THE Chief of Staff to the President, Mr. Femi Gbajabiamila, met behind closed doors with the National Security Adviser, NSA, Mallam Nuhu Ribadu, and some ministers at the Presidential Villa, Abuja, yesterday, over food security and protests in some states.

The meeting, which began at about 05:30 pm, also had in attendance the governor of the Central Bank of Nigeria, Yemi Cardoso; Ministers of Education, Dr Tahir Mamman; Finance, Wale Edun; Budget and National Planning, Atiku Bagudu; Agriculture, Abubakar Kyari; and State for Agriculture, Sabi Abdullahi.

The parley was held as the ruling All Progressives Congress, APC, and some opposition parties disagreed over cost of living protests in Niger and Kano states.

While the APC accused the opposition of sponsoring what it dismissed as anti-President Bola Tinubu protests, the Peoples Democratic Party, PDP, Labour Party, LP, and Coalition of United Political Parties, CUPP, said the APC was chasing shadows and had itself to blame for the protests.

Briefing State House correspondents after the meeting that lasted for about three hours, the Minister of Information and National Orientation, Mohammed Idris, expressed President Bola Tinubu’s worry over the development.

He said that the President has directed that the situation should be arrested by the Presidential Committee in order to reduce hardship on the populace.

The Minister, who said that there is enough food in the country, added that some elements are trying to take advantage of the high food prices and the depreciation of naira to cause havoc.

He said, “We just rounded off a meeting. It is a special presidential committee to address the issue of food shortage or lack of enough food on the table of most Nigerians.

“This is just the beginning of that meeting. It is going to continue tomorrow and day after tomorrow. The government is very concerned about what Nigerians are going through, especially what has happened in Minna yesterday, and therefore government is taking some action to ensure that Nigerians have some relief in terms of the availability of food on the table.

“Of course, this meeting is not by itself exhaustive. It’s just like I said, the beginning. It is going to continue tomorrow and the day after.

“Now, some of these will involve unlocking the foods that are available in most of the storage facilities (National Food Reserve) around the country. You know that the Federal Minister of Agriculture has some food reserves. That is going to be made available to Nigerians.”

The meeting was held on the heels of the protests by women in Minna, Niger State, and that of angry youths in Kano over the rising cost of living in the country.

A group of women in Minna, Niger State, had on Monday, blocked the ever-busy Minna-Bida Road at the popular Kpakungu Roundabout and called on the administration of President Bola Tinubu to address the problem of ‘hunger in the land.’

Youths in Kano also protested over the hardship in the country and the state governor, Abba Yusuf, assured them that he would take their complaints to the President.

There are fears that the nation’s university workers under the umbrella of Academic Staff Union of Universities, ASUU, are gearing up for another confrontation with the federal government over issues bordering on members’ welfare, working conditions, among others.

This is even as the university workers have expressed disappointment over President Bola Tinubu’s failure to fulfil promises to release their withheld eight months’ salaries resulting from the 2022 industrial action, the six-month N35,000 wage ward and upward salary review.

The union is now saying it is tired of the federal government’s unfaithfulness to promises made to the union, lamenting that it has yet to implement all its agreements with the organised labour, particularly ASUU, since the administration came in.

DAILY POST reports that the current administration has taken no significant visible action to address the grievances by ASUU despite Tinubu’s assurance and promise that his administration would take all necessary actions to ensure universities do not embark on strike again.

Tinubu, who spoke at the 33rd convocation ceremony of the Federal University of Technology, Akure, had expressed hope that the cooperation of the unions with the federal government would ensure the needed educational development in the country.

He promised that his administration would tackle all challenges confronting the education sector and reposition it, adding that the federal government was willing to establish synergy with all the academic unions within universities in the country and exhaust all avenues for dialogue before any strike.

“I would like to enjoin all the unions in our universities to cooperate with the government in order to deliver the needed development by ensuring an atmosphere of peace and tranquility on our campuses.

“On our part, we will ensure that motivational activities are put in place to ensure improved productivity. Reciprocative actions would be expected from our universities as the government works hard to raise the bar of a conducive teaching and learning environment.

“To whom much is given, much is expected. Dialogue, patience, and positive engagements are better means of achieving results than strike actions. Industrial disharmony does nothing but disrupt life, waste time and elongate the academic calendar.

