Latest News
The National Population Commission (NPC) has disclosed plans to digitise the registration of birth, death and other vital civil information in the country.
In a statement, NPC’s acting Director, Public Affairs, Nkoyo Nwakusor, said the move to stop manual registration was to enable self-service and assisted-service to the public to register vital events such as birth, still-birth, death, birth attestation, diaspora birth and death notification, marriage and divorce notifications, migration registration, vital certificate verification and hospital onboarding.
She noted that through VitalReg, a state-of-the-art digital application, there would be digital certificates in all cases and accessible verification platforms to registered organisations with a central management system (dashboard) that depicted and analysed collated civil registrations into vital statistics for proper planning and decision-making purposes.
The statement quoted the Chairman of NPC, Nasir Isa Kwarra, that the VitalReg marked a departure from the traditional paper-based recording of vital events to a state-of-the-art digital solution that conformed to international best practices.
On his part, the Chief Executive Officer and Managing Director of Barnksforte Technologies Limited, Adedayo Bankole thanked the commission and the federal government for the opportunity to provide the technology solution to digitalise civil registration and vital statistics in Nigeria, adding that they would continue to improve the application to boost efficient data generation in the country.
[DailyTrust]
The presidency has accused the candidate of the Peoples Democratic Party (PDP) at the 2023 general election, former Vice President Atiku Abubakar, of attempting to rubbish President Bola Tinubu’s foreign exchange policies.
In a statement released on Sunday, Special Adviser to President Tinubu on Information and Strategy, Bayo Onanuga said that the president’s meeting with the 36 state governors was centered around food security and rising cost of food across the country.
Naija News reports that he cleared that there was no discussion on the country’s currency performance at the forex market during the cause of the meeting.
The statement by Onanuga read, “Former Vice President, Atiku Abubakar, in an attempt to rubbish the foreign exchange policy of the Tinubu administration got his facts muddled up again. He also failed to prescribe a better Policy Option to what Governor Olayemi Cardoso and his team are executing at the apex bank.
“First of all, it was not true that President Tinubu’s meeting last Thursday with the 36 State Governors was centred on discussing foreign exchange crisis and currency fluctuation.
“What was discussed in the main was food supply and how to drastically reduce the food prices. The Minister of Information, Alhaji Mohammed Idris, gave a briefing about the meeting, revealing the highlights to State House Correspondents.
“One was that the meeting established a nexus between the state of security and the rising cost of food. Another was that hoarders are warehousing food, creating artificial scarcity and thus enabling the high cost of food items.
“The decisions at the meeting reflected the main points discussed: Forest rangers are to be strengthened and armed, while police are to recruit more men and the National Economic Council to deepen discussions about creating state police.
“President Tinubu also affirmed his approval for the release of 42,000 Metric tonnes of grains from the national reserve. Government is also in discussion with rice millers to get another 60,000 metric tonnes. President Tinubu said he does not support price control and importation of food. Nigeria, he believes, can grow enough food to feed its citizens and spare some for export.
“The present government is executing the cultivation of 500,000 hectares for wheat, maize, and rice, in many states. Governors are expected to participate in this programme, one of the reasons for last Thursday’s meeting.
“There was no deliberation as former VP Atiku claimed on currency fluctuation. As Alhaji Atiku should know, this is the business of the Central Bank, which has the autonomy to handle the country’s monetary policies. As a matter of fact, the President enjoined the governors, in passing, to allow the CBN do its work and refrain from dabbling into what is within CBN’s purview.
“If he would be true to himself and what actually transpired at the meeting, unlike the lies he spewed, we expected Alhaji Atiku to praise President Tinubu for maintaining this stance and for not interfering with the business of Central Bank.
“It is false and preposterous for Atiku to claim that CBN’s FX management policy was hurriedly put together without proper plans and consultations with stakeholders and that the apex bank is hamstrung by Tinubu’s government in implementing a sound FX Management Policy “that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence”.
“Contrary to former VP Atiku’s claim, Cardoso’s CBN is implementing a raft of policies to stabilise the Naira and end volatility in the market and this is already yielding some positive results.
