TVCNEWS — broadcast 20260806 040000 UTC 511 transcript segments Google Speech-to-Text API Automatic Transcription (Chirp) Data courtesy of The GDELT Project (https://www.gdeltproject.org/), from the Internet Archive TV News Archive. Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record. [00:00:00] with tvc news tvc news first with [00:00:04] breaking [00:00:04] news [00:00:08] at tvs and news wherever the big news stories happening [00:00:12] we're get up to agreg it tvs and news first [00:00:16] with [00:00:18] in britain. [00:00:31] Hello and thank you for joining us on the midweek edition of journalist hangout. [00:00:35] I'm being today on the program CBN declares [00:00:39] stable forex says $52.5 billion [00:00:42] dollars reserves show that economy is [00:00:46] improving. defense minister [00:00:48] a expresses joy as president to nubu approves salary [00:00:51] increases for armed forces personnel. later on [00:00:55] the show businessman rates to house of representatives [00:00:59] of panel how he's was scammed 400 [00:01:02] millionar by fake agency dg at [00:01:05] dme. well i'll be hanging out with [00:01:09] b who joins us from our buja studios and [00:01:12] mayor, journal [00:01:14] starts right [00:01:16] now. [00:01:28] now let's begin the conversation. every positive economic report [00:01:32] raises hope for better tomorrow, the central bank of [00:01:35] Nigeria, CBN says recent gains including [00:01:39] a more stable foreign [00:01:41] of exchange market, [00:01:42] of stronger external reserves and slight drop in [00:01:45] inflation reflects the positive impact of its monetary [00:01:49] reforms, tighter policies and improved [00:01:52] market transparency. All right, bq, so good to have [00:01:56] you join us on the show, bq uh, the CBN... has declared [00:02:00] uh stable forex, but talk to me, what is [00:02:04] responsible for [00:02:05] this? yeah, [00:02:09] i'm really impressed about uh the [00:02:13] consistent growth of our foreign [00:02:16] in reserves, um, governor [00:02:19] cardoso has been really, really intentional [00:02:23] about um growing the foreign reserves, [00:02:27] because what... This does for us [00:02:31] is that we can save [00:02:33] off lot of volatility [00:02:37] that we are grown [00:02:41] of of accustomed with in that sector, when [00:02:45] you have as much as we [00:02:48] of have, [00:02:49] of you of can defend your currency when it is [00:02:53] absolutely necessary to do [00:02:55] so, you can [00:02:59] sustain. liquidity, [00:03:03] because whether we like it or not, there will be occasions when [00:03:07] there will be tremendous demand which can [00:03:11] actually cause [00:03:13] problems. we are [00:03:16] approaching an election [00:03:19] year, during that period, demand for forex is [00:03:23] usually huge, but the buffers we [00:03:26] have now we enable [00:03:28] of us of to be able to to defend the currency when it is [00:03:32] necessary, what we oppose [00:03:34] is subsidizing the foreign exchange [00:03:38] markets, [00:03:40] of because you can only do that a huge cost, are [00:03:44] doing that during previous [00:03:45] administrations, but this [00:03:48] administration decided to not do [00:03:52] that, and have money saved [00:03:56] from forex for [00:03:57] of subsidy devoted to... uh other [00:04:01] uses, so I agree with him that the [00:04:04] reforms that we has introduced in the past 34 [00:04:07] of months of have of supported economic growth [00:04:12] of and uh [00:04:16] of of are ultimately going to create jobs and reduce [00:04:17] a poverty. The unification [00:04:19] of of the foreign exchange market is one [00:04:20] of the best things ever happen to our government, because all [00:04:24] of the people who used to simply sit down [00:04:27] of in their guardians and... do [00:04:30] arbitrage, collect foreign [00:04:34] of exchange from the official markets and then go [00:04:38] and sell in the black market during the period [00:04:41] of multiple exchange rates, they can no longer do [00:04:45] that. in fact i've seen occasions when the black [00:04:49] market rate was even better than [00:04:52] of the official rate, we've seen that, yes, [00:04:56] so is kind of a paradox, but it is what is good. for [00:05:00] Nigeria, I want to believe that we have a Nigeria that [00:05:04] is finally working, and the question [00:05:07] is, how will the [00:05:11] opposition? con to is because they continue to tell us [00:05:15] that this government has not achieved anything, but this government [00:05:18] inherited foreign reserves at about 4 [00:05:22] billion dollars and now we are