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Saturday, 24 February 2024 06:01

CBN hikes BDC license fees to N2bn

The Central Bank of Nigeria (CBN) has introduced a fresh set of guidelines to keep Bureau De Change (BDCs) in check.

Under the new guidelines BDCs in the Tier 1 category must have a capital requirement of N2 billion, while Tier 2 BDCs must have a capital requirement of N500 million.

Tier 1 BDCs formally were expected to cough out N15 million to acquire the license. This represents a 13,233.33 percent licence fee hike.


The CBN was forced to come up with a new set of guidelines in order to address the ongoing foreign exchange crisis in the country.

The Financial Policy and Regulation Department of the CBN headed by Haruna B Mustafa detailed what is now expected of BDCs in Nigeria.

The guidelines specify that banks, government agencies, and NGOs are prohibited from having ownership stakes in BDCs. The permissible activities for BDCs include buying and selling foreign currencies, issuing prepaid cards, and acting as cash points for money transfer operators. BDCs are not allowed to take deposits, grant loans, deal in gold, or engage in capital market activities.

In terms of sourcing foreign currencies, BDCs can obtain forex from authorized dealers, travelers, hotels, embassies, and other sources. For large transactions exceeding $10,000, a declaration of the source is required.

Regarding the sale of foreign currencies, BDCs can sell forex for purposes such as travel, medical bills, and school fees, up to specified limits per customer annually. At least 75 percent of the sales must be conducted through electronic transfers, while the remaining 25 percent can be in cash.

There are two tiers of BDCs: Tier 1, which has a national presence with branches and franchises, and Tier 2, which is limited to operating in one state with a maximum of three locations.


BDCs are required to verify the identity of their customers, maintain transaction records, connect to CBN systems, and display rates clearly. They must also submit specified regulatory returns, make their records available for inspection, and comply with the guidelines.


The guidelines also outline standards for Tier 1 BDCs that appoint franchises, covering areas such as policy, monitoring, and branding. Prudential requirements are set for BDCs, including limits on open positions, fixed assets, borrowings, and dividend payments. Additionally, BDCs must comply with anti-money laundering and countering the financing of terrorism regulations, with regard to policies, monitoring, and reporting.

The Nigerian naira has recently hit an all-time low of N2,000 against the dollar due to the prevailing economic crisis in the country. In response, the National Security Adviser, Mallam Nuhu Ribadu, instructed the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), and other security agencies to crack down on currency speculators in the forex market. This has led to raids on BDCs nationwide and the arrest of some illegal operators.

In a related development, the Central Bank of Nigeria has announced new measures regarding the foreign exchange (FX) rate to be used for Import Duty Assessment.

Read Also: Senate confirms Cardoso, 11 other CBN’s MPC members

The bank has advised that the Nigeria Customs Service and other relevant parties should adopt the closing FX rate on the date of opening Form M for the importation of goods as the rate to be used for assessing import duty.

This rate will remain valid until the completion of the importation and clearance of goods by the importers.

This decision the CBN said is intended to provide clarity and reduce uncertainty for both the Nigeria Customs Service and importers, allowing them to better plan and manage their revenue and cost structures amid fluctuating daily exchange rates.


“Effective from February 26, 2024, the closing rate on the date of opening Form M for the importation of goods and services will be the rate applied for the assessment of import duty” the CBN circular read.

This replaces the requirements outlined in Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition), 2018.

While the Central Bank of Nigeria acknowledges the initial volatility and price distortions following the liberalization of the FX market, it is confident that these reforms will ultimately stabilize the market and establish the necessary market confidence to attract investment capital for the growth and development of the Nigerian economy.

In a catastrophic end to his third-term project, President Macky Sall announced in July 2023 that he would not seek re-election in February 2024, and many thought he had learnt from history. 

But the ambiguity of his press conference late Thursday (23rd February 2024), has cast further doubts on the date for the country’s crucial presidential election, which he had unilaterally postponed. It would appear that the embattled president is still bent on testing the resolve of his angry compatriots.

Teranga in the Senegalese language Wolof means “peaceful or welcoming place.”

However, Senegal has been anything but peaceful in the past three years, no thanks to the political ambition of a president, who has spent 12 years in office having previously served as Prime Minister and President/Speaker of the National Assembly.

Once considered the bastion of stability in a politically restive West African region, the country is on the verge of losing its democratic credentials. Before Sall’s July 2023 climb down, unprecedented street protests in June had killed at least 16 people following the jailing of opposition leader Ousmane Sonko, the arrowhead and nemesis of Sall’s third-term project.

