CURRENCY SWAP WITH CHINA MAYSOLVE TRADE IMBALANCE NOT INDEBTEDNESS!

   ZION B-BC

 NEWSLETTER.

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria. {Vol. 14. NO 587. 19th January 2024} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

CURRENCY SWAP WITH CHINA MAY

SOLVE TRADE IMBALANCE NOT INDEBTEDNESS!

Nigeria's huge indebtedness to China coupled with loop sided trade imbalance in favor of the latter portend grave danger to Nigeria's sovereignty now and in the future as We have consistently elucidated!

Neo-colonialist tendency is an addiction to foremost developed nations and the Peoples Republic of China is not an exception China is a Shylock when it comes to business. China is not a Father Christmas and will go to any length to recover loans to foreign country as at when due.

External loans terms and agreements are always followed strictly to the letter by this very industrious nation that is determined to out-shine the United States of America in all areas of business activities: industry manufacturing, technology, rocket science etc. China has no penchant for defaulters when it comes to recovery of loans to which strict adherence to terms and agreements must be religiously adhered.

In some countries where it faced challenges in loans recovery, strategic infrastructures which were products of the acquired funds would be taken over to recover moneys with interest. The currency swap initiated in May 2018 between the Central Bank of Nigeria and the People's Bank of China (PBOC) was valued at renminbi RMB 16 billion which is about $2.5 billion dollars. It was designed to provide the Chinese and Nigeria currency directly to industrialist and other businesses from both countries.

The deal which commenced in 2018 and renewable every three years was renewed in 2021 to terminate in 2024 to boost bilateral trade as it cuts reliance on dollar transactions between the two nations.

According to Bloomberg, China was Nigeria’s biggest trade partner in 2023, ahead of the United States and the facility was to strengthen financial cooperation and expand the advantageous use of the Nigerian and Chinese currencies. With this deal the direct exchange of the Chinese Yuan and Nigerian naira will be seamless, providing an alternative to the reliance on the US dollar and reducing transaction costs in trade between the two nations.

WHAT IMPACT WOULD THE DEAL HAVE ON NIGERIA'S MIS-MANAGED ECONOMY?

China and Nigeria have a large trade relationship, with China exporting more to Nigeria than Nigeria exports to China. China is Nigeria's largest export market in sub-Saharan Africa, and Nigeria is one of China's largest export markets globally. Main products traded between China and Nigeria are as follows:

China to Nigeria: Manufactured goods like non-knit women's suits, rubber footwear, broadcasting equipment, electronics, phones, laptops, and kitchen utensils

Nigeria to China: Primary products like petroleum gas, crude petroleum, and lead ore which implies trade imbalance because China exports more to Nigeria than Nigeria exports to China! Nigeria's economy is becoming dependent on cheap foreign imports, which has led to a decline in Nigerian industry. In previous publications we had emphasized that the relationship between China and Nigeria had raised concerns about potential economic and political influence from China in the region.

CHINA'S FOOT PRINTS ARE ALL OVER AFRICA!

China as the second largest global economy has in the last two decades intensified efforts to dominate Africa from Cape to Cairo and from Mauritania to Ethiopia through capital investments in their strategic infrastructural projects like railways, hydro dams, sea ports, air ports etc!

Apart from construction of rail tracks, China has invested in Nigeria’s communications satellite projects and

has provided technical aid and training to Nigeria in the agricultural sector.

Previous Loans obtained from China according to the Debt Management Office (DMO), were disbursed as follows:

"The USD3.121 billion Loans are project-tied Loans. The projects, (eleven – 11 in number as at March 31, 2020), include: Nigerian Railway Modernization Project (Idu-Kaduna section), Abuja Light Rail Project, Nigerian Four Airport Terminals Expansion Project (Abuja, Kano, Lagos and Port Harcourt), Nigerian Railway Modernization Project (Lagos-Ibadan section) and Rehabilitation and Upgrading of Abuja – Keffi- Makurdi Road Project. See a Full List of the Projects at www.dmo.gov.ng.

"The impact of these Loans is not only evident but visible. For instance, the Idu – Kaduna Rail Line has become a major source of transportation between Abuja and Kaduna. Also, the new International Airport in Abuja, has improved air transportation for the populace, while the Lagos – Ibadan rail line when completed, will ease traffic on the busy Lagos -Ibadan Expressway. "The projects also have the added benefits of job creation, not only by themselves but through direct and indirect service providers, a number of which are Small and Medium Enterprises. It is widely accepted that investment in infrastructure is one of the most effective tools for countries to achieve economic growth and development. Using Loans from China to finance infrastructure is thus in alignment with this position.

What Is the Process by which the Loans were Obtained?

"The principal process and requirements for borrowing by the Government are expressly stated in the Debt Management Office Establishment (ETC) Act, 2003 (DMO Act) and the Fiscal Responsibility Act, 2007. Section 21 (1) of the DMO Act, “No External loan shall be approved or obtained by the Minister unless its terms and conditions shall have been laid before the National Assembly and approved by its resolution” and Section 41 (1a) of the FRA, “Government at all tiers shall only borrow for capital expenditure and human development, provided that, such borrowing shall be on concessional terms with low interest rate and with a reasonable long amortization period subject to the approval of the appropriate legislative body where necessary”, are instructive in this regard"

MAJOR BILATERAL TRADING PARTNERS.

China and Nigeria have been major bilateral trading partners in recent times. While primary products dominate Nigeria's trade with China, China's in 2022, exported $21.4B to Nigeria. The main products that China exported to Nigeria were Non-Knit Women's Suits ($792M), Rubber Foot wears etc.

With just a meager nine percent overall fertile land, China's formidability exemplified in her agricultural and food policies has afforded her the capacity to feed her population and to export. But Nigeria with vast arable lands had woefully failed to invest heavily in AGRICULTURE!

As at the last quarter of 2024, the benefits of Nigeria's connection with China had finally become very visible in Lagos, Onitsha, Aba, Kano, and nearly any Nigerian market, one may find Chinese Markets, Restaurants, Schools,etc. Over the past five years the exports of China to Nigeria have increased at an annualized rate of 11.9%, from $12.2B in 2017 to $21.4B in 2022. In 2022, China did not export any services to Nigeria. Nigeria-China Trade: In 2022, Nigeria exported $1.52B to China.

In the month of March 2024, Nigeria owed China $5.05 billion in bilateral debt and Nigeria's external debt reached $42.9 billion in June 2024.

TO BREACH THE TRADE IMBALANCE BETWEEN THE TWO COUNTRIES CRITICAL INFRASTRUCTURES SHOULD TAKE THE FRONT BURNER AND NIGERIA MUST JOIN BRICS!

Special credits must be given to human rights lawyer and activist Chief Femi Falana (SAN). who took up the challenge following several delays of implementing the swap deal and insisted that Nigeria should take advantage of also joining BRICS comprising of Brazil, Russia, India, China, and South Africa who had all agreed to trade with their Nations currencies for greater gains and to minimize extravagant cost of goods and services to the economic advantage of their citizens. The swap was also designed to improve the spread, convenience and volume of transactions between the two countries and to their advantages. But as usual the meddlesome global interlopers the International Monetary Fund (IMF), and the World Bank (WB), which had colluded with the Central Bank of Nigeria (CBN), tried to frustrate the currency swap! We will continue to monitor the recent development of this swap deal between Nigeria and china closely but we know that except this government of President B ola Tinubu yields to the wishes of the generality of the Citizens to begin the implementation of a new CONSTITUTION FOR A ONE HOUSE UNILATERAL PARLIAMENTARY CONSTITUTION FOR NIGERIA that will eliminate wastages and opulence in government, the positive results of the swap will be infinitesimal!