talking about 52 [00:05:25] billion dollars and it's going to [00:05:27] grow into even more than [00:05:31] 60 billion at the rate that we are [00:05:35] going and the way we were [00:05:38] printing our currency [00:05:41] you know deceiving ourself, living a lie as nation, [00:05:45] that has come to an end, what we pile on, the [00:05:49] debt that we pied on by ways and means, nobody is [00:05:53] talking about that, that's a big achievement on the part of this [00:05:56] government that they have resear, they have reversed [00:06:00] some of those unholesome practices, [00:06:04] so it's a happy day as a Nigerian, I'm happy because I can [00:06:07] see that we are headed in the right direction, and [00:06:11] all the people say: in it, they can't all be [00:06:14] liars, the [00:06:18] world bank, the IMF, they have told us [00:06:22] that the reforms that this government has [00:06:24] introduced are finally [00:06:28] setting us in the right direction, [00:06:30] yes, people are [00:06:33] hungry, reforms [00:06:36] naturally come with [00:06:39] pains, most economic reforms. usually come with pains, [00:06:43] we've seen it in other countries, people even resorting to riots [00:06:47] and all that, but ultimately things will stabilize, [00:06:51] people need to go back in time and read the story the Asian [00:06:55] tigers, it wasn't rosy from the [00:06:59] beginning, but these are great countries that we are talking about, [00:07:02] and I'm sure that Nigeria's [00:07:05] greatness will come [00:07:08] sooner than than later after the [00:07:11] storm, there will be great joy and I've [00:07:15] seen those clear signs that our country [00:07:19] is headed in the right direction okay then now [00:07:23] um mayor the CBN has declared that um there's a stable foreign exchange [00:07:27] market and um with this huge amount it shows [00:07:31] that the economy is improving but I want to know does this mean that [00:07:35] ordinary Nigerians will feel the benefits um let [00:07:39] me let me stress that not not not not really. [00:07:43] one thing you have to give this government is that [00:07:47] they've done very well when it comes to the [00:07:49] economy, people may [00:07:52] not, critics may say otherwise, but [00:07:56] this government yes they've done, they've not done [00:07:59] accidently when it comes to [00:08:02] security or corporate governance, but when you look at [00:08:06] the economy, education, infrastructure, they've [00:08:10] done very well, okay, in the terms of economy. the reforms that they [00:08:13] introduce, yes, as be able to stabilize the [00:08:16] economy, and if you understand [00:08:20] anything about economics and growth, you need to stabilize the [00:08:23] economy first, before you can now talk about growth, [00:08:27] okay, so what is happening now is that we have [00:08:30] been able to stabilize the economy, so the worst is behind [00:08:34] us, on the macro level, yes, we be able to stabilize the [00:08:38] economy, and then we'll put bricks in [00:08:41] place, have laid solid foundation for us to have [00:08:45] growth, okay? in that initial [00:08:48] period, it does not speculate down to the [00:08:52] people, okay? the people will not, you will say that the [00:08:55] economy is growing, everybody is saying that uh, the economy is growing, [00:08:59] IMF, world bank, um, all the agencies that [00:09:03] talks about banking and all that, everybody is saying that Nigeria is doing very well, [00:09:07] but average man is still will complain and say, oh, things are still [00:09:10] difficult, that's the way. this [00:09:13] because when you when you are laying that [00:09:16] foundation to stabilize the economy, it will [00:09:20] not faculate to the people, it will not get down to [00:09:23] them, but by the time you start, by the time you now [00:09:27] start experiencing the growth as result of [00:09:30] stabilization the economy, then the people will start reaping the [00:09:34] benefits, okay, [00:09:35] so that's just the different, but what is important where you have to [00:09:39] commend this government is that they seems... to [00:09:42] understand the economic dynamics, [00:09:46] unlike the previous government that depends on ways and means, [00:09:49] which is um, which is which is [00:09:52] a suicidal way of running your economy, because you just sit down [00:09:55] and then print money and deceive yourself that you can just spend [00:09:59] money by printing money, that's not the way economic [00:10:02] works, but we were doing that before, we were doing dual [00:10:06] foreign exchange, which does don't make sense, because