Metro

‘Nigerian govt will go after economic saboteurs,’ Information Minister vows

Published

7 months ago

February 24, 2024

The Nigerian government says it will go after saboteurs of the country’s economy in the face of challenges which have led to hardship, poverty and escalating cost of living.

Minister of Information and Culture, Mohammed Idris, who made the vow in a statement on Friday, said the resolve of the government was to prevent enemies of the country from derailing the President Bola Tinubu’s administration’s reforms from yielding the required fruits.

“Since the removal of the petrol subsidy, petrol importation has dropped by fifty percent, amounting to one billion liters monthly, according to data released by the National Bureau of Statistics.

“On a related note, crude oil production is rising steadily, increasing to an average of 1.55 million barrels per day in Q4 2023, from 1.22 million barrels per day in the preceding quarter.

“Also, monthly receipts by States from the Federal Accounts Allocation Committee (FAAC) have surged since the subsidy removal, giving governments at all levels billions of Naira in extra headroom to deliver the dividends of democracy to Nigerians.

“It is instructive that the removal of the petrol subsidy was one policy decision that all the three major candidates were unanimous on, in their campaign messaging. It is therefore mystifying to see people who had argued stridently for the removal, now pretending to be against it today. This insincerity does not bode well for our country and our democracy.

“Relevant regulatory and security agencies have been directed to remain vigilant to ensure that malpractices capable of undermining our currency are averted and that those engaged in these acts are brought to book. The government will not allow its efforts to be jeopardised.

“President Tinubu’s second most far-reaching pronouncement was his promise that the Central Bank of Nigeria (CBN) would work towards a unified exchange rate.

“In line with his vision for a more transparent and equitable monetary policy, yet without jettisoning its operational independence, the CBN took the very bold step of loosening control of foreign exchange rates, allowing access to foreign exchange to take place at market rates determined on the principle of ‘willing seller willing buyer.’

“As a government, we are not under any illusion that these policy moves are silver bullets, or that nothing else is required. We understand that these are foundational fiscal and monetary policy moves, upon which we must now build the superstructure of true economic growth and prosperity.

“As respected economists and experts have acknowledged, these foundational reforms will be difficult and painful for Nigerians in the short term.

“The problems that we are solving are no doubt multifaceted, intertwined, and deep-rooted, requiring creative, strategic, decisive, and multi-pronged solutions. These bold moves being implemented are in full alignment with what is required.

“Nigerians should rest assured that the government will continue to take further steps to stabilize the naira and safeguard our economy.

“We will continue to seek the patience and understanding of Nigerians as we push through these difficult times, into a season of abundant benefits and truly renewed Hope. As the President never fails to emphasize, these headwinds we are facing are only temporary, and, collectively, we will surely overcome them.

“The President and his team are and will remain resolutely committed and focused on the task of bringing immediate relief and enduring prosperity to all Nigerians.

“The CBN has been proactive, initiating a comprehensive strategy to enhance liquidity in the forex market. In addition to unifying the rates, the bank has also cleared a significant amount of outstanding Forex obligations, and outlined new operational mechanisms for commercial banks, Bureau De Change (BDC) operators and International Money Transfer Operators (IMTOs).

“It is heartwarming to note that we are starting to see the results. Indeed, the naira is stabilizing, and the foreign exchange market is seeing a surge of inflows.

“Sadly, as with any effort to reform and sanitise a system entrenched in long-term malpractice, the CBN’s efforts have been met with ferocious resistance from speculators and other unscrupulous players within and outside our country, who profit from dysfunction and opacity.”

Related Topics:Economy Featured Hardship Nigeria President Bola Tinubu

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Metro

Nigeria: Presidency disowns yacht found in France flying Nigerian flag

Published

13 hours ago

September 8, 2024

Isaac Dachen

The Nigerian Presidency has disowned a luxury yacht seen flying the Nigerian flag in St. Tropez, a coastal town in France, following speculations that it belongs to President Bola Tinubu.

The sighting of the yacht on Saturday had sparked a frenzy in the country with viral posts on social media suggesting that Tinubu actually owns the yacht which was ostensibly bought with public funds while the Nigerian masses are wallowing in hardship and poverty.

