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‘Our economy is in tatters while its managers fight over Presidential approval’

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***APC destroying economy with wrong, ill-timed policies- Kachukwu

The Presidential candidate of the African Democratic Congress (ADC)  Dumebi Kachukwu has likened the Nigerian economy to a torn piece of paper that will be damaged further by the planned redesigning of the Naira.

Kachukwu who spoke in Abuja on Monday said it is an ill timed policy which will further erode the value of the Nigerian currency against the American Dollar.

He pointed out that President Muhammadu Buhari has continued to destroy the Nigerian economy with wrong and ill-timed policies that mostly benefit a few. 
“Millions are daily thrown into the poverty bracket. Our middle class has been wiped out as the dollar today exchanges for N800 and above. Diesel which powers most businesses and industries retails for around N900. A bag of local rice sells for N50,000 in some parts of Nigeria. 

“A bag of Dangote cement retails for N4100. Mind you cement is the building block for the construction industry and that same construction industry is a key driver of any economy. 

“One begins to wonder if this government is deliberately trying to set a record of creating the greatest number of poor people in the shortest period possible. 

“How do you explain the timing of the re-design of the naira? The sensible thing to do is weigh the pros and cons before taking such a decision which has further weakened the naira. 

“How many Nigerians actually store money in their homes as is being speculated? Do we further destroy the naira because of a few Nigerians?

On the controversy between the finance minister and the Central Bank of Nigeria which exposed the fact that some appointees of the government were working at cross purpose he said, 

 “It further speaks to the confusion that goes on daily in President Muhammadu Buhari” administration, the fact that the minister of finance who is a key part of the economy, who oversees the economy to get to know the policy of Naira redesigning through the media says a lot about our country and the government.

“It says a lot about the fact that in this government, something that concern monetary policy, the minister of finance was not part of the meeting to be briefed. She might not have a supervisory role over the CBN Governor but she is a key part of the economy. She would have pointed out the fact that the policy is ill timed.

“At a time like this. It is extremely ill-timed. Before this time, the Naira was doing N788 to $1, today it is over N800 and in Lagos it is over N1000 because people are now speculating.

“Everyday Nigerians are now leaving this country in droves. As they leave Nigeria they are selling their properties, they are buying forex. 

“Our economy is in tatters while the managers of our economy fight over who informed who or who got Presidential approval. 

“As the naira continues to plunge, more businesses will collapse this week. Thousands will be thrown into the employment market daily. This is our reality.

“We need to see all the factors affecting our Naira. If these people are not in touch with the reality of what is happening in Nigeria they keep on making wrong headed policies. They will keep on making mistakes. 

“In a country like ours we have been speaking for seven years about diversifying our economy about strengthening the Naira, I want to challenge this government, the banks to tell us how many new businesses the banks have supported to export this year. 

“If you want to strengthen the Naira you have to look at the balance of trade, you have to export more than we import. They should ask the banks how many people they funded to export, how many small businesses in the last 10 months, in the last one year or two years, five years or throughout the lifespan of this administration that will show you what is going in Nigeria. 

“It is a very unserious government that does not know what is  to be done.”

He challenged the security agents to fish out those that are hoarding the Naira to warrant the new policy.

“Why can’t our security agencies up their game, identify those who have been speculated to store billions in their homes and then use legal means to recover the money. 

“By the way who says all money stored at home is ill-gotten wealth? There are those who simply don’t trust banks or don’t want to incur the extortionist bank charges imposed by some banks”

On the security security advisory by some of the western nations and the departure of embassy officials and their families which have led to panic amongst Nigerians he said it is because the President failed to respond to rumours that some convicted terrorists were released to secure the freedom of the remaining Kaduna train captives. 

“Some now accuse his government of undermining the efforts of our men and women in the field by the indiscriminate release of those who have sworn to destroy our way of life. Only the President can confirm if this is true or not.

“Nigerians now live in fear of the unknown as they wonder if they could be in the right place at the wrong time. Our highways have gotten worse as bandits now take on and kill convoys with several policemen. If those with a retinue of police aides are being attacked and, in some cases killed, then who is safe in Buhari’s Nigeria?

“Even though President Buhari has sought to assure Nigerians that all is well one begins to wonder what is really going on.”

“We can’t continue to keep quiet while our President continues to pauperise us. I call on President Buhari to convene an emergency economic summit. 

“We all need to get involved in this conversation. It is meaningless to keep on talking about the 2023 general elections when our present realities suggest that we might not have a nation by that time. 

“We can’t continue acting like we don’t know tens of millions of Nigerians are unemployed and impoverished.Their plight gets worse as our economy gets worse. When is breaking point? “The President can’t keep on saying he is fighting inflation yet in an import dependent economy small businesses are paying up to N5 million to clear a 20ft container and up to N9million for a 40ft container. 

“Who is advising our President? Inflation begins from your ports. This government is killing small businesses. If the President is serious about strengthening the naira, he should find out how many new export oriented businesses Nigerian banks funded in the last one year. 

“He should find out how many new businesses Nigerian banks funded in the last 10 months. We can’t keep on deceiving ourselves.”

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Nigeria moves towards Energy Independence as Dangote Refinery Supplies PMS Locally

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In a historic move set to transform Nigeria’s energy landscape, the Dangote Refinery has commenced supplying Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL).
Director of Information and Public Relations in the ministry of finance, Mohammed Manga in a statement indicated that the development, driven by President Bola Ahmed Tinubu’s administration, marks a critical step in reducing the country’s reliance on imported refined petroleum products and stabilizing the Naira.
Continuing, the statement said that the commencement of local PMS supply is part of a broader initiative by the federal government to boost energy self-sufficiency and enhance the availability of petroleum products in the domestic market.
The statement quoted the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, why speaking at the Dangote refinery to have praised President Tinubu’s vision, highlighting the administration’s commitment to ensuring that raw materials are processed locally to add value before export.