“Capital importation into the country is increasing, according to the latest NBS report. In the fourth quarter of 2023, Nigeria recorded a 66.27 percent increase in capital inflow, compared with Q3, before Cardoso’s arrival at CBN. In Q3, capital inflow was $654.65 million. It rose to $1.09 billion in Q4.
Alhaji Atiku will agree that the rise in capital inflow suggests massive investors’ confidence in Nigeria and the policy direction of the Tinubu administration.
“Juxtaposed with the policy options being implemented by the CBN, Atiku’s alternative of a controlled floatation of the Naira is similar to the policy of Godwin Emefiele, when an estimated $1.5 billion was spent monthly to shore up the Naira, while arbitrage or round tripping went on unhindered. Sadly, it was perpetrated by people close to the corridors of powers.”
Cement price, cost of building materials, others force developers to abandon projects nationwide
AdminEstate developers are increasingly facing challenges in meeting their project delivery timelines due to surging exchange rates.
This situation is exacerbated for those who had previously entered contracts with variation clauses, as they now confront significant losses owing to rising cost in building materials, cements etc.
The ripple effect of this economic strain is felt across the nation’s real estate development sector, where the cost of building materials has seen an unprecedented surge. For instance, the price of cement has soared to over N9,000 per bag in the past few months.
In a conversation with Nairametrics, under the condition of anonymity, one developer shared the dire impact of the rising cost of building materials on their project.
- “I’ve had no choice but to abandon the project because the costs are just too high to bear. Although my contract includes variation clauses, the financial strain on buyers is so severe that many are unable to meet the increased prices. As a result, I’ve had to halt the project indefinitely,” the developer lamented.
Homeowners Facing Challenges Completing Their Properties
The fallout from these economic conditions is not limited to unfinished projects. In estates where construction has been completed, new homeowners are struggling with the additional costs of finishing and furnishing their properties.
One homeowner, Mr. Wale, expressed his distress to Nairametrics, revealing that he has decided to sell his newly acquired property.
- “The cost to furnish the house is nearly half of what I paid to acquire it. Selling seems like a more viable option at this point, especially when renting is comparatively more affordable,” he explained.
Property sellers are also adapting to the changing economic landscape by dollarizing their assets, essentially pegging their property values to the fluctuating price of the dollar. However, this strategy has not necessarily facilitated sales, as potential buyers are scarce.
- “With no other viable options, I’m forced to wait patiently and not sell at a loss. My strategy has been to adjust my prices in accordance with the dollar rate and sell whenever a willing buyer comes along. But for the time being, price adjustments are a constant,” a property developer, who wished to remain unnamed, stated.
FX Crisis pushes Nigerians Abroad to Seek Real Estate Investments Elsewhere
The exchange rate crisis has significantly dampened the enthusiasm of Nigerians living abroad for investing in their homeland. Traditionally seen as a lucrative opportunity for capital growth, the current economic climate has shifted perceptions, making such investments less appealing.
For many diaspora Nigerians, the depreciating exchange rate has rendered the prospect of investing in anything other than passion projects, where financial returns are not the primary objective, unattractive.
Mike Uzoma, a Nigerian residing abroad, shared his disillusionment with the diminishing returns on his investment.
- “Last year, converting $50,000 gave me about N42 million, which I invested in a short-let apartment, generating roughly N3 million monthly. However, today, that same investment yields only $2,000, a stark decline from the $3,500 I initially projected. Given the worsening situation, I’ve decided to sell the asset,” he explained to Nairametrics.
The allure of more stable economies with predictable investment returns, such as Dubai, is attracting another segment of diaspora Nigerians. The stability and predictability of the Dubai market stand in contrast to the volatility and uncertainty currently characterizing the Nigerian investment landscape.
Prolonged power outage leaves residents in total darkness
The challenges extend beyond investment returns to affect the quality of life within estate developments, particularly those offering serviced arrangements.
For instance, MIGB Gardens, an estate in Lekki, has encountered difficulties in maintaining a steady power supply due to the surging prices of diesel.
The estate’s WhatsApp forum was abuzz with complaints from residents, who had not anticipated such a predicament and, consequently, did not possess personal generators, leaving many to endure prolonged power outages.
Moreover, the situation has exacerbated security concerns across many estates. The correlation between rising poverty and hunger with increased insecurity is well-documented, and as these socio-economic conditions worsen, so does the safety of residents.