some [00:10:10] people were gaming the system. Yeah, around tripping, you understand? We were [00:10:14] doing, we were doing, we were doing fire subsidy, which [00:10:18] was huge scam because some people just sat down somewhere, and they were just [00:10:22] filing everybody, taking our patrimony. among [00:10:25] themselves, they've be able to do the needful, this government have not things [00:10:29] that they should do to be able to stabilize the economy that the economy has been stabilized, [00:10:33] that is why you can have that 52 million billion, we [00:10:37] use but at the time this government came in there was only 4 billion, in fact [00:10:41] everybody thought we had 20 something, but they said no, this thing have been [00:10:44] used to as collateral and all that and that the actual money that we [00:10:48] have was actually 4 billion, so but now we be able to that do [00:10:52] that, don't forget that that was a... term that inata we had [00:10:56] problems because we the the the [00:10:59] travel the [00:11:00] airlines, the airlines could [00:11:04] not repatr their profits and it became problem, [00:11:08] but they be able to solve all that, so the economy has stabilized and you have to give [00:11:12] it to this that they've done well, when it comes to doing the running the economy, [00:11:16] they've done well, they've done well, what [00:11:19] what is needed now is the growth, but as we move forward as we get [00:11:23] growth the masses be able to now enjoy the [00:11:26] benefit of that growth. b, you heard uh, mayor [00:11:30] king pelu, now i want to look at it from the side of businesses now, what [00:11:34] benefits would um should business owners you know [00:11:38] expect from stronger reserves? let's say in the next maybe 6x to [00:11:41] 12 months. [00:11:45] yeah, even um exchange rate [00:11:48] stability is something that will benefit [00:11:51] businesses. okay, we are in import dependent. [00:11:55] nation, that is the reality, we cannot deceive [00:11:59] ourselves about that, and um, a situation in [00:12:02] which you have exchange rate [00:12:05] stability, enables people to plan, enable [00:12:09] businesses to plan, so that is [00:12:12] one big advantage, you can imagine [00:12:16] if the buffers were not [00:12:18] there, because most election [00:12:22] years, you go into an election year, after that, what you [00:12:26] experience is recession, [00:12:30] I am confident that we will not have that now, [00:12:33] because the CBN [00:12:36] governor has really, really worked hard to put [00:12:40] us a good position [00:12:44] in terms of foreign exchange [00:12:48] market, and this is what everyone is talking about, no doubt [00:12:52] about it, reform is painful. change is [00:12:55] uncomfortable, this is something that we have [00:12:59] to live with, but we can't return to a system that [00:13:03] blead us dry, all the hypocris talking about subsidy now [00:13:07] among these politicians, i can bet you that if [00:13:10] president bolatinu is not reelected, none [00:13:13] them, none them will roll [00:13:15] back [00:13:24] back to the subs. regime and that's why when you ask [00:13:27] them, would you have removed [00:13:31] subsidy? they find it difficult to say they [00:13:34] wouldn't have, because they are on record as having said [00:13:38] that they will remove subsidy, but everyone should [00:13:42] know that when you remove subsidy it will generate [00:13:45] pain, and that is what we are saying now, and that was [00:13:49] why somebody said some time ago that we had lived the [00:13:52] lie for so long. It is [00:13:56] now that we are beginning [00:13:58] to um achieve some level of [00:14:02] stability and even growth, so all the people [00:14:06] talking about it, they they [00:14:09] know what they are talking about, [00:14:11] the and the are people, the are people who understand the system, okay, [00:14:15] investments are coming into our country, more investment, thanks [00:14:19] to the diplomatic shots that the president has consistently [00:14:23] done, these investment. will translate [00:14:26] to job creation, will translate economic [00:14:30] growth and we will then continue to get [00:14:33] better, even in the area of um attacking poverty, because once [00:14:37] we can create jobs, more people will be taken out of [00:14:41] poverty, more people will be provided for, [00:14:45] so we are confident that with [00:14:48] time things will continue to get better, the sort [00:14:51] of reform that president came [00:14:55] up with in his first time, most lily liver politicians will not try [00:14:59] during their