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Critical Analysis of TETFUND Under Arch. Sunny Echono By Tersoo Adagher

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Critical Analysis of TETFUND Under Arch. Sunny Echono By Tersoo Adagher

THE Tertiary Education Trust Fund (TETFUND) has come a long way in aid and interventions of higher institutions of learning in the country.


The release of intervention funds for the building of classrooms, laboratories, capacity building and well stocked and equipped libraries have no doubt made learning more meaningful and conducive for students in the ivory tower across the country.

The TETFUND Act 2011 repealed the Education Tax Act Cap, E4 Laws of the Federation of Nigeria, 2004 and Education Tax Fund (Amendment) Act No.17, 2003 and established TETFUND charged with the responsibility of managing and disbursing education tax to public tertiary education institutions in Nigeria.

To enable TETFUND achieve its objectives, the Act imposes a two per cent education tax on the assessable profit to all registered companies in Nigeria.


The Federal Inland Revenue Service (FIRS) is empowered by the Act to assess and collect education tax. The Fund administers the tax imposed by the Act and disburses the amount to tertiary educational institutions at federal and state levels. It also monitors the projects executed with the funds allocated to the beneficiaries.

TETFUND has become such a strong institution through the visionary efforts of its head and seasoned administrator of repute, Arch. Sunny Echono, who is silently building the blocks and connecting the planks in making sure that federal and state-owned tertiary institutions receive the needed support from the Federal Government intervention agency.

Nigerians who have been clamouring for strong institutions and not strong individuals can now heave a sigh of relief if what is happening at TETFUND is anything to go by.

Since his appointment as the Executive Secretary of TETFUND on march 21, 2022 Echono has left no one in doubt as to what he can do with public funds. Given his performance at TETFUND, Nigerians especially those in the education sector have continued to shower encomiums on this Seasoned Administrator.

Some stakeholders’ verdict on TETFUND’s service delivery under the visionary leadership of Echono include: “TETFUND is one of the agencies that have showed appreciable level of performance” – Mike Aondokaa, former Attorney General of the federal and Minister of Justice, recently eulogies Tetfund under Echono at the commissioning of Tetfund projects at Federal university of Agriculture Makurdi.


“TETFUND under Arch. Echono is working; taxpayers money is well utilised. If you come to Benue State University,, apart from infrastructure, we are now bridging the gap between industry and classroom.


Without TETFUND, it would have been impossible” – Professor Iorapuur , Vice Chancellor Benue State university in an exclusive interview; “Most of the infrastructures in public institutions can be credited to TETFUND” – Dr Joshua Agbor, a lecturer with Benue state University department of Languages and Linguistics.

It is a thing of joy for us to associate with Arch. Sunny Echono, an achiever who has greatly used his good office to improve the standard of education in Nigeria” – Prof. Simon Terver Ubwa, Deputy Vice Chancellor Academics Benue State University, Makurdi, Benue State.


TETFUND under the visionary Leadership of Architect Echono for his support on the training of teaching and non-teaching staffs as well as on research grants” — Pro. Charles Soludo, the Executive Governor of Anambra state. He added that TETFund is visibly and littered in all tertiary institutions in all parts of the country.

He acknowledged that TETFund is charged with the responsibility of rehabilitating, developing and improving the quality of tertiary education in the country with primary beneficiaries such as universities, colleges of education, polytechnics,, staff training and development agencies, libraries, books development.research, ICT and capacity building.

With these opinions of stakeholders in our tertiary institutions of learning across the country on the numerous successes of TETFUND under the pragmatic leadership of Echono in just Eight month of his appointment, the goal of transforming the education sector is realisable.

Adagher Tersoo, is a Public Affairs Analyst he write from Abuja.

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Healing Nigeria in the spirit of Adha, by Hassan Gimba

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This article was published on July 26, 2021, after the Eid-ul-Adha or Eid-ul-Kabir of that year. It remains relevant and vital, with a few adjustments, to be re-published.

Muslims the world over have celebrated the Eid-ul-Adha or the “big Eid” or “big Sallah”. We are, however, more interested in its meaning, implications and bearing on us as a nation. We need to look at spiritual milestones, hoping to find the seemingly elusive panacea for our ills.

