Economy
Amaechi, Atiku, El-Rufai Desperate, Disoriented By Tinubu’s Reforms: APC
Amaechi, Atiku, El-Rufai Desperate, Disoriented By Tinubu’s Reforms: APC
Amaechi, Atiku, el-Rufai desperate, disoriented by Tinubu’s reforms: APC. The All Progressives Congress (APC) says former Vice-President Atiku Abubakar, ex-minister Rotimi Amaechi and Nasir el-Rufai, former governor of Kaduna, are united by a desperate desire to return to power for personal gain.
The party said the three politicians, who made critical remarks about President Bola Tinubu’s economic policies during Amaechi’s 60th birthday lecture in Abuja on May 31, are simply “frustrated rent-seekers clinging to a fading political relevance”.
While commenting on the state of the economy, Amaechi, who was the speaker of the Rivers house of assembly between 1999 and 2007 and also the two-term governor of the state from 2007 to 2015, said he is hungry.
“We’re all hungry; all of us are. If you’re not hungry, I am. For us, the opposition, if you want us to remove the man in power, we can remove him from this power,” Amaechi had said at the event.
However, in a statement issued on Monday, Felix Morka, national publicity secretary of the APC, carpeted the politicians for blaming Tinubu for a problem they also failed to eradicate in almost 25 years their party was in control.
“The APC strongly rejects the baseless allegation that the APC government of President Bola Tinubu was ‘weaponising’ poverty by not eradicating the scourge in two years – a feat they themselves failed to achieve during a quarter of a century in power,” the statement reads.
Morka said the birthday lecture was turned into a “frenzied” gathering of “displaced rent-seekers who misused their time in office and are now disoriented by Tinubu’s reforms”.
“These three individuals have occupied Nigeria’s highest political offices between 1999 and 2023,” he said.
“In all 24 years, the trio, individually or collectively, could not and did not eradicate poverty in their states or the country.
“They did not even attempt to address, let alone tackle, the structural challenges and distortions that stifled the economy and worsened poverty over the years.”
Morka accused them of “mindless rent-seeking, selling national assets to cronies, wasteful spending, and sponsoring state violence”.
Reacting to comments by the former minister of transportation, the APC spokesperson said, “That’s about a quarter of a century of freeloading by Amaechi on state resources, with absolutely no record of attempting to combat poverty in his Rivers state or the country.”
“When Amaechi declared, ‘I am hungry,’ he must mean, and must be understood to mean, that he is hungry and desperate to return to his felt entitled dependency on state resources and patronage.”
Morka added that the former minister’s complaint about “hunger” barely two years out of office “underscores the depth of the self-serving motivations” behind his criticism.
The APC spokesperson said Nigerians can see through what he described as “disruptive politicking” from opposition figures, who are “losing their grip on the economy”.
He noted that Tinubu’s economic reforms have forced a departure from the rent-seeking model, replacing it with one that rewards “hard work, productivity, and innovation”.
Morka also blamed past administrations — especially the 16 years under the Peoples Democratic Party (PDP) — for failing to allow the naira to find its real value.
“The erstwhile, artificially overvalued naira stifled local production, encouraged import dependency, and exacerbated poverty,” he said.
El-Rufai Desperate
“Atiku and Peter Obi, who are now vociferously criticising President Tinubu’s policies, amassed their wealth from the very import-dependent system they are desperately trying to preserve.”
He said Atiku, a former customs officer, and Obi, a successful importer, “reaped enormous benefits from the old system”.
“Their criticisms reek of special interest masqueraded as concern for the people,” he added.
According to Morka, by letting market forces determine the naira’s value, Tinubu is incentivising investment and economic growth.
“In two years, President Tinubu has demonstrated political will to tackle structural barriers to the country’s economic growth and development far more than any other president in Nigeria’s modern history,” he said.