first time, they will not try it, but [00:15:03] i've known this man for taking big [00:15:07] decisions, he risized the legal civil service during [00:15:11] his first time, and many people thought he was crazy, because they thought [00:15:15] he would not be reelected, yes, at the end the day he [00:15:19] got reelected, he didn't want to wait for his second time, he [00:15:23] didn't want to be politically correct and is the same thing that we've seen [00:15:26] him do as president of Nigeria, okay, [00:15:30] yes, pain has come with it, but it's [00:15:33] inevitable, child bad is wonderful [00:15:37] thing, what we all wish to see, but it comes with so much pain [00:15:40] if you've never been into a maternity world, you will [00:15:44] not know what you are talking about, if you are not married or you have no plan [00:15:48] to get married, you will not know what we are talking about, but that is the [00:15:52] reality. all right, i'm confident that we are we are a good place and [00:15:56] we will continue to make progress. okay, uh, just in just 30 [00:16:00] seconds, the CBN has said that um, the economy is stable, forex is [00:16:04] stable, maybe they should begin easing interest. wait right [00:16:08] now, what do you think? no, no, no, interest is depends a lot of [00:16:11] variables that has nothing to do with whether you are [00:16:15] growing your your foreign exchange and all that, so the interest is [00:16:19] another matter entirely, it depends a lot of variables, what inflation [00:16:22] is the state of things, so that is different thing, [00:16:26] the the the CBA and and the other bankers will they [00:16:30] meet regularly, look at it and determine what [00:16:34] what should influence it, so that's the... [00:16:37] even even [00:16:39] in US, remember that discipline that we have now in the [00:16:41] economy, there's no way things will not [00:16:45] get better. okay, all right, gentlemen, straight to [00:16:49] our next conversation, for the armed forces personnel who [00:16:53] dedicates their lives to protecting the nation, [00:16:56] knowing that their services are valued, is deserving. the minister of [00:17:00] defense, which general Christopher Musa has thanked [00:17:03] presidentubu for proving a historic [00:17:07] 30 to 80% salary increase for armed forces personnel, [00:17:11] the president said the pay rise recognizes the courage and [00:17:15] sacrifices of military personnel in the fight against [00:17:19] banditry, kidnapping and terrorism while reaffirming the [00:17:22] government's commitment to their welfare, [00:17:26] and good news, the president has approved [00:17:30] salary increase for defense forces. this is [00:17:34] moral booster, isn't it? [00:17:38] Yes, it's a big shot in the arm for our arm [00:17:42] forces, it's something we've always [00:17:45] demanded to see, because those [00:17:49] who toil day and night, those who risk their [00:17:53] lives, those who lose their limbs [00:17:57] for you and I to be saved, they deserve to [00:18:00] be better taken care of, they [00:18:04] deserve to be venerated, they deserve to be treated. [00:18:08] as the real heroes that they are, and they [00:18:12] deserve good [00:18:14] pay. [00:18:16] Nigeria must do it best [00:18:19] to get into the league of [00:18:23] those African countries that pay [00:18:27] good wages to the arm forces, countries like [00:18:31] South Africa countries like [00:18:34] Boswana, even k [00:18:38] so we need to get into that league and I think that um [00:18:42] this is a step in the right direction and I like the [00:18:46] incremental way that this has been done under [00:18:50] this new arrangement officers above the rank of conel will [00:18:53] enjoy 30% salary increase and this [00:18:57] applies to brigadier generals, major generals, lieutenant generals [00:19:01] and generals 30% salary increase, personnel [00:19:05] ranking from cornel down. to warrant [00:19:08] officer will receive a 50% [00:19:12] increase, while those from private to staff sergeant [00:19:15] we get an 80% in 80%, [00:19:19] so it's just is [00:19:22] just um similar [00:19:26] to what the president has done with the tax [00:19:29] reform, whereby the [00:19:32] lowest worker does [00:19:35] not need to pay [00:19:38] and uh pay as you've seen in the in the [00:19:41] past, so this [00:19:44] government has done so much to improve, mean [00:19:48] to focus on the welfare the ordinary nigerian [00:19:51] and the lowely [00:19:55] workers in the public service, you can see those who [00:19:59] will get 80% pays and what this also [00:20:02] means is the wage bill [00:20:05] for um