Tag: Nigeria

Hardship: ‘Two Nigerians Responsible For Recovering Economy Revealed’

Former chairman of the Nigerian Bar Association, NBA, Olisa Agbakoba, SAN, has asserted that the country’s economy is beginning to recover.

Naija News reports that Agbakobo made this known in a lengthy post via X on Friday, stating that Nigeria’s economy has gone through challenging times since the current administration of President Bola Tinubu assumed office.

He referenced the high food inflation, subsidy removal, Naira depreciation, and the exit of some companies, which resulted in mass joblessness.

However, Agbakobo said the economy is experiencing a turn due to the efforts of just two people: Aliko Dangote, CEO of Dangote Group, and Allen Onyema, CEO of Air Peace Airlines.

He said the forex market reacted to Dangote Refinery, commencing sales of diesel and Air Peace flying to the UK, as the Naira strengthened against the dollar.

The former NBA chairman opined that the much-needed relief for Nigerians will occur if this trend continues.

He further urged the government to withdraw from business, stressing that the nation must move from consumption to production immediately.

In the post titled, ‘IS THE ECONOMY BEGINNING TO TURN?’, Agbakoba said, “Nigeria’s economy has gone through very challenging times over the past year. Inflation reached 28.92% in December 2023, the highest in 27 years. Food inflation rose to 33.93% in December 2023.

“The Naira depreciated significantly, losing 25% of value in a single day in June 2023 when the government removed pegging to the US dollar. This made imports much more expensive.

“Removal of fuel subsidies in May 2023 caused petrol prices to jump by 196% practically overnight, from ₦189 to ₦557 per litre. Prices went through the roof!

“According to the World Bank, accelerating inflation pushed an additional 24 million Nigerians into poverty in the first five months of 2023. By late 2022, 63% of Nigerians (133 million people) were considered multidimensionally poor.

“Major foreign companies like Procter & Gamble, GSK, and Bayer stopped manufacturing and scaled back operations in Nigeria, due to tough operating environment. This resulted in massive job losses.

“However, there may be signals the economy may be turning?

“Dangote refinery commenced sales of diesel, significantly increasing supply and crashing prices significantly. Diesel prices dropped from about ₦1,700 per litre to around ₦1,350 per litre. This was just by pumping 100 million litres. Dangote plans to pump another 100 million litres. Diesel prices may dip below N1000. Dangote announced plans to begin sale of Premium Motor Spirit (PMS) by May. This will significantly bring down prices. Experts predict petrol prices to crash by at least 25% to N400.

“Additionally, @flyairpeace, with the support of Festus Keyamo, Minister of Aviation, finally broke through the reciprocity barrier in aviation. Air peace is now flying to the UK. Ticket prices monopolized by British Airways and Virgin Atlantic crashed by at least 60%.

“The forex market reacted to all these. The Naira strengthened against the dollar. Experts suggest the price of the dollar may well fall below ₦1000 in the coming months. If this trend continues, much-needed relief for Nigerians will occur. The Central Bank of Nigeria may potentially review the Monetary Policy Rate (MPR) by Q4.

“It is notable that the turning points now witnessed in the economy, is the work of just two persons (Dangote and Onyema). Imagine what 10, 20 or 50 private sector individuals can do. This raises the issue of putting the private sector at the center of economic development. Government must withdraw from business. We must move immediately from consumption to production. Q4, 2024, may look on the bright side but it is still early days.”

The post Hardship: ‘Two Nigerians Responsible For Recovering Economy Revealed’ appeared first on Naija News.

Akeredolu-Aiyedatiwa Rift: It’s Illegal To Have A Political Solution That Isn’t In Tandem with Constitution, Says Ajulo

2024: ‘Do Your Job, You Have Nothing To Do With Partisan Politics’ – Aiyedatiwa Warns Civil Servants

Akeredolu: Pick Your Deputy From Owo, As Compensation For Our Loss - Group Urges Aiyedatiwa

Ahead of the Ondo State governorship election, Governor Lucky Aiyedatiwa, has warned civil servants against participating in political party campaigns.