Then came the controversial screening of candidates for the presidential election scheduled for 25th February 2024.

Twenty candidates including two women were approved by the Constitutional Council, but some of the candidates screened out, including Karim Wade, the son of former President Abdoulaye Wade, took their case of corruption allegation against two of the Constitutional Council members to Parliament.

But almost from the blues, Sall unleashed a bombshell of a decree on 3rd February cancelling the 25 February election without setting any new dates for the vote.

A macabre drama, similar to the 6th of January 2021 invasion of the Capitol (Congress building) in Washinton, was re-enacted in Senegal on the 5th of February 2024, with paramilitary gendarmes storming the parliamentary chambers in Dakar to eject some opposition MPs, to clear the way for the passage of a controversial law, postponing the presidential election to December 2024.

A fresh round of street protests ensued with at least three deaths, before the Constitutional Council nullified both the presidential decree and law on the 15th of February.

ECOWAS, the regional economic bloc, along with the European Union and indeed, the international community rejected the degree and the controversial law. They urged Senegalese authorities to respect the country’s electoral calendar and constitutional provisions which stipulates that Sall’s mandate ends on the 2nd of April 2024.

In his response, President Sall took note of the Constitutional Council’s decisions and promised to consult with stakeholders to fix a new date for the presidential vote.

But in his press interview on Thursday, Sall still left everyone guessing. In one breath he said his presidential term would not last beyond 2nd of April 2024, but still casts doubts on the date for the election.

Much more confusing was his reference to a Constitutional provision he says requires an outgoing president to handover to a newly elected one.

Curious observers are wondering if Sall really intends to leave power, even when Senegal’s Constitution is unambiguous that in the absence of the president of the Republic, the President/Speaker of Parliament will assume the presidency. There are indications that the president still has some surprises up his sleeve for the Teranga nation.

"On April 2, 2024, my mission ends as the head of Senegal," the president said, seemingly indicating that he would not stay in office beyond the 2nd of April.

"As far as the date (for the presidential election) is concerned, we'll see what the dialogue comes up with," he added during a televised press interview.

"The election can be held before or after April 2," he said, but when pressed, he said he did not think the election would be possible before April 2.

As a gesture of appeasement, Sall has promised to free dozens of political prisoners including Sonko and another opposition leader Bassirou Faye.

But social and political tensions are simmering in Senegal and the animosity generated by his alleged refusal to receive the Chairman of the ECOWAS Authority and Nigerian President Bola Tinubu, who reportedly cancelled his planned peace mission to Senegal can only fuel the political uncertainty in the country and the ECOWAS region.

Sixteen of the 20 presidential candidates cleared by the Constitutional Council have rejected Sall’s invitation to the dialogue he called for Monday and Tuesday to fix a new date for the presidential election.

Like the dissenting political coalitions, many civil society organisations have also rejected his invitation to the dialogue, and instead called for a protest march, claiming the dialogue is a ploy by the president for tenure elongation after the illegal postponement of the presidential vote which the opposition called a "constitutional coup.”

The Constitutional Council, which has the final say on election matters, would be expected to step in again should the stakeholders fail to reach an agreement on the date for the presidential vote.

The situation in Senegal only compounds the problems for ECOWAS, whose leaders are meeting in Abuja on Saturday with the decision of three of its member States - Mali, Burkina Faso and Niger - to withdraw from the regional bloc high on the agenda.

The three and a fourth country, Guinea, are under military dictatorships and ECOWAS is struggling to restore constitutional order through reasonable transition programmes in the wayward countries.

The summit is expected to heed the public appeal for the lifting of ECOWAS sanctions on the four countries by General Yakubu Gowon, one of the ECOWAS founding fathers.

The regional leaders are also expected to discuss the situation in Senegal, unless the country’s delegation manages to knock the issue off the agenda, like they did during the recent extraordinary Ministerial summit of the ECOWAS Mediation and Security Council.  

*Ejime, an Author, is a Global Affairs Analyst and Consultant on Peace & Security and Governance Communications

Residents of Lagos State queue up to purchase bags of rice offered by the Nigerian Customs Service (NCS) at the affordable price of N10,000.

This follows the Customs’ announcement of the commencement of the distribution of seized food items on the specified day.

The NCS Comptroller General, Adewale Adeniyi, emphasized in a statement to journalists in Lagos that customs officials were explicitly prohibited from participating in the distribution process.

