The Labour Party presidential candidate in the last general election, Mr Peter Obi, has criticized the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5% and the Cash Reserve Ratio, CRR, to 45%, saying it will further worsen the economic situation of most Nigerian households.

Obi said the measure would be counterproductive as it would not address the intended purpose of managing money supply.

According to him, the development was bound to cause more job losses in the productive sector, especially manufacturing and other sectors that rely on bank loans and credit facilities for their funding needs.

DAILY POST reported that the MPC Policy committee of the Central Bank of Nigeria had increased the benchmark interest rate by 400 basis points to a record 22.75%.

The CBN Governor, Olayemi Cardoso, announced this while reading the communiqué of the first MPC meeting of the year on Tuesday in Abuja.

However, in a statement issued on Thursday on his X handle, Obi argued that tightening liquidity in the financial system does not improve productivity, especially food production, which he claimed was the major cause of inflation in Nigeria.

Suggesting on what to be done, the former Anambra State governor said the most critical way to manage the high rate of inflation and decline in production was for the government to address the issue of insecurity in the country.

He stressed that this would allow for increased food, and crude oil production, and an overall increase in production, which will make products, especially food, cheaper.

The statement read: “Let me confess that the label of being a vintage Onitsha-based trader does not in any way confer on me the status of an economic expert.

“With my vast trading knowledge and my involvement in the real sector, I am of the strong opinion that the recent decision of the Monetary Policy Committee to increase the Monetary Policy Rate, MPR, to 22.5% and the Cash Reserve Ratio, CRR, to 45% will further worsen the economic situation of most Nigerian households as it is bound to cause more job losses in the productive sector, especially manufacturing and other sectors that rely on bank loans and credit facilities for their funding needs.

“Tightening liquidity in the financial system does not improve productivity, ie food production, which is the major cause of inflation in Nigeria. Moreover, only about 12% of N3.6 trillion of the total money in circulation is in the banking system which means that 88%, about N3.2 trillion is outside the banking system.

“So, this measure would rather be counterproductive as it would not address the intended purpose of managing the money supply.

“These new measures will worsen the fragile economy as the supply of funds would dry up for the real sector, and the new MPR rate hike will push the interest rate on loans to above 30%, which would be very difficult for the real sector operators especially manufacturers and SMEs to repay; resulting, obviously, in increased bad loans, and worsening the nation’s economic situation.

“The most critical way to manage our high rate of inflation and decline in production is for the government to address the issue of insecurity in the country, which will allow for increased food, and crude oil production, and an overall increase in production, which will make products, especially food, cheaper.

“This way, we would increase our productivity as well as restore the confidence of FDIs and FPIs to come back to the country.

“I must caution that what the Nigerian economy needs now is hard headed practical originality and results. Tinkering with classical economic theories can only deepen our crisis”.

African countries have been urged to renew their commitment to women's empowerment as a crucial step towards nation-building.

This call was made by a former Rector of the Yaba College of Technology, Engineer Obafemi Omokungbe, in his keynote address during the 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) held at the Alliance Francaise, Mike Adenuga Centre, Ikoyi, Lagos.

Omokungbe, who is also a Fellow of the Nigerian Society of Engineers, aligned his advocacy with the broader initiative by WINBAFRICA for women's empowerment in Africa, which aims to improve access to education, healthcare, economic opportunities, and political participation for women. He emphasized that this multifaceted effort aims to eliminate gender inequality, uphold women's rights, and create an environment where women can thrive socially, economically, and politically.

WINBAFRICA is a non-profit organization that implements various projects and interventions including Education First Series, Project Sapphire, Orphanage Challenge, Project Back-to-School, WINBAFRICA Monthly Round Table, WINBAFRICA Food Bank, and Monthly Newsletter production.

According to Omokungbe, the journey toward women's empowerment in Africa involves a comprehensive approach that spans various sectors, including education, healthcare, economy, and politics. By investing in women's empowerment, the scholar believes, African countries can cultivate a more equitable society where women can achieve their full potential and contribute to the growth and development of their nations.