Naija News reports that Aiyedatiwa spoke through the state Head of Service, Bayo Phillip, during the flag-off of the year 2024 promotion exercise for civil servants in the state.

Philip said the state government would not tolerate public servants participating in partisan politics, hence charged them to stay clear from any form of election campaigns.

The Head of Service urged them to focus on their jobs and sustain the integrity of the service.

He said, “l must also tell you. This is an election year. Do your job. You are civil servants and have nothing to do with partisan politics.”

Speaking on the promotion of workers, Philip said that no fewer than 4,200 workers due for promotion would be promoted.

He pointed out that Governor Aiyedatiwa had approved the promotion of all deserving officers with attendant financial benefits.

Philip appreciated the government for the gesture and urged the beneficiaries to reciprocate by giving their best in service delivery, adding that to whom much is given, much is expected.

Kekemeke Joins Ondo Govship Race, To Battle Aiyedatiwa, Jimoh Ibrahim

Meanwhile, the National Vice Chairman of the All Progressives Congress (APC), Isaac Kekemeke, has declared his intention to join the Ondo State governorship race.

Kekemeke made the declaration on Tuesday at the Nigeria Union of Journalists (NUJ) Press Centre in Akure, ahead of the party’s primary slated for April 20, 2024.

Recall that Kekemeke also aspired to be the governor of the state in 2020, but lost the ticket of the party to the late former Governor Rotimi Akeredolu.

Speaking during the declaration, Kekemeke said he was better equipped for the governorship race than he was four years ago when he contested.

The APC stalwart added that he has gained enough experience to enable him to lead the state to a place of socio-economic prosperity and peace.

Kekemeke said his ambition to become the state governor was not born out of trivial and momentary impulse but out of his conviction of building a better state.

The post 2024: ‘Do Your Job, You Have Nothing To Do With Partisan Politics’ – Aiyedatiwa Warns Civil Servants appeared first on Naija News.

Follow Proper Channel If You Want To Decamp To APC – Okocha Slams Secondus, Other PDP Leaders In Rivers State

Follow Proper Channel If You Want To Decamp To APC - Okocha Slams Secondus, Other PDP Leaders In Rivers State

The chairman of the All Progressives Congress (APC) caretaker committee in Rivers State, Tony Okocha, has knocked some chieftains of the Peoples Democratic Party (PDP) in the state over their recent declaration of support for President Bola Tinubu and Governor Siminalayi Fubara.

Okocha in a statement on Friday in Abuja, warned the PDP leaders that they can’t join the APC through the backdoor.

His submission comes as a direct reaction to a press conference on Thursday by former national chairman of the Peoples Democratic Party (PDP), Uche Secondus, the former minister of transportation, Abiye Sekibo, former Deputy Speaker, House of Representatives, Austin Opara; Celestine Omehia, former deputy governor of Rivers State, Tele Ikuru; Senator Lee Maeba; and former Secretary to the Rivers State Government, Dr. Gabriel Pidomson, among others who declared their support for Tinubu and Fubara.

But Okocha, in his reaction, questioned their sudden love for President Tinubu, adding that the doors of the APC are open to them for defection, but they must follow the proper channels.

He also faulted their declaration of support for President Tinubu, saying they are the ones giving Governor Fubara the confidence to challenge the resolution of President Tinubu on the political crisis rocking Rivers State.

He also told the PDP leaders to withdraw their suit in court challenging the powers of the President to intervene in the Rivers State crisis if they truly are in support of his government.

According to Okocha, “If the mid-night pseudo lovers of Mr President as shown in the text under critique, now are convinced that President is abundantly fit and proper to preside over Nigeria and that his ten months in office has provided Renewed Hope for an eldorado for Nigerians and choose to recant their hitherto unsavoury and unprintable toxics against President, they should follow the proper channels allowed for porting or decamping to a new party.

