Tinubu Must Not Bow to Corruption Despite Challenges, Says IMPI

• President Bola Ahmed Tinubu has been given his flowers for his performance so far at the helm of the administration
• The Independent Media & Policy Initiative (IMPI) said President Tinubu's economic policies and approach have come with aplomb
• Similarly, the group hailed President Tinubu's fight against corruption, urging him to continue that trajectory

Legit.ng journalist Segun Adeyemi has over 9 years of experience covering political events, civil societies, courts, and metro

FCT, Abuja - The administration of President Bola Ahmed Tinubu has been given a pass mark by the Independent Media & Policy Initiative (IMPI) despite enormous institutional and economic headwinds and domestic challenges it has had to contend with.

The group hailed the flowing pattern of President Tinubu's policies across the various sectors of the economy and the socio-political atmosphere of the country.

Read also

"Prices of things will be higher": Manufacturers warn as naira falls to N1,500/$ in parallel market

Speaking at a press briefing in Abuja on Tuesday, January 30, Chief Niyi Akinsiju, the chairman of the IMPI, revealed that the group had assessed policy initiatives jointly undertaken by the federal government and the Central Bank in overseeing foreign exchange.

He expressed optimism that the collaborative efforts would effectively tackle the supply aspect of forex within the current floating regime, anticipating consequential impacts on the value of the Naira.

In a statement made available to Legit.ng, Akinsiju said:

"Currently, the Nigerian Stock market takes a pride of place as the number one stock exchange globally, principally driven by domestic investors, which as at 2023, accounted for 88.52% of total market value.

"This is a confirmation of the existence of conducive environment for foreign investors to invest across the Nigerian investment ecosystem."

Read also

Emmanuel Ogalla: Group reacts as naval chief is accused of oil theft

Recognising that eliminating the fuel subsidy resulted in an immediate favourable impact on Premium Motor Spirit (PMS) consumption and associated revenue, Chief Akinsiju highlighted that this decision has significantly increased the overall gross revenue deposited into the federation account.

This surge in revenue has led to a substantial rise in the FAAC allocation to the three tiers of government, escalating from N786.161 billion in May 2023 to a noteworthy N1.1 trillion in August.

This positive outcome is attributed to the absence of the Nigerian National Petroleum Corporation Limited (NNPCL), which resorts to its well-known under-recovery practice.

He said:

"And for the first time in the history of FAAC, the Federal Government of Nigeria started cultivating the culture of savings from revenue accruals beginning from the over N700bn that was saved in July last year when the FAAC received the sum of N1.959 trillion.

"This has marked a turning point in Federation accruals and revenue generation with implications for budget performance."

Read also

Good news as Tinubu announces date for inauguration of minimum wage committee

Tinubu urged to make corruption investigation public

The group has called on the President not to succumb to pressure in the Tinubu administration's anti-corruption efforts.

Instead, they emphasise the importance of transparency by urging the public to release investigation reports concerning other government officials currently under scrutiny.

He said:

"However, we take notice of the President's swift response to corruption allegations against a member of his cabinet, Dr. Betta Edu, by suspending and ordering her investigation.

"Without prejudice to the outcome of the ongoing investigation, we urge the President to not bow to pressure, but ensure that the report of that investigation and those of other government officials under investigation be made public in the spirit of transparency."

Tinubu told to sack naval chief amid allegations of crude oil theft, corruption

In another report, an appeal has been made to President Bola Tinubu to consider the dismissal of the Chief of Naval Staff, Vice Admiral Emmanuel Ogalla.

Read also

Lagos to launch new airline to compete with Air Peace, Arik Air, others

The embattled Ogalla is facing a series of accusations ranging from oil bunkering schemes to contract splitting.

These allegations came to light when an online newspaper published an extensive investigative report revealing some of these wrongdoings.

Source: Legit.ng