“Therefore, all avenues for dialogue must be explored and exhausted before strike actions are considered, and as a last resort,” Tinubu said.

DAILY POST reports that it is now almost four months after Tinubu approved the partial waiver of the ‘No Work, No Pay’ order instituted against striking ASUU members in 2022 under former President Muhammadu Buhari’s administration.

Recall that ASUU members had embarked on an eight-month industrial action, which began on February 14, 2022, and lasted until October 17, 2022, but the federal government insisted on implementing the ‘No Work, No Pay’ policy for the period the university workers were away from their duty posts.

However, nearly sixteen months after the academic staff members returned to work, they have continued to lament the unyielding response of the government to their withheld salaries.

DAILY POST reported that Tinubu, in November last year, directed the grant of an exceptional last waiver of the ‘No Work, No Pay’ order on ASUU, which would pave the way for members of ASUU to receive four months of salary accruals out of the eight months withheld during the strike.

According to the President, the move, in a statement by his Special Adviser on Media and Publicity, Ajuri Ngelale, was in line with his administration’s determination to mitigate the difficulties in the face of the implementation of key economic reforms in the country.

Tinubu also added that he recognised the faithful implementation of terms agreed upon during the fruitful deliberations between ASUU and the federal government.

Not happy about the development, ASUU has embarked on a nationwide consultation with members over the non-implementation of agreements by the Federal Government.

ASUU said it was regrettable that despite the gentlemen’s agreement between the union and the federal government, no dime had been paid to its members, creating unnecessary hardship for their families.

Apart from the withheld eight months’ salaries, the university workers said they were yet to be removed from the Integrated Personnel and Payroll Information System, IPPIS, as directed by the President.

DAILY POST recalls that the Federal Executive Council, FEC, recently approved the removal of university staff from the IPPIS.

The minister of education, Mamman Tahir, who disclosed the development while briefing State House correspondents after the weekly FEC meeting presided over by Tinubu at the Presidential Villa, Abuja, said the President also directed the Vice Chancellors to be removed from taking permissions from the office of the Head of Service of the Federation, HOSF, before they could engage staff for their institutions.

According to the President, “they (Vice Chancellors) do not have to go to the Head of Service for approvals to engage the service of new workers anymore. They will now be paying their own staff directly.”

Before now, ASUU had called on the government to abolish IPPIS and embrace its own creation, the University Transparency Account System, UTAS.

The union argued that UTAS would better take care of the weaknesses inherent in IPPIS, telling the government to consider the peculiarities of universities.

Similarly, in October 2023, the administration ordered the immediate implementation of a new wage award of N35,000 to each federal civil servant as a palliative to cushion the harsh effects of the removal of fuel subsidy.

However, DAILY POST findings showed that the government managed to pay two months out of the six months it promised.

Also, in September 2023, the government announced an upward review of the salaries of tertiary institution workers by 35 per cent, which was backdated to January 2023 but was yet to be paid.

Speaking recently in an interactive session with journalists during the week at the Gidan Kwano Main Campus of the Federal University of Technology (FUT) Minna, the Niger State capital, the National President of ASUU, Professor Emmanuel Osodeke, declared that the government has not implemented all the agreements it reached with the organized labour, particularly between ASUU, since the administration of President Bola Tinubu began.

Osodeke stated that members of the National Executive Council, NEC, were currently in a nationwide consultation with the branches of the union to decide on the next line of action after the NEC meeting later this month.

“Well, none has been implemented. On the issue of wage awards and the issue of seven-and-a-half salary arrears, I can tell you that nothing has been implemented. In fact, as I am talking to you now, none of our members has been paid,” Osodeke declared.

The ASUU leader stated that the association would present all the suggestions gathered during its nationwide consultations at the NEC meeting before taking the necessary action to press home their demands.

“That is why we have come to see our members, and we are seeking their views about the next line of action which we are taking to our NEC meeting in February (this month). And at the NEC meeting, we are going to make a decision”, Osodeke said.

Speaking to DAILY POST about the matter, the ASUU UNN branch chairman, Comrade Nobert Oyibo Eze lamented that things have become extremely difficult for the union members as their salary was no longer capable of meeting their needs.

