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How Obasanjo Forced Lagos To Think Like Country Under Tinubu, Osinbajo Discloses



The Vice President, Yemi Osinbajo, yesterday disclosed that when Asiwaju Bola Tinubu was governor in 2005, then President, Olusegun Obasanjo provided Lagos State with an ample opportunity for Lagos to think like a sovereign state in order to overcome its financial challenges.

Osinbajo, who was serving as a commissioner at the time, disclosed that this happened with the Obasanjo-led federal government’s seizure of funds belonging to local councils in Lagos State made the state put on the thinking cap which resulted in its Internally Generated Revenue (IGR) to the tune of the current N45bn.

Recall that the Vice President stated this as a panelist during an Economic and Investment Summit, tagged “Fountain Summit 2021,” organized by the Governor Kayode Fayemi administration in Ado Ekiti, the Ekiti State capital.

“During my time as a commissioner in Lagos, we started with N600 million monthly Internally Generated Revenue in 1999. The seizure of Lagos funds by President Olusegun Obasanjo made us think like a sovereign state. Today, Lagos is making over N45 billion monthly,” he said.

Osinbajo asserted that the time has come for the chief executives of states to start thinking about how to grow their respective economies like a nation, by investing in the most appropriate ways in their areas of economic strength.

He further urged governors of the federation to start making huge investments in areas they have a comparative advantage to shore up their IGR and stop complete reliance on federal allocations for survival. He said the governors could grow investments without resorting to multiple taxation.

“The attractiveness of investments to any state should be radical, because that is the revenue hub and determinant of how happy the people of any state will be in terms of economic development in relation to their standard of living.

“But while trying to grow investments, we must be cautious of multiple taxation. It weighs down businesses. Ekiti is a business-friendly environment. Ekiti has also excelled in the aspect of ease of doing business. You have vast arable lands for agriculture,” the Vice President said.

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You’ve Failed Nigerians In All Your Promises, Wike To APC



The Rivers State Governor Nyesom Wike has berated the All Progressives Congress-led federal government for allegedly failing in all three promises made to Nigerians including fighting insurgency, corruption and fixing the economy.

The Governor expressed his disappointment on Friday at the presentation of the 2022 appropriation bill to the Rivers State House of Assembly.

Governor Wike said the country has never had it worse than it is today since the Nigerian civil war in 1967.

He said, “under their watch, we have witnessed two economic recessions in quick successions with devastating economic consequences on the states and living standards of the people especially ordinary Nigerians and the teeming unemployed population”.

Acknowledging that the effect of the COVID-19 pandemic contributed to the economic challenges in the country, Wike noted that “our situation was made worse by the failure of the federal government to deal with security challenges that have now escalated multi-dimensionally to virtually all regions of the country “.

“They promised to tackle the insurgency, pervasive corruption and fix the economy, they have failed woefully in all three promises to the indignation of Nigerians”.

“I’m sure this mistake will not be repeated by Nigerians in 2023”.

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Umahi Has No Plans To Return To PDP, APC Insists



The All Progressives Congress (APC) in Ebonyi says governor Dave Umahi has no plans to return to the Peoples Democratic Party (PDP).

Simbard Ogbuatu, the state party spokesperson in a statement issued Friday in Abakaliki, said “Umahi has not, either in person, a representative or through a surrogate made and will never make any move to return to the ‘Social Club’ known as PDP.”

According to him, Mr Umahi is at home in APC as the leader of the party for more than one year, claiming that the governor’s defection to the APC was not done to achieve selfish enrichment but for greater good of Ebonyi and the South-East zone.

“Umahi’s defection to the national party did not come to him as stupefaction, neither did he join for selfish enrichment.

“The defection is a well-thought out movement decided in the greater interest of Ebonyi in particular and the South-East in general.

“His Excellency saw the need to toe the line of the former nationalists like late Dr Nnamdi Azikiwe, from the zone who had always believed in the politics of the centre,” Mr Ogbuatu said.

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Senate Accuses Prominent Nigerians Of Frustrating AMCON’s N4.4 trillion Debt Recovery Efforts



The Senate says some prominent Nigerians are “frustrating” the Asset Management Corporation of Nigeria from recovering N4.4 trillion owed the corporation.

Senator Uba Sani, Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, made this known on Friday at a stakeholders meeting.

According to Mr Sani, “From the N4.4 trillion we are trying to recover, about 350 people in this country are responsible. This is about 83 per cent of the debt.”

He said that the indebted powerful Nigerians “have been employing different strategies and tactics to stall the repayment of loans running into trillions of Naira.”

He said they were unwilling to support AMCON but frustrating the corporation because they are the same people that have taken this money from the banks.

“But unfortunately, from what is happening, AMCON is finding it very difficult because those people are highly placed Nigerians, they try to frustrate AMCON’s effort through the judiciary and that is what we are looking for,” the Senator said.

He assured the agency the committee was doing everything within its power to assist AMCON in recovering the N4.4 trillion owed the company.

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