Tinubu has only one choice - to obey the demand of the Citizens of Nigeria who have the SOVEREIGNTY!

 [EXPECT A PRIME MINISTER IN NIGERIA NOW!]

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to: facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace, and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.

BILLIONAIRE TINUBU MUST STOP RECOVERED DEZIANI LOOTS FROM BEING RE- LOOTED!

   ZION B-BC

 NEWSLETTER.   

 

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 14. NO 586. 12th January 2024} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

BILLIONAIRE TINUBU MUST STOP RECOVERED DEZIANI LOOTS FROM BEING RE- LOOTED!

There was a ceremonial leader of the  All Progressives Congress (APC), Government from 2015 to 2023. His name is Alhaji Bola Ahmed Tinubu who now happens to be the current President of the Federal Republic of Nigeria.

HIS WIFE SENATOR REMI TINUBU SAYS THEY ARE NOT IN GOVERNMENT TO MAKE MONEY BECAUSE THEY ARE BILLIONAIRES IN HARD CURRENCIES!

Alhaji Tinubu shocked Nigerians to the marrow when in 2022 he claimed that it was his turn to govern Nigeria. It sounded initially like a joke but turned out to be a calculated strategy by the "Chicago Accountant" who had a secret succession agreement with his predecessor whom he BANK - ROLLED IN 2015 TO WIN THE PRESIDENTIAL ELECTION!

Like Father, like Son! President Bola Tinubu

on assumption of office in May 2023  promised to continue the corrupt legacy bequeathed to him by Papa Buhari who looked the other way while RECOVERED LOOTS WERE RE-LOOTED BY HIS CRONIES!

During Major General Buhari's tenure in the year 2022 the Recovered Abacha Loots totaling a sum of USD$3.65 billion dollars in 24 years was recklessly diverted through PRESIDENTIAL FIAT WITHOUT DUE FINANCIAL DISBURSEMENT PROCESS TO BE EXPENDED ON UNSPECIFIED "RURAL DEVELOPMENT"

AND THE MONEY WAS RE-LOOTED INTO PRIVATE POCKETS!

The total amount of looted funds recovered from late Head of State, General Sani Abacha are as follows:

1) In 1998, a total of $750 million was recovered from the late Head of State’s family;

2) In year 2000, $64 million was recovered from Switzerland; 

3) In 2002 – $1.2 billion was recovered from the Abacha family;

4) I n 2003, $160 million and $88 million were recovered from Jersey and Switzerland respectively, and; 

5) I n 2005 another $461.3 million was returned back to the country from Switzerland.

6) Also, in 2006, Nigeria was also fortunate to have received another $44.1 million from Switzerland; 

7) In 2014 – $227 million was recovered from Liechtenstein; 

8) I n 2018 another $322 million from Switzerland;

9) In 2020 a total of $311.7 million was repatriated from the USA and 

10) Inclusive also was an agreement signed for another $23 million to be sent from the United States of America!

The Federal Government of Nigeria and the United States of America eventually signed an agreement for the repatriation of $23 million, being assets looted by late Head of State, General Sani Abacha.

In his remark at the signing in Abuja, the then Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, said that since the year 2016, his Ministry, the United Kingdom National Crime Agency (UK NCA), and United States Department of Justice (USDOJ) had worked closely with the legal representatives of the Federal Government to finalize litigations related to the Abacha linked assets.

But to date there is no accountability from any source to establish the judicious expenditures of the recovered sums!

THE SAME SCENARIO IS PLAYING OUT NOW IN THE TINUBU'S ADMINISTRATION!

A former Minister for Petroleum Resources Mrs.Deziani Allison-Madueke, under President Goodluck Jonathan's PDP Administration who escaped to the United Kingdom to avoid prosecution on multiple accusations of massive corruption in the Oil Sector under her purview between 2010-2015, will forfeit a sum of $50m in alleged stolen funds to Nigeria, courtesy of the United States Government!  Although Deziani Alison-Madueke denied all corruption allegations since leaving office, close to $53m (£43m) in alleged illicit funds were recovered from her accounts!

Like the brokered agreement between the United States Government and Nigeria, in respect of Abacha Loots during Buhari's Tenure, THE DEZIANI LOOTS among other disbursements, will also be used to fund PUBLIC SERVICES, according to the Minister of Justice, Lateef Fagbemi. 

The money is being sent back to Nigeria from the US, whose authorities allege that Alison-Madueke enriched herself, and others, while leading Nigeria's State oil firm by awarding contracts in exchange for bribes.

According to various media reports,

the US Government also alleged that part of the looted money was used to purchase ONE 65-METRE SUPER YACHT CALLED THE GALACTICA STAR plus multiple luxury properties in California and New York!

Her alleged ill-gotten gains are also under scrutiny in the UK, where two years ago she was charged with bribery offences including gifts of Louis Vuitton luxury goods, payment of private school fees, and at least $127,000 in cash!

A key figure in the administration of former President Goodluck Jonathan, she also served as the first female President of the O il E xporters Group. (OPEC).

Her time as Nigeria's Minister of Petroleum Resources began in 2010 and ended in 2015. She previously served as Minister of Transport, Solid Minerals and Steel Development.

The US Department of Justice announced in 2023 the final resolution of two civil cases on the forfeiture of assets that were reportedly laundered in and through the US by Alison-Madueke and her associates. The US and Nigeria confirmed that the sum of $52.88m would be repatriated to the West African nation. This will be the first repatriation to Nigeria of assets outside the West African country linked to Alison-Madueke, according to Reuters News A agency reports. Speaking at the formal signing ceremony in the Nigerian capital, Abuja, Attorney-General and Minister of Justice, Lateef Fagbemi, said the return of the funds marks a significant step in the ongoing efforts to combat corruption. Fagbemi said $50m of the money will go through the World Bank to support rural electrification projects, and THE REMAINING $2.88m WOULD BE DIRECTED TO THE INTERNATIONAL INSTITUTE OF JUSTICE TO STRENGTHEN THE JUSTICE SYSTEM AND PROMOTE ANTI-CORRUPTION EFFORTS!

Meanwhile the US Ambassador to Nigeria, Richard Mills, has emphasised the NEED FOR ACCOUNTABILITY AS WELL AS THE CAREFUL MONITORING OF THE RETURNED FUNDS.

"The ministry of justice must guarantee that these funds are used transparently and effectively to improve the lives of Nigerians," he said.

In November 2022, the US government repatriated to Nigeria, $20.6m in assets allegedly stolen by former Nigerian military leader Gen Sani Abacha. Five years ago, Washington transferred $311.8m to the Nigerian government as part of a previous agreement to repatriate assets that traced back to the Abacha regime and yet every facet of the APC Government from 2015 to date depends on BORROWED FUNDS TO FUNCTION!

LOOTERS IN NIGERIA EVADE THE JUSTICE SYSTEM!

During President Buhari's campaign against CORRUPTION, the Federal Government released a list of some of those who have allegedly looted the nation’s treasury as follows:

In a statement issued by the then Minister for Information and Culture, Alhaji Lai Mohammed, claimed as follows:

“The PDP has challenged us to name the looters under their watch. They said they did not loot the treasury. Well, I am sure they know that the treasury was looted dry under their watch. Yet they decided to grandstand. This shows the hollowness of their apology,”

1) PDP Chairman Uche Secondus Allegation: On the 19th of Feb 2015, he took N200 million only from the office of the NSA.

