The President, Bola Ahmed Tinubu got cranky late Friday (9 June, 2023). He has been working at breathtaking speed all week long. He had held strategic meetings, focusing mainly on how to resurge the flailing economy. He summoned the Security Chiefs to the Presidential Conference Room in Aso Rock to look also at the worrisome state of insecurity in the country. He surely means business.

His task is well defined. He too blurted out at the inaugural dinner later in the day after the swearing-I ceremonies: “Please do not pity me”. He is focus on revving up the economy, stem the dangerous tide of insecurity across the country, bring the spiralling inflation and bring back the laughter and smiles to the faces of the over two hundred million traumatized Nigerians. 

He pledged defiantly at an interactive session with the Royal Fathers under the aegis of the National Council of Traditional Rulers of Nigeria (NCTRN) at the Aso Villa, Friday (9 June) that “any roadblock in the way of the progress of the Nigerian people would be removed by his government”.

The President for the umpteenth time justified the removal of fuel subsidy, saying that the country cannot continue feeding smugglers and acting as Father Christmas to neighbouring countries, saying “the decision to remove fuel subsidy, improve security, create jobs, and sustain the environment”.

In between all these, he was able to squeezed in time to meet the newly elected  parliamentarians, both at the Upper and Lower Chambers of the National Assembly, to moderate boiling tempers over the zoning of the Principal Officers of the National Assembly. Behold the hurricane Asiwaju is on the prowl.

After the meeting with the newly elected parliamentarians, Hon. Amobi Godwin Ogah, a newly elected Labour Party member to represent Isiukwuato/Umunneochi Federal Constituency, Abia State, was aghast. He could not hide his admiration for the President. He told newsmen: “I never knew Tinubu is so intelligent” 

He went further: “This Is my President,  Today is my best day. After listening to him speak today. President Asiwaju Bola Ahmed Tinubu is so intelligent and is prepared to serve this country. I saw the love and hope today”

The President’s avowed determination to frontally combat and crush the twin issues of poverty and insecurity holding down the country by the jugulars. He surely meant business. This crusade he had started with the inaugural address to the nation. He had simply declared: “Now that the subsidy is gone”. He also went further to vowed that that he intended to unify the exchange rate.

The reverberating effects of that simple declarations quickly resonated across the four poles holding the country. it simply jerked everybody up from their lethargy. He had since met with both the Governor of the Central Bank of Nigeria, (CBN), Emmanuel Emefiele and the Managing Director of the NNPCL PLC, Mele Kyari to discuss modalities for achieving these targets.

However, it is not hyperbolic to state that Nigeria’s economy is on the edge of the precipice, if not down there already. This trend, the newly inaugurated President Tinubu fully takes cognizance of in his inaugural address to the nation. The need to revamp the economy is urgent, and pressing. He has started the revamping by halting further subsidies of fuel, a move that have trigger multi-dimensional responses across the country.

Part of the President first step was the call on the members of the European Union to assist Nigeria and Africa in strengthening its security and economic development to alleviate poverty in the continent. The President spoke during a telephone conversation with the President of the European Council, Mr. Charles Michel.

According to President Tinubu, Nigeria and the whole of Africa would require the help and partnership of her friends and development partners like the EU to address the excruciating poverty in the continent.

 While requesting the EU to look at specific areas of security challenge like the Lake Chad and coastal areas, the Nigerian leader promised to remain in contact with the European Union and other member states.

 He said poverty and insecurity were priority areas for his administration and he would do all that is required to address them.

Also, the President has expressly directed the National Economic Council (NEC) led by Vice President Kashim Shettima to device an approach and begin the process of working on interventions to mitigate the impact of subsidy removal on the Nigerians.

The Nigerian National Petroleum Company (NNPCL) confirmed in Lagos during the week that “once the Dangote Refinery starts pumping out refined petroleum products from late July or early August, the Corporation will cut down on its imports of Premium Motor Spirit, popularly called petrol”.

NNPCL is currently the sole importer of petrol into Nigeria, a task which it had shouldered for several years. Other oil marketers stopped importing the product due to their inability to access the United States dollars at the official rate.

The NNPCL also owned 20 per cent stake in the Dangote Refinery. The 650,000 barrels per day single line, crude oil processing refinery was inaugurated on May 22, 2023 by former President, Muhammadu Buhari, who described the facility as a “game-changer” in the World’s oil market.

The promoter, Aliko Dangote stated at the occasion that the refinery would start delivering refined products to the Nigerian market from late July or Early August this year.

When contacted by our correspondent and asked about what would happen to the NNPCL fuel imports programme once the Dangote Refinery began to push out products in August, the national oil firm’s spokesperson, Garba-Deen Muhammad, said emphatically that this would change.

According to him, “NNPC Limited is bringing in products from outside Nigeria as a matter of necessity, not as a matter of choice. We would have preferred that we produce here, refine here and we sell and provide the energy security that the country needs.

“Because of the circumstances that surround our refineries, we cannot allow the country to be grounded. So we have to buy wherever we can get and sell. So if Dangote products are available, why should we not buy from Dangote?

“There is absolutely no reason. And that is the reason why we are interested in the Dangote Refinery. We are co-owners, shouldn’t we do business with our partners rather than do it with other people?”

While President Tinubu faces these hydra-headed demons head-on, certainly heads must roll. There must be scape goats from the mess of the past. After days of speculation, the hammer eventually fell on the CBN Governor, Emefiele Friday (9 June, 2023). The man was on his seat all day, held meetings and closed for the long weekend, Monday (June 12, 2023) being a public holiday, was headed for home. He had hardly settled down when he heard the news of his immediate suspension. 

According to a terse press statement by Willie Bassey, Director of Information Office, of the Secretary to the Government of the Federation (SGF), Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of investigation and the reforms. 

The suspension, according to the statement is “sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy”. 

But in a dramatic twist, minutes after his suspension as CBN Governor, the state secret police (DSS) was alleged to have him. He was said to have been arrested by the men of the DSS late  Friday. 

But prior to CBN’s suspension, the DSS, on December 7, 2022, in an exparte application with reference no: FHC/ABJ/CS/2255/2022, sought an order of the Federal High Court to effect his arrest.

The security agency had accused the embattled CBN Governor of financing terrorism, fraudulent activities and economic crimes of national security dimension.

The Chief Judge of the Federal High Court, Justice J. T Tsoho, however, refused to grant the application of the DSS. The court said such an application should have been accompanied with the presidential approval because of the grave implications for the Nigerian economy if the CBN governor is arrested and detained. But late Friday, he was sent on indefinite suspension and then the arrest.

But on Saturday (10 June, 2023), the service tweet that “currently, Emefiele is not with the DSS”.

While the CBN’s Governor unfolds on, there are also strong speculations about the safety of the job of the Chief Executive Officer of the NNPCL, Mele Kyari at the weekend. It was speculated that the President intended to clean the old rot and refocus and reposition the economy, especially the financial and oil sector.

Later Saturday afternoon the Service released another tweet confirming the arrest of the CBN Governor. 

According to the Service, the DSS has finally confirmed that the suspended CBN Governor, Godwin Emefiele is now in their custody.

A tweet from the agency reads: “…DSS hereby confirms that Mr Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria, is now in its custody for some investigative reasons.

Meanwhile www.focusmagazineonline.com investigations across the country revealed that in less than a fortnight after putting an end into the fuel subsidy regime, reports across the country indicate a mixed reaction by the generality of the people. 

The major hope is that once the Dangote Refinery starts production late July or early August, prices of fuel is expected drastically since there wont be need for US dollars exchange in transactions any longer.

© www.focusmagazineonline.com 2023