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Subsidy removal, forex policies brought discomfort, but pains will soon be over — Tinubu

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President Bola Tinubu has acknowledged that the  impact of the removal of subsidy on petrol and the harmonisation of the exchange rate policies have brought discomfort to Nigerians, affecting every sector, but gave assurance that “the pains will soon be over.”

Tinubu, spoke as a Visitor to the University of Lagos, (UNILAG), at the 54th convocation ceremony of the university.

Tinubu, who was represented at the occasion by the Minister of Education, Prof. Tahir Mamman, SAN, said the impact could be seen in the high cost of living that has affected parents, guardians, students and other Nigerians.

“We took some life-changing decisions including the removal of fuel subsidy and single exchange rate of the naira. There is no doubt that the actions have led to Nigerians, including parents, guardians and even students experiencing some discomfort. The decisions affected the education sector, with parents paying more for education among others.

“I can assure you that the pain will soon be over and that the future is bright. For the education sector, we are assuring you that no Nigerian child will drop out of school. It is given that we brought back the School Feeding Programme and also introduced the Student Loan Scheme. The loan is repayable two years after a beneficiary has completed the mandatory one-year National Youth Service Corps Scheme, NYSC.

“We are also not taking higher education for granted and that is why we recently took some decisions like removing higher institutions from the Integrated Personnel and Payroll Information System (IPPIS). We are also on the agenda of autonomy for universities.

“Regarding the setting up and running of universities in the country, we are moving to the fourth stage, which is the internalisation of the university system. The first stage was the setting up of universities by the Federal Government. The second stage is the setting up of universities by state governments and the third stage is the coming on board of private universities.

“The fourth stage is that we want foreign investors and foreign universities to come and set up universities here . They can also do so in partnership with our universities here,” he said.

The President, who commended the management of UNILAG for contributing to the manpower development of the country, expressed the hope that the graduates would go into the world and make a positive impact on society.

He also charged academics to let the world feel their impact by proffering solutions to societal problems.

In her address, the Vice Chancellor, Prof. Folasade Ogunsola, said the university has made tremendous progress in the last year.

“A lot has happened in the last year but I will mention a few. Our research activities and income from research grants continue to grow with our staff attracting over N11 billion in grant income in both local and foreign currency. These figures are derived from 42 grants obtained in the year 2023 only and they cut across the sciences, social sciences and the arts,” she said.

The Lagos State Governor, Mr Babajide Sanwo-Olu, who is  an alumnus of the university, opined that UNILAG has proven to be a leading citadel of learning, not only in the country but on the continent and also globally.

He reiterated the commitment of his administration to give education its pride of place in the scheme of things.

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Meet silent achiever, Miriam Olusanya piloting GTB to increased profitability

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Miriam Olusanya made history in July 2021 as the first female Managing Director of Guaranty Trust Bank (GTB) one of Nigeria’s most successful banks.

With over 24 million customers, Guaranty Trust Bank is a leading African Bank that offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking and Asset management.

Despite her academic background in Pharmacy from the University of Ibadan and an MBA from the University of Liverpool, Olusanya has excelled in her role at GTBank.

Her performance has been instrumental in positioning the company as a leading financial holding company and enhancing its strategic capabilities in navigating operational challenges.

Recently, the Bank recorded the largest ever Profit before tax (PAT) in Nigeria’s Banking industry history.

Olusanya is an industrious and beautiful woman with the strength of a warrior and the ability to work magic with her skills. Her outstanding performance has significantly contributed to the growth of the financial institution and elevated the company’s standing within the financial industry.

Olusanya’s accomplishments have been acknowledged by Segun Agbaje, the Group CEO of Guaranty Trust Holding Company Plc (GTCO PLC), recognising her exceptional leadership. Her impressive track record at GT Group reflects her exceptional qualities as a business executive.

Under her leadership, Olusanya has demonstrated a commitment to promoting enterprise across the African continent and supporting indigenous small businesses.

For her excellent performance since assuming office, Miriam Olusanya is our Thriving Woman of the Week.

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Lagos Agriculture sector contributes N7trn to State’s GDP — Commissioner

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By Sodiq Adelakun

The Lagos State Government has revealed that the agriculture sector contributed N7 trillion to the state’s Gross Domestic Product (GDP) in 2024.