2) Then PDP Financial Secretary Allegation: On the 24th of Oct 2014, he took N600 million only from the office of then NSA.

3) Then National Publicity Secretary Olisah Metuh on trial for allegedly collecting N1.4bn from the office of then NSA.

4) Dr Raymond Dokpesi, Chairman of DAAR Communications On trial for allegedly taking N2.1 billion from the office of then NSA.

5) Former SSA to President Jonathan, Dudafa Waripamo-Owei On trial, over N830 million allegedly kept in accounts of four different companies.

6) Former President Jonathan’s Cousin Robert Azibaola who a Federal High Court ruled had a case to answer for allegedly collecting $40 million from the office of then NSA.

The Minister boasted that the list was just a tip of the iceberg, and not a vendetta as some of them currently have cases in court.

“They are in court and the records are available. Some of the people on this list are seeking to plea bargain, and that is a fact.

“We insist that Nigeria was looted blind under the watch of the PDP and that the starting point in tendering an apology is for them to return the loot,” he said.

TINUBU MUST STOP FRESH LOOTERS FROM BECOMING MEMBERS OF APC'S RENEWED HOPE ADMINISTRATION!

HE MUST URGENTLY CARRY OUT THE DEMANDS OF THE CITIZENS & THE COMPATRIOTS TO COMMISSION THE DRAFTING OF A ONE HOUSE COST-EFFECTIVE PARLIAMENTARY SYSTEM TO USHER A NEW VISTA FOR THE NATION AND PERMANENTLY ERASE THE OPPORTUNITY FOR TREASURY LOOTING!

Alhaji, you must hurry! Time is NOT on your side at all!

 [EXPECT A PRIME MINISTER IN NIGERIA NOW!]

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.

TINUBU HAS BEGUN 2025 WITH PRESIDENTIAL FABLES!

   ZION B-BC

 NEWSLETTER.

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria. {Vol. 14. NO 585. 5th January 2024} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

TINUBU HAS BEGUN 2025 WITH PRESIDENTIAL FABLES!

[2025 SPECIAL EDITION]

The Presidential system of government in Nigeria does not care or give a hoot about the sanctity of human lives especially the downtrodden but the ONE HOUSE PARLIAMENTARY SYSTEM DOES! The Presidential type does not provide dividends of democracy for the masses of the people in this nation called Nigeria but definitely, the Parliamentary system does!

Difference in statistics of death toll between Tinubu and his political class who are stupendously rich and the poor masses can be compared to the distance from the Moon to the Earth! Multiple deaths occur daily through mass transportation on the roads, highways, on the rivers and the seas across Nigeria due to maladministration and corruption by government officials who award Road projects and approve processes for marine transportation to political associates instead of professionals!

Masses travails also include environmental pollution, degradation through oil exploration and exploitation, exposure to gas flaring/gas explosion hazards round the clock!

And whereas the elite class in government dwell in posh apartments drive luxurious exotic vehicles, fly in expensive private and presidential jets travel in sophisticated yachts in grandeur all year round! SUCH CLASS DISTINCTION DOES NOT EXIST IN A PARLIAMENTARY DEMOCRACY WHERE THE PRIME MINISTER SITS IN PARLIAMENT ON WEEKLY BASIS WITH OPPOSITION PARLIAMENTARIANS TO IRON OUT ELECTION PROMISES THROUGH HOT DEBATES AND ARGUMENTS!

The agitation for the change to Parliamentary system of government has not received positive response from consecutive governments from 1999 to date!

Without this change no meaningful development can emerge from Nigeria's economic adventure because it is impossible for anything to be built without a solid foundation."If the foundations be destroyed, what can the righteous do?” is a line from Psalm 11:3 in the Bible. The verse is often interpreted as asking what good people can do when fundamental principles are destroyed.

And as the adage goes ...."you cannot build something on nothing!"

President Bola Tinubu's 2025 Budget Appropriation is all predicated on borrowings! Government will borrow to carry out Capital projects, borrow to pay salaries and allowances for the insensitive politicians who believe that once they can dole out food palliatives to the downtrodden they would keep them quiet? But to their disappointment, events of TWO mass protests within 15 Months of Tinubu's Administration have proved that masses of the people could no longer be hoodwinked! Tinubu's government also borrows to service the humongous debts that has increased to NGN135.6 TRILLION NAIRA! It is no longer in doubt that his administration has no direction!

Inflation is at an all high 34.6% foreign exchange is at NGN 1,700 naira to 1 (One) United States dollar and yet Mr. President hopes TO REDUCE BOTH TO 15% AND NGN1,500 NAIRA RESPECTFULLY! As at June 2024: Nigeria's debt-to-GDP ratio was 55%. This was based on the country's total public debt of N135.6 trillion and a trailing four quarters Gross Domestic Product (GDP), of N246.3 trillion! But the president still promised better economic growth, expanded credit opportunities and youth empowerment in 2025 during the national broadcast on Wednesday January 1! He also announced plans to establish the National Credit Guarantee Company by mid-2025 to improve access to credit.

For how long will these deceits fly?

ANOTHER NATIONAL CONFERENCE ON BORROWED FUNDS FOR YOUTHS?

Previous Administrations hosted National Conferences to PLACATE THE CITIZENS - Tinubu's Government MUST also follow suit even when it made no sense at all!

COULD THIS GESTURE BE A SUBTLE FORM OF PALLIATIVE TO SILENCE FURTHER YOUTH PROTESTS?

'Youth Confab, a national conference with young Nigerians as participants, will take place in the first quarter. The National Values Charter will also be launched in the first quarter to promote patriotism and unity nationwide.

Please find below excerpts of his "padded" 2025 New Year broadcast:

"Fellow Nigerians,

"Though 2024 posed numerous challenges to our citizens and households, I am confident that the New Year will bring brighter days.

"Economic indicators point to a positive and encouraging outlook for our nation. Fuel prices have gradually decreased, and we recorded foreign trade surpluses in three consecutive quarters. Foreign reserves have risen, and the Naira has strengthened against the US dollar, bringing greater stability.

"The stock market’s record growth has generated trillions of naira in wealth, and the surge in foreign investment reflects renewed confidence in our economy. Nevertheless, the cost of food and essential drugs remained a significant concern for many Nigerian households in 2024.

"In 2025, our government is committed to intensifying efforts to lower these costs by boosting food production and promoting local manufacturing of essential drugs and other medical supplies. We are resolute in our ambition to reduce inflation from its current high of 34.6% to 15%. With diligent work and God’s help, we will achieve this goal and provide relief to all our people. - AN IMPOSSIBILITY IN A MONO-PRODUCT- DRIVEN ECONOMY?

"In this new year, my administration will further consolidate and increase access to credit for individuals and critical sectors of the economy to boost national economic output.

"To achieve this, the Federal Government will establish the NATIONAL CREDIT GUARANTEE COMPANY to expand risk-sharing instruments for financial institutions and enterprises.

"The Company — expected to start operations before the end of the second quarter — is a partnership of government institutions, such as the Bank of Industry, Nigerian Consumer Credit Corporation, the Nigerian Sovereign Investment Agency, and Ministry of Finance Incorporated, the private sector, and multilateral institutions.

"This initiative will strengthen the confidence of the financial system, expand credit access, and support under-served groups such as women and youth. It will drive growth, re-industrialization, and better living standards for our people.

"We will continue to embark on necessary reforms to foster sustainable growth and prosperity for our nation.

