NEWS
Naira Re-design: CBN/Finance Minister face off sign of confused govt – Kachukwu
By John Danjuma
The Presidential candidate of the African Democratic Congress (ADC), Dumebi Kachukwu, has described the face off between the governor of Central Bank of Nigeria, CBN and the Minister of Finance, Zainab Ahmed, over Naira re-designing as sign of a confused government with no direction.
Dumebi Kachukwu
It would be recalled that barely two days after the CBN announced the move to redesign the Naira billed for December 15, 2022, the minister disowned the policy saying she was not aware of it, warning the CBN of the consequences that may arise from it.
Speaking in Abuja on Monday, Kachukwu said the controversy between the finance minister and the Central Bank of Nigeria has exposed the fact that some appointees of the government are working at cross purpose.
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“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 superitends over 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.
Kachukwu reiterated his believe that the planned redesigning of the Naira is ill timed policy which will further erode the value of the Nigerian currency against the American Dollar.
He said 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?
“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.”
Bayelsa State Governor, Douye Diri has embarked on his annual vacation, handing the ship of state to his deputy, Senator Lawrence Ewhrudjakp.
He made the disclosure in a statement on his verified handle on micro-blogging site, X, on Monday morning.
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Diri wrote, “With effect from today, November 25, 2024, I am proceeding on my annual leave.
“It has been a very busy year for me since our inauguration for the 2nd term in February this year.
“My absence will not in anyway affect governance in the State as the Deputy Governor, His Excellency, Senator Lawrence Ewhrudjakpo, @iamElaw has the mandate to take charge of all state functions.
“Also, my absence shall not in anyway cause delay in the execution of all ongoing projects and programmes by various ministries, agencies and departments.
“On the prolonged blackout in the State, I am happy that our intervention in the repairs of the vandalised towers is yielding result with the completion of restringing of the damaged Ahoada-Yenagoa 132kV line.
“In as much as the transmission line does not belong to the Bayelsa State Government, our intervention was purely in the interest of the people.
“I understand the pains and the economic loss our people have been subjected to due to the blackout. The business owners are the worst hit!
“With the comprehensive repair works done so far, I am hopeful power will soon be restored once the recently vandalised conductor at towers 29 to 31 is replaced.
“I have also been reliably informed that both conventional and local security have been engaged at Ula Ikata and Ihuike communities in Ahoada-East LGA of Rivers State to secure the site until other repair works are completed.
“While we battle to restore public power, our government has commenced a process to develop our own Independent Power Plant through the procurement and installation of new Gas Turbines.
“We are committed to ensuring steady electricity supply in the State in line with our ASSURED Prosperity Agenda.
“Happy New Week all as I officially proceed on my leave. Nua!”
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu “to direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly probe allegations that over N57 billion of public funds are missing, diverted or stolen from the Federal Ministry of Humanitarian Affairs and Poverty Alleviation in 2021 alone.”
The SERAP alleged that, “hundreds of billions of naira are also reportedly missing in other ministries, departments and agencies [MDAs].”
It maintained that the damning revelations are documented in the 2021 audited report released last week by the Office of the Auditor-General of the Federation.
The SERAP said, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing public funds should be fully recovered and remitted to the treasury.”
Consequently, the SERAP urged him to “use any recovered stolen funds to fund the deficit in the 2025 budget, and to issue an immediate moratorium on borrowing by the Federal Government to ease Nigeria’s crippling debt crisis.”
In the letter dated 23 November 2024 and signed by its deputy director Kolawole Oluwadare, the SERAP stated, “The allegations amount to stealing from the poor. There is a legitimate public interest in ensuring justice and accountability for these grave allegations.”
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According to the SERAP, “The allegations also suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations.”
The letter, read in part: “Poor Nigerians have continued to pay the price for the widespread and grand corruption in the Federal Ministry of Humanitarian Affairs and Poverty Alleviations and other ministries, departments and agencies [MDAs].”
“According to the 2021 annual audited report by the Office of the Auditor-General of the Federation, the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, [the Ministry] in 2021 failed to account for over N54 billion [N54,630,000,000.00] meant to pay monthly stipends to Batch C1 N-Power volunteers and non-graduate trainees between August and December 2021.”
“The money was ‘not directly paid to the beneficiaries.’”
“The Auditor-General is concerned that the money ‘may have been diverted.’ He wants the money recovered and remitted to the treasury. He also wants suspected perpetrators of the diversion to be sanctioned in line with the Financial Regulations.”
“The Ministry also reportedly failed to account for over N2.6 billion [N2,617,090,786.00] of public funds meant for the ‘home grown school feeding programme during Covid-19’, as ‘the programme was never executed.’”
