Napoli captain, Giovanni Di Lorenzo has labelled Victor Osimhen “a champion” after the forward rescued a draw for the club against Barcelona on Wednesday night.

The Serie A champions held the Blaugrana to a 1-1 draw at the Diego Armando Maradona Stadium.

Robert Lewandowski gave the visitors the lead on the hour mark.

Osimhen, who was playing his first game for Napoli since returning from the Africa Cup of Nations, equalised 15 minutes later.

It was the forward’s first goal in the UEFA Champions League this season.

“Osimhen is a champion and he returned with the right mindset. He will give us a hand, just as Simeone and Raspadori will, now the coach has a lot of options to choose from,” Di Lorenzo said after the game.

[DailyPost]

President Goodluck Jonathan in his independent message to Nigerians on the occasion of the nation’s 51st independence anniversary had on behalf of Nigerians thanked our founding fathers who “brought joy and hope to the hearts of our people  after six decades of colonial rule  by working together to  restore dignity and honour  to a multicultural and multilingual nation of diverse people with more than 250 distinct languages and ethnic groups”. This was achieved in spite of the initial lack of consensus on the national question with Nnamdi Azikiwe and his group canvassing for unitary system, Obafemi Awolowo and his Yoruba group insisting on federalism while Abubakar Tafawa Balewa  who believed  “Nigerian unity is a British invention” and Ahmadu Bello who expressed grief over  “the mistake of 1914” settled for confederacy.  But at the end, realizing their responsibility to those that look up to them for direction, these illustrious Nigerian pathfinders settled for a federal arrangement that allowed groups to develop at their own pace without interference from federating members.

Then came in January 1966, a bunch of criminals who like those “the gods want to destroy, they first made mad”, visited violence on themselves killing their best officers and their wives on their beds before descending on politicians – their benefactors who besides sending them for military training abroad set up military institutions for them at home. Forgetting that being the custodian of the nation’s constitution was a responsibility, they defied the constitutional provisions, imposed themselves as rulers and in a moment of madness turned a multicultural and multi-ethnic state into a unitary state. Six months later, a more vicious criminal group embarked on vengeance killing that eventually led to 33 months of civil war.

Most of those that have ruled our nation ever since have always behaved like outlaws. But General Ibrahim Babangida, the evil genius, who after a palace coup against his boss, hilariously called himself president stood out as the one that carried reign of brigandage to other institutions of society notably, the judiciary, the economy, the intellectual and the press on whose back he rode to power. It was Babangida’s Aso rock professor who fraudulently claimed political parties could be decreed. And it was they that undermined the nation’s political socialization process by assuring him he could ban old political parties which was like cutting the umbilical cord between a mother and his baby.

His economic wizards include Olu Falae and Kalu Idika Kalu who in spite of Nigerians’ round rejection of IMF loan and its conditionalities insisted there was no “alternative to Structural Adjustment Programme”, (SAP) which opened our nation to imported goods from any part of the world.

Driven by greed, unpatriotic Nigerians who secured import licences decided to flood the country with substandard goods and fake drugs that killed local manufacturing companies including, electronics, car accessories, textile, ceramics, pharmaceuticals etc. While thousands of Nigerians lost their jobs, criminals were buying land at N1billion per plot in Banana Island and other choice locations in Nigeria.

For the nation, it was double jeopardy. Under Babangida’s dubious commercialization policies, the federal military government divested government holdings in many otherwise thriving government enterprises. State Military Administrators were equally directed to sell off state-owned public enterprises. Thus, Ikeja Cocoa Industry (CIL) owned by the ODUA Group was sold by Yoruba military administrators for an amount less than the cost of land on which the thriving industry with all its equipment was built.

New set of criminals emerged in 1999 in form of military-baked ‘new breed’ politicians that followed in the footsteps of their creator who like military invaders, often loot conquered territories. It therefore did not come as a surprise that about 17 of 22 governors elected under PDP and ANPP between 1999 and 2007 were dragged to court by EFCC for financial malfeasance against the states they governed. National Assembly probe of Obasanjo’s ill-implemented privatization policy also confirmed Nigeria’s total investment of about $100b put together between 1959 and 1988 was sold to PDP stalwarts and their cronies for a paltry $1.5b.