He said: "These renewed commitments would require collaboration and partnership among governments, Civil Society, the Private sector and International Organizations. They include the implementation of programmes and initiatives to promote women’s entrepreneurship, access to credit, land ownership, and participation in the formal economy including targeted support for women in agriculture and small businesses. Commitment to increasing women’s representation in political leadership and decision-making positions through measures such as quotas, training programmes, and support for women’s political participation at all levels of government and comprehensive strategies to prevent and address gender-based violence including legal reforms, support services for survivors and campaigns to change social norms and attitudes that perpetuate violence against women."

President, WINBAFRICA, Dr Bukola Bello-Jaiyesimi, said the event with the theme, Bridging the Gap: Celebrating a decade of Nation Building” was designed to celebrate the legacy and advancement of women's course.

“Nation-building is an ongoing effort carried out by women of every generation. As we reflect on our accomplishments over the past decade, we remain committed to empowering future generations in all sectors of the economy. We provide tuition, teaching equipment, and other resources to young girls and boys to show them that we care about their education and that they are the ones who will continue this effort. Our ultimate goal is to promote unity and peace and to inspire hope for a better future,” she submitted.

A school debate competition between Steady Steps School in Lekki and Bomak International Schools in Surulere, Lagos highlighted the commemorative event. The two schools had made it to the final stage of the competition. Victoria Osademe of Bomak International Schools, Surulere, Lagos emerged as the best speaker of the day while Steady Steps School, Lekki won the WINBAFRICA Young Nation Builders' Trophy (WYNBT).

During the WINBAFRICA Business Roundtable, senior secondary students of Bomak International College in Surulere, Lagos discussed Environmental Responsibility. Additionally, 20 young girls and boys were beneficiaries of the WINBAFRICA scholarship program at the event.

Other dignitaries that graced the occasion included Dr Kemi Akiyode Adebayo (BOT, WINBAFRICA), Toyin Joe Bassey (Secretary General, WINBAFRICA), Dr Oluseun Popoola (Panelist Chairperson) among others.

L-R: Dr kemi Akiyode-Adebayo, (BOT WINBAFRICA), Engr. Obafemi Omokungbe (Keynote Speaker), Dr Bukola Bello Jaiyesimi (founder WINBAFRICA), Dr Oluseun Popoola (Panelist Chairperson) during the 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) held at the Alliance Francaise, Mike Adenuga Centre, Ikoyi, Lagos

L-R: Dr Bukola Bello Jaiyesimi (founder WINBAFRICA), Osademe Victoria, pupil of Bomak International School, Surulere (Best speaker WINBAFRICA School debates 2024), Ummi Bodede (Chairperson Debate panel of Judges) during the 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) held at the Alliance Francaise, Mike Adenuga Centre, Ikoyi, Lagos

L-R Dr kemi Akiyode-Adebayo (BOT WINBAFRICA) Blissful Oke, Nyhero Pela, Kyala Michaels of Steady Steps School Lekki Lagos, winners of WINBAFRICA Young Nation Builders Trophy (WYNBT) at WINBAFRICA schools debate 2024, Dr Bukola Bello Jaiyesimi (Founder WINBAFRICA), Barnabas Wasiu (Time Keeper), Mrs. Ronke Adeshoga, Ummi Bodede (Chairperson, Panel of Judges) Barr. Chigozie Chinwe, during the 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) held at the Alliance Francaise, Mike Adenuga Centre, Ikoyi, Lagos

Pupils of Steady Steps School Lekki Lagos, Winner of WINBAFRICA Schools Debate 2024 and Founder, WINBAFRICA, Dr. Bukola Bello Jaiyesimi during the 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) held at the Alliance Francaise, Mike Adenuga Centre, Ikoyi, Lagos

L-R: Gift Shopade (Project Coordinator WINBAFRICA, Dr Toyin Joe Bassey (Secretary General WINBAFRICA), Mrs Mariam Oshodi, Dr Bukola Bello Jaiyesimi (Founder WINBAFRICA) Dr Kemi Akiyode Adebayo (BOT, WINBAFRICA)

Honouring an invitation by His Highness, Sheikh Tamim bin Hamad Al Thani, Emir of the State of Qatar, President Bola Ahmed Tinubu will depart Lagos State and embark on a two-day official visit to the State of Qatar on Thursday, February 29, 2024, to further strengthen cooperation between the two nations in several areas, including security, cultural exchange, and economic development.