Morka described the president’s critics as “beneficiaries of a corrupt and inefficient economic system” who are unsettled by reforms dismantling “their reckless plunder and exploitation of the economy”.
He said the removal of the fuel subsidy “ended massive corruption”, eliminated fuel queues, and attracted investments to the oil and gas sector.
According to him, the harmonisation of exchange rates has boosted competitiveness and revenue, enabling governments to invest more in infrastructure, health, education and social welfare. He noted that states now pay N70,000 minimum wage, up from N30,000, attributing it to Tinubu’s reforms.
“The president’s reforms are dawning a new day for Nigeria, now witnessing economic transformation never before seen in our country’s history,” Morka said.
“Our trade balances are seeing a drastic improvement, with a sharp decline in imports and a steep rise in exports.”
He said Nigeria recorded 4.6 percent GDP growth in the last quarter of 2024, the highest in a decade, despite the global oil price downturn.
He added that the reforms are laying a foundation for food security, industrialisation and sustainable growth.
He said the administration is focused on long-term prosperity, even if it comes with short-term cost-of-living challenges.
“Mr President is on course and will not be distracted by the selfish partisan rambling of some hardened political opportunists and economic exploiters,” he said.
“The best strategic interest of our economy and the good people of Nigeria must continue to trump any and all political or electoral calculations.”
Eid-el-Fitr: NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
Eid-el-Fitr: NRC sets to run three Lagos–Ibadan train trips Monday. He assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
This was contained in a statement issued on Friday in Lagos by NRC chief public relations officer, Callistus Unyimadu.
He said the additional trip was in response to high passenger turnout during the Eid-el-Fitr travel period.
“The extra trip is aimed at easing passenger movement and providing more travel options for commuters returning after the Eid-el-Fitr celebrations.
“Under the schedule, departures from Lagos (Mobolaji Johnson Station, Ebute Metta) will be at 7.45 a.m., 1.40 p.m., and 4.00 p.m.
“From Ibadan (Obafemi Awolowo Station, Moniya), trains will depart at 8.00 a.m., 10.50 a.m., and 4.30 p.m.,” he said.
Mr Unyimadu assured passengers of NRC’s continued commitment to safe, reliable, and efficient rail services.
NRC Sets To Run Three Lagos–Ibadan Train Trips Monday
He advised travellers to arrive early, comply with ticketing and security procedures, and plan their journeys.
“The corporation appreciates the continued patronage of its services and wishes all passengers a safe and pleasant journey,” he added.
UBA, BII Sign Letter Of Intent To Explore Trade Finance Collaboration Across Africa
United Bank for Africa (UK) Limited (“UBA UK”) and British International Investment plc (“BII”), the UK’s development finance institution and impact investor, announced that they have signed a letter of intent to develop trade finance collaboration opportunities.
The proposed initiative aims to expand access to trade and working capital facilities for businesses operating across Africa.
Access to trade finance remains one of the most significant structural constraints on African trade. Businesses, particularly small and medium-sized enterprises, are frequently unable to secure letters of credit, guarantees, and supply chain finance on commercially viable terms, limiting their capacity to export and import competitively. This trade finance gap is estimated by the African Development Bank to be over USD 80 billion annually.
To help close this gap, UBA UK, the London subsidiary of UBA Group, Africa’s Global Bank, will leverage its deep relationships across the Group’s 20-country African network to originate and structure trade finance transactions. While BII, with a mandate to support productive, sustainable, and inclusive growth across Africa, can support transactions that might otherwise fall outside conventional commercial appetite.
