The Strengthening Naira: Poetic Justice for Greedy Speculators and Economic Saboteurs
The precipitous decimation of the value of the Naira in the past several months since the Tinubu regime came on board was driven largely by irrational and insanely greedy speculators combined with vested corrupt moneybags who had stacks of Naira in their basement and were hell bent in discrediting and undercutting the Tinubu regime by attacking our currency. We also can not forget unpatriotic governors who were alleged to be converting their increased federal allocation into the greenback, which they stacked away in their governor residences. Their evil plot and greed caused the poor masses and the middle class so much grief with galloping inflation pricing them out of basic consumer goods like bread not to talk of critical commodity like cement whose price went as far as above 12,000. It also did tremendous damage to the Tinubu regime with shouts of “ Ebi npawa” we are hungry rendering the land. Even one of his most ardent supporters, Fuji maestro Wasiu Ayinde (aka Kwam 1), even jumped on the critic wagon. It is, therefore, poetic justice that the evil plot of these greedy speculators and economic saboteurs has now backfired. Betting against resilient, convention-busting Nigeria remains a bad bet. We have for decades befuddled conventional economists who struggled unsuccessfully to unravel the logic behind Naijanomics, which seems to defy gravity. People might have forgotten that not so long ago, as recently as July last year, the Naira to dollar rate war was around 750. So the Naira falling as low as nearly 1900 against the dollar defied conventional economic theory. People pointed to the removal of the oil subsidies. The sudden rebound of the Naira against the dollar, with the oil subsidies removal still in place, sticks a sharp needle into that balloon. What’s most important now for the economy’s health is stability and predictability in the forex market to allow investors to make long-term investment plans and to curtail the price gouging behavior of Nigerian retailers. The question now is will the prices that shot through the roof on the excuse of the skyrocketing dollar to Naira rate for even non-import dependent products like gari and bush meat, come down to earth now that the Naira has regained some of its lost value. Knowing our people, I am not raising my hope too high. Another unknown is the rumors making the round about the huge minimum wage hike being proposed for federal employees. No doubt, long suffering, underpaid Nigerian workers deserve their long overdue due raise to a living wage. The risk is that if it is not properly calibrated to the ability of the state and the private sector to pay, it might lead you to inflationary pressure and instability in the forex market. The Caddoso and CBN have their work cut out for them and have many sleepless nights ahead of them. Finally, my heart goes out to recent “japanerians” who flung their houses and other valuables assets at hugely discounted prices to finance their japaing by the lure of earning high flying foreign currencies, but many finding out that the green grass across the fence might just be fake artificial turf. The strengthening of the Naira against the dollars throws another wrench to totally mess up their calculus.
NNPCL Refutes Fuel Price Reduction
In response to the reports making the round that the price of Premium Motor Spirit popularly known as petrol has reduced, the Nigeria National Petroleum Corporation, NNPC has refuted the report, saying it is fake and should be disregarded. NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, made the clarification in a statement on Wednesday, urging Nigerians to disregard the report. According to the statement issued to newsmen, “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide. The company asserts that these reports are false and urges Nigerians to disregard them entirely. “NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”
NLC Chairman Lands In Prison For Diverting Palliative Funds
Comrade Muktar Tarbutu, the Chairman of the Nigeria Labour Congress (NLC) in Yobe State, has been remanded in prison following accusations of diverting palliatives intended for union members. Tarbutu faced arraignment before Magistrate II Damaturu on Wednesday, responding to allegations of misappropriating palliatives provided by the North East Development Commission (NEDC). According to Barrister Mohammad Mohammad Ngumurumi, Secretary of the Nigerian Bar Association (NBA) in Yobe, the NEDC had allocated various essential items, including rice, sugar, spaghetti, and textiles, for distribution among several unions, which Tarbutu allegedly failed to fulfill. “The North East Development Commission (NEDC) had distributed these items to the NLC, TUC, NUJ, and NBA for distribution among their members. However, the accused did not distribute the items allocated to the NUJ and NBA,” Ngumurumi stated. Tarbutu, who pleaded not guilty to the charges, was remanded in custody until April 18, 2024, awaiting further legal proceedings, as ordered by Chief Magistrate II Damaturu, His Worship Hasiya Abubakar.