“This approach of brow-beating and blackmailing they intend to use is not fashionable at all.

“No sane host tolerates a Guest who attempts to enter his/her house, through the window when the door is open.

“When have they repented and withdrawn their suits in court, challenging the Powers of the President to mediate in the political crisis in Rivers State?

“Have they repented from emboldening Governor Fubara to disrespect Mr. President by refusing to implement all the indices on the 8-point Presidential Proclamation, as panacea to the political crisis in Rivers State, which by their actions, they have continued to fuel?”

On Governor Fubara, Okocha challenged him to conduct local government elections if he truly wants to test his popularity among the people of Rivers State.

“He (Fubura) should go and conduct local government elections if he knows he is popular with the people. He should go and test the waters to see if the crowd they have been carrying are not related. We know he doesn’t have the people.”

Okocha lamented that, “under Governor Fubara “Rivers state is more than drifting to a pariah state, to atrophying into abysmal oblivion, to say the least.”

The post Follow Proper Channel If You Want To Decamp To APC – Okocha Slams Secondus, Other PDP Leaders In Rivers State appeared first on Naija News.

Why Atiku Might Not Work With Tinubu – PDP Chieftains

Stop Being Jittery, Order Open Investigation Into Allegation Of Budget Padding – PDP Tells Tinubu

Stop Being Jittery, Order Open Investigation Into Allegation Of Budget Padding - PDP Tells Tinubu

The Peoples Democratic Party (PDP) has called on President Bola Tinubu to order an investigation into the allegations of a N3 trillion padding of the 2024 budget.

The PDP in a statement on Friday issued by its national publicity secretary, Debo Ologunagba, urged Tinubu and the All Progressives Congress (APC) to stop being jittery and avoid sponsoring diversonary press statements to suppress calls for an open investigation into the budget padding allegation.

Naija News recalls lastweek, Bauchi Central Senator, Abdul Ningi, alleged that the 2024 budget was padded by N3 trillion and that the country is operating two budgets concurrently.

The matter led to a rowdy session when it was debated by the lawmakers during plenary on Tuesday and Ningi was eventually suspended for three months.

The PDP thereafter asked Godswill Akpabio to resign as the Senate President over the allegations, but the party’s call was rubbished in a statement by the Senate spokesperson, Yemi Adaramodu.

Not satisfied, the PDP again on Friday called for an open investigation into the budget padding allegation.

The PDP said “It is clear that it is jittery that an open and detailed investigation into the allegation will further expose the perpetrators and how money was allegedly shared among APC lawmakers,” the statement reads.

“It is highly provocative that at this time when Nigerians are passing through severe economic hardship, the APC leadership in the Senate is busy defending and frustrating investigation into allegation of massive manipulation and looting of resources meant for the wellbeing of the citizens.

“The Akpabio-led APC leadership in the Senate ought to know that no amount of threats, harassment, suspension of whistleblowers and attempts to blackmail the opposition through diversionary press statements and sponsored articles in a section of the media can suppress the demand for an open investigation into the alleged budget padding which is already in the public domain.

“More importantly, the failure by the Akpabio-led APC leadership to allow for investigation into the budget padding allegation constitutes a huge smear on the image of the Senate and destroys its rectitude and integrity to perform its Constitutional duty to investigate and oversight other public institutions; a situation that spells doom to our Constitutional democracy if not immediately checked.”

The opposition party told Akpabio to recall Ningi and allow for an open and detailed investigation of the allegation if truly he has nothing to hide.

The PDP statement asked Tinubu to “restore the integrity of the 2024 budget by immediately ordering an open investigation into the alleged insertion as well as a holistic review of the budget.”

The post Stop Being Jittery, Order Open Investigation Into Allegation Of Budget Padding – PDP Tells Tinubu appeared first on Naija News.