During the visit, President Tinubu will witness the signing of several agreements focused on boosting Nigeria's real sector and creating value-additive investments across the fields of trade, education, culture, solid minerals, digital economy, agriculture, and gas, as well as fostering cooperation on counter-terrorism.

The President will also participate in a business and investment forum that will bring together top-level executives in both the private and public sectors of Nigeria and Qatar to advance cross-sectoral opportunities for mutually beneficial growth and development.

The President will be accompanied on the trip by senior government officials for the signing of agreements.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

February 28, 2024

Hope has been defined as a source of eternal and inexhaustible strength in any or most situations. To Martin Luther King, Jr. “We must accept finite disappointment, but never lose infinite hope”. King’s thought rhymes with Desmond Tutu who opined that “Hope is being able to see that there is light despite all the darkness. Robert Green Ingersoll romanticised hope in all its nature’s effect when he said, “Hope is the only bee that makes honey without flowers”.

Paul Tremblay’s definition is scary as he went financial in his assertion which sees “Hope as a desperate man’s currency” and that brings us to the question of whether hope is a currency that is expendable and exhaustible. For the sake of this article, I will answer in the affirmative.

However, I belong to the school of thought that in the developmental journey of any nation, hope remains a currency (not one of desperation), especially of the masses who in a democracy will always have the choice of choosing their leaders every four years as practised in Nigeria but a “desperate wake-up call to the leaders on whom “all rises and falls”. (John Maxwell).

With every sense of responsibility thousands and I served with all my strength and might in the Renewed Hope campaign team where we took on the very challenging issues of religion, regional bias, et al. No regrets then, no regrets now and for some of us eternally no regrets and this is because a lot of us have for many years been silent students Of ‘The Bola Ahmed Tinubu School of Democracy’ which is anchored on fast track development, reward system and belief in an egalitarian society. It was just a matter of time for him to someday lead our great country and that moment presented itself.

Everything we marketed during the campaign not just as APC PCC members but as patriotic Nigerians and as defined in the Renewed Hope action plan for a better Nigeria document encapsulates the doctrine of that school of thought. Of course, governance isn’t politics and leadership, especially of a multi-ethnic, multi-interest and highly or as some will say overpopulated nation like ours can’t be a walk in the park.
Some of us teach leaders that their popularity comes to a halt after the campaigns and the win for the next leg which is governance comes with decisions and policies that if not carefully thought through and executed deepens that thin line between love and hate.

Our president came in prepared. His words were deep which can only come from someone who is indeed ready and has a plan (in fact a strategy) of how to bring the people and nation to a prosperous position. He indeed hit the ground running fully abreast of the burden he had requested we don’t pity him for the job he has taken on. He has said repeatedly that he hears the people, after all, “the ears of a leader must ring with the voices of the people”.

As Nigerians stand today, is the currency of hope still strong? I guess not. Even the propagators of the currency have taken cover; some are tired of the trolling, some are angry and disappointed, some are unsure… but we must encourage ourselves that we can’t renege or give up on the Renewed Hope mandate we marketed. Our hope as an idea and reality must remain strong and this leads to what is happening to our currency of hope, we couldn’t have so soon spent it off. Have we? How can?

In another light, a leader is as good as his team, thus the current team must be encouraged to give their utmost best at not just playing their roles but understanding, supporting and equally marketing the policy thrust of this administration. The team must tell the leader what he needs to know and not what he wants to hear. They owe the president that much, they owe the nation that duty. Many might have to learn fast and learn hard for a team can’t call the people to buy in on a policy or policies they cannot interpret or implement!

Nigerians are a great people: industrious, patient and with a never-say-die spirit! Nigeria as a country is respected and still has the subregion, in fact, Africa as the focal centre of her foreign policy. On these, our President, H.E Bola Ahmed Tinubu is holding the former and latter together and with our heads high.