Eid means feast, festival or celebration, while adha loosely means “sacrifice” (animal sacrifice), “offering” or “oblation”. It got its name because it commemorates Prophet Ibrahim’s (AS) devotion to Allah (SWT) and his readiness to sacrifice his son, Ismail, for Allah’s love.

The Qur’anic story has it that Ibrahim (AS) experienced a dream in which God ordered him to sacrifice his beloved son, Ismail (AS). At first, he was sceptical and believed it was the trickery of the accursed devil. After experiencing the dream the following night, he then understood that it was a message and a command from Allah (SWT). Without hesitation, he prepared his son for the sacrifice. Ibrahim (AS) loved his son dearly, yet this was no obstruction to honouring his duty as instructed by Allah (SWT) and, thus, proving his complete submission to Allah (SWT).

Ibrahim (AS) took his son to the top of Mount Arafat, and in his hands, he had a knife and a rope. Upon arrival, he mentioned the dream to his son Ismail (AS) and made him aware that Allah (SWT) had decreed for him to be a sacrifice, and, in obedience, his son Ismail (AS) accepted what God commanded of him. Ismail (AS) asked that his hands and legs be tied to avoid struggling during the sacrifice and that his father should blindfold himself to avoid witnessing his suffering. Ismail was aware of his father’s love towards him and knew that this would be difficult to witness.

However, as Ibrahim (AS) began performing the sacrifice, Allah (SWT) replaced Ismail with a ram and Ismail (AS) was saved unharmed. Allah (SWT) tested Ibrahim (AS) to see his dedication in his submission (Islam) to his creator. In his willingness to obey Allah’s (SWT) commands, Ibrahim (AS) successfully passed the test, and the act of the sacrifice serves as a reminder of Prophet Ibrahim’s dedication and devotion to serving Allah (SWT) obediently. Therefore, Eid ul-Adha means the festival of sacrifice.

The lesson here is that of sacrifice for a better you. We mostly look at the sacrifice from the point of slaughtering a ram for its meat. Even at that, Islam recommends one to get a healthy, mature and meaty sacrificial lamb that will be a beauty to the eye. Looked at closely, the sacrifice should translate to giving up what one loves in exchange for spiritual upliftment.

Any spiritually uplifted man will spread love around. He will not be where there is injustice. He will not be a party to corrupt activities. Above all, that man will not be where another human being is being harmed. Humanity will be safe with him. If the Nigerian Muslims who participated in Eid-ul-Adha take to heart the spirit behind the event, our country will be better than it is now.

It is a sacrifice in self-immolation that can only be compared to the myth of the Thornbird in the fictional book The Thorn Birds, a 1977 bestseller by Colleen McCullough. She set the story in Drogheda, a town that does not exist in Australia. In the front matter of the book, the myth is set out thus: There is a legend about a bird which sings just once in its life, more sweetly than any other creature on the face of the earth. From the moment it leaves the nest, it searches for a thorn tree and does not rest until it has found one. Then, singing among the savage branches, it impales itself upon the longest, sharpest spine. And, dying, it rises above its agony to out-carol the lark and the nightingale—one superlative song, existence the price. But the whole world stills to listen, and God in His heaven smiles. For the best is only brought at the cost of great pain. Or so says the legend.

The spirit of Eid ul-Adha teaches us to sacrifice ourselves for God. Ismail (AS) was part of Ibrahim (AS); do not forget. By sacrificing his son, he was also sacrificing himself.

Nigeria, now more than ever in its history, needs citizens who are willing to make sacrifices for its existence. We should frown at a situation where leaders will call on us to change while they indulge in the perfidies associated with our leaders of old.

It is not fair, nor is it right, for leaders to ask followers to tighten their belts while they punch more holes in theirs to accommodate their ever-bulging bellies.

It is also not indicative of leaders with a spirit of sacrifice when they send their children to the best schools around, while the public schools are often little better than pigsties.

The spirit of sacrifice is undoubtedly lacking in leaders who, together with their families, can access the best Medicare, while a larger portion of the population lacks access to basic healthcare facilities.

How can a good Muslim’s conscience not disturb him when he buys good exam results or bribes for his child to get a well-paying job? Why should a good Muslim be happy when he collects money to pass a student or to give him a job?

