Chairman, the Dangote Group, Aliko Dangote, has strongly criticized the Central Bank of Nigeria’s (CBN) recent decision to hike interest rates to nearly 30%.

Speaking at a summit hosted by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote expressed serious concerns about the detrimental impact such high interest rates could have on job creation and economic growth.

According to Dangote, “Nobody can create jobs with an interest rate of 30%. No growth will happen.”

He called on the government to prioritize support for established companies and emphasized the need to learn from leading global economies that protect their domestic industries.

Highlighting the dangers of import dependence, Dangote argued that it leads to increased poverty and job losses.

He stressed that industrialization hinges on reliable power supply and affordable financing, warning that neglecting these factors could worsen issues such as insecurity and poverty.

Dangote added “We must look to leading countries in the West and the East who are actively protecting their domestic industries.”

“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity. There is no industrialization without protection Ignoring these facts, is what gives rise to insecurity, banditry, kidnapping and abject poverty,”

The Academic Staff Union of Universities (ASUU) has called for the immediate dissolution of university governing councils prior to their scheduled July 4 inauguration.

Members of ASUU at Nnamdi Azikiwe University protested by demonstrating with placards on Tuesday, citing concerns over procedural irregularities in the appointments and urging President Bola Tinubu to reconsider the decision.

UNIZIK ASUU chairman Kingsley Uboji emphasized in a media interview that it is unlawful to dissolve existing governing councils whose tenures have not yet ended.

He said, “Our union condemns the dissolution of the former governing councils without due process. Governing councils are crucial for the governance and strategic direction of our universities. Therefore, the illegal and arbitrary dissolution of the governing council whose tenures have not ended undermines Nigerian universities’ autonomy and smooth functioning.

“This cannot be tolerated as it lays a very bad precedence. Even the membership of the said newly reconstituted councils is problematic. A critical look at the list of the newly constituted governing councils shows that it is made up of very old politicians who do not understand the academic system and its administrative processes.

“Our public universities should not be a retirement home for politicians. We therefore call on the Tinubu-led government to do the needful by reversing its decision on the university governing councils dissolution.”

Uboji also urged President Bola Tinubu to address pressing issues regarding the 2009 agreement between ASUU and the federal government.

He emphasized the need for renegotiation of the agreement, implementation of the Nimi Briggs report, and funding for the revitalization of public universities as per the FGN-ASUU MoU of 2012, 2013, and the MoA of 2017.

The union also demanded the release of 3½ months of withheld salaries, payment of Earned Academic Allowance (EAA), resolution of unpaid salaries for staff on sabbatical and adjunct positions due to IPPIS issues, release of third-party deductions, adoption of the University Transparency and Accountability Solution (UTAS) instead of IPPIS, and implementation of recommendations from university visitation panels.

He said “As you are aware, many of these issues have outlived successive governments without any resolution, and other issues have been created by consecutive governments as well, like the implementation of the IPPIS, which came with the Muhammadu Buhari administration.

“Historically, the government has made commitments and signed agreements with ASUU, detailing timelines and expectations of both parties aimed at developing the Nigerian Universities as conditions for suspending any strike action.

He added “But as soon as lecturers resumed work, the government and other stakeholders returned to status quo. ASUU would again start writing letters and reminders to the government, which were most often ignored, resulting in another strike action by ASUU.

In a significant legislative move, the Senate has passed a bill for its second reading that aims to extend the right to obtain and use the National Identification Number (NIN) to all individuals, including foreign residents in Nigeria.

The proposed legislation, titled the “National Identity Management Commission (Repeal and Enactment) Bill 2024 (SB. 472),” also seeks to replace criminal penalties with administrative enforcement measures.

This change is intended to encourage compliance with NIN usage requirements without imposing severe legal consequences on individuals.

The bill is sponsored by Deputy Senate President Barau I. Jibrin, representing Kano North.

If enacted, the bill would mark a significant shift in national identity management and enforcement policies in Nigeria.

During the plenary session, Senator Cyril Fasuyi (Ekiti North) led the debate on the general principles of the bill as Senator Barau Jibrin presided.

Senator Fasuyi explained that the bill aims to repeal the current Act and establish a new regulatory regime for the National Identity Management Commission (NIMC).

This change is intended to enhance the NIMC’s regulatory capacity, allowing for more effective oversight and regulation of Nigeria’s ID system.