Babangida’s economic wizards found parallel in Obasanjo’s Chukwuma Soludo and Ngozi Okonjo-Iweala. The banking crisis had its origins in the Soludo’s forced consolidation of the sector in 2005-2006. Like Olu Falae and Kalu Idika Kalu, Soludo, foreclosing a place for small banks in society went on with his program of consolidation and recapitalization which reduced the number of banks from about 90 in 2005 to 24 by 2006 and with 20 of them by end–2011, controlling ₦18.2 trillion assets and ₦12.5 trillion in deposit. The CBN also went on to inject ₦620 billion (about US$4.1 billion) of liquidity into the banking sector.

 By September 2011, the recapitalization of the intervened banks was completed with AMCON purchasing all the Non-Performing Loans (NPLs) of the intervened banks while the Nigerian Deposit Insurance Corporation (NDIC) paid N16.18 billion for depositors in the 20 banks.

It soon became obvious the banking sector had been taken over by a new set of actors. The chief executives of the capitalized banks became too powerful and with too much money at their disposal, compromised everyone while those below also embarked on massive stealing including the alleged 2015 CBN collusion with officials of commercial banks to defraud the country of N8 billion through recirculation of defaced and mutilated currencies (Premium Times of May 31 2015.)

Of those fingered by Sanusi for tampering with depositors’ funds, it was only Cecelia Ibru who apart from forfeiting assets of N191.4 billion including 94 choice properties around the world, was jailed in October 8 2010 by Justice Dan Abutu for 18 months. Other accused criminals were never brought to justice.

With incompetent President Buhari, and compromised CBN Governor Emefiele who was recently indicted by a special investigator’s probe report for allocating more forex than applicant’s request, allocating forex to those who never even applied and of fraudulent cash withdrawal of about $2.9billion, it became obvious that the stars of the leading commercial banks that engaged forex round-tripping that allowed them to declare profit in trillions were men with feet of clay.

Criminals including those who committed treason, economic vampires, intellectual frauds, compromised journalists and sponsors of terrorists and bandits are well known to us but remain untouchable. Their response to the president’s appeal to their humanity in the interest of our beautiful country has yielded no fruit.

If the Sultan of Sokoto, Muhammad Sa’ad Abubakar III, is trying to attribute the “twin challenges of poverty, insecurity and “the untold hardship” arising from unemployment and hunger” in the northern region” to the painful but necessary decision of Tinubu’s eight months administration while ignoring the over 200 years feudal system that today fuels war of resistance between marginalized Hausa farmers and their Fulani overlords; if importers of second hand clothes, substandard products including fake drugs that contributed to the collapse of local industries continue to sabotage government forex policies out of self-preservation, the president should be reminded that what he needs as an elected sovereign, is not moral  suasion but to borrow a leaf from Niccolo Machiavelli, (Italian statesman,1469-1572) the ‘arch apostle’ of naked force, who believes  for a state to “fulfil its function of promoting the common good and preserving justice”, morality has no place. If in line with Machiavelli, his Yoruba forbears spoke of ‘Afobaje l’Oba npa’, the fate of opponents of his policies is sealed.

Tinubu asked for the job. His hands are on the straw.  As an elected sovereign, there should be is no looking back.

Officials of the present administration do not seem to have any other platitude to offer Nigerians than appeal to them to just “endure.” When they mount any available pulpit to comment on the ongoing economic and social crises facing longsuffering and beleaguered citizens, their message hardly ever goes beyond preaching the gospel of endurance. The problems confronting the country have become so convoluted that there is no end in reasonable sight. Since no one can guarantee how and when this would shape out, the best they can offer is more bitter doses.

“Endure, endure, and endure,” they say, but it seems they forget that Nigerians have done nothing but endure. If people have started to cry and groan very loudly now, it is because their capacity to take pain has been overstretched. Even God, in his vindictive rage, did not visit the 10 plagues on Egypt at once.

In the past couple of weeks when the prices of goods and services have unprecedentedly been surging out of control, several emergency measures have been taken to combat the crisis of soaring inflation. From declaring a “war” on forex operators to raiding warehouses for “hoarded” food and several urgent (and contrasting) proclamations by state officials, it is clear that nobody thought through how our present situation was supposed to unfold. There was no clear plan for containing the fallouts from the outset, just the Nigerian tendency to wing things. We should have known that we would end up on Sorry Lane when the president stated that he was possessed by spirits when he pronounced, “subsidy is gone.”