“The signing of this letter with BII represents a landmark moment for UBA UK and for the UBA Group’s global ambitions. As the Group’s hub for Trade Operations, UBA UK is uniquely positioned to connect African businesses with the international financial system. Working alongside BII, we can extend that capability further — mobilising capital where it matters most and helping to close the trade finance gap that holds back so much African potential,” said Lok Mishra, Chief Executive Officer, UBA UK
“British International Investment is committed to catalysing private sector growth across Africa, and trade finance is a critical enabler of that growth. We welcome the opportunity to collaborate with UBA Group, whose pan-African network and deep institutional relationships can help advance our ambition to expand access to trade and working capital finance, particularly in frontier markets,” Chris Chijiuitomi, Managing Director and Head of Africa
The announcement builds on growing momentum around intra-African trade facilitated by the African Continental Free Trade Area (AfCFTA), which entered into force in 2021 and represents one of the world’s most significant trade integration initiatives. Both institutions have identified the operationalisation of AfCFTA as a priority catalyst for a trade finance facility, with UBA UK’s network across major AfCFTA economies offering a basis for supporting businesses navigating the emerging continental market.
This also complements the UK Government’s broader engagement with African economic development, including commitments made at the UK-Africa Investment Summit, and reinforces the City of London’s role as a leading international finance centre for Africa-focused capital mobilisation.
Future cooperation remains subject to further assessment, due diligence and the completion of internal approvals by both parties.
ABOUT UNITED BANK FOR AFRICA (UK) LIMITED
UBA UK is the London-based subsidiary of United Bank for Africa Plc, one of Africa’s leading financial institutions with operations across 20 African countries, the United Kingdom, the United States of America, France, and the United Arab Emirates. UBA UK serves as the Group’s hub for Trade Operations, providing a comprehensive suite of trade finance, treasury, and correspondent banking services to institutional and corporate clients worldwide.
UBA
ABOUT UNITED BANK FOR AFRICA GROUP
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
ABOUT BRITISH INTERNATIONAL INVESTMENT
British International Investment is the UK’s development finance institution and impact investor. The organisation invests in businesses in developing countries to improve people’s lives and help protect the planet. BII’s work targets the underlying causes of poverty and the climate crisis, helping countries break free from aid dependency for good.
Between 2022-2026, at least 30 per cent of BII’s total new commitments by value will be in climate finance. BII is also a founding member of the 2X Challenge which has raised over $33.6 billion to empower women’s economic development.
The company has investments in over 1,600 businesses across 66 countries and total net assets of £9.87 billion. For more information, visit: www.bii.co.uk | watch here. Follow British International Investment on LinkedIn, Bluesky and X.
Eid-el-Fitr: President Tinubu Felicitates Muslims, Urges Renewed Unity, Patriotism
Eid-el-Fitr: President Tinubu felicitates Muslims, urges renewed unity, patriotism. Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan.
The president urged them to renew commitment to national unity, peaceful coexistence, and service to humanity as they celebrate the festival across the country on Friday.
This is contained in a statement issued by presidential spokesperson, Bayo Onanuga, on Thursday in Abuja.
Mr Tinubu called on Muslims to reflect on the spiritual lessons of Ramadan, noting that the holy month teaches discipline, sacrifice, compassion, and devotion to God and humanity.
He said: “We have a lot to draw from the noble lessons of Ramadan, especially at a time like this.
“We must continue to abide by the virtues of piety, selflessness, perseverance, kindness and compassion beyond this period.”
The president emphasised the need for Nigerians to remain united across religious and ethnic lines, stressing that national cohesion remains vital for sustainable peace and development.
He urged Muslims to extend acts of kindness and charity to the less privileged, irrespective of religious or ethnic background, in line with the enduring values of Islam.
Mr Tinubu noted that such gestures would strengthen social bonds, promote inclusiveness, and reinforce the spirit of brotherhood that defines the Nigerian society.
The president also called on religious leaders to use the occasion to offer prayers for peace, stability, and economic prosperity across the country.
Tinubu
He expressed optimism that with collective efforts, Nigeria would overcome its challenges and achieve lasting progress for the benefit of all citizens.
Mr Tinubu wished Muslims a joyous celebration, praying that the blessings of Ramadan would bring renewed hope, strength, and guidance to individuals, families, and the nation.
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