This has led to a rise in estate dues and service charges, creating tension between residents and service providers. Some estate residents have met resistance to a raise in estate dues citing economic hardships.
The situation is likely to continue to be challenging for most Nigerians if the rising cost of goods and services persists in the coming weeks and months. There is also a potential threat to the quality and standards of building materials sold as more developers look for options to deliver their projects on time and at cost.
[Nairametrics]
The UK Government invested more than £300 million in delivering programmes and peacekeeping to bolster African nations’ stability and security last year, to the benefit of people in Africa and the UK.
Minister of State in the UK Cabinet Office, Baroness Lucy Neville-Rolfe DBE CMG, who is in Nigeria to cement the UK-Nigeria partnership, disclosed this in a statement by Atinuke Akande-Alegbe, Senior Communications & Public Diplomacy Officer of the Foreign Commonwealth and Development Office (FCDO), Abuja.
The visit comes days after the UK-Nigeria Security and Defence Partnership talks where the two countries reached agreements on cybersecurity, defence cooperation, counter-terrorism, human rights and civil-military cooperation.
As part of the investment, more than £15 million went to strengthening Nigeria’s security which, as a result of the UK’s direct support, benefitted Nigerian and British nationals by detecting and seizing more than 3 tonnes of illegal drugs.
In North Eastern Nigeria, UK funding has also helped more than 500 people fleeing violent groups re-settle into communities. It supported vocational training, religious counselling, psycho-social support, drug counselling and numeracy and literacy lessons.
The UK and Nigeria’s cooperation on regional threats to stability included the contribution from the UK to UN efforts to stabilise communities in the Lake Chad Basin after a decade of violence by extremist groups.
Almost 11 million people across Nigeria, Cameroon, Chad and Niger have been affected by this violence.
Neville-Rolfe was quoted as saying: “The United Kingdom and Nigeria are firm security and economic partners. I am proud that, through the CSSF, the UK has been able to play such a valuable role in bolstering Nigeria’s security.
“Investment in Nigeria and the broader region has been instrumental in tackling some important challenges, from drug smuggling to cybercrime and human displacement. These challenges are transnational, so by supporting our partners in Nigeria and West Africa we are also helping to safeguard people in the UK.
“Closer collaboration is vital in ensuring we can respond to threats and promote a free, open, peaceful and secure cyberspace, which is why the UK and Nigeria recently committed to working more closely together to tackle cybercrime.
“As the largest economy in Africa, Nigeria’s stability and security are vital to the security of the wider region and the UK. I look forward to our partnership strengthening as we continue to work together on shared challenges in the years ahead.”
The British High Commission to Nigeria, Dr. Richard Montgomery, said the UK would remain a committed friend, working with the Nigerian government to respond effectively to domestic and regional security challenges.
“The UK’s Conflict, Security, and Stability Fund offers practical assistance that is making a real difference in Nigeria, from tackling human traffickers to supporting the resettlement of people fleeing violent groups in the northeast of the country. The UK is proud to stand with Nigeria as a close partner in these endeavours.”
[DailyTrust]
Professor Usman Yusuf, former Executive Secretary, National Health Insurance Scheme, NHIS, on Saturday, said he is surprised the South Eastern part of the country has remained quiet amid the worsening economic hardship facing the country.
This is even as he urged the President to buy food, flood the market and feed the people before things get too late.
Yusuf made this known on Saturday while fielding questions on Arise Television’s Morning Show programme.
DAILY POST reports that there have been agitations against the increasing hunger in some parts of the country, most of them from the south west and northern part of the country.
However, Yusuf found it surprising that the South East has remained calm.
He said: “I honestly don’t know why the South East is quiet, uncharacteristically quiet. But the President needs to find out. The North is where I know I live; even my heritage is. The silence in the North is more lethal than anywhere else in the country. And the President needs to listen to that.
“The silence in the North, from the people of the North in spite of the suffering people are going through, is more lethal than people coming out.
“We are going into the month of Ramadan, people are going to pray. We ask the President to buy food, flood the market and feed the people before things get too late.
“The whole country is suffering. There’s hunger in the land. We hope you listen. Don’t listen to your advisers. Bring a whole lot of money for food, don’t wait for the governors.”