Perhaps the conversations around endurance for the promise of greater glory would have been far different if at least two factors had been in place to reassure that there is a method within this madness. Number one would have been Bola Tinubu’s record of prudent economic management and demonstrated capacity for creative leadership. His paid media vuvuzelas would have you believe that he is the architect of modern Lagos, but they have never quite reckoned with how relatively easier it is to “develop” a city that had already established itself as a national economic base.

The real test of his managerial creativity would have been if he had taken on a poorer city like Osun or Ekiti and turned it into an economic centre. He has no such record, and even his supporters who willfully closed their eyes to that deficiency last year are now beginning to open them to the realisation that they are asking a man whose capabilities have never been truly tested to steer the country through hard times.

Second, it would have been helpful if those preaching forbearance could bring themselves to live what they preach. Apart from professional politicians like FCT Minister Nyesom Wike and Senate President Godswill Akapabio who asked people to be patient until the incoherent policies of their administration somehow begin to work out, even members of Tinubu’s immediate family deigned to contribute their voices from the lush palace of Aso Rock.

On Monday, his son, Seyi, also came out to urge Nigerians to endure the current economic difficulty saying, “We must endure if we are to reach the good side of our future.” Not to be outdone, Tinubu’s daughter jumped into the spotlight to also register her existence on the radar of Nigerians with the same message of endurance and patience. I understand when the president’s wife attends a public function and speaks about the nation’s challenges, but his children’s interventions are an overstep. What exactly do these nepo babies know about life that qualifies them to preach virtues to anyone? If you think enduring hardship is the solution to Nigeria’s problems, maybe you should demonstrate it by offloading some of the privileges Daddy got you.

The Tinubus are not the only ones giving the wrong social cues while pacifying the people growing restless. Former CBN governor and deposed Emir Lamido Sanusi added his voice to those seeking to exonerate Tinubu from the ongoing calamity by saying that, “For eight years, we were living a fake lifestyle with huge debt from foreign and domestic debts. The Central Bank of Nigeria owes over N30 trillion, which resulted in debt service surpassing 100 percent.” I think the problem with people like Sanusi—and this is me being generous—is that they confusedly assume the privileges they enjoy under various circumstances beyond their clique of state-sponsored moochers.

When Sanusi said, “We were living a fake lifestyle,” he should have clarified who exactly was included under that collective pronoun. When he was being driven around in a Rolls Royce as an Emir—a position that gulps massive economic resources and yet has zero economic value—did the millions of almajiri children wandering the streets of Kano and its environs join him in living that fake lifestyle? Nigerian leaders have this penchant for assuming a collective voice when it is time to share either pain or blame for a rotten situation. When they want to splurge on public resources, they see themselves as individuals who have earned the luxury.

Nigerians could be groaning from the agony of insecurity and leaders would still go ahead and budget $2.8bn for bulletproof vehicles for themselves. The same leaders will forewarn the whole country that hard times are ahead and people should be ready to endure, and in the same breath also announce the billions they would be budgeting for renovating their official palaces and procuring even more vehicles for the motorcades.

Times are hard, the times are hard, but they will still throw a birthday party inside a stadium and expend billions on international and domestic travel just to earn the attendant estacodes. The biggest and the most scandalous instances of wastage were perpetrated by the ruling class who had near unlimited access to public resources, yet without concomitant accountability. They do all these in broad daylight and somehow still manage to retain enough guts to tell the rest of us to endure to attain the promise of future glory.

But the question is, how much more should people have to endure? The story of our Nigerian lives has been about endless endurance and unrelenting faith in the possibility of a better future. Nigerians in the past welcomed military coups with a similar same sense of expectation of a new beginning as the Nigerians who now go to the polls. Everything we have done as a people has been in the hope that we would finally turn the corner from merely enduring and start living. Year after year, one leadership tenure after the other, the story has hardly changed. Our leaders do not deliver on their promises, but they expect us to hold up the social contract by being patient and forbearing.

You must have seen Senator Adams Oshiomhole doing the media rounds and now blaming the “eight reckless years of Buhari” for all the woes in the land. Up until last year, he consistently blamed all Nigeria’s problems on the “16 years of PDP.” Now that that excuse is no longer tenable, he shifts gears to blaming the Buhari’s locust years. Notice how, in laying the blame for the present darkness on the immediate past administration, he crookedly manages to avoid naming the party and instead opting for an individual? That is a man who has found a calling in manipulating public memory. By 2031, you can take it for granted that he would still be running from one media house to another to ask Nigerians to be “patient” or to “endure” because whoever is in power at that time still cannot solve the problems caused by the “16 years of APC” overnight. There will never be an end to their weaponisation of the virtue of endurance.

