By Matthew Denis

In a bid to enhance economic growth, President Ahmed Tinubu has promised to inject a whopping sum of N2trillions into the economy.

The President stated this while inaugurating a 31-man Presidential Economic Coordination Council (PECC), drawn from different sectors of society and the economy

The inauguration comes three months after the President established the committee on March 27, 2024.

After inaugurating the council, President Tinubu presented the outcomes of his review of the accelerated stabilization and advancement plan, which seeks to inject a total of N2 trillion into the economy in the next six months.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who led selected members of the council to brief journalists after the briefing, gave a breakdown of the areas to benefit from the emergency funding including Health, Agriculture, Energy/Power and other areas.

“The president has just inaugurated the Presidential Economic Coordination Council and that is a body that is made up of the President’s Economic Management Team, the Legislature, represented by the leaders of the National Assembly; the Senate President and the Speaker of the House of Representatives, as well as very importantly, the sub-nationals, represented by the chairman of the Nigerian Governors Forum, and, of course, the elite of the private sector.

“They were presented with the outcomes of Mr. President’s review of the accelerated stabilization and advancement plan and that was an emergency plan to cover the next six months, which Mr. President had directed that a combination of his own Economic Management Team and the sub nationals, the governor’s level, and the private sector put together for his consideration.

The sum of that very important exercise is that a N2 trillion package involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.

“In addition to a range of policy measures and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”, he said.

President Tinubu announced the constitution of the Council, which he personally chairs, in a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, of March 27, 2024.

Other members of the PECC are Vice President Kashim Shettima, Vice-Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.

The song of that very important exercise is that a N2 trillion package involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.

“In addition to a range of policy measures and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”, he said.

Recall that Tinubu had announced the constitution of the Council, which he personally chairs, in a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, of March 27, 2024.

Top members of the PECC are Vice President Kashim Shettima, Vice-Chairman; President of the Nigerian Senate; Godswill Akpabio, Chairman of Nigeria Governors’ Forum; Abdulrahkan Abdulrasaq , Coordinating Minister for the Economy and Minister of Finance; Wale Edun , Governor of the Central Bank of Nigeria; Yemi Cardoso, Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.

The council also comprises 13 persons drawn from the organised private sector including the Chairman of Dangote Group, Aliko Dangote; UBA Chairman, Mr. Tony Elumelu; BUA Founder, Abdulsamad Rabiu, among others.

The members of the organised private sector would serve on the council for a one-year tenure.

They include Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and Mr. Rasheed Sarumi.

The move is “in furtherance of his administration’s efforts at re-engineering the nation’s economic governance framework,” the Presidency said in a statement signed by Tinubu’s Special Adviser on Media and Publicity, Ajuri Ngelale, in late March.

The statement is titled ‘President Tinubu establishes comprehensive economic coordination and planning system for Nigeria.’

It came weeks after the President created an economic advisory committee comprising the federal government, sub-nationals, and the private sector, on February 25.

…Ex-Ogun NUJ chairman calls for annual program to honour late NewsDirect publisher

By Omobolaji Adekunle

The Olode Grammar School Old Students Association has announced plans to rename the school library after Late Dr Samuel Folorunsho Ibiyemi, a renowned journalist and founding publisher of Nigerian NewsDirect in recognition of his contributions to the school and the community.

Ibiyemi who was a past president of the Rotary Club of Ota has donated over 200,000 books to the school library, which has been a valuable resource for students and teachers.

This was disclosed on Thursday by the National President of the Olode Grammar School Old Students Association, Dr. Salau Dauda Folaranmi, during the first year remembrance of the late publisher at his residence.

According to the National President, “We will renovate the library and dedicate it to his memory. He loved people, assisted people, and donated 200,000 books to the school, which has been beneficial to teachers and students.”

Also, Engr. Niyi Adegoke, a Rotarian of the Rotary Club of Ota, suggested the idea of renaming the library after Ibiyemi, saying, “Late Samuel Ibiyemi was a very active member of the club, and he lived his life for humanity. He was a philanthropist, and we will support the initiative to ensure that the project comes to reality.”

In the same vein, Former Chairman of the Nigeria Union of Journalists (NUJ) Ogun State Chapter and current Senior Special Assistant to the National President of the NUJ, Wole Shokunbi, has paid a heartfelt tribute to the late Samuel Ibiyemi, a renowned journalist and publisher.

Shokunbi, who described Ibiyemi as a mentor and brother, recalled their close relationship, which spanned over two decades.

He praised Ibiyemi’s commitment to developing people and bringing joy to others, even at his own detriment.

Shokunbi called for Ibiyemi’s immortalisation, suggesting that the NUJ and the Guild of Editors come together to organise an annual program in his memory.

He also promised to take action to support the family, saying, “We will get back to the family soon.”

