Subsidy Fund (PSF) through the National Assembly.
The PSF, modeled after the successful Petroleum Trust Fund (PTF) of the Abacha administration, presents a critical opportunity to address the systemic issues surrounding the utilization of subsidy funds. Rather than dispersing these crucial resources to other places, where they are often misappropriated and diverted for personal gain, the PSF would serve as a centralized mechanism to ensure accountability, transparency, and optimal utilization of these funds for the collective benefit of all Nigerians.
It is distressing to witness the alarming trend where certain persons treat subsidy funds as personal slush funds, converting them into foreign currencies and hoarding them, thereby depriving the citizens of the much-needed developmental projects and services. This not only perpetuates economic disparity but also hampers the socio-economic progress of our nation as a whole.
The prevalent narrative of blaming the federal government, including yourself, for the economic woes plaguing our country while turning a blind eye to the actions of some of our governors is both unjust and counterproductive. It is imperative for the citizens of Nigeria to rise above partisan politics and demand accountability from their elected officials, particularly the state governors who wield significant power and influence over the allocation of public funds.
Every month, billions of naira are disbursed among the three tiers of government, yet many states continue to languish in poverty and underdevelopment due to the unchecked greed and corruption of a few unscrupulous individuals. It is high time that we as a nation collectively demand transparency, responsibility, and ethical governance from all levels of leadership.
Your Excellency, your leadership is pivotal in steering our nation towards a path of sustainable growth, equitable development, and shared prosperity. By championing the establishment of the PSF, you have the opportunity to leave a lasting legacy of accountability and good governance that will benefit generations to come.
With the Petroleum Subsidy Fund in place, a resolute retired judge, technocrat, or an incorruptible individual can be appointed to chair the trust fund. The candidate must be considered based on merit and proven integrity, regardless of their background. It is crucial to appoint a capable individual who is committed to delivering results. Only then can we expect to witness the construction and rehabilitation of our deteriorating roads nationwide, the revitalization of agricultural programmes, improvements in healthcare facilities, education, security, and more. Through nationwide projects funded by the PSF, millions of Nigerians could find employment. The impact of the trillions of naira saved from subsidies each month would gradually be felt by all Nigerians, easing the burden of hardship across the nation.
Implementing a strong system of monitoring and evaluation is crucial to ensure the effectiveness and accountability of the Petroleum Subsidy Fund (PSF). This oversight mechanism will help track and assess the activities of the PSF, making it a more viable and successful programme.
One effective strategy for maximizing the impact of the Petroleum Subsidy Fund (PSF) is to identify projects on a geopolitical and state-specific basis. By tailoring projects to address the unique needs of each region, the PSF can target areas that require immediate attention and development, ensuring a more equitable distribution of resources and benefits across the country.
To ensure the successful implementation of these projects, it is essential to engage capable contractors who have a proven track record of delivering projects on time and to high quality standards. By requiring contractors to provide performance bonds from reputable banks, the PSF can establish a system of accountability that incentivizes timely completion and adherence to quality benchmarks.
By executing projects through competent contractors with performance bonds in place, the PSF can effectively manage risks associated with project delays and substandard workmanship. This approach not only helps to safeguard the integrity of the projects but also instills confidence in the public that their resources are being utilized efficiently and effectively.
Furthermore, by making sure that every state in the country feels the impact of the programme through the timely and quality completion of projects, the PSF can contribute to overall national development and foster a sense of inclusivity and progress among all regions. This approach can help bridge the infrastructure gap, boost economic growth, and improve the quality of life for all Nigerians, ultimately creating a more sustainable and prosperous future for the nation.
Your Excellency, sir ,alleviating hardships in the country cannot be achieved by distributing palliatives of one bag of rice to 10 individuals, as observed in certain states. Often, only their political members reap the benefits of this limited provision. Therefore, it is crucial that you consider establishing a trust fund to bring development directly to the people.
I appeal to you to seize this momentous opportunity, prioritize the establishment of the PSF, and lead by example in fostering a culture of integrity, transparency, and prudent management of public resources. Together, let us work towards building a stronger, more resilient Nigeria where every citizen can thrive and fulfill their potential.
With unwavering faith in your vision and commitment to the betterment of our nation, We stand ready to support and collaborate with you in this noble endeavour.
AHMED B. Sani., Cottage Industry Development Enterprise.
Abuja, Nigeria.
27th February, 2024
Uncategorized
President Tinubu’s First Address At UN General Assembly [Full Text]
Published
2 years agoon
September 20, 2023
His speech touched on the need for Africa to scale the limitations of foreign exploitation to reach its lofty potential, among other issues.
President Bola Tinubu delivered his first address at the 78th session of the United Nations General Assembly in the early hours of Wednesday (7:55 pm New York time).