Yakubu Gowon, former Nigerian head of state, says he did not turn down an invitation from the Economic Community of West African States (ECOWAS) to intervene in the coups ravaging the region.

Gowon spoke on Wednesday after a meeting with President Bola Tinubu at the State House in Abuja.

There were media reports that the former head of state turned down an invitation from the ministry of foreign affairs in collaboration with ECOWAS, to speak at a “press conference” at the commission’s headquarters in Abuja.

Gowon was reportedly supposed to speak on the current state of affairs at the regional level, with regards to coups and subsequent threats by the Republic of Niger, Mali and Burkina Faso to exit the bloc and likely proffer solutions.

“This is my first visit to Mr President since the inauguration but I was there at the inauguration to wish him well and all success,” the former head of state said.

“If you remember how busy he was after that visitors, members of government, various personalities, so it was not possible for me to be able to see him.

“After that time I had to travel abroad but from broad he was able to reach me on my birthday and after that interesting social media report that I was dead.

“But when I came back I made a number of efforts but unfortunately I think because of his busy programme it was not possible for me to see him.

“But luckily enough, this time he was able to give me the opportunity to see him and to discuss various matters especially the issue of the ECOWAS problem at the moment which I think needs to be resolved.

“And being the surviving leader, or founding fathers of the ECOWAS I think we had to discuss some of his plans in order to see what can be done to bring the matter under control.

“So, this is what has brought me here and we had a very interesting meeting and I’m sure some of you have read reports that I refused to attend ECOWAS conference isn’t it? Is it you that did that report? Who did that? You know, trying to give that impression that it was me who was probably trying to sort of sabotage ECOWAS.

“No, that is not the case. I think there was a miscommunication but then it gave the opportunity for Mr President to call me so that we can discuss what I was to do.”

Gowon said resolutions were made regarding the situation, adding that the messages would be passed across in due time.

[TheCable]

The Nigerian government has ordered internet service providers to block access to the websites and apps of major cryptocurrency trading platforms including Binance, Coinbase, and Kraken.

Authorities said the move aims to crack down on the alleged use of these platforms by currency speculators and money launderers to manipulate the foreign exchange market and facilitate illicit fund flows, further weakening the struggling Nigerian naira.

Sources at major telecommunication firms said they received directives from the Nigerian Communications Commission (NCC) on Wednesday evening to implement the blockade of Binance, ForexTime, OctaFX, Crypto, FXTM, Coinbase, Kraken and others.

The action comes just days after the office of National Security Adviser (NSA) Nuhu Ribadu vowed to tackle speculative activities threatening Nigeria’s economic stability. Officials expressed concerns that criminals were exploiting crypto platforms to funnel ransom payments and engage in forex rate manipulation.

Previously, the Securities and Exchange Commission (SEC) declared operations of Binance Nigeria illegal as it lacked proper registration. However, Binance continued offering peer-to-peer trading services, drawing large volumes of transactions.

The naira recently hit record lows of 1,900 per dollar on parallel markets. The Tinubu administration is seeking urgent measures to halt the currency’s freefall, curb illicit financial activities, and stabilize the foreign exchange market.

The Department of State Services, DSS, has asked organised labour to shelve its planned nationwide protest over high cost of living and sundry issues in the country in the interest of peace.

But the Nigeria Labour Congress, NLC, yesterday dared the DSS to stop the protest, advising the secret police to face its of job providing credible intelligence to government on the devastating effect of the harsh economic policies.

It will be recalled that organised labour, had served the Federal Government a notice to embark on a twoday protest between February 27 and 28 to protest the hardship which arose from fuel subsidy removal and flotation of the naira by the present administration.

But reacting to the protest notice in a statement yesterday, the DSS said while it is the right of the labour movement to embark on protest, the body should not go ahead with it so as not to further jeopardise the prevailing situation in the country.

The statement signed by the DSS Director of Public Relations and Strategic Communications, Dr. Peter Afunanya, read: “While the Service recognises such action as the legitimate right of the labour movement, it, however, urges the body to shelve the plan in the interest of peace and public order.

