Economy
Full Text of President Tinubu’s Democracy Speech
By Modupe Gbadeyanka
On Monday, President Bola Tinubu had his first nationwide broadcast. It was a speech delivered to commemorate 2023 Democracy Day, a day set aside to mark the June 12, 1993, presidential election, which was believed to have been won by the late MKO Abiola. Still, the then Military President, Mr Ibrahim Babangida, annulled it.
Below is the full text of President Tinubu’s Democracy Day speech.
TEXT OF DEMOCRACY DAY NATIONAL BROADCAST BY PRESIDENT BOLA AHMED TINUBU ON JUNE 12, 2023.
Fellow Nigerians,
- It is exactly three decades today that Nigerians went to the polls to exercise their inalienable right to elect a President of their choice to lead the transition from military dictatorship to a representative government of the people.
- The abortion, by military fiat, of the decisive victory of Chief Moshood Kashimawo Olawale Abiola of the defunct Social Democratic Party (SDP) in the June 12, 1993, presidential election, up to that time, the fairest and freest election in the country’s political evolution, turned out, ironically, to be the seed that germinated into the prolonged struggle that gave birth to the democracy we currently enjoy since 1999.
- In rising to strongly oppose the arbitrary annulment of the will of the majority of Nigerians as expressed in that historic election, the substantial number of our people who participated in the struggle to de-annul the election signified their fierce commitment to enthroning democracy as a form of government that best ennobles the liberty, the dignity of the individual and the integrity as well as the stability of the polity. The fierce opposition to the annulment of the June 12, 1993 presidential election and the unrelenting pro-democracy onslaught it unleashed was the equivalent of the battle against colonial rule by our founding fathers that resulted in the gaining of Nigeria’s independence in 1960.
- Just like the anti-colonial movement, the pro-June 12 vanguard demonstrated, once again, the enduring validity of the 19th century historian, Arnold Toynbee’s eternal postulation, that civilization and societies experience progress as they are forced to respond to challenges posed by the environment. The unjust annulment of a widely acknowledged free and fair election was a challenge that elicited resistance by a resurgent civil society, leading ultimately to the attainment of our ‘second independence’ as exemplified by the return of democratic governance in 1999.
- Fellow compatriots, we celebrate a day that has remained a watershed in our nation’s history, not just today, but for every June 12, for the endless future that our beloved country shall exist and wax stronger and stronger, generations of Nigerians will always remind themselves that the democracy that is steadily growing to become the defining essence of our polity was not gifted to us on a silver platter.
- We can easily recall the sacrifice and martyrdom of Chief MKO Abiola, the custodian of the sacred mandate that was so cruelly annulled. He sacrificed his life in unyielding, patriotic defense of the ideals of democracy as symbolized in his choice, by his fellow countrymen and women, as their duly-elected President. There was an easier choice for him. It was to forgo the justice of his cause and opt for the path of ease and capitulation in the face of the tyranny of power. To his eternal credit and immortal glory, Abiola said no. He demonstrated the time-tested eternal truth that there are certain ideals and principles that are far more valuable than life itself.
- Everyday, on this day, down the ages we will recall the several other heroes of democracy such as Kudirat Abiola, wife of Chief Abiola, who was brutally murdered while in the trenches fighting on the side of the people. We remember Pa Alfred Rewane, one of the heroes of our independence struggle and Major General Shehu Musa Yar’Adua (rtd) who were silenced by the military junta while in pursuit of democracy. They gave their yesterday for the liberty that is ours today.
- The point is that we must never take this democracy for granted. We must forever jealously guard and protect it like a precious jewel. For, a people can never truly appreciate the freedoms and rights democracy guarantees them until they lose it
- We have traversed the dark, thorny path of dictatorship before and those who experienced it can readily testify to the unbridgeable gap between the dignity of freedom and the humiliation and degradation of tyranny. True, rancorous debates, interminable wrangling, ceaseless quarrels, bitter electoral contestations may be perceived by some as unattractive features of democracy. But they also testify to its merit and value.
- This year, we held the seventh in the cycle of elections that have become sacred rituals of our democratic practice in this dispensation since 1999.
- That the polls were intensely contested is in itself positive evidence that democracy is well and alive in our land. It is only natural that even as those who won and experienced victory in the various elections are elated and fulfilled, those who lost are disenchanted and disappointed. But the beauty of democracy is that those who win today can lose tomorrow and those who lose today will have an opportunity to compete and win in the next round of elections.
- Those who cannot endure and accept the pain of defeat in elections do not deserve the joy of victory when it is their turn to triumph. Above all, those who disagree with the outcome of the elections are taking full advantage of the constitutional provisions to seek redress in court and that is one of the reasons why democracy is still the best form of government invented by man.