“This moment is a testament to President Tinubu’s foresight in driving Nigeria towards energy self-sufficiency,” Mr. Edun stated.
He lauded Alhaji Aliko Dangote and the Dangote Group for realizing the vision, acknowledging the refinery’s potential to reshape the country’s oil sector.

During the visit, Mr. Edun, along with the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, and members of the technical sub-committee overseeing crude oil sales to local refineries, toured the refinery’s advanced facilities.
They witnessed the loading of the first batch of PMS by NNPCL, signaling a significant shift towards domestic fuel supply.
Explaining further the statement said the development in tanderm with the Federal Executive Council, under President Tinubu’s leadership, who approved a plan to supply 385,000 barrels per day of crude oil to domestic refineries, including the Dangote Refinery, with payments made in Naira.
“The official crude-for-Naira transactions are scheduled to commence on October 1st, marking a new era in the Nigerian oil industry.”

Mr. Edun called on other domestic refiners to participate in the effort, emphasizing its potential to boost legal petroleum exports to neighboring countries and generate foreign exchange revenue.
The statement explained further that the initiative not only targeted to meet the nation’s fuel demands but also support economic growth by reducing the strain on foreign currency reserves.

“The partnership between the federal government and the private sector, exemplified by the Dangote Refinery, signals Nigeria’s determination to secure its energy future.
“As local refining and energy production increase, the country is expected to see improvements in foreign exchange earnings and overall economic stability, reinforcing the government’s commitment to a self-sustained economy.

“This milestone demonstrates what can be achieved through visionary leadership and strong collaboration between the public and private sectors,” Minister Edun remarked.

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ASUU decries dismissal, victimization of over 120 members in public varsities

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By Ahmed Rufa’i, Dutse

The Academic Staff Union of Universities (ASUU) has expressed grave concern over the alleged illegal dismissal, harassment, and victimization of more than 120 of its executive and ordinary members across public universities in Nigeria.

In a press statement that signed by the ASUU Kano Zonal Coordinator. Professor Abdulkadir Muhammad, the union condemned the ongoing maltreatment of its members, which it claimed is orchestrated by university administrations with the support of some Governing Council Chairmen and university Visitors.
The statement cited universities such as Kogi State University (KSU), Lagos State University (LASU), Ebonyi State University (EBSU), Ambrose Alli University (AAU), Federal University of Technology Owerri (FUTO), and Chukwuemeka Odumegwu Ojukwu University (COOU) as places where these actions are particularly egregious.

According to the statement, KSU alone dismissed 120 members, five were sacked at LASU, and three were suspended at EBSU, among other cases.
The union described the actions as blatant violations of the right to freedom of association as guaranteed by the Nigerian Constitution.
He describef the harassment is as a response to ASUU members demand fir better working conditions, improved welfare, payment of backlogged salaries, and proper promotions.

ASUU also lamented the lack of implementation of investigation panel recommendations, such as those from a committee established at LASU by Governor Babajide Sanwo-Olu.
Despite findings in favor of ASUU members, the union claimed that the Governor has refused to release the panel’s White Paper, and affected staff members have yet to be reinstated.

Despite a court ruling against its members in Kogi State University, ASUU has vowed to continue seeking legal remedies. The union is urging the administrations of the affected universities, their Governing Councils, and Visitors to respect university laws, end the victimization, and reinstate those who have been unjustly dismissed.

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Nema announces 259 deaths, 625,000 persons displaced by flood in 2024

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The National Emergency Management Agency (NEMA) has reported that 259 persons have been killed by floods that displaced 625,000 persons so far in 2024

According to NEMA’s Director General, Zubaida Umar, the latest figures show that 259 people have lost their lives, while 625,239 have been forced to flee their homes. Additionally, 1,048,312 people have been affected by the floods, which have impacted 29 states and 172 local government areas.
Umar provided the update during the National Emergency Coordination Forum (ECF) meeting, where stakeholders gathered to reassess strategies and responsibilities in response to the disaster.
According to her, the flooding has been particularly severe in Borno State, where a broken dam has exacerbated the situation.
However, NEMA notes that the overall trend is consistent with predictions made in the Annual Flood Outlook released earlier this year.

“Except for the severity of the incident in Borno State due to the broken spillway of the Alau Dam, the trend does not indicate a total deviation from the predictions as contained in this year’s Annual Flood Outlook released by the Nigeria Hydrological Services Agency (NIHSA), which informed that in July to September 2024, 33 states and 135 LGAs are within flood high-risk areas.”

“For the period between October and November, 19 states and 44 LGAs have been indicated.”

Speaking on the Maiduguri flood, the NEMA DG commended the Governor of Borno State, Babagana Zulum, the government, and the Borno State Emergency Management for rising to the occasion and spearheading the response, rescue, and activation of internally displaced persons (IDP) camps for affected persons.
She added that NEMA and other agencies are currently providing nationwide interventions to the affected states.

She said, “Our ongoing intervention across the affected states include deployment of additional personnel to support search and Rescue operations; distribution of water purification and critical search and Rescue equipment; provision of food and non-food items to support the affected persons and the rehabilitation of displaced populations.

“Through our agency, NEMA, the Federal Government commiserates with those that have been affected by the flood disaster and assures them that necessary succour will sustainably be provided.

“We appreciate the support of our humanitarian partners and look forward to the sustained collaborative efforts of all stakeholders to ameliorate the suffering of affected people and also mitigate the impact of the flooding incidents across the country.”

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