However for the many people of Nigeria, particularly we the masses what matters is having a modest lifestyle with food on the table, medicare, and security in our homes, schools, farms and roads. Good infrastructure, an education system that can compete globally, employment that guarantees a decent life and tempting enough to “tempt” all citizens leaving in their droves to come back someday. Truly, good governance can be seen, felt and touched!

The information managers and publicists of the government must do more because communication is the art of governance. The National Orientation Agency (NOA) has been revived which is great however we must speak to the people at their levels, in their languages and locations using the very best practices of mass/public communication.

Mr. President recently appealed to the governors to do more. That appeal should be followed up and followed through for they control the states and local governments and that is where the currency of hope is worst diminished.

Technocrats, bureaucrats, financial experts, economists, publicists, policy analysts, politicians, statesmen and stateswomen, every group, everyone that can keep this currency of hope afloat should see this period in the history of our nationhood as a call to patriotism, in fact, a call to duty not for a political party, not for a friend or foe but for Nigeria, a country we dare to call our own.

Currently, the entire global space is seemingly challenged with different riots, protests, strike actions etc. Nigeria isn’t in isolation however every strong nation with hope keeping citizens and leaders that lead with capacity and sincerity of purpose know that rebound is possible.

 

A bill seeking to include Anambra among States in the Niger Delta Development Commission was on Wednesday, February 28, thrown out by the senate.

The Bill titled: A Bill for an Act to amend the Niger Delta Development Commission (NDDC) Act to make provision for the inclusion of Anambra State as one of the member state and for other connected matters thereto, 2024” was sponsored by Senator Tony Nwoye of Anambra state.

He stated that Anambra deserves to be a member of NDDC States having been collecting 13 per cent derivation since 2021 on account of oil production in the state on yearly basis.

Some senators debated against the bill by pointing out that states like Kogi and Lagos are not covered by NDDC operations despite being oil- producing States.

Senator Jibrin Isah popularly known as Echocho also noted that NDDC by its name, is more of a regional or geographical intervention body and not just an amalgam of oil producing states.

Nwoye responded by saying:

“Mr President and distinguished colleagues, Anambra as an oil producing state has been collecting 13% derivation from oil exploited from her wells by the federal government since 2021 and eminently deserves to be included in the operational radius of NDDC.

“Kogi State was also declared as an oil producing state but has not been collecting any 13% derivation.”
This was countered by Senator Isah who asked Senator Nwoye to limit his argument to Anambra State and allow the Senate to decide the fate of his bill.

He said;

“Senator Nwoye with all due respect, please stop dragging Kogi State into your argument for membership of Anambra State in NDDC. Kogi State is an oil producing State and has also been collecting 13% derivation since October 2022.”

Senate President Godswill Akpabio who intervened, stated that if the argument of Senator Nwoye on proposed membership of Anambra State in NDDC is to be accepted by the Senate, then Lagos State which has two oil wells in Badagry, will also advocate for membership of the commission.

He also said that if NDDC is considered to be a geographical or regional interventionist body, Anambra State is qualified to be a member on account of its proximity to Niger Delta area. The Senate President further stated that the National Boundary Commission should be allowed to so decide.

Senators at the plenary voted against the bill when it was put to voice vote and it was subsequently threw away.

The Public Relations Officer of the Nigeria Police Force, Muyiwa Adejobi, says the security situation in Nigeria is getting better.

“The security situation is getting better; I don’t agree that it is getting worse. It is improving,” Adejobi told newsmen in Ibadan on Wednesday.

He stated this in Ibadan for the presentation of awards to the overall winner of boxing and archery competitions in the 14th Biennial Nigeria Police Game (BIPOGA 2024).

He said that most of the unfortunate incidents of insecurity being circulated on social media were old stories.

“They are being recycled to make people believe they are new or current incidents. Actually, they are not.

“You cannot see any conventional media house publishing these stories the way we have them on social media.

