Amen Venture

03/08/2024

19/07/2024

Response To My Beloved Senior, Dele Momodu: Nigeria's Economy Is Not Collapsing. Far From It!

Dear Egbon Dele Momodu,

I read your open letter to President Bola Tinubu, in which you said, "Our economy has virtually collapsed", among other things. Respectfully, the facts do not support your assertions, and in your open letter, you did not provide any facts. Only opinions. So, please let me present some facts that contradict your opinions.

Firstly, only yesterday, the International Monetary Fund projected that due to the reforms being undertaken by the current administration, Nigeria will have a 3.1% GDP growth rate in 2024. This is one of the best projections for an African country in 2024, and does not signal an economy that has 'virtually collapsed.'

Secondly, Nigeria had a record high of ₦6.52 trillion trade surplus in the first quarter of 2024. This has never happened before. We routinely had trade deficits in the past. This means that because of the monetary reforms by the current government, Nigeria is now exporting significantly more than it is importing, and the growth is largely in the non-oil sector.

For example, Nigeria is now a net exporter of clement to Europe and a growing exporter of refined petroleum products to Europe and West African states. Ghana, a fellow petroleum exporting country, is largely dependent on LPG from Nigeria. This projects growth, not collapse.

Thirdly, in terms of revenue, all Nigerian states, bar none, have received significantly higher federal allocations since May 29, 2023, than they were receiving under the Buhari regime. Each state now gets at least 45% more federal allocation, with Nasarawa getting almost 100% more and Anambra getting 70% more, whereas their wage bill has not increased.

The above projects economic strength rather than collapse.

Fourthly, according to Financial Derivatives (FDC), with a Return on Investment of 22.90%, Nigeria's Stock Exchange is now the most profitable capital market on Earth, bar none. Please note that. Bar none. The National Bureau of Statistics has also corroborated this. For the first time in our history, the all-share index (ASI) of the Nigerian Stock Exchange crossed the 100,000 mark in 2024.

I would not categorise such growth as collapse, and I am sure investors who smiled to the bank would not either.

Fifthly, capital inflow into Nigeria increased by 66.27% this year. This is probably why Fitch and S&P Global Ratings upgraded Nigeria's economy to a Stable B, and why foreign inflows into the capital market jumped fivefold in the first quarter of 2024 to N93.37 billion from N18.12 billion in the same period last year.

Sixthly, despite clearing the backlog of foreign exchange debts owed to foreign airlines and other foreign investors by the Central Bank of Nigeria, Nigeria's foreign reserve hit a year-to-date high of an estimated $34 billion this year. How can a nation with such a healthy reserve be said to be on the verge of economic collapse?

Finally, the Student Loan promised is now a reality and is being disbursed. That means Nigeria is about to witness a dramatic increase in its human resources, as more youths will have access to education.

Therefore, bearing the above in mind, is it not possible, egbon Dele, that you may have focused too much on assumption and too little on facts to come to your conclusion that Nigeria's economy is collapsing?

Reno Omokri

Gospeller. Deep Thinker. . Ruffler of the Feathers of Obidents. #1 Bestselling author of Facts Versus Fiction: The True Story of the Jonathan Years. Hodophile. Hollywood Magazine Humanitarian of the Year, 2019. Business Insider Influencer of the Year 2022.

29/02/2024

Let go there

20/12/2023

politics

20/12/2023

13/12/2023

Hitherto have ye asked nothing in my name: ask, and ye shall receive, that your joy may be full. John 16:24. Come and meet with a miracle worker. Join us for Amazement Meeting.

02/12/2023

Earlier today before the proceed of the plenary session, President Bola Tinubu had a productive talk with Michael Bloomberg, a Billionaire tycoon, renowned climate activist, and philanthropist, at the World Climate Action Summit in Dubai, United Arab Emirates.

29/11/2023

STATE HOUSE PRESS RELEASE

PRESIDENT TINUBU: SECURITY, JOB CREATION, POVERTY REDUCTION TOP PRIORITIES OF 2024 BUDGET

President Bola Tinubu says Nigeria's national defence and internal security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction, and social security are some of the top priorities of the 2024 Budget of Renewed Hope.

