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Tinubu announces injection of N2trn into economy for stabilisation

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President Bola Tinubu on Thursday said his administration seeks to inject N2 trillion into the economy in the next six months.

President Tinubu stated this when he inaugurated his Presidential Economic Coordination Council, PECC, drawn from different sectors of society and the economy.

The President at the inauguration, presented the outcomes of his review of the accelerated stabilization and advancement plan.

Briefing State House correspondents after the inauguration, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, gave a breakdown of the areas to benefit the emergency funding to include Health, Agriculture, Energy/Power and other areas.

According to him, “The President has just inaugurated the Presidential economic Coordination Council and that is a body that is made up of the President’s Economic Management Team, the Legislature, represented by the leaders of the National Assembly; the Senate President and the Speaker of the House of Representatives, as well as very importantly, the sub-nationals, represented by the chairman of the Nigerian Governors Forum, and, of course, the elite of the private sector.

“They were presented with the outcomes of Mr. President’s review of the accelerated stabilization and advancement plan and that was an emergency plan to cover the next six months, which Mr. President had directed that a combination of his own Economic Management Team and the sub nationals, the governor’s level, and the private sector put together for his consideration.

“The song of that very important exercise is that a N2 trillion package involving N350 billion funding for Health and Social Welfare; N500 billion funding for Agriculture and Food Security; N500 billion for the Energy and Power sector and general business support of about N650 billion.

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“In addition to a range of policy measures and tax measures, there is a range of executive orders which Mr. President has signed and which are being gazetted to ease the cost of doing business at this particular time”, he said.

Also speaking, the Chairman of Heir Holding and founder of Elumelu Foundation, Mr. Tony Elumelu said it was time to put food on the table at an affordable price.

Elumelu, who expressed appreciation to the President for appointing him a member of the Council, said that President Tinubu called for an improvement of daily oil production.

He said with the full participation of the private sector in the Tinubu’s government, things would improve for better and more jobs created.

On his part, President of the Dangote Group, Aliko Dangote said that the Council will sit down and advise the government on the kind of policies to implement for the good of the people.

He said that the private sector will invest heavily on the economy in order to create jobs, adding that the economy could be turned around within months.

Recall that President Tinubu announced the constitution of the Council, which he personally chairs, in a statement issued by his Special Adviser on Media and Publicity, Ajuri Ngelale, of March 27, 2024.

Other membership of the PECC are Vice President Kashim Shettima, Vice-Chairman; President of the Nigerian Senate; Chairman, Nigeria Governors’ Forum; Coordinating Minister for the Economy and Minister of Finance; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.

Others include Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.

The PECC, which also comprises 13 key members of the organized private sector, joining for a period not exceeding one year, subject to the President’s directive include Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdulsamad Rabiu, Ms. Amina Maina, Mr. Begun Ajayi-Kadir, Mrs. Funke Okpeke and Dr. Doyin Salami.

Other PECC members from the private sector are Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu and Mr. Rasheed Sarumi.

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Shocking! Vandals excavate, steal 3km of Port Harcourt–Kaduna Pipeline after spending months in South-East forest

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A petroleum product pipeline
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A major national security and economic sabotage has unfolded in Nigeria’s South-East as suspected pipeline vandals have excavated and removed more than three kilometres of a strategic high-pressure petroleum pipeline.

The pipeline transports refined petroleum products from Port Harcourt, Rivers State, to Kaduna in Northern Nigeria.

An investigation revealed that the large-scale vandalisation occurred in remote forests straddling Eha-Amufu in Isi-Uzo Local Government Area of Enugu State and Obeagu Community in Ishielu Local Government Area of Ebonyi State, raising serious questions about security oversight and the protection of critical national infrastructure.

The affected pipeline forms part of Nigeria’s vital petroleum distribution network, conveying petroleum products from the Port Harcourt refinery corridor through several states to northern parts of the country.

During a visit to the scene, SaharaReporters observed extensive excavation trenches stretching across difficult terrain, with evidence suggesting that the operation was carried out over an extended period rather than as a hit-and-run criminal activity.

The scale of the operation indicates a highly organised network involving specialised equipment, logistics support and detailed knowledge of the pipeline route.

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Reaching the vandalised section underscored the remoteness of the operation. It took the media over three hours and twenty minutes to reach the area by motorcycle.

At one point, the journey became impossible by road, forcing our crew and the commercial motorcyclist conveying them to abandon the motorcycle and trek more than two kilometres through a dense forest before arriving at the site.

At the scene, large sections of the pipeline had already been excavated and removed, leaving behind deep trenches and signs of heavy mechanical activity.