Eze said it was sad that the government would always rush to the press and say all kinds of things but would not fulfil what it announced.

He stated that President Tinubu, who promised to resolve most of the union’s demands if elected, has not lived up to his words despite his repeated assurances.

He said, ‘‘It is extremely difficult for everyone in the university now; very very difficult because not only that the salary is not commensurate anymore, remember that this salary started in 2009, about 16 years now. It has not improved.

“Not only has it not improved, the exchange rate has messed it up completely. Around 2011, a professor was receiving almost $2,700 equivalent.

“Today, the equivalent of what a professor is getting is $255. This is what someone in the UK can use to pick some groceries in a grocery shop; that is what a professor in the Nigerian academic system is receiving.

“Yet, in spite of the fact that it has not improved, they withheld our seven-and-a-half months salary on account of our last strike.

‘‘Why wouldn’t we say that what they are paying us is no longer commensurate? Is it a crime to agitate? Throughout the countries of the world, workers do go on strike; the other time French workers went on strike. As long as the government is not doing what they are supposed to be doing, with respect to labour laws there will continue to be strikes.

“Anybody thinking that withholding our salary will make us stop going on strike is not serious because you cannot beat a child and ask him not to cry.

‘‘It is only in Nigeria that the government will be making money in millions and refuse to pay workers. It is not the health sector that they have fixed or the education sector that they have fixed.

“They want to remove their hands from discharging any responsibility. Yet they don’t want to embark on true federalism where the people will ask questions, manage the resources available and use it to develop their universities.

“They want everything to go to Abuja and they are not doing what they are supposed to do.

So, right in the university, it is extremely difficult for everybody.

‘‘The government of this country is…I don’t know how to describe it. People have already known their tactics. They go to the press and say all kinds of things but since Tinubu took over the government, he has not paid anything.

“You know last year, they gave some wage award but nothing has been paid. No arrears of salary have been paid. Even the four months they made noise about in the press, nothing has been paid.

‘‘For some time now, the national executive of ASUU have met some of the government functionaries, especially the minister of education and many others. Everything they owe us has been articulated and sent to them.

“The only thing, out of the reasons we went on strike – the IPPIS, which has been handled in the press – that they are taking us out of the IPPIS. I want to tell you that IPPIS paid December salary, IPPIS is going to pay January salary. I heard somewhere that IPPIS has asked the Bursars of the universities to send vouchers for January salary, which means we have not been out of IPPIS practically.

“Since that announcement last year, the last salary that could have been paid using IPPIS is the December salary. As I am talking to you now, we have not received our January salary.”

While throwing more light on the salaries paid to the university lecturers, Eze said: ‘‘Let me give an example with myself, as an associate professor, I am going home with N332,000.00.

“If you want me to send you my payslip, I can do so. Are they not the one paying us? A professor on the bar is receiving N400,000.00. Those who were just appointed professors two years ago are still within N300,000.00. What can you buy with N300,000.00?

‘‘The other time I read that people were demonstrating in Minna because of the current hardship. The reality is that it is not just about the academic staff in the public universities, it is about the entire workforce in the country.

“It is people who are generating the money, which they are stealing, they are doing whatever they like. Look at what is happening in the Central Bank, that is why they want their children to work in the Central Bank. Can you imagine that in the Central Bank they have over 5,000 workers at the headquarters alone? What are they doing there?”

On the next step the union will take to press home its demand, he continued, ‘‘It is not for me to speak but I think all the branches are angry. You see politicians, they can say all sorts of things during electioneering campaigns.

“Bola Tinubu who is now president said that if he becomes the Nigerian president, he will stop the strike in the universities. Very soon, he will experience one. He has not even addressed why we went on strike in the first place.

“So withholding our salary is just playing to the gallery because we did not embark on strike because they are not paying us salary. We embarked on strike because our take home pay can no longer take us home. And nobody has raised the reason why we embarked on strike, and he knows it.

“He told the public that if he becomes president he will solve all the issues that can push us to go on strike.

‘‘Now all the issues that emanated from the last strike, which one has he addressed? He has not addressed anything. As I am talking to you, there are workers in the universities who are not earning up to N100,000.00.

“The truth is that people are hungry, and they say that ‘a hungry man is an angry man’.