But while reacting to the video of the yacht, Senior Special Assistant to President Bola Tinubu on Digital and New Media, Otega Ogra, took to X (formerly Twitter) to debunk the allegations, saying the yacht had nothing to do with the Nigerian leader but that it belonged to a private individual.

Ogra explained that flags used by the President or the Armed Forces did not feature a coat of arms, stressing that “the official Nigerian flag is Green-White-Green without any additional symbols.”

“There have been false claims circulating that a private individual’s yacht spotted in St. Tropez is a Nigerian government yacht. Here are some points to consider to discern the truth,” he wrote.

“The 42-metre Benetti yacht currently being circulated online has been privately owned for around five years since its construction.

“The official Nigerian flag is Green-White-Green without a coat of arms in the middle. Flags representing the Nigerian President or the Armed Forces do not contain a coat of arms in the centre. Placing anything in the centre of the flag is a clear deviation,” Ogra added.

Metro

Navigating free speech in Zambia: Balancing democracy, national security

Published

1 day ago

September 7, 2024

Isaac Dachen

Zambia, like many countries, stands to gain from robust free speech, but it also faces challenges from what some describe as an “avalanche of speech.”

While liberal democracies emphasise free expression, this can sometimes lead to information overload, disinformation, polarization and echo chambers.

The potential for hate speech, harassment and reckless statements that undermine social cohesion is also a concern.

Balancing free speech with national security and public order remains a complex issue.

National Democratic Congress (NDC) leader, Saboi Imboela, addressed this during a recent discussion, stating, “One philosopher said that you have to love the noise of democracy. So if you do not love the avalanche of speech or the ok noise of democracy then you are not democratic.”

Imboela acknowledged the difficulty of this balancing act but underscored the importance of continuously fighting for the right to speak.

To navigate these challenges, Zambia needs to focus on promoting media literacy and critical thinking.

Encouraging responsible speech and journalism, implementing effective moderation and regulation and fostering inclusive public discourse are essential steps.

Additionally, supporting education and critical thinking skills would be crucial in managing the complexities of free speech.

Upon his election and swearing-in, President Hakainde Hichilema criticized the outgoing regime for its brutality while promising a “better democracy.”

In his debut address, Hichilema stated, “I will be a president of all Zambians, of those that voted for me and of those that did not. We will foster a better democracy, the rule of law, restoring order, respecting human rights, liberties and freedoms.”

This promise aligned with the findings of the 2024 flagship report from the V-Dem Institute, which highlighted Zambia’s successful transition from being labeled an “electoral autocracy” to an “electoral democracy.”

This report places Zambia near the top of the list of countries that have made significant democratic advancements, reversing the trend of autocratic governance.

Former Justice Minister, Mulambo Haimbe, remarked on this progress, stating, “Around the world, the state of democracy was becoming increasingly uncertain, facing threats that seem more pronounced with each passing day.

There was a clear trend of democratic backsliding as undemocratic regimes tighten their grip, limit freedom of expression and erode the rule of law.”

However, he praised Zambia for standing out positively by embracing democratic principles.

In contrast, renowned academic, Dr. Sishuwa Sishuwa, criticised the use of lawfare to suppress opposition in Zambia.

Sishuwa wrote, “When Zambia experienced democratic backsliding between 2011 and 2021, the deliberate use of legal mechanisms to weaken opposition parties played a central role.”

He described this strategy as “lawfare,” a persistent theme in Zambian politics. “The defeat of President Edgar Lungu and his Patriotic Front (PF) in the August 2021 election raised prospects for a stronger legal foundation that would address the conditions that enabled the previous government to engage in legal autocracy,” Sishuwa added.

Despite these observations, Sishuwa noted that nearly three years after President Hichilema’s election, the situation has hardly changed, indicating ongoing challenges in the quest for a more balanced democracy.

Zambia’s journey underscores the need for a careful balance between free speech and national security.

Ensuring that the “avalanche of speech” enriches rather than overwhelms the country’s political landscape would be key to strengthening its democratic institutions and fostering a more inclusive and responsible public discourse.

This story is sponsored by Project Aliyense.