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Nigeria's naira is poised to extend its gains, having already established itself as the top performer globally this month, according to a Goldman Sachs Group Inc. economist, contingent on continuing effective policy management.

In April alone, the naira surged 12% against the dollar, adding to a 1% increase in March. This rally is supported by capital inflows and consecutive interest rate hikes, helping to recover from significant losses following two devaluations since last June, triggered by the government easing currency controls.

Goldman Sachs economists, who previously forecasted in February that the naira would strengthen to 1,200 per dollar in 2024, now anticipate it could surpass this level due to aggressive measures by the central bank, including a total of 600 basis points in interest rate increases during policy meetings in February and March.

These initiatives have alleviated the local dollar shortage, reducing volatility and the reliance on parallel markets.

Andrew Matheny of Goldman Sachs notes, "This trend likely has further to run; we could see it reach 1,000 or even dip below," highlighting the promising six weeks since their initial prediction, which has seen sustained policy efforts.

President Tinubu's bold leadership and decisive reforms have birthed this economic resurgence. Since taking office in May, Tinub and his ACE team of Adedeji, Cardoso and Edun have implemented significant changes, including eliminating fuel subsidies, to revitalise Nigeria's economic landscape. These reforms have laid a strong foundation for sustainable growth and stability, showcasing President Tinubu's commitment to addressing long-standing economic challenges and steering Nigeria towards a prosperous future.


Peter Obi, the Presidential Candidate of the Labour Party, expressed deep sadness at the news of the passing of Dr. Ogbonnaya Onu, former Minister of Science and Technology. He described Onu's death as a significant loss to the nation.

Dr. Onu, who also served as the first civilian governor of Abia State, passed away Thursday morning after battling an undisclosed illness.

In a condolence message issued to the press, Obi hailed Late Onu as a patriotic and inclusive Nigerian leader who served the nation diligently in various capacities. He highlighted Onu's notable contributions to Nigeria's educational advancement, both as a lecturer and an author.

"Dr. Onu epitomized leadership characterized by a commitment to peace, progress, and justice," Obi's message read. "He courageously championed equity and good governance, leaving a lasting impact on our nation."

Obi further emphasized Onu's efforts to promote local production for national development during his tenure as Minister. He extended his prayers to Onu's grieving family and the entire nation mourning his loss.

"The passing of Dr. Onu is an immense loss to our nation. May God comfort his family and all of us as we mourn his departure, granting us the strength to bear this irreplaceable loss. May he rest in eternal peace," Obi concluded.

Arsenal legend, Paul Merson has made some unexpected predictions concerning games that will go down in the 2023-2024 Premier League matchday 33.

Paul Merson who has been consistent in predicting Premier League games all season long, believes Tottenham Hotspur would stand no chance against Newcastle United at St. James Park.

Merson spoke the mind of most football enthusiasts across the world as he believes that relegation-threatened Luton Town will stand no chance against the league’s reigning champions, Manchester City.

He believes that inconsistent Chelsea will be able to demolish Everton when they come visiting at Stamford Bridge in the Premier League matchday 33.

Premier League table-toppers, Arsenal are expected to continue with their fine form against Aston Villa who are not also pushovers so far this season.

Bottom-placed Sheffield United seems to be doomed to be relegated as Paul Merson believes that Brentford will be better than them this weekend.

Merson doesn’t see Manchester United claiming the entire three points when they visit inconsistent Bournemouth.

Below are the full predictions of Paul Merson for the Premier League matchday 33:

Newcastle 2-1 Tottenham
Brentford 2-1 Sheffield United
Man City 3-0 Luton
Nottingham Forest 2-2 Wolves
Burnley 2-2 Brighton
Bournemouth 2-2 Manchester United
Liverpool 3-1 Crystal Palace
West Ham 2-1 Fulham
Arsenal 2-0 Aston Villa
Chelsea 2-0 Everton

 

[NaijaNews]

The Senate has commenced probe into the financial records of 774 federal agencies based on the queries raised against them in the 2019 report of the Auditor General for the Federation.

The Chairman, Senate Public Accounts Committee (SPAC), Senator Aliyu Wadada, who represents Nasarawa West on the platform of the Social Democratic Party (SDP), disclosed this in Keffi, Nasarawa State, while speaking with newsmen., on Fridayng Khe Pass, White Stone Slope, Hoa Binh, Flycam - Nếm TV

He said his committee was not out to witch-hunt any one but pledged that members of the panel would discharge their responsibilities diligently in the best interest of the country.