We are talking about Muslims as citizens because we are referring to an Islamic event that just happened.

However, upon reflection, Christianity also attaches great importance and symbolism to sacrifices. Theirs is even directly and practically connotative of the denial of comfort. Their form of sacrifice focuses on the bodies of their members as a living sacrifice.

I believe all Christians understand Christ’s death on the cross to be a necessary atonement for the sins of humankind. And if it were so, why should a Christian run away from discomforting himself for God to be happy with him?

In reality, all those who make up a nation must sacrifice for the country to be great. All religions teach us to sacrifice, and all our tribes have stories of legends who sacrificed their happiness for that tribe to survive.

The problem with Nigeria, as my friend Barrister Okoroafor Vincent always insists, is not the North, as some Southerners would want us to believe, or the South, as some Northerners would insist. He thinks it is not even Hausa, Igbo, Yoruba, Ijaw, Tiv, etc. He is also adamant that it is neither Islam nor Christianity. The problem with Nigeria, he opines, is individual selfishness and self-centeredness that border on ‘it is our turn to chop’ and myopia in prioritising the self over the nation. All people from the tribes have that tendency, which is exhibited by adherents of both religions.

The lawyer says that if we can put Nigeria first as our collective interest, then we will have a great nation. I cannot agree more.

Hassan Gimba, anipr, is the CEO/Publisher of Neptune Prime.
 

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Readers’ comments on Of journalists’ deaths, security lapses and cut-throat taxes, by Hassan Gimba

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Readers’ comments on Of journalists’ deaths, security lapses and cut-throat taxes, by Hassan Gimba

Inna lilLahi wa inna ilaihir raji’un! May Allah have mercy upon their souls and grant them Aljanna Firdausi. My condolences to you and through you, to the entire Neptune Prime family as well as Borno journalists. – Governor Mai Mala Buni.

Inna lil Lah, wa inna ilahirraji’un! May Allah forgive their shortcomings and grant them aljannah firdausi, amen. My sincere condolences, and may Allah give you the courage and fortitude to bear this irreparable loss. – SK Usman

Please accept our sincere condolences. – Eng Suleiman Bah Gimba, Magajin Garin Fika

May Allah forgive them. Ameen. – Ibrahim Sheme

May Almighty Allah forgive her shortcomings and dwell her soul in Aljannat firdausi. – Shu’aibu Usman Leman

Innalillahi Wa Innailaihir Raji’un. May Allah be merciful to her. May he forgive all her shortcomings and reward her with al-Jannah Firdausi. May Allah give all of us the fortitude to bear this huge loss to the pen profession once again, just a few days after we lost our VOA North East reporter and the NUJ State Chairman, Haruna Dauda Biu. Our hearts and prayers are with their families at this moment of grief. Amin Yahaiyyu Yaqaiyuum Yazuljalal Walikram. – Medina Dauda

Allah Ya jikan ta da rahama. Sannu Hassan. My condolences to you and the family. – Hadizatu Mustapha

InnalilLahi wa inna ilaiHir raji’un! May Allah (SWT) forgive them their sins and accept them into Jannatul Firdaus. Please accept my condolences. – Barrister Farida Kera

InnalilLahi wa inna IlaiHir rajiun! May God forgive her shortcomings and grant her Jannah. Amin. – Ibrahim Isa

Please accept my deepest condolences, may Allah rest her soul and make aljanna her abode. – Zare Baba

May Allah repose her soul in Jannah. My sincere condolences to the Management and staff of Neptune Prime– Yahaya Abdulrahman

May Allah forgive her and bless what she left behind. – Faithful Saadatu Musa

May her soul rest in peace. – Peace Sally Abu

Ahh!! May her gentle soul rest in peace. – Choji Ruth

So sad. God rest your souls. – Oluwasanjo Razak Ahmed

Rest in peace. My condolences to their families. – Juanita Candotan

May Allah forgive their sins and make death a blessing for them. – Khadija Alee

May Allah forgive them. – Hadiza Adamu

May Allah forgive them. – Hauwa Maina Gimba

Chai! Amina Alhassan. So you’re gone! – Celestine Okafor

May her soul rest in peace.  Tabita Burha

May the precious souls of Amina Alhassan Ahman and Haruna Dauda Biu rest eternally in perfect peace in the bosom of God Almighty.

