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President Buhari explains why his administration has resorted to borrowing

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President Buhari on Tuesday September 15, explained why his administration resorted to borrowing money.

 

Speaking in a virtual meeting with members of the Presidential Economic Advisory Council (PEAC), Buhari said the strategic reason for borrowing was to provide the infrastructure to make the country attractive to investors.

 

According to the President in a statement released by his spokesperson Malam Garba Shehu, the country must fix roads and save lives from perishing in road accidents,

 

Buhari noted that the country’s failure to provide infrastructure for effective transportation had robbed the country of its well-deserved status.

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He said;

 

“We have so many challenges with infrastructure. We just have to take loans to do roads, rail and power, so that investors will find us attractive and come here to put their money.”

 

On the economy, Buhari said;

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“We have to accept that decision; otherwise they (Middle-East producers) can flood the market and make the product unviable. So we have cooperated with what we get. With oil, we are in a difficult situation. The politics of oil is that the less you produce, the less you earn.

“For us to bounce back to productivity, especially in agriculture, the unemployed with many of them uneducated had to be persuaded to go into agriculture.

‘‘If we hadn’t gone back to the lands we would have been in trouble by now. That is why we virtually stopped the importation of food thereby saving jobs and foreign exchange.”

 

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The Nigerian leader also commented on the issue of COVID-19 pandemic and how it necessitated the government policies on energy (electricity) and petrol.

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Buhari added;

 

“COVID has reduced us to the same level as developed countries.

‘‘We are lucky we went back to the land. We eat what we produce. We are doing our best to secure the country and provide infrastructure for investment to be viable in the country.”

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”It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.” – President Buhari

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Nigeria’s President, Muhammed Buhari, has stated that ”It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia”.

The President made this known in his message to Nigerians on the celebration of the county’s 60th Independence Day Anniversary.

Read excerpts from the post below ;

Fellow Nigerians,

​I speak to you today as your President and fellow citizen on this epoch occasion of our country’s 60th independence Anniversary.

Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.

As a government, we remain committed to our constitutional oath of securing the lives and properties of the citizenry. I, however, call on the citizenry to also support government by providing the necessary community level intelligence in addressing these challenges.

Sixty years of nationhood provides an opportunity to ask ourselves questions on the extent to which we have sustained the aspirations of our founding fathers. Where did we do the right things?Are we on course? If not where did we stray and how can we remedy and retrace our steps?

Fellow Nigerians, in addition to public health challenges of working to contain the spread of the Coronavirus, we have suffered a significant drop in our foreign exchange earnings and internal revenues due to 40 per cent drop in oil prices and steep drop in economic activities, leading to a 60 per cent drop in government revenue.

Our government is grappling with the dual challenge of saving lives and livelihoods in face of drastically reduced resources.

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Fellow Nigerians, let us collectively resolve to continue our journey beyond the sixty years on the clear understanding that as a nation we are greater together than being smaller units of nationalities.

In this regard, sustaining the level of petroleum prices is no longer possible.

Petroleum prices in Nigeria are to be adjusted. We sell now at N161 per litre.

A comparison with our neighbours will illustrate the point;

a.Chad which is an oil producing country charges N362 per litre

b.Niger, also an oil producing country sells 1 litre at N346.

c.In Ghana, another oil producing country, petroleum pump price is N326 per litre.

Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.

Further afield, Egypt charges N211 per litre. Saudi Arabia charges N168 per litre. It makes no sense for oil to be cheaper in Nigeria than in Saudi Arabia.

By the special grace of God we shall come through any transient challenges

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Police arrests youth for attempting suicide over unemployment, court grants him N200,000 bail

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An unemployed man identified as Solomon Okon, has reportedly been detained by the police for over a month for over alleged attempted suicide.

The 21-year-old was said to have drank a poisonous substance in a bid to end his life due his unemployed status.

It was learnt that the young man, who was a porter at Havana Hospital, Surulere, Lagos, drank the poisonous substance after receiving a letter terminating his employment.

According to The PUNCH, a relative of Okon said the incident happened in August, adding that the suspect had since been charged to court.

He said, “Okon was working at Havana Hospital and received N35, 000 a month. He was squatting with a friend and was using part of the money to take care of his mother in Akwa Ibom. In August, he received a letter terminating his employment.

“Out of frustration, he ingested a poisonous substance. However, because it all happened in the hospital, he was quickly attended to and was able to recover to some extent. The hospital management reported the matter to the Barracks Police Station and then he was arrested and detained.”

It was also gathered that the police arraigned Okon before a Magistrate’s Court in Yaba for attempted suicide.

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Confirming the incident, Muyiwa Adejobi, Lagos State Police Public Relations Officer, said Okon was still in police custody.

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He said, “The case has been taken to court. He was arraigned on August 28, 2020, before Magistrate Patrick N of Court two Yaba. Adjournment date: October 15, 2020. He is remanded in police facility at Surulere.”

Okon, however, pleaded not guilty to the charge.

The magistrate also reportedly granted Okon bail in the sum of N200,000 with two sureties.

Okon’s relative revealed that there was no way they could afford the sum.

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“This young man tried to commit suicide because of poverty and frustration. Rather than get him a job, he is being detained and money is being demanded from him. This young man needs help. He needs assistance. He needs medical attention and counselling.

“The hospital tried by giving him medical treatment but it shouldn’t have reported the guy to the police. Now, we are all running all over the place. We need human rights lawyers to assist us.” he said.

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US 2020: Joe Biden releases his tax returns hours before presidential debate

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US presidential candidate, Joe Biden released his tax returns on Tuesday September 29, hours before he is set to square off with President Donald Trump in the first presidential debate in Ohio.

 

According to his tax returns, Joe Biden and his wife earned nearly $1million in 2019 and paid $346k in taxes.

 

Tweeting Tuesday night, Biden wrote; “The American people deserve transparency from their leaders, it’s why as of today, I’ve released 22 years of my tax returns.”

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US 2020: Joe Biden releases his tax returns hours before presidential debate

 

Biden’s tax release comes days after a bombshell report from The New York Times showed Trump paid just $750 in federal taxes in 2016 and 2017.

 

The shocking figure reportedly paid by Trump was possible due to reported financial losses, a damaging blow to the successful ‘billionaire businessman’ image he has projected through out his career.

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Biden’s deputy campaign manager Kate Bedingfield said on Tuesday that they released the presidential candidate’s financial information to be transparent.

“This is a historic level of transparency and it will give the American people faith once again that their leaders will look out for them and not their own bottom line,” she said.

 

Trump has never released his tax returns claiming he can’t release them since he is being audited by the IRS.

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On Monday he also denied the New York Times report that said he paid only $750 as tax in 2016 and 2017.

 

When asked about the report at the White House, Trump simply said: “I paid tax.”
“I’ve paid a lot, and I’ve paid a lot of state income taxes, too,”

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