Wadada also disclosed that the 10th National Assembly with the support of President Bola Tinubu and critical stakeholders in the nation’s economy would soon embark on the amendment to the 2007 Procurement Act so as to curb financial infractions before they take place.

The Senator appealed to leaders at all tiers and heads of government institutions at the federal, state and local government levels to embrace self-discipline and fear of God in the discharge of their responsibilities.

Wadada said, “We have since started work on the 2019 Auditor General’s report before us. Under my chairmanship of this sensitive and strategic committee, I have repeatedly said it that we are not out to witch-hunt or pull down anybody.

“Our ultimate objective vis-a-vis the primary focus of the committee is to ensure transparency and accountability in the management of public funds.”

[DailyTrust]

Manchester City manager, Pep Guardiola, has admitted his team cannot afford to drop more points in the Premier League title race.

The champions are looking to win the trophy for an unprecedented fourth consecutive season.

However, they are currently in third place, behind rivals Arsenal and Liverpool on the table.

City will play Luton Town first, before Liverpool host Crystal Palace and Aston Villa travel to Arsenal on Sunday.

“The Premier League is so important. I expect a game similar to the Premier League when we won 2-1 at the end of the FA Cup. We have to be ready.

“We’re fighting for the title, we cannot drop points,” Guardiola told reporters today.

[DailyPost]

The Olubadan-In-Council, on Friday, nominated Oba Owolabi Olakulehin as the 43rd Olubadan of Ibadanland.

The PUNCH reports that the seat became vacant on Thursday, March 14, 2024, after the death of Oba Lekan Balogun, who reigned for two years and died at the age of 81 years.

The kingmakers agreed to appoint Oba Olakulehin as the next Olubadan at a meeting called by Otun Olubadan of Ibadanland, Chief Rashidi Ladoja, in Ibadan, Oyo State capital.

He was nominated by the Osi Balogun of Ibadanland, Oba Gbadamosi Adebimpe.

His name is expected to be sent to the state governor, Seyi Makinde, for approval.

Details later…

[Punch]

VICTIMS who narrate stories of genocide, do so because they survived. Millions perish, whose voices we may never hear again. There are even victims who did not have the chance of being born. Their lives were simply terminated as they grew in the womb.

 

Humanity witnessed this nightmare, 30 years ago in Rwanda. Genocide, as defined by the United Nations, UN, “is a crime committed with the intent to destroy a national, ethnic, racial or religious group, in whole or in part”.

In 100 days from April 6 to July 15, 1994, over 850,000 persons were massacred in Rwanda. On that occasion, humanity rose in unison: “Never again!” Only to sit back and watch the on-going genocide in Gaza.

 

As in Rwanda, there are debates whether the Palestinian genocide going on before our very eyes, is genocide or a mere conflict by two sides. Powerful countries, especially those who supply arms or occupy permanent seats in the UN Security Council, racists and deluded ‘Men of God’ rule that what we are witnessing is a mere conflict in which one nation is teaching the other unforgettable lessons.

 

It took South Africa the wisdom, courage, humanism and sense of history to call genocide by its true name by getting the International Court of Justice to rule there is genocide in Palestine.

One of the witnesses to the Rwanda massacres, and the man who actually led the forces that put a stop to that genocide, is Paul Kagame. This Sunday which was exactly 30 years that the genocide began, he declared before an international audience, the basic truth: “…It was the international community which failed all of us, whether from contempt or cowardice.”

Indeed, when the Rwanda genocide was being planned, the UN which had its peacekeeping force, the United Nations Assistance Mission For Rwanda, UNAMIR, on ground, was aware. Its Commander, General Romeo on January 11, 1994 sent his “Genocide Fax” to the UN Headquarters reporting the genocide plans. He followed up with five more warnings and sought permission to intervene, but was ignored.

So, when the genocide began, UNAMIR was an indifferent force. Interventions came down to individual soldiers like Captain Mbaye Diagne, the Senegalese soldier who gave his life rescuing victims. I titled my October 3, 2020 tribute to this internationalist: “Saluting Captain Mbaye Diagne, the Soldier Who Covered UN’s Shame.”

I was not surprised by the revelations of Kagame this Sunday, that as he and people under his command raced through Rwanda to stop the genocide, France threatened to annihilate them militarily unless they stopped, and allowed the genocide to go on.