‘Pursue dialogue instead’

“The DSS further calls on parties to pursue dialogue and negotiation rather than engaging in conduct that could heighten tensions. ‘’This is more so that the Service is aware that some elements are planning to use the opportunity of the protest to foment crisis and by extension, widespread violence. The development, without doubt, will worsen the socio-economic situation across the country.

“It is common knowledge that all levels of government are striving to ameliorate the prevailing economic condition and as such, should be given a benefit of the doubt. “So far, appropriate authorities are working assiduously with a spectrum of stakeholders to fashion out modalities to address the current difficulties. They should, therefore, be given the chance to handle the challenges at hand. “In this vein, citizens are encouraged to recognise that what remains unsolved in peace time, would not be attained in war-time. The timeless piece of the esteemed Poet, JP Clark, ‘The Casualties’ is a resonating reminder to us on the possible dangers of escalated conflicts.

In time of trouble, everyone will be a casualty. “Also, ongoing wars in the global scene is a stark reminder of their catastrophic repercussions on the affected countries’ domestic environments, thus the critical need to protect and maintain our internal stability and unity. “Those exploiting the fault lines in the country need to have a rethink as resort to negativities will endanger our peaceful coexistence with dire consequences. “Similarly, parents and guardians are implored to exert authority in guiding their children and wards from inimical acts capable of jeopardising public safety and harmony.

“Additionally, all sectors, including political parties, opposition groups, religious and traditional institutions, civil society and non-governmental bodies are called upon to eschew violence; demonstrate leadership and statesmanship in these challenging times.

“Making political capital out of the current situation or involving in divisive utterances at a time like this, will be of no benefit to any peace-loving Nigerian. Citizens are advised to be vigilant and not allow fifth columnists and hostile forces or agents use them to destabilise the peace of the nation. “The DSS stands opposed to violence as a means of settling our present day challenges, be they economic, political or otherwise.

“Accordingly, the Service will work with sister security and law enforcement agencies to ensure that lasting peace is maintained in the country.’’ However, countering the DSS yesterday, Nigeria Labour Congress, NLC, has dared it to stop the protest, arguing that workers have the right to protest the hardship they had been subjected to by government policies.

JAF takes on DSS, reaffirms support for NLC

Similarly, the Joint Action Front, JAF, the umbrella body for pro-workers civil society organizations, CSOs, also expressed angst against DSS’ opposition to non-violent civil protest, saying such statement from the agency could only have emerged from security operatives being hoodwinked and directed by a failing regime desperate to cover up its apparent mismanagement of the country’s affairs. President of NLC, Joe Ajaero, said in a telephone interview: “DSS should have warned the Federal Government not to proceed with their anti-people policies. Anyway, we don’t know their reasons for such warnings but we are not deterred by such. “DSS should rather concentrate on providing credible intelligence to government on the devastating effect of the harsh economic policies.

We believe it is the only way for the DSS to be useful to Nigeria. “It is unfortunate that we only see DSS with their warnings when the poor start crying over the beatings and whippings from government, instead of warning the government to stop flogging the poor masses.” On his part, Secretary of JAF, Abiodun Aremu, said: “JAF deplores this unwarranted and reckless statement credited to have emerged from the DSS. ‘’Such an irresponsible statement could only have emerged from the security operatives being hoodwinked and directed by a failing regime that is desperate to cover up its apparent mismanagement, clueless and apparent lack of understanding of how to govern and manage the nation’s resources.

“The DSS should be warned to desist from its destabilising plot, aimed at the Nigeria Labour Congress, NLC, under the pretense of non-existence security report, but one manufactured by its own operatives. “At this period, in which the country is almost grinding to a halt and the regime has run out of ideas, a responsible security agency could have authored an independent assessment of the current realities of failures of the current regime and present it as it is, rather than keep chasing deception and falsehoods. “JAF reaffirms its support to the NLC in its resolve to call out workers on February 27 and 28 to protest the economic hardship.”

Vanguard News

The Labour Party (LP) has decried the arrest of its national chairman, Barrister Julius Abure, by a combined team of police officers and operatives of the Department of State Security (DSS) on Wednesday in Benin, Edo State.

The national publicity secretary of the party, Obiora Ifoh, in a statement, shortly after videos of his arrest surfaced online, admitted that the embattled Abure was arrested by Police and DSS operatives, two days to the party’s governorship primaries for the November 2024 governorship election in the state.

According to him, a crowd of protesters on Wednesday besieged the Zone 5 headquarters of the Police Command in Benin City over the arrest of Abure, alongside the state chairman of the party, Mr Kelly Ogbaloi.