for the arm forces [00:20:09] has gone up significantly from 660 [00:20:13] billion monthly to 924 [00:20:17] billion monthly, which is increase of [00:20:21] 264 billion naira, so [00:20:25] this is a tremendous outlay, if you do not care for [00:20:29] the welfare of service men and women, you [00:20:33] are not going to commit this kind of money you know to their [00:20:36] welfare, so is a good thing and I i [00:20:39] know I'm not surprised that [00:20:43] the the minister of defense is this excited because [00:20:46] he was saying that when he was chief of defense staff. ers were [00:20:50] receiving 49 about two [00:20:54] years ago he then push for the salary [00:20:58] to go to 100 thousand per month and [00:21:02] that has been achieved so we say big [00:21:06] thank you to the president this will definitely raise the morail of our [00:21:09] soldiers if you go to 44 [00:21:13] hospital in kaduna [00:21:16] you appreciate the sacrifices that the arm forces [00:21:21] make for us, many people without limbs, they've [00:21:25] lost their limbs to explosive [00:21:28] devices, some have lost their [00:21:31] site, some have lost their [00:21:34] lives, so even when they are alive, we need [00:21:38] to celebrate them, we need to do our best to make them happy, and i think [00:21:42] this is what the president has done, again for those who say this [00:21:46] president has not done anything that has [00:21:50] nothing that i can point to during the [00:21:52] campaigns, i wonder whether they will say this is not [00:21:56] something good, because the [00:22:00] noises that they make cannot [00:22:03] obliterate reality, [00:22:07] this is a good step, just like nail font, this is a good step [00:22:11] and i'm really, really impressed, this is a good step, but higher [00:22:15] salaries, it should definitely translate to better performance on the [00:22:18] battle, start by saying [00:22:21] that history will [00:22:25] appreciate the fact that despite the [00:22:27] challenges as to insecurity in this [00:22:31] country, but [00:22:33] that was one president that kept coming up with [00:22:36] different ideas and how to be able to solve the [00:22:40] insecurity problem. okay, it started [00:22:44] by changing the service chips so as to [00:22:48] bring new new people. with new [00:22:50] ideas, then he created divisions in the [00:22:54] army, okay, he sanctioned that more [00:22:58] people, more, more bulls should be [00:23:00] hired, he went [00:23:03] into into partnership with [00:23:06] us, where they were able to bring in people that [00:23:10] trained our soldiers and then give logistics, give [00:23:13] intelligence, and they even get involved in in actual [00:23:17] combat, yes, killing that. the forces and [00:23:21] all that, now he has the game changer [00:23:24] is this, you see because when [00:23:28] you when you, that is why in when when [00:23:32] warfare started, that is where they [00:23:36] introduce the idea of giving menders or v to people, [00:23:40] okay, when you are, when somebody wants to make a [00:23:44] supreme sacrifice to fight for his country, you [00:23:47] have to tell the person that we appreciate what you are [00:23:51] doing and we want to show you that we appreciate what you're [00:23:55] doing, when you do that, it's increase [00:23:58] morale, it makes them to know that there is need [00:24:02] for what they are doing and that what they are doing [00:24:06] is not in vein, we've always complained that the [00:24:10] salaries that soldiers have been paid, you cannot look [00:24:12] at um minimum wage and [00:24:16] put them on kind of that kind of general salary. that must be [00:24:20] different salary, he did that for the lecturers, yes, and that's [00:24:24] why we don't have this problem of assal and all the things will be [00:24:28] hearing, because our professors were not hearing well, he did [00:24:32] that, now he has done that for the arm forces, [00:24:35] to to to had 200 billion to your wage bill [00:24:39] is lot of thing every month, but it shows a president [00:24:43] who has vision who understands that look we have [00:24:47] problem with insecurity and we have to come continue to come up [00:24:51] with different ideas to be able to fight this insecurity [00:24:54] and one the one the pillars of one the being blocks of [00:24:58] fighting this to security is to encourage [00:25:02] members the arm forces, inspire them, take care [00:25:06] them so that they can have living [00:25:09] wage, not just what we used to pay them, i don't know who [00:25:13] convince him to be able to do that, but to me is one the [00:25:17] best thing