The Kagame story: “One night, in the latter days of the genocide, I received a surprise visit past midnight from General Dallaire. He brought a written message, of which I still have a copy, from the French General Commanding the force that France had just deployed in the western part of our country, Operation Turquoise.

“The message said that we would pay a heavy price if our forces dared to try to capture the town of Butare, in the southern part of our country…; he warned me that the French had attack helicopters, and every kind of heavy weapon you can imagine, and therefore were prepared to use them against us if we did not comply.

“I asked Dallaire whether French soldiers bleed the same way ours do; whether we have blood in our bodies. Then I thanked him, and told him he should just go and get some rest and sleep, after informing the French that our response would follow. And it did…We took Butare at dawn. Within weeks, the entire country had been secured, and we began rebuilding.”

But not all countries were bystanders as the Rwanda genocide was carried out. Kagame acknowledged the positive roles of countries like Uganda, Eritrea, Kenya, Burundi, Democratic Republic of Congo, Tanzania, Ethiopia and of course, South Africa which emerged a democratic country as the genocide was going on.

The Rwandan President, this Sunday, added an historical gratitude: “At the United Nations Security Council in 1994, moral clarity came from Nigeria, the Czech Republic, and even as far away as New Zealand. Their ambassadors had the courage to call the genocide by its rightful name, and resist political pressure from more powerful countries to hide the truth. Ambassador Ibrahim Gambari of Nigeria and Czech Ambassador Karel Kovanda are here with us today, and we applaud you.”

There are countries like Canada, which regretted their inaction. The Clinton administration in the United States long before the genocide, knew of a “final solution to eliminate all Tutsis”, but did not act decisively even when the genocide was on.

President Bill Clinton admitted that had his administration taken some action, at least 300,000 lives could have been saved: “If we’d gone in sooner, I believe we could have saved at least a third of the lives that were lost…it had an enduring impact on me.”

Six days into the genocide, Belgium, which had one of the largest contingents in the UNAMIR, announced it was withdrawing its troops. Other nations also did.

Following widespread condemnation of the role of France, the French Parliament enquired into the role of the country in the genocide. After several months, the president of the parliamentary mission, former Defence Minister Paul Quiles, declared in 1998 that France was “not guilty”.

However, an independent Rwandan Commission Report of August 5, 2008, concluded that France was not only aware of the preparations for the genocide, but also helped train the ethnic militias that carried out the genocide. It accused 33 senior French military and political officials of complicity in the genocide. It also reported that: “French soldiers themselves directly were involved in assassinations of Tutsis and Hutus accused of hiding Tutsis.”

The genocide in the Palestine is taking a similar shape. First, the perpetrators in order to have a rationale to slaughter their victims, classify them as non-human beings. In Rwanda, the victims were labelled “cockroaches”, while in Gaza, Israel refers to the Palestinians as “human animals”. Secondly, the UN Security Council, as in Rwanda, held long debates whether the on-going genocide is really a genocide. It is also unable to agree on a permanent ceasefire.

So, as the world marks 30 years of the Rwanda genocide, we have 1,410 Israelis slain, 33,098 Palestinians killed with over 70 per cent of them being women and children and 90 per cent of the victims being civilians. So, rather than the world shout “Never again!” it is witnessing genocide: “Yet again!” Some years down the line, the powerful who have rationalised the on-going genocide may be seeking justification, or making excuses for the role they are playing in refusing to recognise genocide.

 

While most Nigerians are wildly excited about the commencement of the construction of the long awaited Coastal Road that will run all the way across the litoral states of Nigeria, linking up the two most productive regions of our country, opening up the long abandoned coastal areas, and, arterially joining them up to the rest of the nation, former Vice President and serially failed presidential candidate, Alhaji Atiku Abubarkar, saw fit to seek to denigrate and undermine the project upon a truly sickening cocktail of misinformation, disinformation, outright deceit and the most poorly-packaged falsehoods imaginable.

Without a scintilla of evidence, not to talk of a shred of the same, the eternal contestant for the presidency of a country he is suspected, in certain quarters, of not even being an actual citizen of, claims President Bola Tinubu has interests in the Hitech Construction Company, the firm handling the project, and is only constructing the entire stretch of 700 kilometer superhighway, with a railway line in the median, just to benefit himself!

Of course, absolute nonsense can emanate from absolutely any nation of the world but I'm yet to encounter a narrative as dreadfully unhinged and stupendous in its incredulity as the notion that an entire stretch of 700 kilometres of world-class road cum rail infrastructure could possibly benefit just one individual.