The orderly scene depicted in the video featured women patiently waiting their turn to receive the rice they had purchased.

The official statement, conveyed by the NCS National Public Relations Officer, Abdullahi Maiwada, outlined that the rice would be meticulously packaged in 25kg bags, with the cost set at N10,000.

Adeniyi highlighted that the initiative targeted specific groups such as artisans, teachers, nurses, religious bodies, and other residents within the NCS operational areas.

No amount of condolences, prayers, sympathies and commiseration could ever fathom the depth of the grief of Papa Shyngle and Mama Stella Wigwe. And the reason is simple: no parents should ever have to bury any of their children. The reverse should always be the case. And this is a deep principle of humanity that is not restricted by culture or society. It is just simply the natural order of things. It is fundamental—and indeed a thing of joy for all parents—that they would be buried by their children. When the reverse happens, and one loses a child, then the entirety of one’s existence is shrunk into that indissoluble vacuum of pain and grief. The depth of that sorrow becomes bottomless when one loses more than one child. Since I heard about the terrible calamity that befell this beautiful octogenarian couple, I have come to fathom the depth of what Aeschylus, the ancient Greek tragedian, meant when he said, “There is no pain so great as the memory of joy in present grief.”

This brief statement sums up the depth of the bereavement of Papa and Mama Wigwe: their minds would be clouded simultaneously with remembrances of the births of their sons, their upbringing and naughtiness while growing up, their struggles to raise them as godly as God would permit, their collective memories of moments of joys and happy events and incidences, their family traditions and Christian values, the successes of their children, and many more. All this while their entire being register as starkly as it can the fact that a second child just died with his family when they had barely dealt with the pain of losing the first one. But there is more. Papa and Mama Wigwe are solid Christians. I can attest to that. And they have been serving God for as long as my memory of relating with them (albeit from a distance) could permit. Since this tragic incidence happened, the first verse of the first chapter of Job has run ceaselessly in my mind: “There was a man in the land of Uz, whose name was Job; and that man was perfect and upright, and one that feared God, and eschewed evil.” This is my summation of Papa and Mama Wigwe.

And yet, they lost two children. The story of Job is one of the most challenging books of the Bible. And its challenge is purely because of demonstrating one of the cornerstones of a deep theological paradox: how could a good God create a world that is filled with evil, or even permit those committed to him to be ravaged by such evils? Since God created the world and certified that his creation is good, how did evil creep in? The problem of evil in a world created by a good God has troubled Christian theologians and apologetics, from St. Augustine to Ravi Zacharias, for centuries. Losing two fully grown children that one had trained to such a period in their lives does not square with the joy of bringing them into the world and the sacrifices of upbringing. And yet, Osita and Herbert left their parents in the world.

The theological problem caused by the life and trauma of Job in the bible also raises a larger philosophical question I will like to touch in this lamentation. For anyone who has read the book of Job and has witnessed the tragedy that good people have encountered in life, the question is: why do bad things keep happening to good people? Papa and Mama Wigwe are good people. Both have been together for 56 six years, more than five decades of a love story sweetened by the birth of six children, including Osita and Herbert. When in an interview, Papa reminisced about Osita— “That boy was one in a million. He had the attributes of a daughter; he had the attributes of a son. He was a solution provider to all family problems”—I have a deep and intimate sense of what Papa Wigwe was talking about. I encountered Osita as a graduate student at the University of Ibadan (he was then a final-year engineering student), and I knew him deeply at many of his beautiful and humane personality. Pa Wigwe was then the DG at the Nigerian Television Authority, and that was how I met him and Mama for the first time.

Osita was a very brilliant young man. I know this because we were both members of the University of Ibadan debating team, and I had a first-hand experience of how an engineering student could be so deeply knowledgeable and magisterial in a field usually dominated by students from the humanities and the social sciences. When I raised the issue of why he was an engineering student and not in, say, the humanities, his response gave me a solid insight into the deep flow of affection between father and son, and how that led to Osita’s desire to follow in the footsteps of his father the engineer. During a period when I was still searching for an intellectual enlightenment, rather than a spiritual one, I was immensely fascinated with Osita Wigwe, his intellectual brilliance, deep family values and pure spiritual commitment. It was essentially due to him that I visited the RCCG for the first time in 1986, and would eventually become a staunch member much later. Which was why I was baffled and very confused as to how such a spiritual father could experience the death of such a godly son—the same way I could still never wrap my head round the death of Pastor Enoch Adeboye’s son, Dare. And then twenty-seven years later after Osita’s demise, as if God still has some unfathomable purpose for Pa and Ma Wigwe, Osita’s kid-brother is taken.