“The money was allegedly paid to five contractors to ‘procure, package and distribute Covid-19 palliatives to Kano, Zamfara and Abia states,’” but without any trace.
“The Auditor-General fears the money ‘may have been diverted.’ He wants the money recovered and remitted to the treasury.”
“The Ministry also reportedly spent over N78 million [N78,373,909.74] to ‘carry out a survey on the Ministry’s Covid-19 response to states and vulnerable groups’ but without any approval or document.”
“The Auditor-General fears the money may be missing or have ended up in the pockets of ‘incompetent contractors’. He wants the money recovered and remitted to the treasury.”
“The Ministry also reportedly failed to account for N39.5 million [M39,500,000.00] ‘personal donations to different personalities’. The money ‘was paid directly to the minister as reimbursement’.”
“The Auditor-General fears the ‘money may have been diverted’, resulting in ‘the loss of public funds.’ He wants the money recovered and remitted to the treasury.”
“The Ministry also reportedly failed to account for N400 million [N400,000,000.00] meant to pay ‘stipends to 4450 independent monitors for October, November and December 2021.’”
“The Auditor-General fears the money ‘may have been diverted’. He wants the money recovered and remitted to the treasury.”
“The Ministry also reportedly paid over N287 million [287,628,300.00] contractors ‘without any document and justification.’ The Auditor-General fears the money ‘may have been diverted’ and wants the money recovered and remitted to the treasury.”
“These allegations by the Auditor-General are different from the allegedly missing or unaccounted for N729 billion which is the subject-matter of the judgment by Justice Deinde Dipeolu.”
“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 your government to comply with our request in the public interest.”
“The country’s wealth ought to be used solely for the benefit of the Nigerian people, and for the sake of the present and future generations.”
“These allegations can promptly be investigated and suspected perpetrators named and shamed. Taking these steps would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.”
“Prosecuting the allegations, and recovering any missing public funds would improve the chances of success of your government’s oft-repeated commitment to fight corruption and end the impunity of perpetrators.”
“SERAP urges you to address the widespread and systemic corruption in ministries, departments and agencies [MDAs], as documented by the Office of the Auditor-General of the Federation, including in the 2021 audited report and previous reports.”
“Tackling corruption in MDAs would go a long way in addressing the budget deficit and debt problems.”
“SERAP urges you to immediately enforce the judgment by Hon. Justice Deinde Isaac Dipeolu of the Federal High Court, Lagos, ordering your government to release the spending details of N729 billion by Mrs Sadia Umar-Farouk, the former Minister of Humanitarian Affairs, Disasters Management and Social Development.”
“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing public funds and recovering the funds would end the impunity of perpetrators.”
“SERAP notes that the consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.”
“SERAP notes that the Senate and the House of Representatives recently approved a $2.2 billion loan request from your government. The loan, equivalent to N1.767 trillion, would be part of the funds used to finance the N28.7 trillion 2024 budget.”
“According to the Debt Management Office (DMO), the national debt increased from ₦97.34 trillion in December 2023 to ₦121.67 trillion in March, partly due to exchange rate fluctuations.”
“The total domestic debt stands at ₦65.65 trillion (46.29 billion dollars), while the total external debt is ₦56.02 trillion (42.12 billion dollars) as at June 2024.”
“A moratorium on borrowing would create a temporary debt standstill, and free up fiscal space for investment in Nigerians’ needs.”
“Section 13 of the Nigerian Constitution imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution.”
“Section 15(5) imposes the responsibility on your government to abolish all corrupt practices and abuse of power.”
“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’
“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”
“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate your government to effectively prevent and investigate the plundering of the country’s wealth and hold public officials to account for any violations.”
“Specifically, article 26 of the UN convention requires your government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.”
“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”
The Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), also known as petrol, to ₦970 per litre for oil marketers.
This new price, effective immediately, marks a ₦20 decrease from the refinery’s previous ex-depot price of ₦990 per litre, which was set earlier this month.
In a statement released on Sunday, Anthony Chiejina, the refinery’s Chief Branding and Communications Officer, explained that the price reduction is a way for the company to express its appreciation to Nigerians for their unwavering support in making the refinery a reality.
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“This decision is our way of thanking Nigerians for their unwavering support in making the refinery a dream come true,” Chiejina said.
The statement also highlighted the refinery’s gratitude towards the Nigerian government, acknowledging the role of government measures in supporting domestic businesses.
“In addition, this is to thank the government for their support, as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement read.
Despite the price cut, the refinery reassured consumers that there would be no compromise on the quality of its products. “While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable,” the statement added.
The company also committed to ramping up production to meet domestic fuel consumption and alleviate concerns over potential supply shortages.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” the statement concluded.
The price reduction is expected to save marketers approximately ₦20 per litre on purchases from the refinery’s Lekki-based plant.
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