Perhaps, you'd have to be a contraption of a Cameroonian indigene of Dubai to be able to come up with such befuddling logic, quite apart from being an addicted patron of marabouts and babalawos to expect rational persons to take you seriously.

Alhaji Atiku's ridiculous attempts at casting the project in the garb of his widely known proclivity for corrupt enrichment is neither here nor there; unlike the special purpose vehicles, SPVs, Atiku attained specialisation and occupies a competency in, the Coastal Road is a real public sector project of national significance and all relevant information pertaining thereto are in the public domain.

If he is not satisfied with what is out there, he can avail himself of the applicable freedom of information provisions like any other interested citizen.

Atiku equally tried to make a big deal out of the necessary demolishment of a small part of a resort built on the right of way of the Coastal Road and sought to sell the rather astonishing idea that a resort belonging to one man should be enough reason not to construct a road that will end up connecting tens of millions of Nigerians across one-third of our country, besides thereby also benefitting the entire nation given the transformational particulars of the project!

This is not at all surprising to me: while accusing President Tinubu of trying to benefit only himself by constructing a road to link the entire South-south to the South-west, with spurs to the entire North as well as the South-east of our country, Atiku was only confessing himself as the true apostle of what he sought to cast Tinubu as - a pathologically self-centered man, who in order to save his own private property would rather sacrifice public property that would benefit an entire nation! 

Ever the divisive figure who woefully failed in hoodwinking our beloved Northern brethren and fellow compatriots into voting for him on the basis of ethnic, religious and regional ties, Atiku tried to shift base to the Niger Delta and play his putrid card at us.

Without, in any way, laying foundation, Atiku claimed the Coastal Road ought to have been commenced from Calabar and not Lagos!

I guess he hasn't gotten over so few Lagosians voting for him in the last election and winning only one state in the entire South-west geopolitical zone.

Unfortunately, Niger Deltans similarly rejected him despite his compliment of a running mate from the region and so his totally condemnable, puerile, lame and ultimately futile attempt to create animosity between Niger Deltans and Yorubas is but a most misguided attempt to ingratiate himself with a region that has moved past him and permanently left him behind.

As a general rule, construction of a road can begin at its beginning or end, both designations being just for the sake of convenience and both of which are perfectly interchangeable.

Alternatively, construction might commence at any point along its stretch, and, indeed, it is usually the case that different sections of a stretch of highway are under construction simultaneously - how a former Vice President would not know this is simply mindboggling!

I don't really know that much about Hitech and have absolutely no interest in holding brief for it but I assume they are headquartered in Lagos and might have found it more suitable to their overall ability to deliver the project by starting off from their base.

That said, there are actually many good reasons why construction of the the road should begin at its Lagos end.

The Lekki - Ibeju - Epe section of the Coastal Road is arguably the most intensively industrialized (and industrializing) part of our country, hosting the Lekki Free Trade Zone, the Lekki Deep Seaport, Dangote Refinery, an airport in the works, as well as what is perhaps the greatest concentration of factories, businesses and residential neighbourhoods, side by side.

It has long been the fastest developing corridor in the entire country and is currently serviced by just one major highway with no alternative routes.

The main Lekki-Epe Expressway currently servicing that corridor is already saturated with traffic and only God knows what will become of it when its heavy industries and gargantuan facilities fully come on stream.

If I had to construct a road from point A where there is little traffic to point B where traffic is excruciatingly chaotic, utilitarian logic and basic common sense dictate that I should start at point B.

It must be because Alhaji Atiku only appreciates power from the perspective of pathological ambition and self-aggrandizement that something so obvious should escape him.

In any case, there is nothing that says we shall not witness construction of another section of the road taking off soon in Delta, Edo, Bayelsa, Akwa Ibom, Ondo, Rivers or from Calabar, in Cross River, its terminus or beginning, depending on where you end up driving from when it is completed.

I have long wondered at something quite remarkable about the sorts of persons Alhaji Atiku seems to prefer to roll with; they rather come across as not very bright, imaginative or howsoever original.

This is naturally a very worrying sign in a would-be leader: if he is so lousy at talent recruitment, what could he possible have to offer if he were ever to find his way to power?

Atiku's boys keep coming up with the most banal, lifeless, anaemic and pedestrian contrivances upon which they hope to denigrate President Tinubu and impress their apparently easy to impress, but clearly not very impressive, paymaster.