Residents of both Eha-Amufu and Obeagu communities alleged that the operation was masterminded by a businessman in Ebonyi State, whose identity could not be ascertained at the time of filing this report.

According to multiple sources familiar with the operation, the suspect allegedly mobilised dozens of workers from Abakaliki area of Ebonyi State and established a makeshift camp inside the forest for weeks or even months, while the excavation progressed.

One source told SaharaReporters: “I don’t know his real name. He came with more than 50 able-bodied men from Izzi. They spent over two months inside the bush excavating the pipeline.”

The source added that after exposing the buried infrastructure, the group deployed specialised cutting equipment to slice the pipes into transportable sections before evacuating them in trucks.

“They dug up the pipeline, cut it into pieces using heavy machinery and loaded the materials onto trucks. They lived in the forest throughout the operation. They evacuated the pipes in the dead of the night with assistance of corrupt elements in the security,” the resident said.

Residents expressed shock that such a large-scale operation could have continued for months without attracting decisive intervention from authorities.

Several sources alleged that multiple security agencies operating in the area were aware of the activities of the criminals. (SaharaReporters)

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My name has been cleared, says Alison-Madueke after London Jury acquits her of corruption charges

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Diezani Allison-Madueke
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Former Minister of Petroleum Resources, Diezani Alison-Madueke, has declared her complete vindication after being acquitted of all charges brought against her by a jury at Southwark Crown Court in London.

In a statement issued on Wednesday through her representative, Bolouere Opukiri, Alison-Madueke said the verdict marked the end of an eleven-year legal battle that had subjected her and her family to intense public scrutiny.

“Today, at Southwark Crown Court, I was acquitted of all charges brought against me,” she said.

Reflecting on the lengthy legal process, the former minister described the period as one of immense hardship and personal suffering.

“For eleven arduous years, this matter has weighed heavily upon me and my family. Today, a decade of unrelenting and unjust vilification, condemnation, and scrutiny has finally concluded,” she stated.

Alison-Madueke expressed gratitude to God, her legal team, family and friends for their support throughout the trial.

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“I give thanks to Almighty God for His faithfulness and for the complete vindication I have received. I am grateful to my legal counsel for their diligence, and to my family and friends for their steadfast support and encouragement throughout this period,” she said.

The former minister said the verdict had brought a sense of relief and closure after years of legal uncertainty.

“I am profoundly relieved. My name has been cleared, and this ordeal has come to an end,” she added.

Despite the acquittal, Alison-Madueke indicated that she intends to speak further about the events of the past decade and outline her future plans.

“This, however, is not the final chapter. In due course, I shall address this difficult period in greater detail and share my intentions for the future. For now, I intend to embrace the freedom that has been unjustly denied me for many years,” she said.

The statement followed her acquittal at Southwark Crown Court, bringing to a close a legal case that had attracted significant public attention over the past eleven years.

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London court acquits Alison-Madueke of all corruption charges

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Ex Petroleum minister, Mrs Diezani Alison-Madueke
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Diezani Alison-Madueke, the former Minister of Petroleum Resources, was on Wednesday acquitted by a London jury of six bribery charges, after ‌a rare corruption trial of a high-profile former energy official.

Alison-Madueke was minister between 2010 and 2015 under then-president Goodluck Jonathan.

She stood trial ​charged with five counts of accepting bribes and a ​charge of conspiracy to commit bribery, which she denied.

Prosecutors ⁠alleged Alison-Madueke, 65, was given “a life of luxury” in London ​from oil and gas industry figures seeking lucrative contracts in Nigeria, ​which has long grappled with mismanagement and corruption.

But the former minister, who was also briefly president of the Organization of the Petroleum Exporting Countries, ​said she never took any bribes and had no real ​influence over awarding of lucrative government contracts.

After a trial at London’s Southwark ‌Crown ⁠Court, Alison-Madueke was acquitted by a jury of all six charges she faced after more than 46 hours of deliberation.

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The not guilty verdicts are a major blow to British authorities, which began their ​investigation into corruption ​allegations against Alison-Madueke ⁠more than a decade ago.

Alison-Madueke stood trial alongside oil industry executive Olatimbo Ayinde, 54, who was ​charged with one count of bribery relating to ​Alison-Madueke ⁠and a separate count of bribery of a foreign public official.

Alison-Madueke’s brother Doye Agama, 69, was charged with conspiracy to commit bribery ⁠with ​his sister relating to payments made to ​Agama’s church.

Both Ayinde and Agama denied the charges against them and were also ​acquitted by the jury. (Reuters)

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