“The security situation in Nigeria is not bad. Let us always analyse the situation based on empirical facts and not just on speculation,” he said.

Adejobi said that the Nigeria Police Force collates data and has information on the security situation from all its offices.

“We shall tell Nigerians if the security situation is worrisome.

“We have issued statements to tell Nigerians that most of the kidnapped cases were fake and have given instances and even paraded some suspects for Nigerians to know.

“It is not in all situations that these incidences are real; some people fake and plan kidnappings to get ransom from their families.

“Let us always differentiate between the real and staged kidnapping,” he said.

Adejobi said that the force was not denying the fact that there are isolated cases of incidences of insecurity, but pointed out that the force had arrested and neutralised many kidnappers.

He said that the police and other security agencies in Nigeria would continue to collaborate towards securing the country. (NAN)

President Bola Tinubu, on Wednesday, appealed for patience from Nigerians over the current economic hardship in the country, giving the assurance that there was light at the end of the tunnel.

The President said he was fully aware and took responsibility for the difficulties Nigerians had been subjected to on account of government policies.

He said he would not complain but welcome all criticisms since he was the one who asked to be Nigeria’s President.

The President spoke in Akure, the Ondo State capital, during his visit to the leader of the pan-Yoruba sociopolitical organisation, Afenifere,

He also paid a condolence visit to the family of the late former Ondo State Governor, Rotimi Akeredolu, who passed on in December following a protracted battle with cancer.

The fuel subsidy removal and other economic reforms instituted by Tinubu have attracted public censure following the high costs of living, food inflation and other side effects.

The situation compelled the Nigeria Labour Congress to hold a nationwide protest on Tuesday.

The congress also threatened further mass action if the government failed to address the economic crunch within two weeks.

However, addressing public concerns over his economic policies, the President said, “Nigeria will survive the current economic challenges. There is light at the end of the tunnel. I requested the job, and I am not complaining about it. I take full responsibility.”

This was contained in a statement by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, titled, ‘President Tinubu: I take full responsibility for the nation; we are building an efficient Nigeria that is inclusive and fair to all Nigerians.’’

Tinubu emphasised his commitment to leading Nigeria towards economic and social prosperity, saying, “We are meeting our obligations to the international community. To lenders, we have not defaulted, and we are not going to default. We are navigating the twists and bends on the road to Nigeria’s prosperity.”

On reforming Nigeria, the President said his task would be to ensure fiscal and true federalism, as well as the broad-based manifestation of the philosophy of “what is sauce for the goose is sauce for the gander.”

He acknowledged the understanding and support of all Nigerians in the face of the harsh but temporary economic conditions, assuring them that their patience and perseverance will not be fruitless.

“But, through perseverance, Lagos emerged as the fifth largest economy in the entire continent of Africa. We must manage this moment with wisdom and grow Nigeria responsibly.

“I campaigned for this office to serve Nigeria’s interests and I was elected. Some said I would not last in the tribunal and came up with all sorts of predictions, but even when in court, I remained focused.

“We cannot allow Nigeria’s economy to be exploited. We cannot abandon our economy to marauders. I am determined to re-engineer our finances and curb selfish interests permanently,” he stated.

Speaking on behalf of Afenifere, Pa Olu Falae, a former Secretary to the Government of the Federation, who read the address of Pa Fasoranti, commended Tinubu for his commitment to Nigeria’s progress and expressed support for his administration’s efforts.

“You have kept your word to return to this place where we all prayed for you, and this shows that you are a man of your word,” the elder statesman stated.

Pa Fasoranti asked President Tinubu to be fair and courageous, declaring that such traits were the hallmark of the Afenifere family.

“Today, you are carrying our flag. We are noted for integrity, competence, fairness, and courage. Your performance so far has shown that you understand the full gravity of your mandate, which is to show the Nigerian people that a good government is possible,” he said.

Fasoranti also charged the President on institutional reforms, saying, “Mr President, please also seek institutional reforms that would strengthen our federation and make Nigeria safer and more prosperous. Try and balance the budget and execute capital projects that would create more employment. We thank you for welcoming the idea of state policing.’’