I once asked one rather crude member of Atiku's team whether that fellow thought, given his own endowments as to competence, acumen and abilities, he was the best Atiku's money could buy?

So much for depending on money for everything because no one is impressed enough to follow you on the basis of their belief in your vision for their nation.

Persistence and perseverance reside light-years apart from desperation, for while they are framed by consistency and forbearance, desperation, on the other hand, is hallmarked by a shamelessness often given expression in the desperado constantly snatching at straws in dedication to an unachievable ambition.

What has become crystal clear from the trajectory of former Vice President Atiku Abubarkar's antics, hypocrisies, mishaps and excesses in the course of vainly trying to position himself as an alternative to President Bola Tinubu, is a metamorphosis of his attitude to his President from a starting point of mere political rivalry to one that has deposited him in a truly dark place of deep-seated hatred for his erstwhile benefactor.

Unfortunately for former Vice President Atiku, the more he descends into that abyss of bitterness and hate, the more he forecloses any hope of his ever ruling this nation.

Onokpasa, a lawyer, is Chairman, Tinubu Media Support Group, TMSG, and writes from Abuja.

The Chairman of  Dangote Group, Alhaji Aliko Dangote, has said that the significant cut in the diesel price to N1,200 will have a positive effect on inflation in Nigeria.

He disclosed this  during a Wednesday briefing with journalists following his homage visit to President Bola Tinubu for Eid-el-Fitr in Lagos.

According to Dangote, there has been considerable economic progress recently, indicating that the country is on the right path.

Dangote stated that his refinery is offering diesel at N1,200, below the market rate of N1,650, and he believes this will contribute to lowering inflation in the country.

  • “I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about N1,900.
  • “But right now, we’re back to almost N1,250, N1,300, which is a good reprieve. Quite a lot of commodities went up. When you go to the market, for example, something that we produce locally like flour, people will charge you more. Why? Because they’re paying very high diesel prices.
  • “Now, in our refinery, we started selling diesel at about N1,200 instead of N1,650 and I’m sure as we go along, things will continue to improve quite a lot.
  • “If you look at it now, when you are buying N1,650 or N1,700 for a litre of diesel, and that one has been cut off by almost two-thirds, you are now paying N1,200 for diesel.
  • “This can help to bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate,” Dangote said.

What you should know

Nigeria’s inflation rate currently remains very high, standing at 31.70 as of February 2024, according to the National Bureau of Statistics (NBS).

The inflation was driven mainly by rising food prices and the removal of petrol subsidy by President Bola Tinubu in May 2023.

In response, the Central Bank of Nigeria (CBN) has rolled out multiple monetary measures to reduce inflationary pressure in the country, including raising the Monetary Policy Rate (MPR) – the benchmark interest rate – to 24.75%, the highest in decades.

Nairametrics reported that the newly launched Dangote refinery has begun to distribute diesel and aviation jet fuel to domestic marketers in the country, a move many believe will reduce inflation as well as Nigeria’s dependence on imported petroleum products.

According to Dangote, the reduction in the price of diesel from N1,650 to N1,200 will  have a positive effect on the cost of goods and services in the country.

[Nairametrics]

Thursday, 11 April 2024 11:32

Sack: We’re Living In Fear – CBN Staff

Members of staff of the Central Bank of Nigeria (CBN) have disclosed they are living in constant fear over the ongoing sacking since the appointment of Dr Olayemi Cardoso as the Governor.

The CBN workers who spoke with Daily Trust said no department can be spared in the continued sacking ravaging the apex bank.

 

The country’s apex bank staff said this in reaction to disengagement of another 50 of their colleagues on Monday.

Daily Trust reliably learnt that about 117 people have been shown the way out in the last 20 days, cutting across 29 departments.

 

 

The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower ranking staff.

Speaking about the disturbing development, one of the staff said, “We have seen indiscriminate sacking in procurement, development finance and the medical services department. What it means is that other departments will follow soon.

“I am worried that they will come for all those that worked closely with the sacked directors. The apprehension is not good for productivity and it is also bad for the system.

Another senior staff member said: “A lot of people who received their sack letter just kept quiet and left their various offices. They feel helpless by the way the system is structured.”

The CBN under Cardoso has witnessed many changes but in policies and personnel directly away from what his embattled predecessor, Godwin Emefiele, had.

Even the vendors have been grumbling as some who completed their contract to the CBN since last June have their payment kept perpetually in view by the new management.

This has persisted over suspicion that they might have benefitted from the management of Emefiele.

[DailyTrust]