Addressing a joint session of the National Assembly on the 2024 Federal budget proposal on Wednesday in Abuja, President Tinubu said the nation's internal security architecture will be overhauled to enhance law enforcement capabilities with a view to safeguarding lives, property, and investments across the country.

He said the proposed budget prioritizes human capital development, with particular attention given to children, because human capital remains the most critical resource for national development.

"To improve the effectiveness of our budget performance, the government will focus on ensuring value for money, greater transparency, and accountability. In this regard, we will work more closely with development partners and the private sector.

"To address long-standing issues in the education sector, a more sustainable model of funding tertiary education will be implemented, including the Student Loan Scheme scheduled to become operational by January 2024," the President affirmed.

Speaking on the economy, President Tinubu said a stable macro-economic environment is crucial in his administration's bid to catalyze private investment and accelerate economic growth; hence, his government shall continue to implement business and investment friendly measures for sustainable growth.

"We expect the economy to grow by a minimum of 3.76 percent, above the forecasted world average. Inflation is expected to moderate to 21.4 percent in 2024. In preparing the 2024 Budget, our primary objective has been to sustain our robust foundation for sustainable economic development. A critical focus of this budget and the medium-term expenditure framework is Nigeria's commitment to a greener future.

"Emphasizing public-private partnerships, we have strategically made provisions to leverage private capital for big-ticket infrastructure projects in energy, transportation, and other sectors. This marks a critical step towards diversifying our energy mix, enhancing efficiency, and fostering the development of renewable energy sources. By allocating resources to support innovative and environmentally conscious initiatives, we aim to position Nigeria as a regional leader in the global movement towards clean and sustainable energy.

"As we approach the COP28 climate summit, a pivotal moment for global climate action, I have directed relevant government agencies to diligently work towards securing substantial funding commitments that will bolster Nigeria's energy transition. It is imperative that we seize this opportunity to attract international partnerships and investments that align with our national goals. I call upon our representatives to engage proactively to showcase the strides we have made in the quest to create an enabling environment for sustainable energy projects.

"Together, we will strive for Nigeria to emerge from COP28 with tangible commitments, reinforcing our dedication to a future where energy is not only a catalyst for development but also a driver of environmental stewardship," he said.

The President said a conservative oil price benchmark of 77.96 U.S. Dollars per barrel and a daily oil production estimate of 1.78 million barrels per day were adopted after a careful review of global oil market trends, and that a Naira to U.S. Dollar exchange rate of 750 naira per U.S. Dollar was adopted for 2024 as well.

Giving a breakdown of the 2024 Appropriation Bill, the President said: "Accordingly, an aggregate expenditure of 27.5 trillion naira is proposed for the Federal Government in 2024, of which the non-debt recurrent expenditure is 9.92 trillion naira while debt service is projected to be 8.25 trillion naira and capital expenditure is 8.7 trillion naira. Nigeria remains committed to meeting its debt obligations. Projected debt service is 45% of the expected total revenue.

"The budget deficit is projected at 9.18 trillion naira in 2024 or 3.88 percent of GDP. This is lower than the 13.78 trillion naira deficit recorded in 2023, which represented 6.11 percent of GDP. The deficit will be financed by new borrowings totaling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds, and 1.05 trillion naira draw down on multilateral and bilateral loans secured for specific development projects."

President Tinubu said his administration remains committed to broad-based and shared economic prosperity, adding: "We are reviewing social investment programmes to enhance their implementation and effectiveness. In particular, the National Social Safety Net project will be expanded to provide targeted cash transfers to poor and vulnerable households."

He also said efforts will be made to further contain financial leakages through the effective implementation of key public financial management reforms.

The President commended the patriotic resolve of the 10th National Assembly to collaborate with the Executive on the mission to renew the hope of Nigerians and deliver on the promises made to Africa's largest population.