Tinubu Appoints Tony Elumelu, Dangote
Tony Elumelu, Aliko Dangote are among those that have been appointed by Bola Tinubu into the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET). According to a statement from the presidency, the development is a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation. Tinubu would serve as chairman of the Presidential Economic Coordination Council (PECC), while Vice President Kashim Shettima would serve as Vice Chairman. The council comprises distinguished leaders and key government officials, including: (1) President of the Federal Republic of Nigeria – Chairman of the PECC (2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman (3) President of the Nigerian Senate (4) Chairman, Nigeria Governors’ Forum (5) Coordinating Minister for the Economy and Minister of Finance (6) Governor of the Central Bank of Nigeria (7) Minister of Agriculture and Food Security (8) Minister of Aviation and Aerospace Development (9) Minister of Budget and Economic Planning (10) Minister of Communications, Innovation and Digital Economy (11) Minister of Industry, Trade and Investment (12) Minister of Labour and Employment (13) Minister of Marine and Blue Economy (14) Minister of Power (15) Minister of State, Petroleum Resources (16) Minister of State, Gas (17) Minister of Transportation (18) Minister of Works The PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) year, subject to the President’s directive: (1) Alhaji Aliko Dangote (2) Mr. Tony Elumelu (3) Alhaji Abdulsamad Rabiu (4) Ms. Amina Maina (5) Mr. Segun Ajayi-Kadir (6) Mrs. Funke Okpeke (7) Dr. Doyin Salami (8) Mr. Patrick Okigbo (9) Mr. Kola Adesina (10) Mr. Segun Agbaje (11) Mr. Chidi Ajaere (12) Mr. Abdulkadir Aliu (13) Mr. Rasheed Sarumi
Breaking! Tinubu Offers Scholarship To Children of slain soldiers
President Bola Tinubu on Wednesday conferred national honours on 17 members of the Nigerian Army who were killed in Delta State on March 14, 2024. This was as he announced the provision of housing facilities for the surviving family members and scholarships for all their children to the university level. He also directed the payment of death benefits to the family members within 90 days. He announced these during the burial ceremony of the slain servicemen at the National Military Cemetery in Abuja. Tinubu posthumously conferred the national honour of Member of the Order of the Niger on the Commanding Officer 181 Amphibious Battalion, Lt. Col. A.H Ali; Maj S.D Shafa (N/13976); Maj D.E Obi (N/14395) and Capt U Zakari (N/16348). He also conferred the honour of Officer of the Order of the Niger on SSgt Yahaya Saidu (#3NA/36/2974); Cpl Yahaya Danbaba (1ONA/65/7274); Cpl Kabiru Bashir (11NA/66/9853); LCpl Bulus Haruna (16NA/TS/5844); LCpl Sola Opeyemi (17NA/760719); LCpl Bello Anas (17NA/76/290); LCpl Hamman Peter (NA/T82653); LCpl Ibrahim Abdullahi (18NA/77/1191); Pte Alhaji Isah (17NA/76/6079); Pte Clement Francis (19NA/78/0911); Pte Abubakar Ali (19NA/78/2162); Pte Ibrahim Adamu (19NA/78/6079) and Pte Adamu Ibrahim (21NA/80/4795).
INEC to Publish Particulars of Candidates for Edo Guber
The Independent National Electoral Commission (INEC) has stated that it will be publishing the personal particulars of candidates vying for the Edo State Governorship Election, following the closure of the deadline for political parties to submit their nomination forms. Seventeen (17) political parties successfully submitted their candidates’ nomination forms for the Edo State Governorship Election before the deadline of 6:00 PM on March 24, 2024, when the dedicated portal ceased operations. This was contained in a statement signed by Mr. Sam Olumekun mni, the National Commissioner and Chairman of the Information and Voter Education Committee. In accordance with Section 29(3) of the Electoral Act 2022, the personal details of the Governorship candidates and their running mates will be made public on Saturday, March 30, 2024, exactly one week after the submission deadline. Copies of Form EC9, along with all academic credentials and other relevant documents submitted by each candidate, will be prominently displayed at the State Headquarters and the 18 Local Government offices across Edo State. The commission emphasized the importance of thorough scrutiny by Nigerians, stating that any individual who participated in their party primaries and has reasonable grounds to suspect false information provided by a candidate can challenge the nomination in a Federal High Court, as outlined in Section 29(5) of the Electoral Act 2022. The Edo State Governorship Election is slated to take place on Saturday, September 21, 2024.