I seek your cooperation and collaboration at all times as we pursue our goal of;

"A ONE TRILLION DOLLAR ECONOMY"?

CITIZENSHIP

"To achieve our national goals and objectives, we must become better citizens and uncompromising in our devotion and allegiance to Nigeria.

"Citizens’ moral rectitude and faith in our country are fundamental to the success of the Renewed Hope Agenda. In 2025, we will commit to promoting adherence to ethical principles, shared values, and beliefs under the National Identity Project.

"I will unveil the NATIONAL VALUES CHARTER, already approved by the Federal Executive Council, in the first quarter of 2025. I will launch an ambitious national orientation campaign that fosters patriotism and love for our country and inspires citizens to rally together. The Charter will promote mutual commitments between the government and citizens and foster trust and cooperation among our diverse population and between the government and the citizens. "As far-reaching and foundational as our reforms are, they can produce the desired outcomes only through shared common values and identities and unconditional love for our country.

Mr. President will also launch:

A YOUTH CONFAB!

WHICH YOUTHS? GHOSTS OF YOUTH PROTESTERS WHO WERE MURDERED FOR PROTESTING AGAINST #END BAD GOVERNANCE IN AUGUST AND OCTOBER 2024?

"The Youth Confab will begin in the first quarter of 2025, a testament to our commitment to youth inclusiveness and investment as nation-builders. The Ministry of Youth will soon announce the modalities for selecting the conference’s representatives from our diverse, youthful population."

QUESTIONS:

* With which FUNDS will Mr. President achieve his FANTASIES?

Is he depending on TAXES FROM THE FOUR BILLS BEFORE THE NATIONAL ASSEMBLY?

* If he is thinking out of the box as A CHICAGO ACCOUNTANT, he should know that with DEFICIT CRUDE OIL PRODUCTION, that conjecture was impossible!

ARE THERE NO ALTERNATIVES OUTSIDE OF T A X E S?

Of course there are other options:

1. A determined effort to SECURE ALL 774 LGAs to achieve co-ordinate mechanized Agricultural Revolution for increase yields to ensure Food Security.

2. Aggressive mining of solid minerals in abundance in all 36 States and the Federal Capital Territory (FCT).

3. Marine and Blue Economy holds enormous potential to generate abundant resources in local and foreign currencies to increase the National IGR immensely!!

4. Mr.President should open up more PORTS outside of Lagos in the Oil Producing States as hubs for international shipping patronage!

.

Like WE postulated in our publication on the PRESIDENTIAL FOUR BILLS ON TAX REFORMS before the National Assembly, Mr presidents intentions are Germaine and good for the country's economic system BUT NOT TIMELY! We still stand by that opinion!

Mr President MUST put his house in order first and stop playing the Broken Record that justified his removal of Fuel Subsidy, merger of official and bureau de change forex exchange rates and Naira Float - without a solid Production Base!

WITH A ONE-HOUSE PARLIAMENTARY DEMOCRACY IN PLACE - THE DOWNTRODDEN MASSES WILL DEFINITELY HAVE FRESH AIR TO BREATH? He must listen to the voice of reasoning before it is too late!

[EXPECT A PRIME MINISTER IN NIGERIA NOW!]

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to: facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace, and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.

PRESIDENTIAL MEDIA CHAT WITHOUT STEAM!

   ZION B-BC

 NEWSLETTER.   

 

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 13. NO 584. 29th December 2024} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

PRESIDENTIAL MEDIA CHAT WITHOUT STEAM!

Nigerian journalist failed to give Tinubu Hard Knocks when they confronted him alone on 23rd December 2024! Unlike the Chatham House, London interview during his campaign, Tinubu was vulnerable without his surrogates at the Maiden Media Chat to render accountability of 18 months of trial by error administration; yet the SEVEN interviewers failed to pelt him with reality questions that would expose his masquerading in office! None of them could speak TRUTH TO POWER, put him on a HOT SEAT and make all his gibberish nuances vanish!

Did they all forget that they had Constitutional responsibility to Nigerian Citizens and bring government to accountability as entrenched in Chapter 2

Section 22 as follows?

" The press, radio, television and other agencies of the mass media shall at all times be free to uphold the fundamental objectives contained in this Chapter and uphold the responsibility and accountability of the Government to the people."

Do they need to be reminded of Fundamental Objectives and Directive Principles of State Policy as stipulated in Chapter 2 Sections 13 - 14(1)(2)(a-c), as follows that,

13. "It shall be the duty and responsibility of all organs of government, and of all authorities and persons, exercising legislative, executive or judicial powers, to conform to, observe and apply the provisions of this Chapter of this Constitution.

14. That (1) "The Federal Republic of Nigeria shall be a State based on the principles of democracy and social justice.

(2) And, "It is hereby, accordingly, declared that:

(a) "sovereignty belongs to the people of Nigeria from whom government through this Constitution derives all its powers and authority;

(b) That, "the security and welfare of the people shall be the primary purpose of government: and 

(c) That, "the participation by the people in their government shall be ensured in accordance with the provisions of this Constitution?"

TINUBU WAS PRIVY TO ALL QUESTIONS BEFORE HAND! (MONDAY 23RD DECEMBER 2024).

His responses betrayed his confidence and pre-knowledge and was very bold to score his performance index EXCELLENT as follows:

1. In removal of Petroleum Subsidy at his investiture as President on 29th May 2023.

2. Merger of foreign exchange regime of bureau de change and official rates.

3. Floating of the Naira in a volatile climate of highly competitive, international HARD CURRENCIES and;

4. That, for THREE MONTHS, he was able to run fiscal responsibilities without recourse to NNPC's Crude Oil remittances!

HE WAS ALSO QUICK TO BLAME THE ORGANISERS FOR FATAL STAMPEDES THAT MARRED THE EXCITEMENT OF THE CHRISTMAS ATMOSPHERE FOR NEGLIGENCE!

And whereas the BUCK OF THE ROOT CAUSES for the unfortunate human causalities between 17th-20th December 2024 of 67 people (including 35 children in Ibadan, Oyo State); 10 at the Holy Trinity Catholic Church, Maitama District in the Federal Capital Territory (FCT), Abuja, Saturday 19th December 2024 and 22 in Okija, Anambra State same day, consequences of GROCERIES PALLIATIVE DISTRIBUTION, RESTS SQUARELY ON TINUBU'S TABLE because of the ripple effects and fallouts of Nos. 1-3, of the preceding paragraph.

BUT HE PASSED THE BUCK ON THE ORGANIZERS WHEN HE MADE THE FOLLOWING STATEMENTS DURING THE INTERVIEW!

"To me, I see this as a very grave error on the part of the organisers. But things are improving; it doesn't kill our happiness for this season. It shouldn't be. We should just get on with it,” he said.

President Tinubu also said Nigerians are not well organised and lack discipline during the distribution of food items.

 "Are we looking at it from the organisers’ point of view? Or are you looking at it from the goodwill gesture of the people trying to give out whatever they have access to? And it is very sad that people are not well organised. We just have to be more disciplined in our society,” he said. He, however, sympathized with people who lost their children and their loved ones in the stampedes.

“My condolences to those who lost a family member, but it is good to give.

“I have been giving out foodstuffs, commodities, including envelopes at Bourdillon (street) for the last 25 years.

“I have never experienced this kind of incident because we are organised, cultured, disciplined. And if you know you don’t have enough to give, don’t attempt to even give or publicise it,” he said.

President Tinubu also compared the stampedes with the situation at bus-stops where he said passengers would defy long queues to enter vehicles.