‘‘We will be going to a national executive council meeting soon, whatever we decide during that meeting will be made public; people will hear it. If we decide to embark on another strike, they would not say we have not given them enough time.”

[DailyPost]

The protests were in Minna, Niger States and Kano.

APC  accused  opposition political parties of masterminding the mass protests, adding that they were  orchestrated to undermine the government.

But the PDP accused the ruling party of politicising the popular protests against hardship.

On Monday Niger State Governor Umar Bago said the protesters were mobilized to the venue to hijack lorry-loads of food items being brought from Lagos.

He added that those conveying the items changed the route thereby evading them.He also said the protest was politically-motivated.

Former Vice President Atiku Abubakar,  who was PDP presidential candidate in last year’s election, described President Bola Tinubu’s economic policies as a failure.

Two days ago, placard-carrying protesters blocked the Bida Road, Kpakungun in Minna, capital of Niger State. Protesting over high cost of living.

Some major streets in Kano were also taken over by those  protesting the soaring prices of foodstuff, particularly rice, maize, beans and millet.

Kano State Governor Abba Yusuf said he would seek an audience with President Bola Tinubu over the hardship being experienced by his people.

APC National Publicity Secretary,  Felix Morgan, said in a statement that the protests were instigated by the opposition to subvert the Tinubu administration.

Urging Nigerians to show understanding,  he said the Federal Government was doing everything in its power to mitigate the transient pains of critically important reforms that are crucial to economic recovery and sustainable prosperity.

He advised them to ignore what he described as the guile and unpatriotic attempt by opposition elements to destabilize the country for their selfish interest.

Morka said: “In its arrant desperation to portray the All Progressives Congress (APC)-led administration as under-performing, opposition parties have resorted to instigating unsuspecting young people to protests in the streets of some major cities.

“The protests in Minna and Kano on Monday were the manifestation of this devious and unpatriotic plot. That the protests happened simultaneously in both cities is not coincidental. It bears the bold stamp of an orchestrated and coordinated effort to instigate unrest and undermine the government. This mercenary opposition tactic is a clear and present threat to public peace and national security.

“While we recognize the right of citizens to engage in peaceful protest, we urge our good people to be vigilant and not lend themselves to the treacherous attempt by the opposition to promote social strife by its incendiary rhetoric and manipulative plots.”

He added: “The President Bola Tinubu-led administration is solidly committed to doing everything in its power to mitigate the transient pains of critically important reforms that are crucial to economic recovery and sustainable prosperity for all Nigerians.

“It behoves us as good citizens of our beloved country to stand fast with our government in this noble stride. In due time, these policy reforms will yield an enduring beneficial transformation of the material conditions of life in the country.

“We implore Nigerians to shun the guile and unpatriotic attempt by opposition elements to destabilize the country for their base and parochial political gains.”

LP: Resolve problems

LP’s National Publicity Secretary, Obiora Ifoh  said opposition parties were not responsible for the Monday protests.

He said the protesters were Nigerians bearing the brunt of “this administration’s ineptitude and lack of preparation for governance.”

Ifoh added: “Those who took to the streets in Minna, Niger State, a state controlled by the APC, went to the streets, not as members of opposition parties but as citizens bearing the brunt of this administration’s ineptitude and lack of preparation for governance.

“Irrespective of party affiliations, religious and ethnic creed, we all go to the same market where the prices of goods and services have skyrocketed.

“Our advice to the APC is for it to look for solutions to Nigeria’s problems, especially the economic ones it created instead of this propaganda.”

Don’t politicise protest, PDP warns

The PDP accused the APC of attempting to politicize the legitimate grievances of Nigerians.

It’s Publicity Secretary, Debo Ologunagba,  said in a statement that the Federal Government was pushing Nigerians into the wall.

The statement reads: “The APC is insensitive to the fact that because of its policies more than 104 million citizens have sunk deeper into poverty; Nigerians can no longer afford their daily meals with families now going to bed on empty stomach as poverty rate soars to over 46%.

“Any government that has an idea of macro-economic policy management ought to have recognized that the suffocating policies of abrupt increase in the pump price of petroleum products, high cost of electricity and arbitrary floating of the Naira would have excruciating consequences.