“The Labour Party on Tuesday had a very successful delegate election in Benin ahead of the Party Primaries scheduled to hold on Friday. The party chairman only this morning along with party governorship aspirants also kept a scheduled security briefing with the Department of the State Security (DSS).

“Abure was however arrested after the meeting by a combined team of DSS and Police officers. Abure, Ogbaloi and their aides were also manhandled.

“Effort by some party leaders to have access to the Zone 5 headquarters was turned down due to the huge crowd of party supporters who were expressing their displeasure over the arrest of Abure.

“However, a Police source informed the party officials and other governorship aspirants at the gate of the police headquarters that the arrest was in connection to a protest letter by one of the expelled member of the party loyal to Apapa dissident camp.

“The source also confirmed that the arrest was not unconnected to the ongoing party primary and the possible candidate that will emerge which the state government is vehemently opposed to,” Ifoh said.

He said the arrest was to frustrate the primary process and possibly interrupt the party’s participation in the governorship election.

Also the Deputy National Chairman of the party, Dr. Ayo Olurunfemi in video shared by Mr Ifoh insisted that no form of intimidation from the highest quarters can stop the party from concluding the process leading to the emergence of the Labour Party government in the state.

Two members of the national working committee (NWC) of the party had earlier confirmed the development to Daily Trust in Abuja.

The two pleaded not to be named due to the sensitivity of the development and uncertainty of his arrest.

It was reported that Abure was arrested on allegations of premeditated attempted murder, among other alleged infractions.

The arrest followed a petition by a former LP Youth Leader, Comrade Eragbe Anselm Aphimia, who was expelled in the wake of crisis rocking the party in 2023.

The petition, addressed to the Commissioner of Police, Edo State Command, dated February 13, partly reads, “I, Comrade Eragbe Anselm, write to you with utmost urgency and grave concern regarding a heinous act of violence perpetrated against me on the 29th of December 2023.

“I am a member and National Youth Leader of the Labour Party (LP) in Nigeria, and the events I am about to recount are of utmost importance for justice and the safety of individuals involved in political activities.

“On December 28, 2023, I flew into Benin City Airport around 2 p.m. as part of an official 5-member delegation authorised by the Acting National Chairman of the Labour Party, Alhaji Lamidi Basiru Apapa.

“Our mission was to organise Ward, LGA, and State Congresses in Edo State, as well as supervise the sale of nomination forms for various posts, as mandated by INEC guidelines, within the stipulated time frames.

“On arrival at the Benin Airport, I was received by one Mrs Mary Okheime Newberry, who falsely claimed to be providing transportation and accommodation on behalf of unnamed “stakeholders.”

“She proceeded to lodge us at the Smart Homes Hotel, unknown to us that she was plotting a sinister and gruesome ambush. The next morning, a man named Austin Emeka came to pick me and my colleague, Mr Patrick Anethua, up from the hotel lobby, pretending to take us to a meeting venue.

“Instead, we were violently attacked just outside the hotel gates by a waiting mob.”

rRecall that the development is coming on the heels of the suspended embattled national treasurer of the party, Mrs Oluchi Oparah, who accused Abure of mismanaging the funds belonging to the party and asked him to account for the alleged missing N3.5bn realized from the sales of nomination forms for the 2023 general elections.

While Abure denied the allegations, saying the party also made N1.3bn, the NWC of the party, however slammed a six-month suspension on Oparah, for false allegation and failure to appear before a committee to address her allegations and grievances.

This was also followed by the Presidential candidate and National Leader of the party, Mr Peter Obi, asking for an investigation of the party’s finances and records by a reputable audit firm.

Also, on Tuesday, the 36 state chairmen and FCT of the party during a meeting in Abuja rejected the financial fraud allegations against Abure.

The Abia State Chairman and Chairman Council of State Chairmen of LP, Mr Ceekay Igara, led the meeting that also passed a vote of confidence on him and the party’s national leader and presidential candidate, Mr Peter Obi.

Senator Ned Nwoko has urged the administration of President Bola Tinubu to immediately abolish the use of the American dollar and all other foreign currencies in Nigeria, as a means of tackling the current economic hardship faced by Nigerians.

The Senator representing Delta North Senatorial District at the National Assembly, who gave the charge while speaking with THISDAY, on the state of the nation, warned that until the naira was made the only legal tender in Nigeria, nothing much would be achieved from the country’s monetary policy.

