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Cryptocurrency, old Naira notes, other Buhari’s policies reversed by Tinubu

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In the last six months, President Bola Tinubu has been reversing several policies introduced by his predecessor, Muhammadu Buhari, despite both belonging to the same political party. Notably, their economic approaches exhibit significant differences, with Tinubu leaning towards a more liberal stance as a former Governor of Lagos State, while Buhari, a former military leader, embraced a protectionist outlook. In 2013, they collaborated against former President Goodluck Jonathan.

During Buhari’s eight-year tenure, Tinubu refrained from commenting on government policies unless they directly affected him during elections. However, he openly opposed the former administration’s Naira redesigning policy. Since assuming office, Tinubu has been dismantling various Buhari-era policies. Here are six key reversals:

  1. ASUU’s Removal from IPPIS:
    • Under Buhari, a prolonged disagreement with university lecturers over the implementation of the IPPIS platform led to frequent school shutdowns. Tinubu reversed this policy, addressing lecturers’ concerns about allowances and benefits.
  2. Cryptocurrency Ban:
    • Tinubu’s government overturned the ban on cryptocurrency imposed by former CBN governor Godwin Emefiele. The directive to close accounts involved in cryptocurrency transactions was rescinded, allowing for a more open approach.
  3. FX Ban on 43 Items:
    • The ban on 43 items from accessing foreign exchange, which was a cornerstone of Buhari’s protectionist policies, was lifted by Tinubu’s administration. Importers of these items are now permitted to purchase foreign exchange in the Nigerian market.
  4. Phase Out of Old Naira:
    • Tinubu extended the validity of the old currency indefinitely, contrary to the previous plan to redesign the Naira. This move alleviated the scarcity of the Naira, which had caused hardships during Buhari’s tenure.
  5. 40% IGR Deduction for Schools:
    • The Finance Act of 2020, implemented during Buhari’s term, mandated a 40% auto deduction of gross IGR for partially funded agencies, including federal government-owned institutions. However, Tinubu’s government yielded to pressure from universities and abandoned the enforcement of this law.

President Tinubu’s administration appears to be steering away from the protectionist policies of his predecessor, embracing a more open economic approach.

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PHOTO: Gov Makinde Host Nigeria Police Games

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1: Oyo State Governor, Seyi Makinde (left) and Inspector General of Police, Olukayode Egbetokun, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

2: From left, Deputy Governor of Oyo State, Barr Bayo Lawal; Governor Seyi Makinde; Inspector General of Police, Olukayode Egbetokun and his wife Elizabeth, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

3: Oyo State Governor, Seyi Makinde (left) take a salute from the Police Mascots, during the opening ceremony of the 14th Biennial Nigeria Police Games, host by Oyo State Government, held at Adamasigba Stadium, Ibadan. PHOTO: Oyo Gov’s Media Unit.

CREDIT: Oyo Gov Media 

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Economic crisis: Find more ways to improve your IGR – President Tinubu to universities

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The Nigerian government has called upon universities in the country to broaden their sources of funding amidst economic challenges. President Bola Ahmad Tinubu made this assertion during the 6th & 7th combined convocation ceremony of Federal University, Dutse, which took place on Saturday.

Speaking through Professor Kabir Bala, the Vice-Chancellor of Ahmadu Bello University, Zaria, who represented him at the event, President Tinubu stressed the government’s dedication to facilitating a conducive environment for universities despite resource limitations.

He urged universities to actively explore alternative funding channels, underlining the significance of self-reliance in the prevailing economic circumstances. The President also encouraged universities to seek international funding opportunities for research, advocating for collaborations and the attraction of funds from global sources.

President Tinubu emphasized that government alone cannot shoulder the financial burden of universities, particularly amid economic challenges and competing demands from various sectors. Nonetheless, he reiterated the administration’s commitment to providing the necessary support within the available resources to ensure universities function as pillars of educational advancement and national development.

He further urged universities to pursue innovative strategies for generating revenue and to tap into international research funding opportunities. He assured that his administration remains dedicated to supporting universities in achieving their objectives as outlined in the Renewed Hope Agenda.

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Contempt threat against NLC, TUC leaders over public protest uncalled for – Femi Falana replies FG

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Human rights advocate and constitutional lawyer, Femi Falana, has clarified that the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have every right to organize the nationwide public protest scheduled for February 27 and 28, asserting that it does not constitute contempt of court.

As a Senior Advocate of Nigeria (SAN), Falana emphasized that Nigerian workers are entitled to freedom of assembly and expression as enshrined in the country’s Constitution. He urged the federal government, in a strongly worded letter to the Attorney General of the Federation (AGF) and Minister of Justice, to ensure maximum security for the workers and to participate in the protest.

In response to the AGF’s threat of contempt charges against the NLC and TUC leaders, Falana’s letter dated February 24 countered the threat, arguing that it lacked legal basis.

Falana pointed out the history of negotiations between the government and the labor unions following the removal of fuel subsidy in 2023, which resulted in court orders restraining the unions from striking. Despite compliance with these orders, the unions challenged them, and the contempt proceedings initiated by the government were subsequently withdrawn.

He highlighted subsequent legal actions initiated by the government against the unions, noting that these actions were contested by the unions on grounds of abuse of court process and lack of jurisdiction. Falana emphasized that since the contempt proceedings were withdrawn, there is no basis for the government’s threat of contempt charges regarding the planned protest.

He cited legal precedents affirming citizens’ rights to protest on matters of public interest without the need for police permits, emphasizing the democratic importance of freedom of speech and assembly.

Falana urged the government to respect these fundamental rights and directed the Inspector-General of Police to provide adequate security for the protesters in accordance with the Police Establishment Act.

In conclusion, he called on the government to reconsider its stance and assured that the protests would be conducted peacefully.

The federal government had previously warned of invoking relevant laws to charge the NLC leadership with contempt if the protest proceeds, citing it as a breach of agreement and a challenge to the court’s authority. The AGF, Prince Lateef Fagbemi, conveyed this warning in a letter to Falana, urging the NLC to abandon the protest to avoid violating the court’s order.

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