He added, “We want each of the geopolitical zones to have greater responsibilities for security, food production and infrastructural development. Since the removal of fuel subsidy, which was costing Nigeria $10bn yearly, the state governments have been receiving hefty allocations from the Federation account.

“Mr President should persuade the governors to allow this change of fortune for the states to reflect at the grassroots so that life can be better for our people. They should not just buy rice and yams for the people. They should create employment, improve education and build new infrastructures. Today, life is truly challenging for most people and the state governments have an important role to play to transform society.”

Fasoranti received the President in the company of some Afenifere leaders, who included a former governor of Ondo State, Dr Olusegun Mimiko, Chief Sehinde Arogbofa, Deji of Akure, Oba Aladelusi Aladetoyinbo, Chief Kole Omololu, among others

Earlier, the President paid a condolence visit to Akeredolu’s family in Owo also visited the palace of the Olowo of Owo Kingdom, Oba Ajibade Gbadegesin Ogunoye III.

Speaking at the palace of the monarch, Tinubu eulogised the late Akeredolu as a statesman and a distinguished legal luminary who served his people with unwavering dedication.

“We lost an illustrious son. Akeredolu was very close to me and an ally. He was a son of the soil, and I have come to pay homage,” the President said.

He extended his prayers for the good health, progress, and prosperity of the traditional ruler and the community and thanked the people of Owo for their support to the bereaved family.

Accompanied by the Governor of Ondo State, Lucky Aiyedatiwa, Tinubu also commiserated with the Akeredolu’s widow, Betty, the children, and other family members.

Addressing the widow and the family members, Tinubu said, “God will be with you. Your children will do well in life. May you all end well. May God be with you and uphold you,”

The wife of the late governor expressed appreciation for the President’s visit, describing Tinubu as a good friend and brother to her late husband.

She also thanked the South-West governors for their contributions to the burial of the late governor. She particularly thanked Governor of Lagos State, Mr Babajide Sanwo-Olu, for single-handedly repatriating the remains of Akeredolu back to Nigeria.

She said, “On behalf of my family, I appreciate Mr. President. We understood he couldn’t attend the burial ceremony due to the dictate of Yoruba culture. He couldn’t have attended the burial of his younger brother.

“Coming today (Wednesday ) is a big deal because we are in a better atmosphere. I also express my profound gratitude to the southern governors for their immense financial contributions to the burial, most especially, Lagos State Governor, Mr Babajide Sanwo-Olu, who singlehandedly brought Aketi’s remains back to Nigeria. We appreciate this huge show of love and we are grateful and forever indebted to him.

“I requested that Mr President see where Aketi has been laid to rest and he followed me. We are deeply grateful to Mr. President for coming. He is indeed Aketi’s brother and friend.

“I told Mr. President, yes, Aketi has left but he lives because he left behind legacies. It is our wish that those legacies continue and are built upon where necessary.”

Special adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, has warned that cryptocurrency trading platform, Binance will destroy the country’s economy if it is allowed to continue to arbitrarily fix the country’s foreign exchange rate.

Making this assertion on Channels TV’s Politics Today on Wednesday, Onanuga argued that Binance was capable of destroying the country’s economy if the government dues not take decisive actions against the platform.

Naija News reports that Onanuga encouraged Nigerians to stop patronising the parallel market for FX rates, saying the website of the apex bank is the only legal platform.

He said, “If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate, We have saboteurs. Look at what Binance is doing to our economy. That is why the government moved against Binance. Some people sit down using the cyberspace to dictate even our exchange rate, hijacking the role of the CBN. They just sit down and fix anything they like. It’s a sabotage and we are trying to prevent that from happening henceforth.

“The parallel market is not the real gauge of Nigeria’s economic health. The parallel market is an illegal market. I don’t even know why Nigerians and the media are feeding on the parallel market. That is not where we should go; what’s the CBN rate? As at Friday, the rate for the dollar was about N1600. Even in the so-called parallel market, the exchange rate is stabilizing there and that is what this needs. Our economy is too much dollarised. Importers are looking at the exchange rate and using it to fix prices, some of them arbitrarily, some of them actually profiteering.”