[DailyPost]
Amajor security raid in Rivers state spearheaded by the police has reportedly led to the killing of the notorious cult leader, Gift Okpara, aka 2Baba, the prime suspect in the brutal murder of a former Divisional Police Officer, SP Bako Angbashim.
The police and other security agencies were said to have coordinated a land and aerial raid simultaneously at the identified hideout of the Iceland cult leader and his gang in Idu-Ekpeye in Ahoada East local government area of the state on Saturday afternoon with 2Baba feared dead after the operation.
Angbashim was ambushed and captured by 2Baba’s gang in Odiemudie community, Ahoada East LGA of the State in September 2023.
The DPO was taken into the forest where he was killed and his body dismembered and filmed by the cultists.
A senior police source, who spoke in confidence, disclosed that 2Baba was hit many times during the raid.
He said: “2Baba was hit severally with bullets alongside some of his loyalists.
“2Baba fell flat on the ground, but some of his boys quickly took him away. The police is still moving in to get his corpse.”
Another source, who identified himself as Obi, said he saw almost 15 vehicles and an Armored Personnel Carrier (APC) during the raid.
Though there was no official confirmation about the killing of 2Baba, the entire communities in Ahoada, were said to be thrown into jubilation following reports that the notorious cult leader was feared dead.
The indigens were particularly heaped praises on the state Commissioner of Police CP. Olatunji Disu, for his relentless efforts to stop terrorism in the area.
When contacted spokesperson of the State Police Command, Grace Iringe-Koko promised to get a feedback on the development.
Details later...
[TheNation]
A Professor of Law at the University of Nigeria, Nsukka, Joy Ezeilo, has lamented the depreciation of her salary’s purchasing power coupled with inflation, stating that it costs her up to one-fifth of her salary to buy water for her compound monthly.
Ezeilo revealed this on her X handle on Saturday, adding that the N1m proposed minimum wage by the Nigeria Labour Congress “is not a laughing matter to be dismissed by wave of hand.”
She wrote, “The fast depreciating purchasing power of my hard-earned salary, the devalued Naira, and the creeping inflation: I just discovered by purchasing water today that my monthly salary can only pay for a limited quantity of water supply.
“I spent N40,000 for a water tanker one trip load (about 2,800 gallons) this evening in Enugu.
“Talk about price fixing. We bought previously the first week of February for N35,000. Of course, the driver said the cost of diesel drives the price. The ultimate buyer bears the brunt.
“We need at least two tankers for one month at N80,000, which would have taken one-fifth of my professorial cadre salary in a federal university.
“At this rate, just water without food, electricity, transportation, generator fueling, house rent, school fees, health care, etc., one can see that the N1m being proposed as minimum wage by the Labour Union is not a laughing matter to be dismissed by wave of hand.
“It increasingly appears either realistic or may need to be more.
“Which way, Nigeria? I can only hum Sonny Okosun’s (1984 – Which Way Nigeria) and Majek Fashek’s (Send Down the Rain!) songs as I silently pray for reprieve and an urgent economic solution so Nigerians can breathe well.”
PUNCH Online had reported on February 10 that Ezeilo lamented how she would need to save five months of her salary as a Professor of Law on the last professional step to buy a return ticket to a West African country.
She stated this while expressing her dream of watching the final of the African Cup of Nations live in Cote D’Ivoire but was shocked after her travel agent of over 20 years told her the price of the ticket was estimated at over N2.1m.
[Punch]
Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Mele Kolo Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited to “promptly account for and explain the whereabouts of the alleged missing USD$2.04 billion and N164 billion oil revenues.”
SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.
SERAP urged Mr Kyari “to name and shame those responsible for the disappeared oil money, surcharge them for the full amount involved, and hand them over to appropriate anticorruption agencies, as provided for under paragraph 3112(ii) of the Financial Regulations 2009, and recommended by the Auditor-General.”
SERAP also urged him “to ensure the full recovery and remittance of the missing USD$2.04 billion and N164 billion into the Federation Account without further delay.”
In the letter dated 17 February 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said, “The missing oil revenues have further damaged the already precarious economy in the country and contributed to very high levels of deficit spending by the government.”