“These policies by President Tinubu and the APC are responsible for the crippling of the productive sector, with 28% inflation rate, crashing of the Naira from N167 to over N1,500 to a Dollar, closure of millions of businesses and mass exodus of international companies from Nigeria, resulting to a distressing 41% unemployment rate and unbearable pressure on millions of families across the country.

“Today,  thousands of our promising youths are leaving the country in droves.”

Atiku: APC, Fed.Govt politicising response to hardship

Former Vice President Atiku Abubakar objected to the reaction of the Federal Government to his criticisms of its economic policies, saying that the response smacked of ignorance and lack of depth.

Atiku said in a statement by his media aide, Paul Ibe, that President Tinubu’s economic policies have failed.

He also said that the President’s Special Adviser on Information and Strategy betrayed a lack of understanding of the economic realities.

In the statement titled: “Presidency failed to provide a credible defence of Tinubu’s failures in tackling Nigeria’s economic challenges,” Atiku said his own manifestos-’My covenant with Nigerians-’ offered a clearly defined and robust roadmap for the socio-political and economic transformation of the economy.

The former PDP presidential candidate said “even if all the major candidates agreed that the fuel subsidy regime must end and that the multiple exchange rates must be fixed, this would not translate into endorsing Bola Tinubu’s failures in implementation.”

Atiku has grudges against Tinubu, says group

A group, Independent Media and Policy Initiative (IMPI), faulted Atiku’s criticisms, saying that he made deceptive generalisations.

The group said the former presidential candidate has personal grudges against the President.

IMPI Chairman Niyi Akinsiju said in a statement that Atiku has demonstrated a poor understanding of national issues.

The group compared Atiku’s first year as Vice President, during which he headed former President Olusegun Obasanjo economic team, with the first eight months of President Tinubu.

The group said: “In 1999  when Waziri Abubakar was sworn into office as Vice President and supposedly head of the economic team, the inflation rate was 6.9 per cent. But by 2000, that is a year after, it had risen to 17.8 per cent. That was about an 11 per cent increase.

“We noted that there was no policy on fuel subsidy removal at this time that could have possibly triggered this rapid increase in the inflation rate.

“We contrasted this to the 22.41 per cent inflation figure in May 2023 when President Tinubu was sworn in. The latest inflation figure is for December 2023 with the figure stated at 28.92 per cent showing about a 6 per cent increase.

“This is despite the twin policies of subsidy removal, the floating of the Naira and the large population the current administration has had to manage.”

“In addition, Waziri Abubakar had the added advantage of higher revenue to spend to ameliorate the economic conditions of Nigerians in that year, with earned revenue from mostly crude oil up to $15.81billion but did not reflect in the inflation figure of that year.

“In contrast, the President Tinubu-led administration has not generated up to $ 4 billion from crude oil sales from June 2023 to January 2024, yet, the administration has been managing the fallouts of the removal of fuel subsidy and floating of the Naira against the background of a large population.

“While we do not contend that this is an exhaustive leadership comparative analysis template, it, however, enabled us to have a snapshot, in time, about the managerial and policy-making skills of the two personalities at issue here.

“We conclude that Waziri Atiku Abubakar under-performed in office, despite the resources available to him to manage. He cannot manage a resource-shortfall economy.

IMPI also said Atiku has questions to answer about his time in government

Rising inflation, a national threat, says NEF

The Northern Elders Forum (NEF) urged the Federal Government to halt the rising inflation, which it described as a national threat.

The forum also said the cost of living has led to hunger and malnourishment.

NEF, in a statement by its Director of Publicity, Abdul-Azeez Suleiman, said the situation required urgent action by the government.

He said: “Families are finding it increasingly difficult to afford basic necessities, as the prices of essential commodities such as rice, beans, and cooking oil continue to skyrocket. This dire situation has resulted in a rise in malnutrition, particularly among children, as families are forced to prioritize their limited resources.

“Moreover, the impact of inflation extends beyond the realm of food prices. Small businesses are struggling to survive as the cost of raw materials and transportation continues to rise. Unemployment rates is soaring as companies are unable to sustain their operations amid mounting expenses. This vicious cycle of inflation and economic decline is pushing our nation further into poverty and despair.