While lamenting that Nigeria gained independence over 60 years ago and remain dependent economically on the West, Nwoko, also called for the return of Nigeria’s foreign reserve to the country; to be kept by the Central Bank of Nigeria (CBN) and disbursed to manufacturers to boost production.

“We keep talking about monetary policy, nothing is going to work until we stop using the dollar”, he said while pointing out that the biggest problem confronting Nigeria was the use of the dollar and other foreign currencies within the country.

“The president have to stand up and lead, he should not worry about the US and UK”, he said, “we should strive towards economic independence” to move the country forward and meet the aspiration of the people.

The legislator argued that when the use of foreign currencies was prohibited and payments for crude oil are done in naira, there would be demand for naira and its value would appreciate.

He described as an anomaly and insulting for Nigeria to keep her money in a foreign bank which in turn was being used for the development of that country and not in the interest of Nigeria.

Nwoko stated that if what the country have as foreign reserved was brought back to Nigeria, it would help resuscitate many dead and ailing industries as the central bank can then borrow to them at a very low rate of between three and four per cent.

“We just had a meeting with some European Union parliamentarians, I asked the one from Greece if they use the dollar, he said no, I also asked the one from Italy he said no. I asked them if they have foreign reserve, none of them have foreign reserve.

“So why should we?, he queried.

Other measures he urged President Bola Tinubu to deploy include the pegging of interest rate so as to make funds available for local businesses and the prohibition of medical tourism which puts another strain on the nation.

On the worsening insecurity in the country, Nwoko, who dismissed the capacity of the police to protect citizens called for the amendment of the firearm law, which he is currently pushing at the Senate.

He said part of the economic hardship was due to the fact that people could no longer go to the farm again because of the activities of herdsmen, bandits and kidnappers.

“Farmers in Delta State are not able to farm because their crops are being destroyed every day…..why can’t our people be armed to defend themselves as it is done in some other countries”.

He dismissed claims that Nigerians would kill themselves if allowed to carry arms, arguing that, “we are matured not to use knives against one another, then why are we not matured to use guns.”

He suggested a system where a citizen would be licenced to carry arms from his place of origin.

“The certificate would be done by traditional rulers through chiefs who have knowledge of the respective families in their domain. These rulers know family with criminal records as well as mental issues”, he said, adding that the kings would be held responsible if anything goes wrong.

In addition, he said before a licence would be issued, a person’s state of mind would also be assessed by two medical doctors and lastly that the Commissioner of Police and Director of Department of State Service DSS give their approval.

The Senator also called for the permission of local vigilantes to carry sophisticated arms if they must be able to tackle crimes in their communities.

The International Monetary Fund (IMF) has warned that the exchange rate of the Naira may further depreciate by about 35 percent this year, adding that this could lead to inflation rate peaking at 44 per cent before the monetary policy tightening could bring the situation under control.

IMF disclosed this in its February 2024 Post–Financing Assessment and Staff Report, noting that the nation’s monetary policy is currently insufficiently tightened to bring inflation below 20 per cent while pressures on the Naira persist.

The report noted that amid the absence of local production and the recent liberalisation of commodity imports, the exchange rate would likely depreciate further.

IMF said Nigeria had been hit by another adverse climate shock in early 2024, following severe flooding in late 2022, which exacerbated the current weakness in agriculture and led to a decline in output and a surge in food prices.

According to the Bretton Woods institution, the country would benefit from developing a comprehensive macroeconomic and growth strategy, in collaboration and with support from development partners.

This, it said, would include aggressive monetary tightening, fiscal adjustment to restore macroeconomic stability, and putting in place climate adaptation measures.

It stressed that domestic demand had weakened due to the steep fall in real incomes – as investments in the oil sector would likely stall due to rising costs, and production declines.

The fund further predicted that the country’s growth could fall to zero in 2024 and only slowly recover to two percent in 2028.

IMF said the uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity.

The publication further stated that the fiscal deficit could increase above six percent of GDP in 2024 and 2025, driven in part by increased transfers to quell social unrest (one per cent of GDP) and a rise in the implicit fuel subsidy.

“With limited external financing options and higher expenditures, there is increasing use of CBN and domestic financing. The authorities implement expenditure measures in 2026, for example, phasing out the implicit fuel subsidy but the debt to GDP ratio still rises by six percentage points above the baseline by 2028.