SERAP said, “Without the full recovery and remittance of the missing USD$2.04 billion and N164 billion oil revenues, the dire economic situation may worsen and Nigerians will continue to be denied access to basic public goods and services.”
According to SERAP, “the Auditor-General has for many years documented reports of disappearance of public funds from the NNPC. Nigerians continue to bear the brunt of these missing oil revenues.”
The letter, read in part: “The alleged missing oil revenues reflect a failure of NNPCL accountability more generally and are directly linked to the institution’s continuing failure to uphold the principles of transparency and accountability.”
“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel the NNPCL to comply with our requests in the public interest.”
“Had the NNPCL and its subsidiaries accounted for and remitted the disappeared public funds into the Federation Account, it is likely that more funds would have been allocated to the fulfillment of economic and social rights, such as increased spending on public goods and services.”
“The missing oil revenues have also impeded Nigerians’ ability to enjoy their economic and social rights, and denied them access to essential public goods and services, especially at the time of cost of living crisis in the country.”
“Explaining the whereabouts of the missing public funds, naming and shaming those suspected to be responsible and ensuring that suspected perpetrators are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.”
“Nigerians have the right to know the whereabouts of the disappeared oil money. Ensuring transparency and accountability in the management of oil revenues would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Nigerian National Petroleum Corporation (NNPC) failed to remit over USD$2 billion and N164 billion oil revenues into the Federation Account.”
“The Auditor-General fears that the money may have been diverted into private pockets, denying the government the funding needed to carry out its activities.”
“The NNPCL reportedly failed and/or refused to remit N151,121,999,966. The NNPCL without any justification deducted the money from the oil royalties assessed for 2020 by the Department of Petroleum Resources (DPR) now Nigerian Upstream Petroleum Regulatory Commission (NUPRC).”
“The NNPCL has failed to account for the missing public funds. The Auditor-General wants the money recovered and remitted into the Federation Account.”
“The NNPCL also failed to remit USD$19,774,488.15 collected as government revenue into the Federation Account. The Auditor-General wants the NNPCL to account for the money, recover and remit it into the Federation Account, and to hand over those suspected to be involved to the ICPC and the EFCC.”
“The Nigerian Petroleum Development Company (NPDC) Ltd also reportedly failed to account for USD$2,021,411,877.47 and N13,313,565,786.49 of royalties collected from crude oil and gas sales and gas flare.”
“The Auditor-General wants the public funds fully recovered and remitted into the Federation Account and for those suspected to be responsible for the missing public funds to be handed over to the ICPC and the EFCC.”
“These grim allegations by the Auditor-General suggest a grave violation of the public trust and the provisions of the Nigerian Constitution 1999 [as amended], national anticorruption laws, and the country’s obligations under the UN Convention against Corruption.”
“The allegations have undermined the economic development of the country, trapped the majority of Nigerians in poverty and deprived them of opportunities.”
“SERAP is concerned that despite the country’s enormous oil wealth, ordinary Nigerians have derived very little benefit from oil money primarily because of widespread grand corruption, and the entrenched culture of impunity of perpetrators.”
“Combating the corruption epidemic in the oil sector would alleviate poverty, improve access of Nigerians to basic public goods and services, and enhance the ability of the government to meet its human rights and anti-corruption obligations.”
“SERAP notes that Section 15(5) of the Nigerian Constitution 1999 (as amended) requires public institutions to abolish all corrupt practices and abuse of power.”
“Section 16(2) of the Nigerian Constitution further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on the NNPCL to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
“Paragraph 3112(ii) of the he Financial Regulations 2009 provides that, ‘Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handled over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).’”
“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the NNPCL to ensure proper management of public affairs and public funds. These commitments ought to be fully upheld and respected.”
[Vanguard]
Chairman of BUA Group, Abdul Samad Rabiu, says the company has approved a 50 per cent salary increment for staff across board.
Rabiu made the disclosure in an internal memo signed on Sunday in Lagos by Mr Mohammed Wali, BUA’s Head of Human Resources.
The memo quoted BUA chairman as saying that the increment was to mitigate the impact of the economic hardship currently being faced in the country.
He said the salary increment would cover both permanent/regular and non-permanent staff with effect from Feb. 1, 2024.