…Governor launches special health insurance scheme for all Lagos retirees

By Esther Agbo

Lagos State announced that it has achieved a significant milestone in pension administration by clearing a longstanding backlog, disbursing a total of N4,461,659,536.82 to 2,000 retirees.

This accomplishment follows a previous payment of N3.1 billion to 1,013 retirees earlier this year, marking a commitment fulfilled.

Employees of Lagos State Government who retire from the civil service will now get their full pension benefits and gratuity immediately after retirement.

This unprecedented record has just been set by Governor Babajide Sanwo-Olu, who fulfilled his promise to settle all arrears and current pension liabilities in the State’s public service.

Sanwo-Olu, on Thursday, presented pension bond certificates totaling N4.5 billion to 2,000 retirees at the 105th Retirement Benefit Bond Certificate Presentation Ceremony hosted by Lagos State Pension Commission (LASPEC) in Oregun.

The clearing of the accrued pension liability essentially implies that the State Government owes no outstanding pension benefits and any form of entitlement to any individual who retired from its public service.

By implication, fresh retirees will no longer wait endlessly after service before being paid their retirement benefits. Settlement of the State’s pension backlog has transitioned Lagos pension administration from servicing a liability to an era of pay-as-you-go.

Besides, Sanwo-Olu launched a special health insurance scheme for all living retirees, who served the State.

The Governor said the development marked a milestone in the State’s pension administration, stressing that the new template of “Pay-As You-Go” had prioritised quick payment of accrued rights in order to ensure retirees in the State enjoy dignity and financial stability after their retirement.

He said, “Today, we mark the 105th Retirement Bond Certificate presentation and I am pleased to present bond certificates worth a total of N4,461,659,536.82 to 2,000 retirees from our civil service.

“This development marks a historic milestone as our dear State transitions into a new era of Pension Administration known as ‘Pay-As You-Go.’ From now on, all retirees of the State Government will be paid as they retire, provided all procedures and approvals have been completed before retirement.

”We have strategically prioritised clearing all backlogs of Accrued Rights payments to ensure our retirees enjoy dignity and financial stability after retirement. This commitment extends to the welfare of both current and former members of our workforce, recognising their unblemished careers in the State’s public service.

“These funds, along with their monthly contributions, have already been remitted into their respective Retirement Savings Accounts with the Pension Fund Administrators (PFAs).”

Sanwo-Olu said Lagos was the first State in the country to embrace the Contributory Pension Scheme when it commenced in 2004, pointing out that the State Government had paid N141.2 billion to 35,191 retirees till date.

Under his administration, the Governor disclosed that the State had paid N59.7 billion to 17,039 retirees over the last five years, making Lagos a top performer in pension payments.

Sanwo-Olu said the newly introduced health insurance scheme for the retirees was to further appreciate the service of the senior citizens in addition to payment of their financial entitlements.

He said, “We have also launched a Health Insurance Scheme tailored specifically for our retirees. This scheme will provide access to a wide range of medical services, from routine check-ups to specialised treatments.

“This initiative underscores our commitment to the well-being of our retirees, while ensuring that they receive not only what is due statutorily but also additional support and assistance to enhance your lives in retirement.”

LASPEC Director-General, Mr. Babalola Obilana, said the settlement of all backlogs of accrued rights demonstrated a significant achievement in public service, adding that the development reflected the Governor’s dedication to addressing the challenges faced by our retirees.

He said the Pay-As-You-Go template would help secure comfortable and dignified retirement for the retirees.

Head of Service, Mr. Olabode Agoro, observed that the Sanwo-Olu administration had been steadfast in recognising invaluable service of the State’s workforce, which made the Governor push all efforts to clear all backlogs of Accrued Rights Payments.

Agoro, who was represented by the Permanent Secretary in the Public Service Office, Mrs. Sunkanmi Oyegbola, said, “The State Government recognises and appreciates the remarkable contributions made by our esteemed retirees. Your commitment, dedication, and sacrifices have been instrumental in the achievements of our Public Service, which in turn have significantly contributed to the progress of our great State.”

Commissioner for Establishment and Training, Mr. Afolabi Ayantayo, said the transition to Pay-As-You-Go template had set a precedent for establishing a sustainable and dependable pension system, which would serve as a model in the country.

Ayantayo, represented by Permanent Secretary in the Ministry of Establishments and Training, Mrs Olubukola Abidakun, noted that the ministry had worked collaboratively with LASPEC and PFAs to ensure the disbursement processes were efficient and transparent.

“This gesture will undoubtedly impact the lives of our retirees positively, rebuild trust in the State’s pension system, boost employee morale, enhance productivity and ensure that public servants can anticipate a secure retirement,” the Commissioner said.

The retirees, in appreciation of the Governor’s gesture, held a special prayer session for Sanwo-Olu and his Deputy, Dr. Obafemi Hamzat. The senior citizens also trooped out to dance with the Governor.