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.”
A tank farm in the Apapa area of Lagos State went up in flames in the early hours of Friday.
A viral video of the sad incident, now making the rounds on social media platforms indicates that it is the property of the Nigerian National Petroleum Company Limited (NNPC Ltd).
The video was being traced to the Lagos State Fire and Rescue Service (LSFRS).
However, the NNPC Ltd has denied that none of its facilities in the location was affected, it posited that the fire incident, from a pipeline, affected a farm tank belonging to Honeywell Oil and Gas.
Director, Public Affairs, LSFRS, Amodu Shakiru, has confirmed the incident, and that firefighting operations were ongoing as at the time of going to press.
Shakira said, “Yes, we just received a call from that area and the call came in at 11:27am.
“The Lagos State Fire and Rescue Service is attending to a fire outbreak at the new NNPC Terminal, formerly OVH, Kayode Street, Marine Beach, Apapa.
“The fire resulted from a spillage of petroleum products within the perimeter of the tank farm”.
In the same vein, Director and Chief Executive Officer, LSFRS, Margaret Adeseye, said concerted efforts with various emergency responders within the oil and gas industry were being made to contain the situation.
“The public is hereby assured that the emergency operations are under control from escalating further,” Adeseye stated.
However, the Punch cited Spokesperson, NNPC Ltd, Olufemi Soneye, as saying that the fire was not from the company’s depot but from HOGL.
“It is not at the NNPC, but at HOGL. The fire is at a pipeline at HOGL. The fire has since been extinguished. It’s at the Honeywell depot but it has now been extinguished. Not NNPC,” Soneye said.
The Chancellor of Osun State University and Executive Vice Chairman of Famfa Oil Limited, Folorunso Alakija has described Governor Ademola Adeleke as “an action Governor who is delivering good governance to the good people of Osun state”.
She bared her mind, while hosting Gov Adeleke at the Ikoyi headquarters of Famfa Oil Limited.
According to her, she she has been following activities of Gov Adeleke since he assumed office, and commended him for setting a good leadership example.
The billionaire businesswoman on the occasion flanked by two of her directors, Ladi and Folarin Alakija, noted that the Osun State Governor has been demonstrating strong passion for public service and pursuing a big agenda for the state.
She prayed to God Almighty to strengthen the Governor for a second term in office, as in her opinion, four years were not enough for an action governor like Gov Adeleke to deliver fully on his ambitious agenda for the state.
Reviewing her tenure as the Chancellor of the Osun State University, the Famfa boss recalled the conception and stages of completion of the UNIOSUN Medical Research and Training Hospital which she wholly donated and financed.
She pointed out that the project which is 95 percent completed was designed to serve the health needs of patients from far and near and elevate service to humanity to a higher level.
Earlier, Governor Adeleke, accompanied by the Vice Chancellor of the Osun State University, Prof Odunayo Clement Adebooye and other state officials, said he was ‘on a thank you visit to the business mogul to appreciate her huge contributions to the growth and development of the state university’.
Gov Adeleke expressed appreciation for the massive multi-billion naira Medical Research and Training hospital that Apostle Dr Alakija was building at the State university, describing Famfa boss as “a commendable role model in the field of philanthropy.
“We are here as a government to appreciate you. You are uncommon and rare in your love for service to humanity.”
The Federal Government of Nigeria (FGN) has announced that the portal for student loan applications will officially open on May 24, 2024.
This development is part of the Nigerian Education Loan Fund’s efforts to enhance access to higher education, as stated by the Fund’s media lead, Nasir Ayantogo, on Thursday night.
According to Ayantogo, the launch of the application portal is a significant step in President Bola Tinubu’s commitment to providing accessible and inclusive education for Nigerian students.
This initiative follows the signing of the Access to Higher Education Act, 2023, by President Tinubu on June 12, 2023 which aims to provide interest-free loans to financially disadvantaged students pursuing higher education in Nigeria.
Dele Alake, a member of the former Presidential Strategy Team, noted that this move fulfills one of President Tinubu’s key campaign promises to liberalize funding for education.
The Act, popularly known as the Students Loan Law, also established the Nigerian Education Loan Fund to handle all loan requests, grants, disbursements, and recoveries.
Initially, the government announced that the scheme would launch in September, but it faced several delays, resulting in an indefinite postponement in early March.
The Presidency attributed the delay to President Tinubu’s directive to expand the scheme to include loans for vocational skills.
Following a briefing from the NELFUND team led by the Minister of State for Education, Dr. Yusuf Sununu, on January 22, President Tinubu instructed the Fund to extend interest-free loans to Nigerian students interested in skill-development programs.
President Tinubu stressed the importance of including those who may not seek university education, noting that skill acquisition is equally as important as earning academic degrees.
He had said, “This is not an exclusive programme. It is catering to all of our young people. Young Nigerians are gifted in different areas.
“This is not only for those who want to be doctors, lawyers, and accountants. It is also for those who aspire to use their skilled and trained hands to build our nation.
“In accordance with this, I have instructed NELFUND to explore all opportunities to inculcate skill-development programmes because not everybody wants to go through a full university education,”
Through the portal, students can now access loans to pursue their academic aspirations without financial constraints.
According to the statement, the portal features a user-friendly interface, allowing students to conveniently submit their loan applications.
The statement added, “We encourage all eligible students to take advantage of this opportunity to invest in their future and contribute to the growth and development of our nation. Students can access the portal on www.nelf.gov.ng to begin application.”
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