Bandits Should be given promising future – Adebayo Shittu
In what seems like a shocking appeal similar to that of Kaduna-based cleric, Ahmad Gumi, former Minister of Communication Adebayo Shittu, says bandits terrorising the country ought to be given promising future. The ex-minister also implores the Tinubu-led administration to negotiate with the bandits, stressing that they are able-bodied men who should be retained by the federal government. The former minister stated this while featuring on Channels Television’s Politics Today on Tuesday, stating that a non-kinetic approach in dealing with banditry would bring about a lot of results. “If I am in position, it is not too late to use non-kinetic measures in negotiating with bandits, giving them a promising future. Let us retain them. Many of them are very intelligent, many of them are able-bodied,” Shittu said. The ex-minister said the millions of out-of-school children in Northern Nigeria are a “production factory for banditry” in the country. This is coming when controversial Islamic cleric Ahmad Gumi had urged the federal government to negotiate with bandits. Recall that popular controversial Islamic Cleric, Sheik Ahmad Gumi had warned President Tinubu against toeing the path of former President Muhammadu Buhari who refused to negotiate with bandits, while urging the president to hire him in negotiating with bandits.
Details Of Sheikh Gumi’s Meeting With FG Emerge
The details of Islamic cleric, Sheikh Ahmad Gumi’s meeting with security agencies over his comments on the activities of bandits in the country has emerged. Minister of Information and Orientation, Mohammed Idris, on Monday, revealed that Gumi had been invited over some of his remarks. The minister said Gumi was not above the law and would be interrogated if security agencies deemed his comments reckless. This comes after Gumi continued his advocacy for amnesty for bandits in a recent radio interview, saying that many took to banditry because of alleged neglect and marginalisation from the government. The cleric has been photographed with various bandit groups on numerous occasions, while some Nigerians have called on security agencies to arrest him over his alleged ties with terrorist groups. In a post on his Facebook page on Tuesday, Gumi said he had a productive interaction with security agencies who invited him over his alleged connections with bandits. The cleric stated that his meeting with the security agents centred on how to curb banditry in the North West region of the country. Gumi said there was no cause for alarm and thanked well-wishers and journalists who called to check on him. He wrote: “Last night I got many frantic calls from well-wishers and journalists about a news item that I was interviewed by security. There is absolutely no cause for alarm. “Yes, we had a productive interaction on how to curb banditry as we are all trying — each in his own sphere — to tackle the monster bedevilling the nation. There was no animosity but courtesy and full of respect. “We all need as a nation to unite and work in synergy to achieve an everlasting peace.”
BREAKING: CBN Hikes Interest Rate
In an effort to tackle rising inflation in the country, the Central Bank of Nigeria has raised the monetary policy rate, known as the interest rate, by 200 basis points per cent to 24.75 per cent from 22.75 per cent. The new develop was disclosed on Tuesday by the apex bank Governor, Olayemi Cardoso, at the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, the Federal Capital Territory, saying the bank retained the Cash Reserve Ratio to 45 per cent. Cardoso stressed that the move was to ensure that the country’s rising inflation rate, which stood at 31.70 per cent in February, was moderated. Recall that the MPC raised the country’s interest rate in February to 22.75 per cent. The 294th MPC is the second since the appointment of Cardoso in September, with the next MPC meeting expected to be held on the 20th and 21st of May, 2024.
Presidency Disowns Viral List Of New Nigerian Ambassadors, Designations
The Special Assistant to President Bola Ahmed Tinubu on Social Media, Dada Olusegun, has described as fake news a purported list of new Nigerian Ambassadors. A purported list of new Nigerian Ambassadors and their assigned countries went viral on social media on Tuesday. In a statement on his X (formerly Twitter) on Tuesday, Tinubu’s aide said the names in circulation are merely a copy of an outdated 2017 list. Olusegun added that most of those mentioned in the fake list have already retired from their diplomatic duties. He wrote: “The alleged LIST OF NEW NIGERIAN AMBASSADORS AND THEIR ASSIGNED COUNTRIES circulating online is fake. “This list is merely a copy of an outdated 2017 list, where most of the individuals mentioned have already retired from their diplomatic duties. “A few names on the list are even inaccurate, and some have sadly passed away. One must question the sudden emergence of this stale list at this time. “Therefore, it is imperative to disregard and treat this list with utter contempt.” Recall that President Tinubu had, on September 2nd, 2023, recalled all career and non-career ambassadors manning the country’s diplomatic missions, embassies, and consulates globally.