Questions and more puzzling questions. Who knows why the Almighty would allow Job to be tempted? Who knows why sit-tight African leaders, the very incarnate of the diabolical, who sit on the people’s democratic liberation, would just not topple over and be transited? Job imparted an everlasting lesson that each one of us increasingly come to internalize and try as much as we have it within us to live with: humans are born to troubles. In philosophical terms, for Fredrich Nietzsche, “To live is to suffer, to survive is to find some meaning in the suffering.” This is one juncture where the pastoral calling would be a heavy burden for Papa and Mama Wigwe to bear. This is a time when it would be justified for even a role model with a spiritual responsibility to give vent to his or her doubts and frustrations with life and with God. This is a Job moment. It is a moment to reflect back to June 5, 1997, drag that reflection to the fiery trauma of February 9, 2023, and then try to connect the dots in existential and spiritual terms. Where could the hands of the Almighty be in all this? How could the meaning and purpose be uncovered?

Eventually, we all—believers, agnostics and non-believers alike—must bow before the inscrutable universe, and the denseness of the mystery that pervades all we have to deal with in life. For Christians, “great is the mystery of godliness” (I Timothy 3:16). Great is also the mystery of why good people like Papa and Mama Wigwe needed to suffer the death of two sons. We can theorize all we want about why terrible and traumatic things happen to good people. And yet we must eventually just accept that we are powerless against the Divine Mind that crafted a world where humans have survived—borne on the wings of faith—the harshest, cruelest and most challenging of all trials. Indeed, there are those who have passed through the excruciating valley of the shadow of death, but received grace and mercy to look back in gratitude for God’s deep wisdom in holding the world together, and holding us together at the critical moments of our needs.

Now close to their nine decades in life, Papa Shyngle and Mama Stella Wigwe have walked with God for far too long not to be able to recognize His presence at this moment of unbearable sorrow—no matter how dim that presence might be now. No matter how intrusive and heavy the question of why the hand of the Almighty was heavy upon them, they must find comfort in Jesus’ sorrowful lamentation on the cross: “My Father, my Father, why have you forsaken me?” Papa and Mama Wigwe are knowledgeable about the purpose behind the crucifixion of the Lord; may they be able to find a good grip on God’s wisdom that mold us all in the fiery furnace of life.

Let me conclude this difficult homily with William Blake, the English poet: “Can I see another's woe, and not be in sorrow too? Can I see another's grief, and not seek for kind relief?” But I ask: How much sympathy, weeping, lamentation or homilies can comfort one in perplexing loss? We can only drown our grief in the assurance that God—the owner of the universe and our lives—knows what he is doing.

When peace like a river attendeth my way,
when sorrows like sea billows roll;
whatever my lot, thou hast taught me to say,
"It is well, it is well with my soul."

It is well with Papa Shyngle and Mama Stella; it is well with the entire Wigwe family.

 

Presidential Candidate of Labour Party in the 2023 elections, Peter Obi, has accused the Independent National Electoral Commission (INEC) of deceiving Nigerians with report of the poll released earlier on Friday.

In the 526-page report of the 2023 elections, formally released ahead of the first anniversary of the election, INEC explained why the IREV failed to upload the presidential results despite the seamless working of the bimodal voter accreditation system (BVAS).


The commission attributed the challenge to technical glitches, which was, however resolved and that this did not in any way affect the credibility of the elections.

Obi, who spoke through Dr Yunusa Tanko, the Chief Spokesperson, Obi-Datti Campaign Committee, described the report as medicine after death.

“I think the INEC report is medicine after death. The truth about it is that if I didn’t mean that INEC actually deal with this issue as it happened during the election, possibly Nigerians will have believed and trusted this particular report.”

“But here we are, the report of the INEC which signifies that the IREV refused to function or been uploaded during the election is false. Considering the fact that there were three elections that happened on that day, the Federal House of Representatives, the Senate, and the result was uploaded and there was no issue.

“Why must there be issue as regard to the presidential election? So totally for us is deceit, disdain for the people and is trying to promote an indecency,” he said.

He lamented that unfortunately everyone knew when INEC gave a written document, citing that they would not agree with any result that is not posted on the IREV.