“In light of these challenges, we demand urgent measures from the government to address this crisis before it plunges the nation into greater conflict and chaos.”

Nigerians’ spending on foreign education, healthcare and personal travels gulped over $98bn in 10 years, according to the Central Bank of Nigeria data.

The CBN Governor, Olayemi Cardoso, who made the disclosure while addressing the House of Representatives on Tuesday, was responding to an inquiry by the lawmakers on the factors behind the rapid depreciation of the naira in the last few weeks.

He spoke against the backdrop of the central bank’s battle to stabilise the exchange rate amid dollar shortage.

The lawmakers had invited Cardoso and other economic managers following last week’s plunge of the naira from about 900/dollar to over 1,400/dollar at the official market.

Members of the organised private sector and Nigerians have raised concerns over development, saying it would lead to more hardships and job losses.

However, speaking with the lawmakers, Cardoso argued that the foreign exchange market was facing increased demand pressures, causing a continuous decline in the value of the naira.

According to him, factors contributing to this situation include speculative forex demand, inadequate forex due to low remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.

To address exchange rate volatility, he said a comprehensive strategy had been initiated to enhance liquidity in the FX markets.

This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureau De Change operators, enforcing the Net Open Position limit for commercial banks, and adjusting the remunerable Standing Deposit Facility cap.

Cardoso revealed that between 201O and 2020, foreign education expenses amounted to a substantial $28.65bn, as per the CBN’S publicly available Balance of Payments Statistics.

Similarly, medical treatment abroad incurred around $11.01bn in costs during the same period. Within the same period, Personal Travel Allowances accounted for a total of $58.7bn.

Cumulatively, Nigerians spent about $98bn on foreign trips, medical tourism and overseas education, a figure the CBN governor said was more than the total foreign exchange reserves of the central bank.

Further compounding the situation, according to Cardoso has been the consistent decline in Nigeria’s export earnings against the backdrop of increasing imports.

In contextualising the problem, Cardoso pointed out that Nigeria’s annual imports, which require dollars for payment, amounted to $16.65bn in 1980.

By 2014, the annual imports had significantly surged to $67.05bn, although it gradually decreased to $54.71bn as of last year.

Similarly, food imports escalated from $2.63bn in 1980 to $14.84bn in 2019.

Cardoso said, “In 1980, our import expenditure stood at $16.65bn, while our exports amounted to $25.97bn, resulting in a surplus of $9.32bn.  Thus, during that year, we managed to fulfil the demand for dollars from our existing supply and still had over $9bn in surplus. In such a situation, the exchange rate (the value of the US Dollar) would not increase because, similar to any commodity, its supply surpassed its demand.”

Also contributing to the free fall of the naira, per the apex bank, has been a significant decline in Nigeria’s oil revenues.

“Moreover, from 2003 to 2013, we experienced a surplus of $331.73bn in the economy, with oil exports alone contributing over $798bn.  This surplus of dollars would typically stabilize the exchange rate, leading to a “strong” naira.

“ Regrettably, over the past 12 years, oil exports, constituting over 90 per cent of our foreign exchange earnings, have declined from $93.89bn in 2011 to US$31.4bn in 2020,” Cardoso added, while noting that monetary policy actions were sometimes inhibited by transmission lags.

“It also seems that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the bank itself and indeed to an attitudinal change of all our citizens,” he added.

Cardoso expressed optimism that that the policy measures implemented by the apex bank would permeate the economy in the short to medium-term.

“Inflation pressures may persist, albeit temporarily, but are expected to moderate significantly by Q4 2024. Exchange rate pressures are also expected to reduce with the smooth functioning of the foreign exchange market,” he said.

Foreign products

According to the CBN governor, one of the primary reasons the naira has continued to take a beating on the international stage has been Nigerians’ appetite for all things foreign.

For example, a new report by the Washington-based Institute of International Education showed that the number of Nigerians studying in the United States surged to the highest in at least 23 years despite an acute shortage of foreign exchange in the country.

According to the report, the number of Nigerian students at US colleges and universities grew by 22.2 per cent to 17,640 in the 2022/23 academic year from 14,438 in the previous year.

A further analysis of the report revealed that the number of Nigerians grew at a faster pace compared to last year which rose by 12.3 per cent.