Verily, the scriptures proclaim, “When the righteous rule, the people rejoice.”

We can only pray for the intervention of our merciful God Almighty, our creator, to pave the way for his anointed to come to the rescue, to liberate the people from injustice, oppression and exploitation. Amen. – Tongha Fiubode

Ayyah, what a loss! May Allah admit them into Jannatul Firdaus. – Princess Teemah Paga

May her soul rest in peace with the Lord. – Anna Nasara

May her soul rest in peace. – Nelson Iyobosa Aimienoho

May her soul rest in peace. – Amina Abdullahi

May Allah grant her Aljannatul Fiddausi. – Mairo Hassan

OMG! May her soul rest in God’s bosom. – Maureen Linus

May her soul rest in peace. – Hauwa Maina Gimba

May Allah forgive them their sins and admit them into Al-Jannah Firdaus. – Maimuna Muhammad Babangida

Allahumma gafirlaha wa rahamha. – Mohammed Jankoli

May Allah forgive them. – Hadiza Narogo Ishaq

May Allah forgive them, ameen. – Altine Junior

May Allah forgive all her shortcomings, and may Jannatul Firdaus be her final destination. My condolences, sir. – Usman Idriss

Allahu Akbar. Allahumma agfirlaha warhamha ba’adaha. – Hafsat Idriss

Allahummagh firlaha warhamha. – Ahmad Gimba

Rest in peace. – Daniel Ochekawo Ondugbe Achadu

May Almighty Allah forgive her shortcomings, Ya Hayyu, Qa qayyum. – Usman Ibrahim

May the Almighty Allah grant her eternal rest and admit her into Aljannatil Firdausi. – Saleh Inusa

May Allah (SWT) forgive her her sins and admit her into al-Jannah Firdaus. – Mohammed Umaru Sulyman

May Allah (SWT) forgive her and admit her into al-Jannah Firdaus. – Hafsatu Muhammad

Innā lilLaah wa innā ilaiHi rājiūn. May Allah forgive her shortfalls and grant her Jannah. – Abdul-Aziz J. Maisamari

May Almighty Allah forgive her and grant her Jannatul Firdaus. – Sadiq Farashis

Inna lilLahi wa’inna ilaiHir raji’un! May Allah SWT forgive her shortcomings and grant her Al Jannatil Firdaus. Ameen. – Hassan Madu Fika

Allah mata rahama, may her soul rest in Jannatul Firdaus. – Hawwah Jiddare

Inna LilLahi wa inna IlaiHir raji’un! May her soul rest in Jannatul Firdausi. Aisha Bashir

InnalilLahi wa’inna ilaiHir raji’un! May Almighty Allah continue to rest her gentle soul in Jannatul Firdaus. – Muhammed Aliyu

May the Almighty Allah grant her eternal rest and admit her into Aljannatil Firdausi. – Ali Baba Adamu

May her soul rest in peace, ameen. – Rajab Mohammed Ismael

Condolences. – John Akpan

May her soul attain eternal bliss. – Abdullahi Buba

Allahu Akbar, may Almighty Allah forgive their shortcomings and grant them Janna. – Umar Adamu

Innah lilLahi wa inna IlaiHir raji’un. May Allah have mercy on her soul and grant her Jannatul Firdaus. Allah ya baku dangana da ranka ya dade. – Halima AbdurRauf

May Allah grant her soul peaceful repose and Jannatul Firdaus be her final abode. Rest on Aunty Amina Alhassan Ebbo. – Hafsat Aleeyu Muye

May Almighty Allah grant her Jannatul Firdausi. – Sa’adatu Lawal Dauda

Subhanallah! May her gentle soul rest in perfect peace. – Abubakar Muhammad Usman

Calm woman. May her soul rest in peace. – Cynthia Talatu Batuta

May her soul rest in peace. – Okafor Vivian

May Almighty Allah forgive and grant her eternal rest. – Malam Usman Bin-Affan

May Allah forgive her of her shortcomings. – Ibrahim Musa

May Allah forgive her shortcomings and grant her Jannah. – Yusuf Lawan

May Allah forgive her shortcomings and make her last abode in Jannah, amin. – Ayuba Apagu