“It is documented and everybody saw it. But then this is the same INEC who went again to the Supreme Court citing that they had an authority to collate the result manually and it was stamped on authority on illegality by our judiciary.

“And you want to convince me that that particular issue of glitch was not done deliberately? The truth is that nobody was arrested. Somebody ought to have been arrested who has been saddled with that responsibility.

“And if he is saddled with the responsibility, he must be held responsible and account for why the glitches occur.

“And even if there was a glitch, it’s just like your network taking off. It shouldn’t take up to a whole day. A few seconds it is off, three seconds it is back. Why was the server not back or why is the glitch not resolved?

“So for me and many of us, this is totally unacceptable. The report is deceitful to the Nigerian people. Our electoral Act and electoral law must be revisited to give clarity as regard to the process of our election.

“We don’t want to give any lacuna to any of our election process and give room for the judiciary only to decide who wins election. Election should be done and dusted at the polling units,” he said.

Operations, radiotherapy canceled, mortuary affected

 

The Ibadan Electricity Distribution Company, IBEDC, has disconnected power supply to University College Hospital, UCH, in Ibadan, Oyo State, because of electricity debt, amounting to more than N400 million.

Checks by Vanguard indicated that supply was cut a few days ago following the inability of UCH Ibadan to settle its debts.

Chief Corporate Services Officer, IBEDC, Angela Olanrewaju, who confirmed the disconnection of the hospital, said: “We are very mindful of the essential services the hospital provides. The debt has increased to more than N400 million. The disconnection became inevitable because we have written four times and held several meetings with them without result.

We also served them many notices without response. We need to recover the debt to provide efficient services to our customers.”

Chief Medical Director, UCH, Ibadan, Professor Jesse Abiodun Otegbayo, declined to make comments.

However, another source said that UTH has commenced negotiations, targeted at resolving the issue and restoring the power supply to the hospital.

Meanwhile, a source in the hospital said the entire operations in the hospital have been scuttled, especially as the inverter, which they depended on could not carry out intensive medical treatment, adding that a lot of planned operations have been canceled or rescheduled.

He predicted that the Radiology, mortuary and other vital departments in the hospital would likely suffer the most severe impacts, potentially compromising patient care and safety.

Release details of how to disburse N300m he donated to orphanages


Music star David Adeleke popularly known as Davido has expressed gratitude to God for putting him in position to lift others as he announced making another donation of N300 million through his foundation, the David Adeleke Foundation, DAF, to orphanages across the country.

This, the singer said, is part of his annual contribution to support the welfare of Nigerian children.

Davido made this known in a press statement he posted on his Instagram yesterday evening.

According to the statement, the total number of eligible children is 13,936, with 1,688 deemed eligible to benefit from the funds.

It further stated that the allocation is set to benefit a total of 427 eligible orphanage homes , with a total amount of N300 million to be disbursed, translating to an average of N19.733 per eligible child.

The statement reads in part: “We are pleased to announce that the Davido Adeleke Foundation, DAF, has committed to an additional donation of N300 million to orphanages across Nigeria as part of our ongoing efforts to contribute to the welfare of our nation’s children.

“We understand the importance of transparency and accountability in charitable endeavours. Therefore, we assure the public that the allocated funds have been deposited into the Foundation;s Bank accounts, as mentioned in previous announcements.

“ We acknowledged that the process of disbursing these funds to various orphanages will take time as the statistics of these orphanages constantly change over time. We are committed once again to ensuring that the allocation is carried out meritoriously, with a thorough vetting process in place to verify the legitimacy of recipient institutions and guarantee that the funds are utilized for their intended purpose.

“We anticipate that the disbursement process will be completed within the next two to three weeks. During this time out, the team will work diligently to verify and process payment of the selected orphanages across the country.”

Also, in an accompanying Instagram post, Davido wrote, “ To our nation’s children, I remain grateful to be in a position to be able to help. Please accept my humble contribution. Together we shall shape a brighter future,”

Recall that in 2023, the ‘Unavailable’ singer extended the same gesture by donating the sum of N237m to some orphanages across the country. The singer in a statement said the sum was distributed to 424 orphanages in Nigeria.

Also, in 2021, he challenged his friends and fans to support his 29th birthday by donating N1 million each to him. He explained that he had always been in a position of lifting others and wanted them to return the favour. He ended up raising a total of N200,000,000 , with additional personal donation of N50,000,000, totaling N250,000,000, which he later donated to orphanages across Nigeria.