This year’s increase for the country is also the fifth highest out of the top 25 international students in the US.

According to UNESCO’s Institute of Statistics, the number of Nigerian students abroad increased from less than 15,000 in 1998 to over 71,00O0 in 2015. By 2018, the figure had reached 96,702 students, as per the World Bank.

Another report projects the number of Nigerian students studying abroad to exceed 100,000 by 2022. Additionally, the UK’s Higher Education Statistic Agency noted a 64 per cent increase in Nigerian students studying in the country.

In the same vein, a study by the Independent Research Centre Trust stated that Nigerians spend at least $1.5bn on medical tourism annually.

The Head of the Centre, Prof. Jamilu Ismail while speaking on the matter said there was an urgent need to tackle the twin menace of medical tourism and brain-drain in Nigeria’s health sector.

Jamilu said, “Currently, medical tourism is a big business and Nigeria is losing a lot to medical tourism. Some studies have shown that Nigerians spend between $1.5bn to $2bn annually on medical tourism, especially for heart diseases, kidney diseases, cancer, and other diseases as well.

“So, because of that, we have challenges in our hospital settings, maybe due to lack of equipment, and currently we are also having an issue where a lot of our specialists and doctors are leaving the country. Because of that, we felt it an opportunity that if we can provide these services we can curtail that medical tourism.”

According to recent data from CBN’s Balance of Payment compilation spanning the first six months of 2023, Nigerians spent $245.68m on overseas health-related issues, $896.09m on foreign education, and $434.63m on other personal foreign needs.

The apex bank, in an explanatory note titled, Note D, defined Balance of Payments as “a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”

Reacting to the development, National Vice Chairman of the Joint Health Sector Unions, Dr Obinna Ogbonna, blamed a lack of confidence in the nation’s health sector for the hefty expenditure on medical tourism.

But while addressing the National Assembly, the CBN governor explained that the exchange rate is determined by the dynamics of supply and demand for a product or service.

In essence, similar to the pricing of cows or cars, the value of the US dollar in Nigeria is determined by the balance of US Dollars entering the country and the demand for US Dollars among Nigerians.

Cardoso’s argument hinged on the fact that a major reason the naira had become weakened over the years was the growing distaste for locally manufactured goods.

He said, “In 1980, more than 75 per cent of the vehicles used in Nigería were domestically produced by companies like Volkswagen in Lagos, Peugeot in Kaduna, and others.

“Presently, over 99 per cent of the cars driven are imported, necessitating dollar payments. Similarly, in 1980, the majority of the clothing worn was sourced from Nigerian textile mills in Funtua, Asaba, Kano, Lagos, and various other towns and cities. Today, nearly all the clothing worn is made from imported fabrics. Given the substantial demand for education, healthcare, professional services, personal travel, and similar needs, the exchange rate is bound to face ongoing pressure.”

Bagudu speaks

Meanwhile, the Minister of Budget and National Planning, Atiku Bagudu, has said that the economy is now better than the state President Bola Tinubu met it when he assumed office in May 2023.

He said, “The challenges of the moment are being dealt with. We have been meeting with the Coordinating Minister of the Economy to address the issues affecting the nation’s economy. The key focus of the budget is on agriculture, security and infrastructure. The allocation of 39 per cent of the budget is a step in the right direction. For now, our focus is to improve on our revenue collection strategies.”

House pledges commitment

Meanwhile, the House of Representatives has pledged its readiness to confront the stark realities of the economic, fiscal, and revenue challenges currently confronting Nigeria.

The Deputy Speaker, Benjamin Kalu, who presided over the debate series in the absence of the Speaker, Abbas Tajudeen at the resumption of plenary, pledged on Tuesday on the Floor of the Green Chamber.

He said, “As we gather in this sectoral debate with the Central Bank Governor, the Chairman of the Federal Inland Revenue Service, the Minister of Budget and National Planning, and the Minister of Finance, it is imperative to recognise the urgency and importance of the agenda before us.

“We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.”

He added, “In a world of complexities and uncertainties, the path to fiscal integrity is not just a choice but a necessity. It is the bedrock upon which the trust between the government and its people is built and the foundation that supports the robust architecture of our national economy.