His comment comes as President Bola Tinubu led the government’s continued effort to revive the plummeting value of the country’s currency.

The House of Representatives has resolved to investigate the frequent collapse of the national grid with a view to proffering a lasting solution for the recurrent power outages.

This was a sequel to the adoption of a motion sponsored by Hon. Billy Osawaru (APC, Edo) at plenary on Wednesday.

The House insisted that sustainable energy is essential to any modern economy, and Nigeria is no exception, as stable electricity supply ensures that industries remain viable, powers homes, and facilitates significant economic growth and industrial progress.

Osawaru expressed worry that in a space of one week in the month of August 2023, Nigeria recorded three national grid collapses, the national grid collapsed twice within six hours and on the August 19, 2023, another system collapse was recorded.

“Also worried that frequent grid collapses this year have negatively impacted the economy, reducing industrial output and raising manufacturing expenses, Firms are forced to invest in alternate power sources, thus, raising operational costs and leaving end users with exorbitant prices, which citizens cannot afford, especially with subsidy removal effects.

“Recalls that the nation is currently facing its worst form of insecurity, including insurgency, banditry, kidnapping and other violent crimes, the collapse of the National grid will embolden criminal activities and security facilities such as the Vigiscope App, Police Situation room App, all Police Commands control rooms can be compromised during the dark hours, tracking devices that need power to reach telephone lines can be hampered.

“Cognizant that if the frequent national grid collapses are thoroughly investigated and solutions proffered, it will end the continuous system collapse, boost the economy and reduce the suffering of the citizens,” he stated.

Also at plenary, the House urged the Federal Government to improve on short-term food subsidies, assistance to farmers, especially those engaged in dry season farming, improved supply chain control to reduce wastage, and short-term price control.

This was as the House adopted the motion moved by Hon. Chike John Okafor, who acknowledged the spreading issue of food scarcity in Nigeria and the impending nutritional dangers that accompanies it.

“As we approach the farming season, it is imperative that we take immediate action to avert a worsening crisis and ensure the availability of food and well-being of our citizens.

“The current state of food scarcity in Nigeria poses a grave threat to the health and livelihoods of millions of our people. Insufficient access to nutritious food not only leads to hunger and malnutrition but also exacerbates existing health conditions and undermines the overall development of our nation.

“Worried that Nutrition and Food is the most important existential challenge in Nigeria today, because 24.9 Million Nigerians are presently in an acute/critical stage of hunger, and this is considered to be an emergency, while 85.8 Million Nigerians have insufficient food consumption and out of this number, 47.7 Million Nigerians have a crisis or above crisis level in terms of food-based survival margin.

“Also worried that peaceful protests is taking place now in some states with citizens groaning due to hunger and demanding immediate government intervention,” he said.

A former lawmaker representing Kaduna Central in the Senate, Shehu Sani, has blamed the ongoing economic hardship in the country on erstwhile president, Muhammadu Buhari.

Sani insisted that President Bola Tinubu never deceived Nigerians, adding that he had earlier informed the citizenry of his intention to remove subsidy when he comes into power.

He argued that if Buhari had implemented some of Tinubu’s economic policies, there would not be hardship in the country.

Sani insisted that the Buhari administration allowed the country to deteriorate to the present economic crisis plaguing the nation.

The former lawmaker shared his thoughts during an appearance on Channels Television’s ‘Politics Today’ on Wednesday.

He said, “We must be very factual and realistic with ourselves; the problem we find ourselves today, originated, was engineered, fabricated and sustained by the Buhari administration.

“The Buhari administration, institutionally, fundamentally destroyed the Nigerian economy.

“When Tinubu took over, he knows there is not going to be subsidy and to be realistic, he was very frank during his campaign. He said, ‘I am going to remove subsidy and whatever protest that will come out of it I will not back down’ and then people went ahead and voted for him, so he has not deceived Nigerians.

“Now he is in power, we are paying the price for the mistake of the past, for the failure of the past and for what we have refused to do in the past, so this is the reality.”