InnalilLahi wa’inna ilaiHir rajiun! May her soul rest in peace and Jannatil Firdaus her final abode. – Abubakar Mohammed Bawa

InnalilLahi wa’inna ilaiHir raji’un! May Allāh forgive her shortcomings and grant her Jannat Al-Firdaus. – Ibrahim M Aliyu

May Allah forgive her and grant her Jannah. – Yakubu Abubakar

OMG…may her gentle soul find solace in the Lord. – Inigreat Akong

May her gentle soul continue to rest in Jannatul Firdausi. – Maryam Salihu S

My condolences. – Kemi Yesufu

May Allah grant her Aljannatu Fridaus..Aameen Ya Hayyu Ya Qayyum. – Aziza Sani

May Allah SWT repose her soul and grant her eternal rest. – Aliyu Abubakar Iliyasu

My condolences, sir. May her soul rest in eternal peace. – Adams Absalom Kushi

May Allah forgive her shortcomings and grant her Jannah. – Dauda Ali

Allahu Akbar kabiran. Please accept my heartfelt condolences. May Allah Ta’ala forgive her soul and grant her Jannah without reckoning. Sannun mu da hakuri. – Aminatu Musa Kida

InnalilLahi wa’inna ilaiHir raji’un! May Allàh rahma her departed soul with Jannatul Firdaus. – Mohamed Bello

Hajiya was an epitome of all that was positive. I’m personally missing her. My cry cannot bring her back. – Taofeek Lawal Olayemi

May Allah be pleased with her nd grant her peaceful eternity. – Abdul’Azeez Ahmad

May Almighty Allah forgive and have mercy on her. – Shuaibu Umar

May her soul rest in peace. – Aluta King

May her soul rest in Jannah Firdaus. – Baba Ado

May Allah grant her gentle soul eternal peace and mercies, forgive her shortcomings and transgressions and us all. Aameen Ya Allah. – Muhammad H. Bawa

May her gentle soul rest in perfect peace. – Ahmadu Bello

May her soul continue to rest in perfect peace. – Muhammad Jajere Babayo

May God Almighty comfort her family and grant Amina aljannah. What a huge loss of a gentle and calm woman, always in the company of her two children and brother, Ahman. May God comfort us in the media also. – Timothy Golu

Allahu Akbar, May Allah grant her jannah. – Maji MB  · 

May the Almighty God grant her Aljannatu Firdausi. – Yusuf Buba

Allahummaghfir laha warhamha. Accept my condolences. – Abare Mohammed

May Allah forgive her shortcomings and grant her Jannah. – Mustapha Umar

May her gentle soul rest in perfect peace. – Nazy H. Abdullahi

May her soul rest in perfect condition in Jannatul Firdausi. – Suleimana Adamu Musa

May her soul rest in Jannatul Fiddaus. – Dayyib Abdullahi Abdullahi

Take heart Malam Gimba. May her soul rest in peace. – Onyenwe Oti

May Allah SWA forgive her shortcomings and grant her Jannatul Firdaus, ameen. – Garba Kaigama Bilal

Multiple taxation is one of the major problems that kill businesses in Nigeria. Those who are forced to pay (the organised private sector) are squeezed more annually. While +75% of the “unorganised” traders are never taxed at all, if not for bank charges and the pittance paid to local governments. – Mohammed Bello Dahiru

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OP-ED: TWO YEARS OF PRESIDENT TINUBU: A BUSINESS PERSPECTIVE BY ABDUL SAMAD RABIU

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TWO YEARS OF PRESIDENT TINUBU: A BUSINESS PERSPECTIVE BY ABDUL SAMAD RABIU

As Nigeria marks two years under the leadership of President Bola Ahmed Tinubu, I believe it is important to reflect, not from the lens of politics, but from the perspective of business, of industry, and of the economy. I speak not only as the Chairman of BUA Group – one of Africa’s largest conglomerates, but also as someone who has lived through the complexity of Nigeria’s reforms. I have seen the cost of dysfunction, the burden of inefficiency, but more importantly, the promise of a level playing field and the dividends of decisive governance.