“Sequel to the above development, the Human Resources and Finance departments are processing the increase to ensure that it is captured in the February 2024 payroll.
“It is hoped that with this magnanimous gesture, we will be more committed to our duties and put in our very best to justify the confidence reposed in us,” he said.
The News Agency of Nigeria (NAN) reports that due to the current economic conditions in the country, negotiations are ongoing between the organised labour and the government, for a new minimum wage.
NAN
[PRESS RELEASE] Tinubu's Administration Falls Short in Addressing Currency Fluctuation and Poverty Crises
AdminAt a meeting called at his instance on Thursday to address the Foreign Exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country.
Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.
I don't agree with that.
The wrong policies of the Tinubu administration continue to cause untold pain and distress on the economy and the rest of us cannot keep quiet when, clearly, the government has demonstrated sufficient poverty of ideas to redeem the situation.
If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.
After a careful assessment of the state of our economy at the twilights of the last administration, I knew full well that the economy of the country was heading for the ditch and came up with a number of policy prescriptions that would rescue the country from getting into the mess that we are currently in.
Those ideas, encapsulated in my policy document titled: My Covenant With Nigerians made the following prescriptions:
1. I had signed on to a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.
2. A fixed exchange rate system would be out of the question. First, it would not be in line with our philosophy of running an open, private sector friendly economy. Secondly, operating a successful fixed-exchange rate system would require sufficient FX reserves to defend the domestic currency at all times. But as is well known, Nigeria’s major challenge is the persistent FX illiquidity occasioned by limited foreign exchange inflows to the country. Without sufficient FX reserves, confidence in the Nigerian economy will remain low, and Naira will remain under pressure. The economy will have no firepower to support its currency. Besides, a fixed-exchange rate system is akin to running a subsidy regime!
3. On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill. We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management. A managed-floating system would have been a preferred option. In simple terms, in such a system, the Naira may fluctuate daily, but the CBN will step in to control and stabilize its value. Such control will be exercised judiciously and responsibly, especially to curve speculative activities.
4. Why control, you may ask.
(i). Nigeria has insufficient, unstable, and precarious foreign reserves to support a free-floating rate regime. Nigeria’s reserves did not have enough foreign exchange that can be sold freely at fair market prices during crises.
(ii). Nigeria is not earning enough US$ from its sales of crude oil because its production of oil has been declining. And,
(iii). Nigeria is not attracting foreign investment in appreciable quantities.
These are enough reasons for Nigeria to seek to have a greater control of the market, at least in the short to medium term when convergence is expected to be achieved.
Tinubu’s new policy FX management policy was hurriedly put together without proper plans and consultations with stakeholders. The government failed to anticipate or downplayed the potential and real negative consequences of its actions.
The Government did not allow the CBN the independence to design and implement a sound FX Management Policy that would have dealt with such issues as increasing liquidity, curtailing/regulating demand, dealing with FX backlogs and rate convergence.
I firmly believe that if and when the Government is ready to open itself to sound counsels, as well as control internal bleedings occasioned by corruption and poorly negotiated foreign loans, the Nigerian economy would begin to find a footing again.
Atiku Abubakar
Vice President of Nigeria, 1999-2007.
18th February, 2024.
More...
[PRESS STATEMENT] Insecurity: Let’s migrate from Constabulary Police to State Police - Okechukwu
AdminAs stakeholders in the country seek for a solution to the frightening insecurity in the country, a foundation member of the All Progressive Congress (APC), Osita Okechukwu has advocated the establishment of Constabulary Police Option in line with Sections 105 to 109 of the Nigeria Police Act 2020.
Okechukwu warned that state police could be abused by state governors, the same way they breached other democratic institutions, such as the judiciary, legislature and the local government system.
Speaking to journalists on Sunday on the decision of President Tinubu and State Governors to establish State Police, the immediate past Director General of Voice of Nigeria (VON) opined that it is far better to progressively migrate from Special Constabulary of Nigeria Police Force (NPF) to State Police, to avoid relying on decision taken amidst palpable grief.
He implored all to take time and peruse the NPF Act 2020 so as to examine the pure kernels and appreciate the content relevance of Constabulary Police and the imperative to overhaul the NPF in addressing the same gruesome insecurity we out of grief wittingly or unwittingly assume that State Police is one size which fits all.