This disclosure was made by the State Commissioner for Agriculture, Abisola Olusanya, during the ongoing 2024 Ministerial Press Briefing at Alausa Ikeja, commemorating the first year of Governor Babajide Sanwo-Olu and his deputy, Kadri Hamzat’s second term in office.

In her words, Olusanya said, “In Nigeria, Agriculture contributes 25 percent to the GDP. But in Lagos, Agriculture encompasses a lot up to food production, so agriculture contributes N7 trillion in the last couple of years to the Lagos economy.

“This is to tell you that we have the potential, there is opportunity. We will not relent in terms of making it better,” she added.

In addition, the commissioner announced that the state government is collaborating with other states to ensure a steady supply of 200,000 tonnes of paddy required at the Imota Rice Mill.

She also revealed that at least 10,000 heads of cattle are slaughtered daily in the state.

However, she noted that there are significant data gaps and loopholes in the red meat production chain, which are often exploited by individuals. To address this, the state plans to utilise the logistics hub in Epe to improve data collection and plug the loopholes.

“The Lagos Rice Mill is 2 lines of 16MTPH integrated mill sited on 8.5 hectares of land at Imota. The rice mill has a capacity to produce 2.4 million bags of 50 kg bags of Rice yearly using 200,000 Metric tonnes of paddy annually.

“The Mill is part of the government’s commitment towards ensuring food security in the State which is a key component of the T.H.E.M.E.S + Development Agenda of Mr. Governor to make Lagos State a 21st Century economy,” She added.

Also speaking, Dr. Oluwarotimi Fashola, Special Adviser on Agriculture, reiterated the state government’s partnership with other states to ensure a steady supply of paddy.

“Because of the size of rice needed, Mr Governor signed an MOU with Niger state being the largest producer of paddy in the country.

“The Imota rice mill needed 200,000 tonnes of paddy. The partnership with other states is to ensure sustainability of production. We extend our hand of fellowship to all the South West states,” He added.

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Nigeria, France strengthen global migration partnership

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The Nigerian government is taking proactive steps to prevent illegal migration, by deploying cutting-edge technology to monitor and manage its land, maritime, and air borders.

The Minister of Interior, Dr. Olubunmi Tunji-Ojo, who stated this during a courtesy visit by the French Government led by the Ambassador in charge of Migration at the Ministry for Europe and Foreign Affairs, His Excellency Christophe Léonzi, stressed Nigeria’s commitment to curbing illegal migration while fostering cooperation with global partners.

Acknowledging migration as a natural phenomenon, Dr. Tunji-Ojo emphasised the government’s stance against illegal migration, expressing Nigeria’s willingness to support bilateral efforts to combat this challenge.

“An African problem is more of a European problem than an American or Asian problem because of our proximity. It is easier for people to find their way to Spain, France, Italy or the United Kingdom than to get into America or China. So, it means that the more we invest our energy and efforts into proactive strategies, the better it is for us,” the Minister said.

He highlighted the dynamic nature of illegal migration, stressing the need for continuous dialogue and proactive measures to stay ahead of traffickers’ evolving tactics.

The Minister further stated that the Ministry is streamlining the Nigerian visa application process on the basis of reciprocity, with priority on automation and a seamless access to INTERPOL data, to strengthen border control and security measures.

On its part, the French Government led by the Ambassador in charge of Migration at the Ministry for Europe and Foreign Affairs, His Excellency Christophe Léonzi, said the purpose of the visit was to foster cooperation between both countries.

Earlier before the engagement with the French delegation, the Minister of Interior had a closed meeting with the Technical Committee on the Enhancement of Security in the North led by Major General A.T. Jibrin (rtd).

Acknowledging progress since President Bola Ahmed Tinubu assumed office on May 29th, the Minister noted: “Yes, we are not where we want to be, but of course, we are not where we don’t want to be or used to be. Since May 29th when President Bola Ahmed Tinubu came on board, there has been a visible difference in terms of the security situation.”

The Permanent Secretary Dr. Aishetu Gogo Ndayako, Comptroller General of the Nigeria Immigration Service, Kemi Nana Nandap, and other high-ranking officials of the Ministry were present at both meetings.

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