he has done, and i also believe that this could also help curve these of [00:25:21] desertion and also improve recruitment into the and [00:25:24] forces because they've said they should increase or [00:25:27] more for example be able to join because you [00:25:31] have to well yes the pay is good and then when [00:25:35] you do when the pay is good like that other things allowances and other [00:25:39] things will also come with it and then it will be better thing you [00:25:43] see we because either we like it or [00:25:46] not ISIS have chosen [00:25:50] west africa as their base now, and when you had [00:25:53] that to the Tuaregs and the Moreding gangs [00:25:57] that moving along the west African coast [00:26:01] Nigeria. has serious insecurity and on the [00:26:05] steps, okay, and we have to know that it is [00:26:08] important that we realize what we are facing, and part of it [00:26:12] is to be able to have an arm forces that are mobile, that are [00:26:16] well, well funded and have a good weight, living, [00:26:20] absolutely, good, absolut, absolutely. all right, gentlemen, we need to go on [00:26:23] this quick break, when we return the conversation continues, don't go [00:26:27] away, [00:26:52] all right, you're welcome back, it's still journalist hangout if you just joined us, i still have [00:26:56] bko who is joining us from our buja studios and mayor at [00:27:00] king pelu, now bko, this is in fact, good news for the armed forces, [00:27:04] but b, before we went on that break, you mentioned two things, talking about the [00:27:07] wage bill, the wage bill increased by over 200 [00:27:11] billion, this is huge, but can it be sustained, [00:27:15] and secondly, should attention also shift to [00:27:18] other security agents agencies like the [00:27:22] police and other security agencies, this kind of increased wage bear, what [00:27:26] do you think? yes, i [00:27:30] think they will certainly come to [00:27:32] that um the is listening [00:27:36] government and they watch programs like this so they know [00:27:39] that uh we represent the voice the [00:27:43] Nigerian people untinted [00:27:46] unstinted so we expect that [00:27:50] the president will let this speculate to other [00:27:54] services um but before we go on [00:27:58] um let me make the point that the [00:28:01] soldiers lose their lives the most, the soldiers on the [00:28:05] frontline, they are the ones who have now have their [00:28:09] salaries increased by 80%. [00:28:13] okay, it's not often that you see generals on the wall [00:28:16] front, no, even by their training at [00:28:20] NDA, accent is not [00:28:24] placed on generals going to the war front by [00:28:26] themselves, so it is this [00:28:29] junior soldiers, are populate the [00:28:33] frontline and they deserve solid [00:28:37] welfare, and the country has set machinery [00:28:41] motion to take very good care them. now [00:28:45] the good news that I have for Nigerians is that [00:28:49] a combined team the army, police and the [00:28:52] DSS has effected the [00:28:55] release of [00:28:59] people who are kidnapped in Warrock state. [00:29:03] running into hundreds of people, woror, [00:29:07] some people to were kidnapped in keby state as well [00:29:10] as Niger state, their release has not been [00:29:14] secured, I just got this information now, [00:29:17] this is good news, I'm happy to tell Nigerians, it was [00:29:20] fire fight between the [00:29:24] arm forces and these good for nothing [00:29:28] enemies the Nigerian state, at the end the day they took to [00:29:32] their... hills just like the ori ray kidnappers took to [00:29:36] their hills and we now have [00:29:39] this um innocent people from karara [00:29:43] from keby from niger uh freed so [00:29:47] it's another good news and it also underlines the [00:29:50] importance that Mr. President [00:29:54] places on the welfare of our [00:29:57] people we will defeat the enemies the Nigerian state I'm very confident [00:30:01] about that. um the next says will be put to [00:30:05] shame to say that the government is not doing [00:30:07] anything is even mischivous, [00:30:11] utterly mischivous, because we've seen a lot of people kidnapped [00:30:15] rescued, yet you give the impression that they are not doing anything that [00:30:19] Nigeria is bleeding, nothing is working in Nigeria, this [00:30:22] is evidence that these people had not been [00:30:26] forgotten, absolut and they been rescued, so let's see [00:30:30] what they say next, maybe they are going to say that is Trump that did [00:30:33] it or that uh they gave each them 1 billion [00:30:37] dollars mayor.