FUEL SUBSIDY REMOVAL
The removal of the fuel subsidy is one of the most important decisions taken by this administration. Before that, Nigeria was selling PMS at 200 or 250 Naira per litre, which was about 25 or 30 cents. I doubt there was any country in the world where fuel was being sold at that price. During my trip to Saudi Arabia for the lesser Hajj in February this year, I checked the pump price at one of the petrol stations as we drove from Jeddah to Mecca. When I converted the price to Naira, it was almost 1,500 Naira per litre. That was Saudi Arabia.

We could simply not afford the subsidy. It was not just Nigerians who were benefiting from it. We were subsidising the entire region. I remember visiting Niger Republic a few years ago when President Bazoum honoured us. During dinner, he joked and said, “Thank you for the subsidy.” He said 100 percent of all PMS consumed in Niger was coming from Nigeria because it would cost them three times more to import. There was no incentive for them to bring in their own fuel or refine crude at their own refinery. This was the situation across the region.

Today, I understand that our fuel consumption has dropped by almost 40 to 50 percent. It is not because Nigerians are consuming less, but because neighbouring countries have stopped tapping into our subsidised fuel. The PMS is still cheaper in Nigeria, even at 800 or 900 Naira per litre, but the logistics no longer support easy access. Countries like Niger and Benin Republic still take fuel from Nigeria, but others have stopped.

The removal of subsidies was needed not only to save the economy but to ensure that Nigerians alone benefit from what is imported. Even if there must be subsidy, it should be for Nigerians only. The money saved is now being channelled to infrastructure, to better support for states, and to other developmental priorities. All the states are receiving more money now, and that has made a real difference.

I am of firm opinion that President Bola Ahmed Tinubu made the right decision, and he made it boldly. On the first day he took office, he did what everyone knew had to be done but no one dared to do. He acted immediately. Many criticised him, but he did the right thing, and it saved the country. Had we continued under that burden, only God knows where we would be today. I always say, Mr President is probably the only one who had the courage to take such hard and necessary decisions.

ON THE UNIFICATION OF THE FOREIGN EXCHANGE REGIME
The unification of the foreign exchange market is another critical reform. Before this, many of us in the business community spent most of our time chasing foreign exchange. I personally spent half of my time trying to get FX from the Central Bank of Nigeria. The CBN was the only source of official exchange, offering FX at around 500 Naira when the parallel market was 800 or 900. No business could survive outside the CBN structure.

Every two weeks, we would go to Abuja to seek allocations. It was exhausting and inefficient. You had to camp there for three or four days before Allocation Monday, waiting for the CBN to allocate dollars. Today, I have met the new CBN Governor, Mr Cardoso, only once in two years. The reason is simple: I do not need to go to Abuja now to get foreign exchange. The system is open. It is working.

This was also a bold move by President Tinubu. It was necessary, and he took that decision as well. We are very glad because today we can focus on our businesses. These reforms are saving the economy.

FAIRNESS, SANITY AND STABILITY IN BUSINESS
Under this administration, we have seen a return to fairness and stability in business. We no longer worry about arbitrary shutdowns or politically motivated disruptions. Let me give a real example. We started a new business in Port Harcourt four or five years ago under BUA Foods, operating at the Rivers Ports under a concession with the Nigerian Ports Authority. It was going very well. One day, we woke up to a letter stating that the concession had been revoked, the terminal shut down, and the lease agreement terminated. There was no prior warning, no issue, no conflict.

Later, we discovered that the Managing Director of NPA at the time decided to close the business simply because our operations were competing with those of her friend. She wanted to impress her friend. That was the only reason. Today, that kind of thing cannot happen. Nobody would dare take such an action under President Tinubu. You can wake up now without fear that your business has been shut down by an agency or politician.

That stability is critical. That Port Harcourt plant alone has seen over 500 million dollars in investment and has employed over 4,000 people. The confidence this government has brought is real, and it is helping us plan better.