- For Chief MKO Abiola, the symbol of this day, in whose memory June 12 became a national holiday, democracy is eternal.
- It is about rule of law and vibrant judiciary that can be trusted to deliver justice and strengthen institutions. It has become imperative to state here that the unnecessary illegal orders used to truncate or abridge democracy will no longer be tolerated.
- The recent harmonization of the retirement age for judicial officers is meant to strengthen the rule of law, which is a critical pillar of democracy. The reform has just started.
- The democracy that will yield right dividends to the people who are the shareholders means more than just freedom of choice and right to get people into elective offices. It means social and economic justice for our people. To the winner of June 12, democracy offers the best chance to fight and eliminate poverty. Thirty years ago, he christened his campaign manifesto, ‘Farewell to Poverty’ because he was convinced that there is nothing divine about poverty. It is a man-made problem that can be eliminated with clearly thought out social and economic policies.
- It is for this reason that, in my inauguration address on May 29, I gave effect to the decision taken by my predecessor-in-office to remove the fuel subsidy albatross and free up for collective use the much-needed resources, which had hitherto been pocketed by a few rich. I admit that the decision will impose extra burden on the masses of our people. I feel your pain. This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.
- Painfully, I have asked you, my compatriots, to sacrifice a little more for the survival of our country. For your trust and belief in us, I assure you that your sacrifice shall not be in vain. The government I lead will repay you through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives.
- The democracy MKO Abiola died for is one that promotes the welfare of the people over personal interests of the ruling class and one where the governed can find personal fulfillment and happiness. That is the hope MKO Abiola ignited throughout our country in 1993.
- On this year’s Democracy Day, I enjoin us all to rededicate ourselves to strengthening this form of government of free peoples that has been our guiding light these past 24 years. In particular, those of us who have been privileged to be elected into public offices at various levels in both the executive and legislative arms of government must recommit ourselves to offering selfless service to the people, and delivering concrete democracy dividends in accordance with our electoral promises.
- On my part and that of my administration, I pledge anew our commitment to diligently fulfilling every component of our electoral pact with the people – the ‘Renewed Hope’ agenda.
- We shall be faithful to truth. Faithful to equity. And faithful to justice. We shall exercise our authority and mandate to govern with fairness, respect for the rule of law, and commitment to always uphold the dignity of all our people.
- On this note, I wish us all a happy Democracy Day celebration and pray that the light of liberty shall never be extinguished in our land.
- Thank you all and may God continue to bless the Federal Republic of Nigeria.
Economy
Sell-Offs in Dangote Cement, Others Plunge NGX Further by 1.47%
By Dipo Olowookere
Sustained profit-taking in high-cap stock like Dangote Cement deepened the woes of the Nigerian Exchange (NGX) Limited on Wednesday.
The domestic equity market lost 1.47 per cent at midweek as the National Bureau of Statistics (NBS) revealed that inflation in Nigeria was further elevated in December 2024 by 34.80 per cent, prompting investors to maintain their selling pressure stance.
Data showed that the industrial goods index depreciated by 4.70 per cent at the close of business as the insurance sector slumped by 3.47 per cent.
However, the consumer goods space improved by 0.99 per cent, the energy counter appreciated by 0.15 per cent, and the banking industry gained 0.02 per cent.
When the closing gong was struck by 2:30 pm to signal the close of trading activities yesterday, the All-Share Index (ASI) was down by 1,529.59 points to 102,095.95 points from 103,625.54 points and the market capitalisation went down by N933 billion to N62.257 trillion from N63.190 trillion.
Like the preceding trading day, investor sentiment was weak at midweek after Customs Street ended with 28 price gainers and 39 price losers, implying a negative market breadth index.
Universal Insurance and Dangote Cement were the biggest price losers as they shed 10.00 per cent each to close at 63 Kobo, and N387.90, respectively, as John Holt declined by 9.99 per cent to N8.47, Transcorp Power lost 9.97 per cent to close at N324.00, and Omatek tumbled by 9.89 per cent to 82 Kobo.
Conversely, Dangote Sugar, NASCON, and Sunu Assurances chalked up 10.00 per cent each to sell for N36.85, N38.50, and N6.71, respectively, as SAHCO rose by 9.95 per cent to N33.15, and Austin Laz grew by 9.94 per cent to N1.99.
Business Post reports that investors bought and sold 435.5 million equities valued at N9.4 billion in 12,098 deals during the session versus the 503.3 million equities worth N12.6 billion traded in 12,900 deals on Tuesday, indicating a decline in the trading volume, value, and number of deals by 13.47 per cent, 25.40 per cent and 6.22 per cent apiece.