“Every society, even in America, they have food banks, they have hungry people. In Britain, they have food banks, they have warehouses, they are organised.

“It is unfortunate, we just have to…. It is a reflection in our bus stops where we don’t even want to be in the queue before we rush into the vehicle. It is very sad, but we will continue to learn from our mistakes,” he added.

TINUBU WANTS TO REDUCE AVERAGE NIGERIANS TO BEGGARS! THE HUNGER AND ANGER IN THE LAND IS AT THE EXTREME!

Is it not on record that in 18 months, TWO NATIONAL PROTESTS - August and October 2024 - #BAD GOVERNANCE PROTESTERS - were brazenly suppressed through the barrels of the guns resulting in over 24 human casualties - including CHILDREN, according to the Amnesty International? AND Mr.Tinubu says that 18 months of glaring maladministration was too short to assess his PERFORMANCE IN OFFICE?

During his Lagos lack-lustre Presidential Chat, he categorically stated that he would NOT PROBE THE NIGERIAN ARMY - which had severally been accused of involvement in CRUDE OIL BUNKERING in the Niger Delta Region and also of CORRUPTION IN THE EXPENDITURE OF ANNUAL HUMONGOUS BUDGET ALLOCATIONS!

WE have warned Tinubu in the past that he should be afraid of the CITIZENS and NOT the SOLDIERS! But his short memory has failed him again! These soldiers ruled Nigeria with their guns for almost 30 years and had to hand over to the Citizens in the end because they have no business in POLITICS! DID MR TINUBU NOT ESCAPE IN FRIGHT TO SELF EXILE DURING THE ABACHA REGIME?

All of his policies that he is bragging about are GLARINGLY NOT WORKING EXCEPT IN HIS CONFUSED IMAGINATION!

AND THIS PRESIDENT IS BELIEVING HE WOULD PULL THROUGH TO 2027 WITHOUT REVERSING HIS FAILED POLICES AND GET RE-ELECTED FOR A SECOND TERM! TUFIAKWA,!!!

THE CITIZENS MUST NOT RELINQUISH THEIR SOVEREIGNTY, NO MATTER THE CHALLENGE,

Vox Populi, vox dei is a Latin phrase that means, "The voice of the people is the voice of God

It is often used to mean that the majority of the people are RIGHT.

BUT THOSE JOURNALISTS WERE LILY=LIVERED.

THE GRAPEVINE SAYS= That many Nigerian journalist are afraid of being arrested, detained. tortured or even killed by executive presidents of Nigeria in power.

The Grapevine also revealed that in the past, some journalist who criticized or confronted government in authority with the TRUTH, just disappeared are not found till date.

 It was also revealed that an ex=military president olusegun Obasanjo threatened many journalist during his tenure. The question is how many citizens will a president of Nigeria kill for speaking the truth or publishing the truth, and get away with such atrocity 

THEY WILL BE BROUGHT TO JUSTICE BECAUSE POWER IS TRANSIENT.

Presidential system in a developing country such as Nigeria is an aberration.

While citizens pay multiple taxes, Tinubu and his Ministers, Legislators live in opulence. In 18 months they have purchased luxurious foreign vehicles aircrafts and yacht's etc, running into some trillions which should have been.   Invested in Agriculture, massive production in iron and steel, automobiles, manufacturing through local industries etc.

PARLIAMENTARY SYSTEM OF GOVERNMENT IS THE SOLUTION TO ALL MYRIAD PROBLEMS OF THE NIGERIAN NATION.

 Tinubu has no other choice than to back= pedal and listen to The Citizens and the PATRIOTS who have a already given him very salient suggestions and deadlines for accomplishment.

 He has no choice than to comply to the WILL OF THE PEOPLE WHICH IS SACROSANCT..

[EXPECT A PRIME MINISTER IN NIGERIA NOW!]

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.

NIGERIAN 2025 BUDGET ON SANDY FOUNDATION LIKE PREVIOUS ONES![CHRISTMAS EDITION 2024.]

   ZION B-BC

 NEWSLETTER.   

 

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 13. NO 583. 22nd December 2024} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

NIGERIAN 2025 BUDGET ON SANDY FOUNDATION LIKE PREVIOUS ONES!

[CHRISTMAS EDITION 2024.]

No amount of economic permutations or figures and statistics manipulations can salvage debt-ridden budgets from sinking into the abyss of zero implementation!

To get the annual Nigerian Budgets right once and for all, the country must move away from the profligacy terrain of presidential stupor and opt for a prudent one house parliamentary system that will cater for all and sundry and not for just a few political opportunist! Tinubu should be told that this l is not a time for tinkering with some archaic regional system of the First Republic or "solving" national insecurity with introduction of State Police! It is a time to grab the Bull by the Horn through a ONE HOUSE Parliamentary Constitution that will take care of dividends of democracy from the Grassroots to the top through Budgets of surplucity and abundance! Since the experiment of a nascent democracy from 1999 to date, annual budgets had been a ritual of DEFICITS!

NO ONE WALLOWS IN SIN AND EXPECTS THE GRACE OF GOD TO ABOUND!

Whatever a man sows, that he shall reap! How can a developing country as Nigeria continue to implement unrealistic economic goals without a funding base of Credible IGRs but would continuously depend on borrowings from those who became very rich and affluent through the Doctrine of Frugality? The APC administration believes in deceitful Slogans that are PAPER TIGERS! First, it was "CHANGE" which did not gain currency ...... and the jingles turned into HOPE - then, RENEWED HOPE OR HOPELESSNESS? Tinubu is on the wrong lane and direction: therefore, NOTHING GOOD CAN COME OUT OF ANNUAL BUDGETS EXCEPT ADDING AND SUBTRACTING DEBT FROM DEBT!!!!!

An educated study of the 2025 Appropriation Bill of NGN49.7 Trillion naira presented very late to the Joint National Assembly on  Wednesday 18th December 2024 and expected to be passed for Presidential assent on or before the 31st December 2024 to conform with annual budget cycle of January-December - will elucidate all preceding narratives of an unserious administration of Political Jobbers! MR. TINUBU SHOULD HAVE PRESENTED THE 2025 BUDGET APPROPRIATION BETWEEN SEPTEMBER AND EARLY NOVEMBER - BUT HE WAS BUSY GLOBE-TROTTING TO ACQUIRE MORE DEBTS FOR NIGERIA!

PRESIDENT TINUBU HAS TRAVELED OVERSEAS 32 TIMES IN 18 MONTHS AND EVEN SUCCEEDED IN PURCHASING A NEW OFFICIAL AIRCRAFT FOR NGN150 BILLION NAIRA DURING THE PERIOD IN QUESTION!

When a man builds on a SANDY FOUNDATION; he is bound to lose his house in the event of a STORM! This Tinubu's economic agenda was dead on arrival through uncontrollable GAFFES! Like the 2023 impulsive "Fuel Subsidy is gone "! AND the latest during his 2024 presentation of budget appropriation when he addressed the 10th Joint National Assembly as the 11th! And instead of a sober apology, he turned the scenario into a theatre comedy: "You will all be RE-ELECTED"!

What on earth induced intermittent clappings throughout the unsavory presentation in which DEBTS dominated all permutations? Must annual budget presentation be a BAZAAR for legislatures who are notorious for BUDGET PADDING send wrong signals to international investors that Nigeria could not be acclaimed as a veritable Economy destination in Africa? The 21st Century global Economy has not been as volatile as it currently is as the drums of War continuously reverberated unabated in parts of Europe and the Middle East and inflation bites higher across the world!