His speech touched on the need for Africa to scale the limitations of foreign exploitation to reach its lofty potential while attaining the prosperity inherent in the region’s democratic ideals, the importance of the international community seeing African development as a priority for investments, and the need to tackle the effects of climate change.
See the full speech below:
STATEMENT DELIVERED BY HIS EXCELLENCY, BOLA AHMED TINUBU, GCFR PRESIDENT, FEDERAL REPUBLIC OF NIGERIA AT THE GENERAL DEBATE OF THE 78TH SESSION OF UNITED NATIONS GENERAL ASSEMBLY, 18TH SEPTEMBER 2023
Mr. President,
Heads of State and Government, Secretary-General,
Distinguished Delegates, Ladies and Gentlemen,
Mr. President,
On behalf of the people of Nigeria, I congratulate you on your well-deserved election as President of this Session of the United Nations General Assembly.
We commend your predecessor, His Excellency, Mr. Csaba Korosi for his able stewardship of the Assembly.
We also commend His Excellency, Antonio Guterres, Secretary General of the United Nations, for his work seeking to forge solutions to humanity’s common challenges.
This is my first address before the General Assembly. Permit me to say a few words on behalf of Nigeria, on behalf of Africa, regarding this year’s theme.
Many proclamations have been made, yet our troubles remain close at hand. Failures in good governance have hindered Africa. But broken promises, unfair treatment and outright exploitation from abroad have also exacted a heavy toll on our ability to progress.
Given this long history, if this year’s theme is to mean anything at all, it must mean something special and particular to Africa.
In the aftermath of the Second World War, nations gathered in an attempt to rebuild their war- torn societies. A new global system was born and this great body, the United Nations, was established as a symbol and protector of the aspirations and finest ideals of humankind.
Nations saw that it was in their own interests to help others exit the rubble and wasteland of war. Reliable and significant assistance allowed countries emaciated by war to grow into strong and productive societies.
The period was a highwater mark for trust in global institutions and the belief that humanity had learned the necessary lessons to move forward in global solidarity and harmony.
Today and for several decades, Africa has been asking for the same level of political commitment and devotion of resource that described the Marshall Plan.
We realize that underlying conditions and causes of the economic challenges facing today’s Africa are significantly different from those of post war Europe.
We are not asking for identical programs and actions. What we seek is an equally firm commitment to partnership. We seek enhanced international cooperation with African nations to achieve the 2030 agenda and Sustainable Development Goals.
There are five important points I want to highlight.
First, if this year’s theme is to have any impact at all, global institutions, other nations and their private sector actors must see African development as a priority, not just for Africa but in their interests as well.
Due to both longstanding internal and external factors, Nigeria’s and Africa’s economic structures have been skewed to impede development, industrial expansion, job creation, and the equitable distribution of wealth.
If Nigeria is to fulfil its duty to its people and the rest of Africa, we must create jobs and the belief in a better future for our people.
We must also lead by example.
To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first days in office. Other growth and job oriented reforms are in the wings.
I am mindful of the transient hardship that reform can cause. However, it is necessary to go through this phase in order to establish a foundation for durable growth and investment to build the economy our people deserve.
We welcome partnerships with those who do not mind seeing Nigeria and Africa assume larger roles in the global community.
The question is not whether Nigeria is open for business. The question is how much of the world is truly open to doing business with Nigeria and Africa in an equal, mutually beneficial manner.
Direct investment in critical industries, opening their ports to a wider range and larger quantity of African exports and meaningful debt relief are important aspects of the cooperation we seek.
Second, we must affirm democratic governance as the best guarantor of the sovereign will and well-being of the people. Military coups are wrong, as is any tilted civilian political arrangement that perpetuates injustice.
The wave crossing parts of Africa does not demonstrate favour towards coups. It is a demand for solutions to perennial problems.
Regarding Niger, we are negotiating with the military leaders. As Chairman of ECOWAS, I seek to help re-establish democratic governance in a manner that addresses the political and economic challenges confronting that nation, including the violent extremists who seek to foment instability in our region. I extend a hand of friendship to all who genuinely support this mission.
This brings me to my third crucial point. Our entire region is locked in protracted battle against violent extremists. In the turmoil, a dark channel of inhumane commerce has formed. Along the route, everything is for sale. Men, women and children are seen as chattel.
Yet, thousands risk the Sahara’s hot sand and the Mediterranean’s cold depths in search of a better life. At the same time, mercenaries and extremists with their lethal weapons and vile ideologies invade our region from the north.
This harmful traffic undermines the peace and stability of an entire region. African nations will improve our economies so that our people do not risk their lives to sweep the floors and streets of other nations. We also shall devote ourselves to disbanding extremist groups on our turf.