Okechukwu pointed out that Special Constabulary is a Silver Bullet which will resolve the intense paradox of public paranoia against the NPF which failed to secure us and our Emperor Governors that have scant regard to the rule of law.
He said, " I agree that there is horrible and terrible grief in the land and that NPF itself needs rejig hence the imperative of urgent solution; however State Police in my considered view is politics of grievance, which outcome maybe be worse than the solution envisaged given the anti-democratic antecedents of the custodians of the sub-national units and poor financial status of some states.
“We all contributed in no small measure in escalating the insecurity and gross inequality in the first place and the solution cannot be carving out Kingdoms for Emperors. In sum, my recommendation is that the establishment of Special Constabulary, in line with Sections 105 to 109 of the Nigeria Police Act 2020; is a better solution and that of using one stone to kill two birds at once.” Okechukwu submitted.
All we need as a matter of urgent national importance at this hectic and trying period is well trained, and well equipped Special Constabulary with sophisticated arsenal to contain kidnappers, terrorists and insurgents, without authoritarian antics. This is especially when they will be recruited from indigenes of the given state in collaboration with the governors, albeit local community based with tiny Federal strings for necessary moderation.
“Whereas, one understood the metastasis of grief, helplessness, despair, despondency, and the sordid scenario of a country overwhelmed by insecurity; it will be less strategic in the midst of confusion to hastily throw away the baby and the bathe water.”
“For when careful consideration gazetted that majority of our dear governors are more or less akin to Emperors, who are constantly in the breach of fine democratic tenets and civil liberties, in addendum have stymied our local councils and have blatantly mangled State Judiciary and State Legislatures into rubber stamps; my dear countrymen, does it in all intents and purposes make altruistic sense to further empower Emperors?” Okechukwu quipped.
He therefore appeals for understanding as progressive migration from Special Constabulary to State Police by then our tempers must have calmed down and we all must have learnt to obey the 1999 Constitution of the Federal Republic of Nigeria.
The Lagos state government has reiterated plans to relocate the Computer Village from Ikeja to the ICT Park in Katangowa, Agbado/Oke-Odo local council development area.
Olajide Babatunde, special adviser to Babajide Sanwo-Olu, governor of Lagos, on E-GIS and planning matters, spoke on Saturday while briefing journalists.
“We are trying to reorganise all our markets. I will give you an example. In Ikeja, we have a computer village. The computer village is being relocated,” he said.
“We are relocating them to Katangowa. It is not just the computer village alone. Other activities will happen in the Katangowa market.
“In the next coming weeks, you will see government effort on Kantangora. So, we are moving these people who seem to be on the road in Ikeja also obstructing traffic into a proper market big enough with all the services, including creche for their children, schools, playgrounds, mosques, churches, accommodation and hotel facilities, storage rooms, warehouses.
“We are trying to do things in a proper way. We are working on all of these things to make sure that we regenerate, redevelop, renovate, conserve.
“Anything that we need to do in terms of the terminologies that we have in urban development will be put to play in Lagos in a way that you are going to have a greater Lagos.”
In April 2017, the Lagos government had said the Computer Village would be moved before the end of that year.
However, about seven years later, the plan has yet to materialise.
THERE was confusion in the camp of the All Progressives Congress (APC) in Edo State on Saturday as two winners emerged from the governorship primary held by the party across the 192 wards in the state.
Sunday Tribune gathered that prior to the primary held to produce the party’s standard-bearer for the September 21, 2024 governorship election in the state, there had been a palpable tension within the party following allegations and counter allegations that the immediate past governor of the state and former National Chairman of the party, Comrade Adams Oshimhole, was bent on imposing a candidate on the party.
The tension was said to have culminated in the last-minute withdrawal of two frontline aspirants, Ehizuwa Johnson Agbonayinma, and Pastor Osagie Ize-Iyamu, from the governorship race.
But the tension became heightened on Saturday as two candidates: Honourable Dennis Idahosa and Senator Monday Okpebholo emerged as parallel winners from the election.
While the Electoral Committee Chairman and Imo State governor, Hope Uzodimma, declared Idahosa as the winner of the primary election, Dr Stanley Ugbuaja, the state Returning Officer announced Senator Monday Okpebholo as the party candidate.
