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Shutdown crisis left ‘no winners’ – President Obama
WASHINGTON – President Barack Obama has moved to reassure the world the United States economy is back on track, now that the government has reopened and the debt ceiling has been raised.
Mr Obama yesterday authorised a last-minute bill to fund the government through to January 15 and extend its borrowing authority through to February 7.
Workers have now returned to their offices and tourists are again allowed to visit landmarks, national parks and museums.
Speaking after signing the legislation, Mr Obama said there was no winners in the budget row and the standoff had inflicted unnecessary damage on the economy.
“We hear some members who pushed for the shutdown say they were doing it to save the American economy,” Mr Obama said.
“But nothing has done more to undermine our economy these past three years than the kind of tactics that create these manufactured crises.
“Let’s be clear.
“There are no winners here.
“We know that families have gone without paycheques or services they depend on, small business loans have been put on hold.
If you don’t like a particular policy or a particular president, then argue for your position. Go out there and win an election.
President Barack Obama
“We know that consumers have cut back on spending, and that half of all CEOs say the shutdown and the threat of shutdown set back their plans to hire over the next six months.”
Mr Obama also urged Congress, specifically Republicans in the House of Representatives, to pass stalled bills on agriculture and on reforming America’s immigration system.
“There’s no good reason why we can’t govern responsibly, despite our differences, without lurching from manufactured crisis to manufactured crisis,” he said.
“If you don’t like a particular policy or a particular president, then argue for your position.
“Go out there and win an election.
“Don’t break what our predecessors spent over two centuries building.”
Thousands of federal workers troop back to work
The morning after the last-minute deal, Washington DC surged back into life.
Federal employees poured out of the city’s Metro and passed through security gates at government offices.
Vice-president Joe Biden brought muffins to federal workers entering the Environmental Protection Agency (RPA), where about 94 per cent of staff had been furloughed.
“These guys not only took a hit and… (had) the anxiety of knowing whether they’d get back or paid,” he said.
“But now they’re back, and they’ve got all that work piled up so they’ve got a lot to do, so I’m not going to hold them up very long.”
Jeff Harris, who was furloughed from his job at the EPA, joked he had been in training for early retirement.
“It was very unproductive,” he said.
“I kept thinking I have tomorrow, why do it today, and tomorrow never really came.”
At the agriculture department, secretary Tom Vilsack offered coffee and encouragement to returning employees, directing them to free doughnuts available inside the agency’s massive building.
Chuck Hagel praises returning workers
Most of the Pentagon’s civilian employees returned to work, and heard from defence secretary Chuck Hagel in a statement.
“To those returning from furlough: know that the work you perform is incredibly valued by your military team-mates and by me,” he wrote.
“I appreciate your professionalism and your patience during this difficult period of time.”
Treasury secretary Jack Lew offered workers a similar message: “I know how difficult this was for staff who worked tirelessly during the shutdown… (and) for everyone who wanted to be here to continue performing their duties with exceptional skill and dedication.”
White House chief of staff Denis McDonough meanwhile met executive branch employees at the gates of the White House, and handed out high-fives.
Tourists returned to the city’s World War II Memorial, which itself became a mini-battleground during the shutdown when veterans broke down barriers closing it off to the public.
Most of the Smithsonian Institution’s museums and other facilities have also reopened, including the National Zoo and its popular online Panda Cam.
The World Bank has uncovered $32 million in unaccounted funds linked to a water infrastructure project in Nigeria, raising concerns about financial mismanagement in donor-funded initiatives.
The discovery was highlighted in the bank’s recently published FY2024 Sanctions System Annual Report, which revealed significant discrepancies in the project’s financial records.
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The missing funds were earmarked to bolster Nigeria’s water infrastructure, but irregularities in accounting prompted an investigation by the World Bank’s Integrity Vice Presidency (INT).
“INT followed up on risks identified regarding a project in Nigeria’s water sector and flagged to operations the risk, which was associated with $32 million of unaccounted funds,” the report noted.
In response, the World Bank engaged with key stakeholders, including the project’s task team leader, operations manager, and financial management specialist, to recover the funds and safeguard the project’s integrity.
As part of the resolution, the Central Bank of Nigeria has been requested to reimburse $22 million. Meanwhile, $6 million remains in the project’s account to cover ongoing operational costs.
The findings underscore the importance of transparency and robust financial oversight in large-scale infrastructure projects, particularly those funded by international institutions.
The Central Bank of Nigeria (CBN) has issued a stern warning to Deposit Money Banks (DMBs) over the illegal sale of mint Naira notes to currency hawkers.
The apex bank, in a circular signed by the Acting Director of Currency Operations, Mr. Solaja Olayemi, on Friday, emphasized that erring banks would face stringent penalties.
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As part of its efforts to curb the abuse of the national currency, the CBN announced plans to conduct nationwide checks to seize mint notes sold by hawkers.
Banks found to have released such notes will be required to pay a fine of 10% of the value of the affected cash withdrawn from the CBN on the date in question.
Subsequent violations will attract an additional penalty incrementally increased by 5%.
The CBN also reiterated its commitment to enforcing the Clean Notes Policy, warning that banks involved in hoarding, diversion, or any actions that disrupt efficient cash distribution would face appropriate sanctions.
With the festive season fast approaching, the apex bank urged DMBs to enhance internal controls to ensure transparent cash distribution.
It highlighted the need for proper utilization of Automated Teller Machines (ATMs) to ensure easy access to new notes by the public.
Furthermore, the CBN disclosed plans to intensify its mystery shopping and spot checks, working closely with law enforcement agencies to clamp down on any practices that undermine the integrity of the Naira.
Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.7% in September, according to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS) on Friday.
The month-on-month increase of 1.18 percentage points marks yet another strain on the nation’s economy, with transportation and food costs cited as the main drivers of inflation.
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Steep Year-on-Year Increase
Compared to October 2023, when the inflation rate stood at 27.33%, the October 2024 figure reflects a significant rise of 6.55 percentage points. This sustained upward trend highlights the worsening cost-of-living crisis for Nigerians.
Month-on-Month Breakdown
Inflation on a month-on-month basis also showed an uptick, rising to 2.64% in October 2024 from 2.52% in September. The faster rate of price increases further underscores the growing economic pressure on households.
Food Inflation Soars to 39.16%
Food inflation, a major component of the headline rate, reached 39.16% in October 2024, up from 31.52% in the same month last year.
The increase was driven by higher prices of staple items, including: Cereals and Tubers: Guinea Corn, Rice, Maize Grains, Yam, Water Yam, and Coco Yam. Oils and Fats: Palm Oil and Vegetable Oil. Beverages: Milo, Lipton, and Bourvita.
On a month-on-month basis, food inflation rose by 0.30 percentage points to 2.94% in October, up from 2.64% in September.
Price hikes in Palm Oil, Vegetable Oil, Fish, Meat, and Bread categories were major contributors.
Annual Food Inflation Hits 38.12%
The average annual food inflation rate over the past 12 months climbed to 38.12%, a sharp increase of 11.79 percentage points from the 26.33% recorded in October 2023.
The consistent rise in inflation, particularly food and transportation costs, continues to erode the purchasing power of Nigerians.
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