Yet, to fully corral this threat, the international community must strengthen its commitment to arrest the flow of arms and violent people into West Africa.
The fourth important aspect of global trust and solidarity is to secure the continent’s mineral rich areas from pilfering and conflict. Many such areas have become catacombs of misery and exploitation. The Democratic Republic of the Congo has suffered this for decades, despite the strong UN presence there. The world economy owes the DRC much but gives her very little.
The mayhem visited on resource rich areas does not respect national boundaries. Sudan, Mali, Burkina Faso, CAR, the list grows.
The problems also knocks Nigeria’s door.
Foreign entities abetted by local criminals who aspire to be petty warlords have drafted thousands of people into servitude to illegally mine gold and other resources. Billions of dollars meant to improve the nation now fuel violent enterprises. If left unchecked, they will threaten peace and place national security at grave risk.
Given the extent of this injustice and the high stakes involved, many Africans are asking whether this phenomenon is by accident or by design.
Member nations must reply by working with us to deter their firms and nationals from this 21st century pillage of the continent’s riches.
Fifth, climate change severely impacts Nigeria and Africa. Northern Nigeria is hounded by desert encroachment on once arable land. Our south is pounded by the rising tide of coastal flooding and erosion. In the middle, the rainy season brings floods that kill and displace multitudes.
As I lament deaths at home, I also lament the grave loss of life in Morocco and Libya. The Nigerian people are with you.
African nations will fight climate change but must do so on our own terms. To achieve the needed popular consensus, this campaign must accord with overall economic efforts.
In Nigeria, we shall build political consensus by highlighting remedial actions which also promote economic good. Projects such as a Green Wall to stop desert encroachment, halting the destruction of our forests by mass production and distribution of gas burning stoves, and providing employment in local water management and irrigation projects are examples of efforts that equally advance both economic and climate change objectives.
Continental efforts regarding climate change will register important victories if established economies were more forthcoming with public and private sector investment for Africa’s preferred initiatives.
Again, this would go far in demonstrating that global solidarity is real and working.
CONCLUSION
As I close, let me emphasize that Nigeria’s objectives accord with the guiding principles of this world body: peace, security, human rights and development.
In fundamental ways, nature has been kind to Africa, giving abundant land, resources and creative and industrious people. Yet, man has too often been unkind to his fellow man and this sad tendency has brought sustained hardship to Africa’s doorstep.
To keep faith with the tenets of this world body and the theme of this year’s Assembly, the poverty of nations must end. The pillage of one nation’s resources by the overreach of firms and people of stronger nations must end. The will of the people must be respected. This beauty, generous and forgiving planet must be protected.
As for Africa, we seek to be neither appendage nor patron. We do not wish to replace old shackles with new ones.
Instead, we hope to walk the rich African soil and live under the magnificent African sky free of the wrongs of the past and clear of their associated encumbrances. We desire a prosperous, vibrant democratic living space for our people.
To the rest of the world, I say walk with us as true friends and partners. Africa is not a problem to be avoided nor is it to be pitied. Africa is nothing less than the key to the world’s future.

By Eddie Onuzuruike
I bow though not trembling
Oga Ahmed, Bro Tinubu
The only Asiwaju that we know
Please listen to my plea.
The giant of Africa is in your hands
Yet uncounted and referenced only in estimation
Give us a census
To be like other nations
As you were in Paris Mr Prez
If those nosy newsmen inquired of Nija population
It would have ended in estimates
Estimates are like borrowing and
He who goes borrowing goes sorrowing
Uncle Jagaban,
Give us this census in 2023
Just to be like other nations
In the vast lands of UK and USA
In the plains and drains of Africa and Asia
Place us on the world map of counted countries
Because we count
Both in the Northern or Southern hemisphere
Whether temperate or tropic
They may ask you about your countrymen?
The number of the teeming youths
Employed and unemployed
The widows, orphaned and crippled
The homeless and ID camps?
Oga Ahmed, Biko listen to me!
If you give us this census
You have given us a new Nation
Every thing is ready
If in doubt ask Oga Isa Kwarra
All demarcations, aerial and area captures digitized
Ad-hoc staff trained, all citizens sensitized
All is cut and dried
As the father of a new Nigeria
No area will be left untouched
Male and female
Boys and girls
Old and young
Knowledge is power said Jerry Gana!
All in the East and West
North and South
Even for the next generation and elections
All the roads, houses, huts and hovels
The nooks, crannies and corners
The brooks, backwaters and lakes
Biko uncle Bola
Ejoo baba,
Give us this census
Just to be like other nations!
And you can boast to the UN and ther Paris Club
That you know us well
Continuous estimation of the giant of Africa isn’t the best
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