I must also personally acknowledge former President Muhammadu Buhari. When our Port Harcourt plant was unfairly shut down, it was his intervention that saved it. I had the privilege of explaining the situation to him. He agreed it was wrong and acted. He said he would not permit injustice under his watch. That decision saved the business. But the reality is, I had access. What if I did not? That is the difference today. Now, nobody needs access to the President to be treated fairly. Everyone knows that if you do something wrong under President Tinubu, you may lose your job or even face prosecution and go to jail. That is why I can now spend more time focusing on the business and relaxing.

The President Tinubu reforms are creating a level playing field. Like I said previously, every business had to lobby the CBN for FX. If you did not, your business would collapse. Now, you do not need to go to Abuja. You just focus on your operations.

INFRASTRUCTURE AS A KEY DRIVER OF DEVELOPMENT
In infrastructure, the difference is also clear. Look at the Lagos-Calabar highway. Look at the Sokoto-Badagry road. Look at the Kwara projects we are executing under the tax credit scheme. Look at Kano-Kongolam. Look at the Okpella to Kogi State corridor. These projects are progressing because of the savings from subsidy removal and FX unification. With more revenue, Nigeria is building.

These roads and others being built are critical because logistics have become a major challenge. Transporting goods from Lagos to the North is very expensive due to bad roads. Now, the President is addressing this. With better infrastructure, logistics will improve, and businesses will grow. These reforms have enabled long-term planning and serious investment.

BUA WILL CONTINUE TO BET ON NIGERIA
Since President Tinubu took office, BUA Group has invested over one billion dollars in the Nigerian economy. We are expanding our food business, doubling our flour and pasta facilities in Port Harcourt and building another in Lagos. Demand is increasing. People are earning more. Confidence is returning. We have also completed the first POP plaster manufacturing plant in Nigeria which is now operating and are soon starting construction of a 30MW solar energy project in Sokoto State.

In the oil and gas sector, we are completing our LNG project in Ajaokuta, Kogi State. These investments are possible because of stability that has been brought about by President Tinubu’s reforms. We can plan now. The exchange rate has been fairly stable for almost a year. FX is accessible. Money is coming in from different sources, and investors are responding. If you want 200 million dollars a week for trade, you can get it without lobbying anyone at the Central Bank. These are the results of good policies.

ON FOOD SECURITY
When I met President Tinubu recently, he raised concerns about food prices. He wanted to know what BUA Foods was doing. I explained that his six-month tariff waiver had worked. It disrupted hoarding in the rice market. In Nigeria, the rice harvest is short and runs for about three months. Middlemen were buying paddy rice, hoarding it, and raising prices post-harvest. This artificial scarcity drove prices to as high as 110,000 Naira per bag. The farmers did not benefit. Farmers just wanted to sell and move on yet some people were buying from them, hoarding it, and creating a food crises in the country.

The temporary waiver allowed rice to be brought in, and milled immediately. The hoarders were cut out. Prices began to drop. It was a short-term solution, but it worked. It showed foresight. I told the President it helped and that if the situation persists, further steps can be taken. But for now, it has made a difference.

PRESIDENT TINUBU’S NIGERIA FIRST POLICY AND BACKWARD INTEGRATION
President Tinubu’s Nigeria First policy has aligned well with our own belief in backward integration. Our cement business is almost entirely local. We mine our own limestone. We use Nigerian gas even though it is dollar-denominated. The only foreign element is the equipment, and even that benefits from government concessions for mining equipment which everyone else in the industry benefits. If we had to import cement today, prices would be over 15,000 Naira per bag. Nigeria does not have the port infrastructure to even handle the import volume. Producing locally has saved the economy and stabilised the sector.

We are doing more, and we will continue to do more. Nigeria has everything—population, arable land, resources, water, and now, strong leadership under President Tinubu. We believe in Nigeria because the fundamentals are now strong. My advice to all is to take a Bet on Nigeria. This is the place to be.

So for me, what has this administration done right? First, it removed the fuel subsidy which was the biggest economic scam in our history. Second, it unified the foreign exchange market and third, it restored stability, fairness, and confidence in the economy. These are the foundations of growth. Nigeria is full of potential. With the right leadership, which we now have, there is no limit to what we can achieve.

Abdul Samad Rabiu is the Founder and Chairman, BUA Group. Watch the full, exclusive interview on youtube – https://bit.ly/pbatbua

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