"As you consider the 2024 Budget estimates, we trust that the legislative review process will be conducted with a view to sustaining our desired return to a predictable January-December fiscal year. I have no doubt that you will be guided by the interest of all Nigerians. We must ensure that only projects and programs with equitable benefits are allowed into the 2024 Budget. Additionally, only projects and programs that are in line with the sectoral mandates of MDAs and those which are capable of realizing the vision of our administration should be included in the budget," the President declared.

Chief Ajuri Ngelale

Special Adviser to the President

(Media and Publicity)

November 29, 2023

26/09/2023

*Progressive Movement.*

A small observation:

We have been building networks and linking bridges since 2015 and 2019, but very little or nothing has come out of it. Many of us started this current movement as early as January 2022, proclaiming the interest of our party and the need for Mr. President to contest. Now that we have our president, we are in the process of building a monumental structure that has unique characteristics that will change the dynamics of the political system in the history of our party.

However, we have not been able to celebrate anyone from among us who has received an appointment from our government, and we have not even had the opportunity to submit our details or CV for possible job opportunities or appointments, before you know it we in 2027. It is important for our followers and those whom we will be marketing before the 2027 elections to see us as role models. We have qualified individuals such as Professors, PhDs, Masters, and other professionals amongst us. Some of us don't even have jobs, and some who do work in the private sector are afraid of losing their jobs every day despite little take-home pay and the country is not smiling.

Therefore, I am appealing to our DG and the National Executives to bring up our issues before party leadership for the need for us to be empowered so we can empower our people as we build our grassroots structures.

My submission.

17/08/2023

The Yoruba Omoluabi culture of respect and loyalty has made the Southwest the most politically stable part of Nigeria. Only in the Southwest has a Governor handed over to his loyalist, and that loyalist has remained loyal and respectful to him, and even after sixteen years, they continue their dominance in their states. It is due to their culture of respect.

Look at Anambra. Soludo quarrelled with Willie Obiano less than six months after Obiano made him Governor. And he sacked Obiano's loyalists. The same thing Obiano did to Peter Obi. The same thing Theodore Orji did to Orji Kalu in Abia. The same thing Sullivan Chime did to Chimaroke Nnamani in Enugu. The same thing Rotimi Amaechi did to Peter Odili and Nyesom Wike did to him. And in Edo, Obaseki turned against Oshiomhole.

Outside the Southwest, the only other Southern region where a Governor has showed loyalty to his benefactor was in Delta State, where Emmanuel Uduaghan showed loyalty to James Ibori, even when Ibori was in jail. It may be because Itsekiri culture is almost identical to Yoruba culture.

Even in Northern Nigeria, it is the same. In less than three months, Uba Sani is secretly undermining Nasir El-Rufai. It happened and is still happening in Kano, Sokoto, and all over the North. Except in Borno state.

Look at Ekiti. Fayose is on good terms with the former Governor, Kayode Fayemi, and the present Governor, Biodun Oyebanji. And even the incumbent Governor, Biodun Oyebanji, prostrated flat for Chief Afe Babalola.

General Babangida testified how General Olusegun Obasanjo refused the offer of the December 1983 coup plotters to take over from President Shagari because he would not take power from the man he gave it to. That is why they now settled for Buhari, who was not the ring leader of the coup. Very few cultures could produce a man who could reject power due to his morality, like the Yoruba. And his hat was the second time Obasanjo refused power.

When Murtala rejected the conditions given to him by Joe Garba, who was the man that actually overthrew General Gowon (Murtala was abroad when the coup was carried out), Garba and his mid-level officers then offered the position to Obasanjo, who refused and instead persuaded Murtala to accept their offer.

Learn something from the Omoluabi ability of the Yoruba to stoop to conquer and win through non-violent weapons such as wisdom and patience. Respect and loyalty have given them on a platter of gold what aggressiveness and ego have not achieved for some other ethnicities. If you will not first learn to serve, you cannot effectively command,

"God resists the proud, But gives grace to the humble.”-James 4:6.

Thanks For This Write Up !Reno Omokri

17/06/2023

Tomorrow is another Sunday Service, Join us as we worship our Lord Jesus Christ.