Announcing the results earlier at Protea Hotel in Benin, Governor Uzodimma said that Idahosa pulled a total of 4,483 votes to defeat his other aspirants.
He gave the breakdown of the results as follows: Dr Blessing Agbomere (50 votes), General Charles Airhiavbere (162 votes), Colonel David Imuse (400 votes), and Senator Monday Okpebholo (200 votes).
Others are Dr Ernest Afolabi Umakhihe (02 votes), Mr Gideon Ikhine (700 votes), Honourable Clem Agba (100 votes), and Mr Lucky Imasuen (02 votes).
According to Uzodimma, the party direct primary election was free, fair and credible, adding that Honourable Dennis Idahosa was declared as winner having scored the highest lawful votes cast.
However, in a dramatic twist, Ugboaje, who alleged that he was brutalised by thugs suspected to have been brought to the collation center by a certain aspirant, announced Okpebholo as winner of the primary at the residence of Pastor Osagie Ize-Iyamu.
He said Okpebholo scored 12,145 votes, while Idahosa scored 5,536 votes to emerge second.
“I hereby certified that Monday Okpebholo, having scored the highest votes, is declared winner and duly returned as APC candidate for the election,” Ugboaje said
Earlier, hoodlums suspected to be thugs stormed the result collation centre situated at Lushville Hotel and Suite and disrupted the process.
The hoodlums manhandled several journalists, including NTA cameraman, and Arise Television reporters, just as they also scattered their equipment.
Reacting to the election, one of the candidates, Honourable Agba, however, condemned the result, saying he won the exercise based on the authentic turnout of party members.
In a statement he issued shortly after the poll, Agba said: “To my good people of Edo State and esteemed members of our great party, the All Progressives Congress, I want to thank you for your loyalty and support for my candidature.
“Unfortunately, what we have all witnessed in the APC party primaries in Edo State on Saturday falls below the minimum standard of democratic elections that is universally acceptable.
“I believe strongly that thousands of loyal party members were disenfranchised. Based on the authentic turnout, we clinched victory. The result so far announced is a ridicule and undermines the principles of democracy and fair play. The votes of the people did not count, the processes of election were compromised and the strength and unity of our party were greatly undermined.
“While I remain a loyal party member, I will not be part of a process that robs the mass of our loyal party members of their inalienable right to vote. What has taken place in Edo State negates all that even our political leaders have taught us over the years about democracy, the will of the people, one man, one vote and justice and fair play.
“We must come together to challenge this great injustice and restore the integrity and strength of our great party. Such Impunity that the people have been subjected to should have no place in our great party. We will proceed speedily within the guidelines laid down by our party to seek for justice,” he stated.
The Nigerian Government has warned Fast-Moving Consumer Goods (FMCG) outlets nationwide, threatening to shut them down due to deceptive pricing practices amidst increasing economic hardship.
Naija News reports that the Acting Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), Adamu Abdullahi, issued a statement on Saturday warning against the rising cost of food.
Abdullahi emphasized that businesses must provide clear and transparent pricing information to enable consumers to make informed purchasing decisions.
The FCCPC reaffirmed its commitment to combating exploitative practices, highlighting penalties outlined in the FCCPA for violations.
The commission encouraged businesses to adhere to fair pricing practices to ensure consumer protection and a healthy market environment.
The statement reads, “The Commission is aware that similar practices may occur at other FCMG outlets nationwide. These outlets are advised to cease such practices immediately to avoid consequences.
“Businesses are expected to display transparent pricing information to empower consumers to make informed purchasing decisions, especially during challenging economic times.
“The FCCPC remains committed to combating all forms of exploitative or misleading practices that undermine consumer rights. The FCCPA protects consumer rights and prohibits deceptive business practices. Section 115 outlines potential penalties for violations, including fines for organisations and imprisonment for directors.
“The FCCPC encourages all businesses to adhere to fair and transparent pricing practices to ensure consumer protection and a healthy market environment.”
Naija News recalls that the Commission had, on Friday, stormed Sahad Stores Limited, a well-known establishment situated in Area 11, Garki, Abuja, and sealed the building off due to various allegations, including stockpiling, extortion, lack of transparency, and misleading pricing practices.