Universal Insurance topped the activity log with the sale of 70.3 million shares for N46.4 million, AIICO Insurance traded 39.7 million equities valued at N67.5 million, Access Holdings exchanged 16.8 million stocks worth N414.0 million, Livestock Feeds transacted 16.8 million shares valued at N106.8 million, and Nigerian Breweries traded 16.2 million equities worth N518.2 million.
Economy
Bitcoin Trading Surges Ahead of Inauguration as Open Interest Hits $237m
By Aduragbemi Omiyale
As the world, particularly the United States prepare for the second coming of Mr Donald Trump to the White House next Monday, there have been significant interest in the cryptocurrency market.
Mr Trump, who was the President of the US from 2017 to 2021, won the 2024 presidential election by defeating the current Vice President, Ms Kamala Harris, who was the candidate of the Democratic Party, and will be sworn-in on Monday, January 20, 2025, for a second term in office.
The Head of Research at Derive.xyz, Mr Sean Dawson, while commenting on the renewed interest in Bitcoin ((BTC) and other digital coins in the market, said, “In the last 24 hours, BTC trading activity has surged, with open interest hitting an impressive $237 million.
“With 38 per cent of BTC contracts being calls bought and 37.3 per cent puts bought, it’s clear that traders are positioning for increased volatility, particularly with the inauguration just days away.
“This appetite for market swings likely reflects growing uncertainty in U.S. markets as expectations for a near-term rate cut diminish.”
“Additionally, bearish sentiment appears to be gaining traction, with BTC puts now making up 40 per cent of all open interest, a sharp increase from 20 per cent just last week. This shift suggests traders are hedging against potential downside risks as we approach the inauguration.
“Implied volatility (IV) trends further highlight this heightened uncertainty. BTC’s 7-day ATM IV has risen by 3 per cent to 56.5 per cent, while the 30-day IV is up 1.5 per cent, now at 57.5%. This steady climb points to a more volatile market sentiment leading up to the event,” he further said.
”ETH, on the other hand, has seen an even more pronounced spike in IV. Over the past 24 hours, ETH’s 7-day IV has surged by 6 per cent to 74 per cent, nearly double the rise seen in BTC.
“Meanwhile, its 30-day IV has climbed 2.5 per cent to 69.5 per cent. This disparity suggests ETH traders are anticipating greater immediate volatility, possibly due to its higher sensitivity to macroeconomic shifts and speculation surrounding post-inauguration policies.
“As the inauguration draws near, these trends underline a pivotal moment for traders, with both BTC and ETH markets reflecting a mix of caution and readiness for potential sharp moves,” Mr Dawson stated.
Economy
Nigeria’s Inflation Jumps to 34.80% in December 2024
By Adedapo Adesanya
Nigeria’s inflation hit 34.80 per cent in December 2024 from 34.60 per cent in November 2024, spurred by festive activities.
This was disclosed by the National Bureau of Statistics (NBS) in its first published data after almost a month of blackout on its website following a purported hack.
The December 2024 headline inflation rate showed a marginal increase of 0.20 per cent compared to the November 2024 headline inflation rate.
This was due to December festive period increases in demand for goods and services.
On a year-on-year basis, the headline inflation rate was 5.87 per cent higher than the rate recorded in December 2023 (28.92 per cent). This shows that the headline inflation rate (year-on-year basis) increased in December 2024 compared to the same month in the preceding year (i.e., December 2023).
On the contrary, the month-on-month basis, the headline inflation rate in December 2024 was 2.44 per cent, which was 0.20 per cent lower than the rate recorded in November 2024 at 2.64 per cent.
This means that in December 2024, the rate of increase in the average price level is slightly lower than the rate of increase in the average price level in November 2024.
Meanwhile, the food inflation rate in the festive month was 39.84 per cent on a year-on-year basis, 5.91 per cent points higher compared to the rate recorded in December 2023 at 33.93 per cent.
The rise in food inflation on a year-on-year basis was caused by increases in prices of the following items; yam, water yam, sweet potatoes, etc (potatoes, yam & other tubers class), beer, pinto (tobacco class), guinea corn, maize grains, rice, etc (bread and cereals class), and dried fish-sadine, catfish dried, etc (fish class).
On a month-on-month basis, the Food inflation rate in December 2024 was 2.66 per cent which shows a 0.32 per cent decrease compared to the rate recorded in November 2024 at 2.98 per cent.
The decline can be attributed to the rate of decrease in the average prices of local beer (burukutu), pinto (tobacco Class), fruit juice in tin, malt drinks, etc (soft drinks class), rice, millet, maize flour, etc (bread and cereals class) and water yam, irish potatoes, coco yam, etc (potatoes, yam & other tubers class).
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