“Fiscal integrity ensures transparency, accountability, and the prudent management of our nation’s resources. It is our duty and responsibility to safeguard this, not just for the present generation but for the future ones that will inherit the outcomes of our decisions today.”

Edun comments

On his part, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, assured Nigerians that current challenges would soon give way to a reinvigorated economy owing to the reforms being implemented by the Federal Government.

“We are where we are today as a result of a series of economic policies over the years. Inflation has increased and the cost of living has gone up but palliatives have been rolled out. Oil production has steadily increased as a result of improved security in oil-producing areas and a sustained fight against oil bunkering and other criminalities in the areas. Today, the country is producing about 1.65mpb a day and it is rising. We have to focus on domestic resource mobilization to address our challenges,” he said.

He further said that inflation, exchange rate fluctuations and other factors were being addressed while agriculture was receiving attention for maximum production coupled with an emphasis on the non-oil sector for economic diversification.

On his part, the Chairman of the Federal Inland Revenue Service, Zaach Adedeji, said the agency was committed to its mandate of collecting revenue on behalf government.

Adedeji noted that though the FIRS targeted the sum of N10tn in 2023, it was able to collect a total of N12tn; a disclosure that left the lawmakers impressed.

“In 2024, our target is N19.2tn. We are not going to introduce new taxes but we are determined to bring more Nigerians into the tax net,” he said.

Meanwhile, Senator Tokunbo Abiru, while announcing the postponement of the interface between the Senate Committee on Banking, Insurance, and Other Financial Institutions and the economic managers on Tuesday, said it would now hold on Friday.

Abiru told journalists that the planned interface with Cardoso, was shifted to Friday since Wednesday and Thursday had been slated for the grilling of the service chiefs by the Senate.

The Senate had by its resolution on Tuesday last week, summoned the service chiefs to appear before it in plenary for required explanations on the worsening security situation in the country.

The chairman of the committee, Abiru said, “After waiting for close to two hours for the CBN governor on the planned interface, we have resolved to postpone it to Friday this week by 9 am.

“Postponement of the interface between our committee and the CBN governor arose from the fact that he and other managers of the nation’s economy had been interfacing with our colleagues in the House of Representatives since morning without knowing when exactly, the session would end.

“We would have fixed Wednesday or Thursday this week as a new day for the interface but the Senate has fixed the two days for critical and constructive engagement with the service chiefs. This made us eventually settle for Friday this week for interface with the CBN governor by 9 am prompt. Communication to this effect would be forwarded to the CBN Governor today (Tuesday) and possibly other government officials managing the economy.”

Private sector

Speaking exclusively with The PUNCH, the President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, said that unless Nigerians jettisoned the flair for foreign-made products, the campaign to save the naira from the doldrums would continue to be a mirage.

Idahosa also blamed the government for lacking the foresight to create a robust manufacturing industry with oil revenues, especially because global trends suggest that oil earnings would continue to decline in the coming years.

Idahosa said, “It is a matter of choice. The CBN Governor is not telling us anything new. If we want the naira to rebound, we have to make our children study in Nigeria, we have to eat Nigerian food.

“We have to spend our holidays in Nigeria, we have to build and strengthen our currency like China did for 25 years. They locked their borders. They used the kind of cars they could produce. They ate whatever food they could produce. They built a strong economy by being disciplined.”

On her part, the Chairman of the Manufacturers Association of Nigeria Export Group, Odiri Erewa-Meggison, said exporters could not be held accountable for declining export revenues because the government had failed to provide the enabling environment for Nigerian exporters to compete with their international counterparts.

She said access to funding especially single digit to make manufacturers compete favourably on a global scale had remained a perennial bottleneck for exporters.

She said, “Difficultly accessing forex, high cost of production and challenges with getting Export Expansion Grant (EEG) incentives are top challenges for my members.

“There is a need for govt to support non-oil export more as not only do we create jobs when we export, we help improve the balance of trade, reduce pressures on forex when we repatriate our funds back and put proudly made in Nigeria goods on the global markets.

“Govt support and partnership are critical for this sector, especially in today’s economy and I know that both the Coordinating Minister of Economy/Minister of Finance and Minister of Industry Trade and Investment are very keen to support non-oil exports.”

[Punch]