Tinubu Reiterates Fuel Subsidy Removal Was to Free Up Resources for Critical Investments Elumelu calls for stronger collaboration to bolster banking sector UBA GMD, Alawuba hails Cardoso
Deji Elumoye in Abuja and Nume Ekeghe in Lagos President Bola Tinubu yesterday,
reiterated that though painful in the short term, the removal of fuel subsidy was designed to free up budgetary resources for critical investments in
infrastructure and social services. The President also disclosed that his administration has taken courageous steps to reform Nigeria’s
macroeconomic environment, with a focus on restoring confidence in the nation’s economy. This, he said, the federal govern-
ment was rigorously working to actualise through measures targeted at reducing inflation, stabilising the foreign exchange market and improv-
ing fiscal management. This was as the Chairman of the Continued on page 9
At Mock Accreditation, Yakubu Promises INEC’ll Protect Voters’ Choice in Edo Poll... Page 29 Wednesday 11 September, 2024 Vol 29. No 10745. Price: N400
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Harris, Trump Outline Starkly Different Visions in Tense, High-stakes US Debate Emmanuel Addeh in Abuja Sparring on politics and personality, US Vice President Kamala Harris and ex-President Donald Trump showcased their starkly different visions for the country as they met for the first time last night . It was perhaps their only debate
before November’s presidential election, a high-pressure opportunity for the candidates after a tumultuous campaign summer, Associated Press reported. The matchup offered Americans their most detailed look at a campaign that’s dramatically changed since the last debate in June which forced
President Joe Biden from the race. The Democratic vice president immediately moved to press the case against the former Republican president and his bombastic rhetoric, linking him to the conservative Project 2025 blueprint for a Republican administration and GOP efforts to restrict abortion access.
Trump in turn tried to link Harris to Biden, questioning why she hadn’t acted on her proposed ideas while serving as vice president, and focused his attacks on Harris over her assignment by Biden to deal with the root causes of illegal migration. Continued on page 9
Donald Trump
Kamala Harris
In Unprecedented Feat, Nigeria Raises over $900m in Domestic FGN US Dollar Bond Kayode Tokede
In an unprecedented move aimed at strengthening the economy and advancing financial inclusion, the Federal Government has raised over $900million from its first-ever Domestic Federal Government of Nigeria (FGN) US Dollar Bond issuance. The Debt Management Office (DMO) described the achievement as a pivotal step in Nigeria's economic development. The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in a statement, said the bond issuance saw an impressive over 180% subscription, highlighting the continued confidence of investors in Nigeria’s economic stability and growth prospects. Priced at par and carrying a 9.75% coupon over five years, the bond is the first under the Domestic FGN US Dollar Bond Programme, established pursuant to Presidential Executive Order No. 16 of 2023. The landmark bond issuance attracted a diverse range of
investors, including Nigerians and non-Nigerians residing in the country, Nigerians in the diaspora, as well as qualified institutional investors. It will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, positioning Nigeria as a key player in deepening its capital markets and promoting financial inclusion. According to Edun, proceeds from the bond will be directed towards critical sectors of the economy as approved by President Bola Ahmed Tinubu. The Minister noted that the successful issuance underscores the government’s commitment to diversifying its sources of funding and bolstering economic growth despite current economic challenges. Edun expressed confidence in Nigeria's economic trajectory, describing the bond issuance as extremely successful "The issuance of this inaugural Domestic FGN US Dollar Bond demonstrates that investors, as well as Nigerians, continue to have Continued on page 9
Tinubu Rises to Maiduguri Flood At the Annual WTO Public Forum in Geneva... Disaster, Promises to Assist Dr. Ngozi Okonjo Iweala, CFR, DG World Trade Organisation (WTO) and Aigboje Aig-Imoukhuede, CFR, member, WTO Business State, Orders Evacuation... Page 6 L-R: Advisory Group, Chairman Access Holdings & Coronation Group, during Annual WTO Public Forum in Geneva