The report stated: “The spike in inflation and rise in uncertainty trigger portfolio outflows, and Nigeria is unable to access Eurobond financing. Reserves decline to $17 billion in 2025. Obligations due under the RFI peak at over eight per cent of officially reported reserves.

“Nigeria would be able to repay the fund, even in the downside scenario. This assumes that the authorities continue to prioritise external debt service. However, debt service would compete directly with urgent humanitarian needs to tackle rising poverty and food insecurity that would need to be prioritised.

“Therefore, even assuming the authorities reserve the remaining SDR allocation for RFI repayments, trade-offs could be severe.

“The uncertainty over Nigeria’s net international reserves level poses additional risks, as would exogenous further shocks that impact external stability, poverty, and food insecurity.”

ECOWAS should lift suspension on Niger, Mali, B/Faso

The Federal Government is trying it’s best to deal with the various problems and it should be given time for it’s efforts to manifest, former Head of State, General Yakubu Gowon said yesterday.

Gowon, Nigeria’s war-time leader, who was head of state between 1966 and 1975, spoke at Aso Villa, Abuja after meeting with President Bola Ahmed Tinubu.

It was the first visit of the 89-year-old elder statesman to the seat of power since May 29 last year when President Tinubu assumed office.

Speaking to reporters, Gowon, who led the country during the 1967 to January 1970 civil war, also urged the Economic Community of West African States (ECOWAS) to lift the sanction imposed on Mali, Burkina Faso and Niger Republic, following military takeover of power, in the interest of peace.

Gowon is one of the founding fathers of ECOWAS in 1975.

The former head of state told reporters: “I was telling him (Tinubu) that there’s no Nigerian leader that will not get all of these (criticisms), all that is being said about him.

“Certainly, there is no doubt about all one has heard and seen from the media.

“I think the government is trying it’s best to deal with the various problems.

“All one can say to Nigerians is that they have to give the President time to get things done.

“It is too early to say the perfect result will be achieved. That is my opinion.

“At least, if I remember, I was told that I was too slow fighting the war, that probably Nigeria would not make it and that we should seek for discussion.

“Well, did we do it or not? They probably did not know the problems on the ground then”.

The former military leader called for peace in the sub-region, saying, “Being the surviving leader among the founding fathers of ECOWAS, I think we had to discuss some of his (Tinubu) plans to see what can be done to bring the matter under control.”

Gen. Gowon pleaded in a letter to ECOWAS Commission President Dr. Omar Alieu Touray for dialogue.

The letter reads: “I have noted with deep concern and sadness, the past and recent developments unfolding in the West African sub-region, particularly the pronouncement by Burkina Faso, Mali and Niger of their intention to exit from ECOWAS.

“As one of the founders of our regional economic community, it is incumbent upon me to speak on behalf of the 14 Heads of State and Government who joined me in Lagos, on 27th May 1975, to establish ECOWAS.

“Since its inception, the regional bloc has made a number of major accomplishments, including trade liberalisation, the right of West Africans to live legitimately in any country within the Community, as well as successful peacekeeping operations in Liberia and Sierra Leone.

“ECOWAS, despite its shortcomings, has become an example of regional integration for the wider continent.

“Having achieved all of the above, it saddens me to learn that ECOWAS is threatened with disunity following the announcement by Burkina Faso, Mali and Niger, three important member states, of their intention to leave the Community.

“The impact of such a decision will have far-reaching implications for the ordinary citizens who have been the major beneficiaries of regional integration.

“Therefore, on behalf of all the founding fathers of the Community and myself, I urge the ECOWAS Authority of Heads of State and Government, including the leaders of Burkina Faso, Mali and Niger, to put aside their differences and reunite for the peace, stability and prosperity of our sub-region.

“I call on all West African leaders to immediately consider the implementation of the following: lifting of all sanctions that have been imposed on Burkina Faso, Guinea, Mali and Niger;

“Withdrawal by Burkina Faso, Mali and Niger of their notices to leave ECOWAS; and participation of all 15 ECOWAS Heads of State in a Summit to discuss the future of the community, regional security and stability, as well as the role of the international community given the current geopolitical context;

“I wish to once more reiterate to regional leaders that ECOWAS is more than a coalition of states.

“It is a community established for the good of our people based on shared history, culture and tradition.

“Neither my generation nor present or future generations will understand or forgive the breakup of our Community.”