It should be a time for sober reflection for NATION BUILDERS and not RABBLE ROUSERS of the annual gatherings of political opportunists!

PLEASE REMEMBER THAT THERE IS THE NGN27.5 TRILLION NAIRA 2024 DEFICIT BUDGET PADDED WITH N1.2 TRILLION NAIRA TOTALING N28.7 TRILLION NAIRA AND ITS APPENDIX SUPPLEMENTARY WHICH ARE YET TO BE FULLY IMPLEMENTED!!! BUT Mr. Senate President Godswill Akpabio has announced that the National Assembly has extended the lifespan and operation of the current 2024 Budget by 6 months noting that the 2024 budget has achieved a 50%  performance rate in CAPITAL EXPENDITURE and 48% in RE-CURRENT EXPENDITURES thus far." True or False?

And Mr President said that he was very happy to inform the national assembly that his administration attained remarkable milestones in the implementation of the 2024 Budget.

 He claimed that his administration achieved 14.55 trillion Naira in revenue meeting 75% of estimated target as of the third quarter; 21.60 trillion naira in expenditures, representing 85% of the household 21.60 trillion Naira in expenditure representing 85% of the national target also in the third quarter.

That the 2024 "Budget of Renewed Hope" was described as the highest in the history of Nigeria and NOW the 2025” Budget of Restoration: Securing Peace, Rebuilding Security" Version of NGN49.7 trillion naira yet to be padded version should be described as, "HIGHEST OF THE HIGHEST" DEFICIT (GBESE) BUDGET!

DISSECTION OF TINUBU'S 2025 APPROPRIATION BILL PRESENTED TO THE JOINT NATIONAL ASSEMBLY ON 18TH DECEMBER 2024!!!

* In summary, Mr. President claimed that the 2025 budget would drive inflation from 34.6% to 15%; exchange would be stable at N1, 500 instead of the existing N1, 700 naira per US dollar.

He believes that crude oil production should increase from current 1.800 to 2.06 million barrels per day (moped) to revamp the "socio-economic fabric of our society"

* Of the NGN49.7 trillion naira budget estimate, Dinuba said the country should be able to generate N34.82 trillion as Internal Revenue!

* DEFICIT: N13.39trillion naira or 3.89% of the Gross Domestic Product (GDP).

* BUDGET DEFICIT to be financed through borrowing to achieve government's developmental goals. 

The President thinks the budget was an ambitious proposal but was necessary to "secure the future"!

- And with the above narrative still believes that Inflation rate would reduce from the current 34.6% to 15% in 2025 when DEBT SERVICING would gulp N15.81 trillion naira!!!

* FOREIGN RESERVES -UDD$42BILLION - to provide buffer against external SHOCKS!

* TRADE SURPLUS: NGN5.8 TRILLION NAIRA - positive impact on export growth if ALL QUOTED STATISTICS ARE GENUINE!

CAPITAL EXPENDITURE BREAKDOWN FOR THE MAJOR SECTORS.

Defence and Security: NGN4.91 trillion naira.

Infrastructure: NGN4.06 trillion naira.

Health: NGN2.48 trillion naira.

Education: NGN3.52 trillion naira.

SECURITY TOOK LION ALLOCATION OF NGN4.91TRILLION NAIRA!

The importance of defense cannot be overemphasized. The Military, the Police and the paramilitary forces must be encouraged to protect the nation's borders and defend the territorial integrity. AND President Tinubu promised to provide Nigeria Security Forces with modern equipments and technology to fight terrorism and keep the nation safe and will continue to empower them to defeat insurgency and all threats to national sovereignty whether they be on the highways or in the farmlands so that productivity including businesses in the communities would be secured.

INFRASTRUCTURAL DEVELOPMENT.

On Infrastructural Development President Tinubu said key projects on the Lagos-Calabar highway and Sokoto-Badagry highway already in progress would impact the lives of Nigerians and enhance economic output. The Renewed Hope Infrastructure Development Fund would also improve investments in energy, transport, and public works by leveraging on private capital that would help to complete key projects, drive growth and create job opportunities for Nigerians. EDUCATION which for the first time was allocated the highest budgetary amount of NGN3.52trillion naira for infrastructural development in the 2025 budget would spread the fund to cover the Universal Basic Education (UBEC) and the NINE new higher educational institutions.

AGRICULTURE was always publicized in annual budgets but hardly had any meaningful dividends ever manifested on ground. However it likely that 2025 would produce a turning point because Mr. Tinubu promised to fund the sector and farmers as inducement for higher productivity. He emphasized his administration’s desire to ensure the Food Security Agenda

through new measures that would eliminate the menace of banditry that has beleaguered the sector for too long!

Farmers should now be able to increase productivity through funding and Nigerians will not go to bed hungry any longer!

THE HEALTH SECTOR - Was allocated NGN402 billion naira for infrastructural investments and NGN282.65 billion naira for Basic Health Care Fund according to Tinubu who also promised revitalization of hospitals with good medication and medical resources, that would provide Nigerians with quality healthcare facilities nationwide. He also said that the Universal Health Coverage initiatives would strengthen primary healthcare systems across Nigeria.

TALK IS CHEAP!

Nothing good can come out of annual deficit budgets that cater for the Executive and the Legislature alone and are still PADDED!

TINUBU SHOULD STOP RIGMAROLING!

THE SOLUTION TO THE CURRENT PRESIDENTIAL BUDGET MADNESS IS TO OPT QUICKLY FOR A ONE-HOUSE PARLIAMENTARY SYSTEM OF GOVERNMENT THAT WILL BE GRASSROOT ORIENTED AND WILL SHUN SQUADERMAIA, BRIBERY AND CORRUPTION IN ALL FORMS AND RAMIFICATIONS!

Further delay could be dangerous!

[EXPECT A PRIME MINISTER IN NIGERIA NOW!]

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.

TINUBU'S STUBBORNNESS TO RETAIN INTERIOR MINISTER IS ASSET.

   ZION B-BC

 NEWSLETTER.   

 

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 13. NO 582. 15th December 2024} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

TINUBU'S STUBBORNNESS TO RETAIN INTERIOR MINISTER IS ASSET.

Not everything about President Bola Tinubu is negative after all!

(1) Although he was advised by Professor Itse Sagay, Senior Advocate of Nigeria (SAN) and Chairman, Presidential Advisory Committee Against Corruption (PACAC) to his predecessor in office in 2023 to suspend removal of petrol subsidy to no avail and Citizens still suffer the consequences!

(2) And also early 2024, he was advised to sack some delinquent Cabinet Ministers - he suspended some and retained one very controversial persona from the private sector and his stubbornness paid off!

(3)  In spite of the hue, cry and public outrage, he stood his ground and as at now, this character is the shining star in Tinubu's Administration! His innocence was proven beyond reasonable doubt!

(4) It is no longer in contention that effective security architecture is the backbone to socio-economic progress which the Ministry of Interior must play a major role!

We affirm that Hon Tunji-Ojo, is a ministerial round peg in a round hole in view of his sound intelligence and understanding of the dynamics of and technology in advancing effective security! Although an allegation was made against him that his Private Company partook in a scandalous contract at the Ministry of Humanitarian Affairs and Poverty Alleviation and collected a whooping sum of NGN438.1million naira which was classified as abuse of office, he was investigated but not sacked as demanded from many quarters!

