Metro

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

Published

2 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

Mapanza traditional council shares positive outlook on media rights, freedom of expression

Published

18 hours ago

April 27, 2024

Akanimoh Etim

Jonathan Muchindu, a representative of the Traditional Council of Mapanza Chiefdom in Choma District, Southern Province, Zambia, asserts that the media in Zambia currently enjoys “total” freedom of expression.

Muchindu attributed this position to the advancement of civilization, which he identified as a significant factor in ensuring media freedom.

He emphasized the role of the media in providing citizens with the necessary information to make informed decisions.

In an exclusive interview with Zambia Monitor in Choma, Muchindu, who also serves as the Director of the Zambia Corruption Prevention Watchdog, described the media and its content as essential elements akin to “food on the table.”

“We are truly privileged to witness the advancements in civilization. Previously, the media was confined to the hands of a few individuals, and its reach was limited.

“However, with the advent of technology, accessing news through various platforms such as radio and television has become commonplace.

“The media has evolved into an indispensable source of information, and its participation is now integral to our daily lives,” he remarked.

When questioned about the operational landscape of the media, Muchindu expressed confidence that no media entity currently faces undue interference or censorship.

“From our perspective, both in rural villages and urban centers, we have not encountered instances where journalists or media outlets have been subjected to harassment or undue influence.

“This collaborative effort had ushered in a sense of enlightenment among the populace, allowing for open discourse on governance matters, particularly in the realm of politics.

“The media enjoyed the same freedoms as ordinary citizens, and there is unequivocal liberty in its expression,” Muchindu concluded.

The declaration by the Traditional Council of Mapanza Chiefdom underscored a positive outlook on media freedom in Zambia and reaffirmed the critical role of the media in fostering informed public discourse.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

Metro

Nigeria loses N1.29trn annually to crude oil theft, vandalism— Reps Speaker

Published

1 day ago

April 27, 2024

Akanimoh Etim

Speaker of Nigeria’s House of Representatives, Hon. Abbas Tajudeen, has revealed that the country loses a whopping sum of N1.29 trillion to crude oil theft, pipeline vandalism and other forms of criminality in the oil sector.

Tajudeen, who spoke at the commissioning of the Nigerian Navy Training Command at Eleme, Rivers State in South-South Nigeria on Friday, said about 300,000 barrels of crude oil were also lost per day to oil theft by bunkerers.

Tajudeen who was represented at the event by the Chairman, House of Representatives Committee on Defence, Hon. Babajimi Benson, stated that the crude oil theft and pipeline vandalization has continued to pose a challenge to the Nigerian Navy which has hindered the service from rising up to its mandate of contributing to the survival of the national economy.

“Unfortunately, it is estimated that Nigeria loses over 300,000 barrels of crude oil daily to oil theft, pipeline vandalism and other forms of criminality. This has led to revenue losses estimated at N1.29 trillion annually,” the Lower Chamber Speaker said.

Speaking further on steps taken to curb the menace, Abbas said:

“Concerned about the adverse effects of oil theft in Nigeria, I inaugurated a special committee on Crude Oil Theft Loses on November 22, 2023, to determine decisive remedial actions to be taken.

“I commend the Nigerian Navy on the steps taken so far, and I urge the Navy to sustain the momentum.”

Also speaking, Nigeria’s Chief of Naval Staff, Vice Admiral Emmanuel Ogalla, thanked the Rivers State Government for the donation of the entire complex to demonstrate the existing cordial relationship between the Nigerian Navy and Rivers State.

Ogalla said the relocation of the Headquarters Naval Training Command from Lagos to Ebubu-Eleme in Rivers State would bolster human capacity development of personnel of the Nigerian Navy.

“It will also assist in providing the enabling environment for learning and enable us to carry out the statutory manning of the entire state, and national security of our country.

“This is in line with Mr President’s mandate given to us to provide the enabling environment for the harnessing of the enormous economic potential inherent in our blue economy for the overall good, national prosperity and development.”

The Naval chief assured that the Nigerian Navy would continue to carry out operations to ensure security of the nation’s maritime domain as well as secure Rivers State and the entire Niger Delta region.