Headline
Nigeria’s economy will bounce back under Tinubu– SSA
Sen. Abdullahi Gumel, the Senior Special Assistant (SSA) to the President on National Assembly Matters, says the Nigerian economy will bounce back in a short while under President Bola Tinubu.
Gumel said this when he received a team of officials from the Fidelity Bank plc led by the Executive Director, Northern Directorate, Mr Hassan Imam on a courtesy visit on Thursday in Abuja.
He said that the President was aware of the hardship being faced by Nigerians under his administration.
“I appeal for patience with the present government as the president is doing everything to ameliorate the suffering of Nigerians.
“The president is yet to clock 100 days in office but he has reeled out several measures to tackle the economic challenges the country was faced with.
“As we are all aware, he has constituted committees with specific assignments and timelines, also the presentation of list of nominees to the National Assembly within 60 days as stipulated by law, indicates he is here to work.
“Now that the confirmation has been transmitted to the presidency by the senate, I believe the economy will soon bounce back with all ministers at work,”he said.
Gumel expressed appreciation for the visit, saying it was a call for greater hard work.
“The visit is one of many others that have spurred me to continue to work for national development,” he said.
He called on Nigerians to continue to work with the present government to reposition the economy and give Nigeria its pride of place.
Earlier speaking, Imam, who led the team, said that the visit was to congratulate Gumel on his appointment as SSA to the President on National Assembly Matters.
He said that the appointment was well deserved looking at the Gumel’s track record in nation building.
He prayed for God’s guidance, wisdom and wise counsel to the SSA in his endeavours.
The Economic and Financial Crimes Commission has barred foreign missions based in Nigeria from transacting in foreign currencies and mandated them to use Naira in their financial businesses.
The EFCC has also mandated Nigerian foreign missions domiciled abroad to accept Naira in their financial businesses.
The anti-graft agency said the move is to tackle the dollarisation of the Nigerian economy and the degradation of the naira
The Commission, therefore, asked the government to stop foreign missions in Nigeria from charging visa and other consular services in foreign denominations.
The EFCC gave the advisory in a letter to the Minister of Foreign Affairs, Amb. Yusuf Tuggar, for onward transmission to all foreign missions in the country.
In the letter, the EFCC said it issued the advisory because the practice of paying for consular services in dollars was in conflict with extant laws and financial regulations in Nigeria.
In a letter dated April 5, 2024, which was addressed to the Minister of Foreign Affairs, Ambassador Yusuf Tuggar, titled: “EFCC Advisory to Foreign Missions against Invoicing in US Dollar,” the EFCC Chairman, Ola Olukoyede expressed dismay over the invoicing of consular services in Nigeria by foreign missions in dollars.
The EFCC cited Section 20(1) of the Central Bank of Nigeria Act, 2007, which makes currencies issued by the apex bank the only legal tender in Nigeria.
The letter read, “I present to you the compliments of the Economic and Financial Crimes Commission, and wish to notify you about the commission’s observation, with dismay, regarding the unhealthy practice by some foreign missions to invoice consular services to Nigerians and other foreign nationals in the country in United States dollar ($).
“It states that ‘the currency notes issued by the Bank shall be the legal tender in Nigeria on their face value for the payment of any amount’.
“This presupposes that any transaction in currencies other than the naira anywhere in Nigeria contravenes the law and is, therefore, illegal.”
The commission further stated that the rejection of the naira for consular services in Nigeria by certain missions, along with non-compliance with foreign exchange regulations in determining service costs, is not just unlawful but also undermines the nation’s sovereignty embodied in its official currency.
The letter continues: “This trend can no longer be tolerated, especially in a volatile economic environment where the country’s macroeconomic policies are constantly under attack by all manner of state and non-state actors.
“In light of the above, you may wish to convey the commission’s displeasure to all missions in Nigeria and restate Nigeria’s desire for their operations not to conflict with extant laws and regulations in the country.”
Diplomatic sources said yesterday, May 10, that some embassies were wondering whether the EFCC’s advisory represented the position of the Federal Government.
Prince Harry and his team visited the 44 Nigerian Army Reference Hospital in Kaduna to interact with wounded soldiers who are receiving treatment.
The Duke of Sussex is in Nigeria with his wife to champion the Invictus Games, which Harry founded to aid the rehabilitation of wounded and sick servicemembers and veterans.
Nigeria joined the Invictus Community of Nations in 2022 becoming the first African country to join.
Prince Harry’s visit to Kaduna came 68 years after his late grandmother Queen Elizabeth II visited the state during the time of the late Premier of Northern Region Sir Ahmadu Bello.
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