An Opposition Party Chieftain claimed he had gathered evidence that a company owned by Minister Tunji Ojo, New Planet Project Limited, was paid a total of N438.1 million by the Ministry of Humanitarian Affairs and Poverty Alleviation under the leadership of Dr. Betta Edu, for consultancy services. This payment was part of the N3 billion awarded to several consultants for the National Social Register contract, which was intended for cash transfers and social investment programs.

He was cleared through confirmation that the Minister formally resigned ownership of the said Company in 2019 when he won election into the House of Representatives .

A critical assessment of the controversy which surrounded accusations of corruption against him early 2024, could have derailed his determination to make a difference!

BUT he remained focused with his management team to pursue:

1) FAST ELECTRONIC PASSPORT TO FRUITION;

2)  E-GATES - (a one-stop security electronic check of inward air travelers at the Lagos and Abuja International Airports.

3) Establishment of Social Security and Insurance to Nigerian Citizens which according to him was dear to the heart of the President!

MEDIA REPORTS ON SOME OF THE POSITIVE ACTIVITIES IN THE INTERIOR MINISTRY:

SOCIAL SECURITY OF NIGERIANS IS DEAR TO PRESIDENT TINUBU- DR. TUNJI-OJO

The Minister of Interior, Dr. Olubunmi Tunji-Ojo has reiterated the Federal Government's dedication to providing social security and insurance to Nigerian citizens.

He said social security is very important and it is at the heart of the government of President Bola Ahmed Tinubu's policy trust.

The Minister who made the remarks while receiving the Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Mr. Faleye Oluwaseun Mayomi in the Minister's Office in Abuja, emphasized that social security is a critical aspect of governance, serving as a bridge between the vulnerable and the strong.

The Minister commended the Management of the NSITF for its efforts in promoting social insurance and providing compensation to employees.

He acknowledged that the mandate of NSITF is wide-ranging and encouraged the agency to continue its good work. Dr. Tunji-Ojo, urged NSITF to be creative and innovative in its approach, emphasizing the need to win the confidence of the people.

He also encouraged the NSITF to explore innovative strategies to incorporate the non-formal sector workers to the formal framework taking cue from the successful model of the National Pension Commission

Reaffirming the government's commitment to social security and insurance, the Minister stressed the importance of protecting Nigerian citizens.

As the government continues to work towards creating a more equitable society, NSITF's role in providing compensation and support to employees will remain crucial.

Earlier in his address, the Managing Director of the National Social Insurance Trust Fund (NSITF), Mr.Faleye Oluwaseun Mayomi, who led a delegation to the Ministry of Interior advocated for enhanced compliance with the Employees Compensation Scheme.

He said the scheme, as mandated by law, provides compensation to employees who suffer work-related accidents or injuries.

The Managing Director emphasized the importance of advocating for the benefits of the social safety net for Nigerian workers, citing the strategic importance of the Ministry of Interior and its agencies.

He added "NSITF is responsible for managing and paying compensation and claims related to employee work-related accidents, including death benefits and medical refunds". The Managing Director noted that the visit was aimed at addressing compliance barriers between the NSITF and relevant agencies, as well as driving strategic initiatives that benefit employees and the workforce.

Mr Mayomi said that the NSITF looks forward to collaborating with the Ministry and its agencies to promote the benefits of the Employees Compensation Scheme and enhance compliance. (Press Release.)

MINISTER OF INTERIOR INSPECTS E-VERIFICATION GATES FOR ENHANCED SECURITY, TRAVEL EXPERIENCE

As part of a comprehensive strategy to bolster internal security and streamline the arrival experience for Nigerians entering the country, the Minister of Interior, Hon. Dr. Olubunmi Tunji-Ojo, on Monday 19th February 2024, led a delegation from the Ministry to inspect the ongoing installation of E-verification gates at the Nnamdi Azikiwe International Airport in Abuja.

These state-of-the-art E-verification gates are a major component of the E-Immigration project, aimed at modernizing and optimising immigration processes across Nigeria's airports.

Notably, four out of the planned 10 gates have already been installed at the Abuja airport. It is expected that the remaining six gates will be operational before the end of the month.

Expressing satisfaction with the progress made thus far, Dr. Tunji-Ojo emphasized the crucial role of these E-verification gates in reducing waiting times for arriving passengers.

“With an impressive clearance time of just 30 seconds per individual, the gates are set to establish a new standard for efficiency in airport processing, comparable to global benchmarks,” the Minister said.

He further stressed the transformative impact of this investment, noting that it will significantly enhance national security by providing an additional layer of scrutiny for inbound travelers.

“Through advanced biometric scanning and automated flagging systems, the gates will swiftly identify individuals of interest or those on watchlists, bolstering the efforts of the Nigeria Immigration Service (NIS) to safeguard the nation's borders,” he said.

During the inspection, Dr. Tunji-Ojo also assessed the progress of construction and installation work at the Command-and-Control Centre and border control data center, both housed within the NIS headquarters.

He commended the NIS for exceeding 70 per cent completion on these critical infrastructure projects, affirming the agency's commitment to adopting cutting-edge technology for operational efficiency and security enhancement.

The project aims to deliver a total of 40 E-verification gates across multiple airports by the end of the first quarter. These installations will include 10 gates in Abuja, 17 in Lagos, five in Kano, and four each in Enugu and Port-Harcourt.

With these transformative initiatives, Nigeria is poised to enhance border security, streamline immigration processes, and provide travelers with a safer, more efficient travel experience.

“Nigerians will soon be able to sleep with their two eyes closed, knowing fully well that their borders are well protected, and the Nigerian state is secured, Dr.Tunji-Ojo assured. (Press Release)

The Minister disclosed in a recent Television Interview that : NO KOBO WAS INVESTED BY THE FEDERAL GOVERNMENT - IT WAS A PURELY PRIVATE PARTNERSHIP INITIATIVE!

Maybe Tinubu would re-gig his cabinet again and remove all the Lagos analogue aides and substitute them for ICT EGG HEADS AND CEREBRALS TO SUPPORT HIM PREPARE MODALITIES FOR THE UNICAMERAL PARLIAMENTARY SYSTEM OF GOVERNMENT THROUGH REFERENDUM AS DEMANDED BY THE CITIZENS AND THE PATRIOTS!

It's not too late to pursue the right tracks!

[EXPECT A PRIME MINISTER IN NIGERIA NOW!]

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.

ALPHA BETA WILL NOT COLLECT THE 2024 FEDERAL GOVERNMENT REFORM BILL TAXES!

   ZION B-BC

 NEWSLETTER.   

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 13. NO 581. 8th December 2024} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

ALPHA BETA WILL NOT COLLECT THE 2024 FEDERAL GOVERNMENT REFORM BILL TAXES!

 

Alpha Beta Consulting will not be contracted to collect taxes on behalf of the Federal Government of Nigeria when the 2024 REFORM BILL is finally approved and comes into operation! The Federal Inland Revenue Services (FIRS), will be sole agents!

This clarification was made by Mr.Taiwo Oyedele, Chairman of the Presidential Policy on Tax Reforms, who represented the Federal Government at a VILLAGE SQUARE MEETING organized by CHANNELS TELEVISION to deliberate on the FOUR Executive Bills before the National Assembly for debate on the unification of multiple taxes that have bedeviled Nigeria's economy for decades!

 

THIS PRIVATE COMPANY, BELIEVED TO BE OWNED BY PRESIDENT BOLA AHMED TINUBU, was the sole collector of all State Taxes throughout his eight-year tenure as Lagos State Governor and until this present time - 16 years after his departure on agreed payment of commission by consecutive Lagos State Governments!

