Today's Headlines: Senate to make laws to reduce Nigeria’s debt profile, We inherited bad economy—FG

Senate to make laws to reduce Nigeria’s debt profile

Photo Credit: Premium Times

The Senate has promised to make laws that will reduce the debt burden on the country.

It also assured that it would come up with policies that would increase the revenue of Ministries, Departments and Agencies (MDAs) and prescribe sanctions for defaulting ministries in accordance with the Fiscal Responsibility Act.

Chairman of the Senate Committee on Finance, Sani Musa, gave the assurances in a statement on Sunday.

“The country is faced with dual challenges of rising debt and insufficient revenue, which demand our immediate attention. The Senate Finance Committee, under my leadership commitment, will embark on a mission to amplify our revenue streams, driving economic growth that is not only robust but also resilient through legislative means, manage our debt judiciously, exploring avenues for favourable terms and sustainable repayment simultaneously,” he said.

We inherited bad economy — FG

Photo Credit: Vanguard

The Federal Government, on Monday, said it inherited a bad economy with an unacceptable high rate of unemployment.

The government also assured Nigerians that the administration of President Bola Tinubu will not rely on borrowing and that he had pledged to be transparent, honest and accountable to the people.

Meanwhile, the President has promised to create about 50 million jobs through the Ministry of Trade and Investment.

At the end of the inaugural Federal Executive Council, FEC, meeting presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, told journalists that the Tinubu administration met a very bad economy with inflation at 24 percent.

Asked to describe the kind of economy the government met on ground, he said: “Per capital has fallen steadily, inflation is at 24 percent, unemployment is high; you know they are rebasing the way in which it’s calculated.

Asked to be specific on the the kind of economy the Tinubu administration met on ground, the Minister said, “We met a bad economy and the promise of Mr. President is to make it better.”

Underperformance Won’t Be Tolerated, Tinubu Warns Ministers

Photo Credit: Leadership

At the inaugural meeting of the Federal Executive Council (FEC) on Monday, President Bola Tinubu charged ministers to look beyond titles and offices and stay focused on the day-to-day task of their individual and collective contributions to the transformation of the economy for the upliftment of Nigerian households.

Held at the Council Chambers of the State House in Abuja, the President told the new ministers that the hopes and aspirations of 200 million Nigerians are rested on their daily actions and that he will relentlessly provide the focused leadership required to stop failure in its tracks so that sustainable progress can be achieved.

“We shall evolve a homegrown re-engineering of our finances, a reimagined stewardship of our resources, and we will let the economy work for the people of this country. There are so many things we can and will do. Yes, some cynics will say it is impossible. But in your own dictionary of service, everything is possible, and it must be possible,” the President exclaimed in a statement by Presidential spokesman, Ajuri Ngelale .

Imo Guber: LP raises alarm over invasion party Secretariat

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The Labour Party has again raised alarm over an attack on its party Secretariat in Owerri, the Imo State capital by suspected thugs and policemen allegedly acting at the behest of the state government.

National Publicity Secretary of the party, Obiora Ifoh, raised the alarm in Abuja, on Monday.

According to him, during the early hours of today, Monday 28 August, the Imo state Secretariat of the Labour Party was once more been attacked by the police and thugs allegedly on the directives of the state government.

He explained that the state chairman of the Labour Party, Barrister Callistus Ihejiagwa had earlier sent an SOS to the public pleading with Nigerians to come to the aid of the party which at the time was at the mercy of the attackers who comprised of over a hundred thugs and the accompanying men of the Police Force.

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