The Youth Wing of the Christian Association of Nigeria (YOWICAN) has demanded prompt arrest and public legal proceedings against Muslim Cleric, Idris Abdulaziz Dusen Tenshi.

Naija News reports that the cleric was reportedly advocating for the killing of Senator Oluremi Tinubu, the wife of the President, branding her an “infidel” because of her Christian faith.

This demand was put forth during the 2024 National Prayer Day and the 1st Quarter National Executive Council (NEC) meeting of YOWICAN, held at the National Christian Centre in Abuja on Friday.

The YOWICAN Chairman, Belusochukwu Enwere, articulated the council’s unified viewpoint in a formal communication, underscoring the immediate necessity for governmental and security authorities to intervene.

The communiqué partly stated, “NEC is calling for the immediate arrest of the Muslim Cleric (Idris Abdulaziz Dusen Tenshi) who has called for the killing of the wife of the President, Sen Oluremi A Tinubu, for being a Christian. Describing her as an infidel.

“The NEC is calling for the public prosecution of the cleric and wish to request the said preacher should be restricted from preaching in Nigeria to serve as a deterrent to others.

“The NEC is giving the Federal Government and security agencies to act immediately to avoid the further deterioration of security situation in the country because of the unguided statement/utterance.”

The NEC meeting also addressed comprehensive concerns affecting the nation, including economic challenges faced by citizens amid rising living costs and the deteriorating security situation marked by widespread killings across the country.

YOWICAN emphasized the employment crisis, urging the government to enact targeted policies to tackle youth unemployment, stressing the significance of engaging young individuals in the country’s development endeavours.

The House of Representatives Committee on the National Agency on Food, Drugs Administration and Control (NAFDAC) has decided to temporarily lift the ban on the sale of spirits and alcoholic drinks in sachets and pet bottles until the investigation is completed.

Chairperson of the House Committee on NAFDAC, Regina Akume, made this announcement in Abuja on Friday following a public hearing on the ban of these products last week.

She emphasized the importance of following proper procedures before imposing a ban, highlighting the necessity of implementing access control measures to prevent children and young people from accessing and consuming alcoholic beverages sold in sachets and pet bottles.

Akume underscored the committee’s responsibility in ensuring the efficiency and effectiveness of NAFDAC in promoting job creation and economic development.

She promised to reach a level playing field between NAFDAC and manufacturers that would not be detrimental to children or public safety.

Earlier, the Director General of NAFDAC, Prof Mojisola Adeyeye, emphasized that the prohibition was implemented with the intention of safeguarding the well-being and safety of children, young individuals, and other susceptible populations.

“We tried to protect the market, and that was why we agreed to a five-year moratorium for the manufacturers to phase out alcoholic drinks in sachets and pet bottles in December 2018,” Adeyeye said.

She further explained that the decision was not solely made by NAFDAC but rather a ministerial directive, and now the five-year period has elapsed.

Adeyeye expressed her surprise at the manufacturers’ campaign, despite the agreement to ban alcohol in sachets and pet bottles.

She emphasized that many problems could have been resolved earlier, clarifying that the agency does not oppose the production of alcoholic beverages but rather the packaging in sachets and pet bottles in order to prevent children from having easy access to them.

A Northern group, Civil Society For Credible Election has stated that erstwhile president, Muhammadu Buhari should be blamed for the economic crisis plaguing the nation.

The group lamented that President Bola Tinubu inherited the challenges from his predecessor.

They shared their reservations while addressing newsmen in Kano.

Umar argued that Tinubu had since hit the ground working to reverse the situation through various steps and policies put in place.

He subsequently called on Nigerians to exercise patience with the President as things will be better in no distant time in the country.

According to him, “We recognize the fact that Nigerians are passing through hardship at the moment. It is a result of a global economic meltdown, but only further compounded by some shortcomings of the last administration under former president Muhammadu Buhari.

“What people need to know about Nigeria’s present challenges is that President Bola Ahmed Tinubu inherited them from the past administration of former president Buhari but as a determined leader, Tinubu is pulling all strings together to overcome them head-on.

“Nigerians are all living witness to the phantom steps and policies of the present administration of President Bola Ahmed Tinubu to address the country’s sociocultural, economic and political indices.

“What President Tinubu need from all Nigerians now is patience, cooperation and understanding of the administration reforms policies. These reforms are strategic and competent enough to in no distant time make all Nigerians proud of their beloved country.”

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