AND PRESIDENT BOLA TINUBU HAD FOUND IT VERY DIFFICULT TO DENY SOLE OWNERSHIP OF ALPHA BETA CONSULTING WHEN CONFRONTED BY PDP CHIEFTAIN -BODE GEORGE BEFORE THE 2023 PRESIDENTIAL ELECTION!

 

Please read the following story by the PUNCH NEWSPAPER of court deposition by a former Managing Director of the firm who was short-changed!

 

N20BN: TINUBU - ALPHA BETA EX-MD DISCUSS OUT-OF-COURT SETTLEMENT.

19th January 2022. By Eniola Akinkuotu

 

A former Managing Director of Alpha Beta Consulting, Dapo Apara, the All Progressives Congress leader, Bola Tinubu; and the current Managing Director of the company, Akin Doherty, have begun discussions on a possible out-of-court settlement following allegations that Tinubu ordered the transfer of over N20bn from Alpha Beta to some private business accounts.

The lawyer to the plaintiff, Mr Ebun-Olu Adegboruwa (SAN), said this before the High Court of Lagos State sitting at the Tafawa Balewa Square on Tuesday.

During the proceedings, Adegboruwa informed the court that the order made on November 2, 2021, for substituted service of all court processes on Tinubu had been complied with by the court bailiff.

Adegboruwa stated that the bailiff served Tinubu on November 24, 2021, at his No. 26 Bourdillon Road, Ikoyi, address through the courier service of DHL, adding that an affidavit of service had been filed by the bailiff to confirm this position.

The senior advocate then urged the court to grant more time for the parties to consolidate on their settlement talks........Justice Aishat Opesanwo subsequently adjourned the case till March 24, 2022.

 

In the suit filed by Adegboruwa on behalf of Apara, the former MD said Tinubu controls Alpha Beta, a tax consulting firm that has exclusive rights to monitor and generate revenue on behalf of the Lagos State Government.

Apara, who had in 2018 written a petition to the Economic and Financial Crimes Commission accusing Alpha Beta of N100bn tax fraud, asked the court to compel the firm to pay him his entitlements even as he alleged that Tinubu was the one that got him removed from his position for investigating the firm’s finances

 

IN THE ZION B-BC NEWSLETTER PUBLICATION -VOLUME 8 NO 321 OF 6TH, OCTOBER 2019 - TITLED "TAX, TAX AND MORE TAXES: MUST GOVERNMENT RIDE  A WILLING HORSE TO DEATH?"  WE HAD CRITICIZED THE PUNITIVE MULTIPLE TAX SYSTEM! BUT ALL FELL TO  DEAF EARS!

 

SUMMARY OF THE 2024 TAX REFORM BILLS FORWARDED TO THE NATIONAL ASSEMBLY BY MR. PRESIDENT AND WHICH HAS PASSED THROUGH SECOND READING IN THE SENATE!

 

The quadruple Tax Reform Bills comprise the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024.

Although the Bills are quite instructive to grow an ailing and mismanaged economy as Nigeria 's, it NOT EXPEDIENT TO RUSH  THEM INTO LAW when CITIZENS  find it difficult to recover from previous policy somersaults of the ,18 months of the CHICAGO CERTIFIED ACCOUNTANT! Various reports of the National Bureau of Statistics (the only credible agency of government) repeatedly highlighted the Citizens' pulse in the consistent inflation of goods and services at 33.8%, the abnormal and unprecedented foreign exchange rate of NGN1, 700 naira to USD1dollar.due to dual exchange merger and Currency Floating of an unproductive and abysmal economy!

Also prominent was the multi-dimensional poverty index, tax revenue to gross domestic product, GDP, which dropped to 9.4% in 2023, and the debt-revenue ratio at  97%!

 

IMPORTANT POINTS WORTHY OF NOTE IN THE NIGERIA TAX BILLS 2024.

 

* Section 24(a)(b)(c)(d)(e)&(f) of the  Constitution of the Federal Republic of Nigeria are very explicit on the Citizens 'Duties to pay appropriate TAXES and also backs government to collect same as at when due; but have the later discharged IT'S FISCAL RESPONSIBILITY FAITHFULLY AND JUDICIOUSLY IN THE PAST? NO!

* However, the current bills according to Anchor Man Mr.Taiwo Oyedele, Chairman of the Presidential Policy on Fiscal and Tax Reforms.

will address all issues in respect of MULTIPLE TAXATION in favor of the Citizens - especially the DISTRIBUTION FORMULA ADOPTED IN THE CONTROVERSIAL VALUE ADDED TAX (VAT), which the Northern States and their Governors have kicked against, because they believe that the South was more favored!

 

THE VAT DISTRIBUTION FORMULA.

 

Due to co-ordinated resistance to the new Bills, the President on 3rd October 2024   requested the National Assembly to consider and pass the tax reform bills in spite of the protests!

In the proposed tax bills, VAT revenue-sharing formula suggested is 10 percent to the federal government, 55 percent to the state, and 35 percent to the local governments.

However, the current VAT revenue-sharing formula shows that the federal government takes 15 percent, states get 50 percent and 35 percent goes to the local governments.

 

BUT THE ‘CONSTITUTION GRANTS RMAFC SOLE AUTHORITY TO DETERMINE VAT FORMULA’

 

* Currently, the Pay As You Earn (PAYE) system which empowers employers to deduct specified taxes at source of payment and remit same to government coffers WILL NOW GIVE WAY to the following order in the new arrangement in the new tax reform bills!

 

BUT FOR THE RECORDS - THE CURRENT PAYE SYSTEM IS AS FOLLOWS:

 

1. Tax exempt for annual salary earners of LESS THAN N300, 000 naira.

2. Those who earn N300, 000 pay tax of N21, 000 naira which amounts to 7% of their take home pay.

3. Salary earners within the range of N300, 000 to N600, 000, pay a total N54, 000 naira which amount to 18% deduction.

5. Incomes within N600, 000 and N1.1 million, pay a total of N129, 000 naira.

6. Workers who earn between N1.1 million naira and N2.7 million naira are paying a total of N465, 000.

7. Those in category of more than N3.2 million annually pay N465,000 naira on the N3.2 million naira and 24% of any amount above it.

 

 TAXES OF THE NEW ORDER - IF IT GOES THROUGH WILL BE AS FOLLOWS.

 

1. Annual salary of N800, 000 naira is tax exempt.

2. Earnings between N800, 000 and N3 million naira will attract 15% tax deduction on only N2.2 million.

3. Salary earners of between N12 - 25 million naira will pay a total tax of N4, 680,000 naira.

 

4. Workers who earn between N25 - 50 million naira annually will pay N10, 430,000 naira as tax deductions.

5. Those who earn above N50 million will pay the same tax on N50 million as stated in No.4 and 25% on the excess.

 

COMMENTS:

 

THE TIMING OF THE TAX REFORM BILL 2024 JUST AS PREVIOUS DINUBA’S SPONTANEOUS - REMOVAL OF SUBSIDY, ETC. IS VERY UNREASONABLE!

The Panacea to the current economic crisis is for President Tinubu to REVERSE himself -jettison WORLD BANK AND IMF'S UNWORKABLE AUSTERITY MEASURES THAT HAVE COMPOUNDED ALL WORKABLE ECONOMIC INDICES!

Unicameral Parliamentary System will ERASE all past errors, BLOCK all wastages and open DOORS OF PROSPERITY FOR THE DOWNTRODDEN CITIZENS!

There is still hope for Redemption!

 

[EXPECT A PRIME MINISTER IN NIGERIA NOW!]

 

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.