Metro

Despite damning data, Nigeria’s finance minister claims economy heading in right direction

Published

4 weeks ago

June 3, 2024

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that the country’s economy is heading in the right direction and experiencing an appreciable growth despite the soaring inflation in the nation.

Edun, who gave the assurance while speaking as a guest in an interview programme on Sunday, said there were indications that the high inflation in the country might come down in a few months.

The minister said despite the
National Bureau of Statistics’
consumer price index report in April that put Nigeria’s inflation rate at 33.20 per cent in March 2024, up from 31.70 per cent in February, the situation was under control as the reforms and economic policies of President Bola Tinubu were gradually paying off.

“Mr President has achieved relative growth and stability in his first year in office,” Edun said.

“The necessary fallout of the measures that had to be taken were higher interest rates to fight inflation and attract foreign currencies, which was successful.

“In terms of inflation, it is coming down. It is expected and projected to come down over the next few months.

“On the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where authorities, particularly the monetary authority, set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.

“Quarter by quarter when compared to the first quarter of last year, the growth is up by virtually three per cent per annum above population growth compared to about the two per cent achieved by this time last year.

“So, we do have the economy going the right direction. We just need to stay that course. In staying the course, help and amelioration must be given across the board.

“I have talked about help that should be given to farmers and consumers. There is also help for small and medium scale businesses.

“By Monday, the economy stabilisation plan that deals with the factors affecting big businesses and industry will be on Mr President’s table so that they too can stabilise, begin investment again, create jobs and grow the economy,” the Minister added.

Related Topics:Economy Featured inflation Minister of Finance Wale Edun

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Metro

Nigeria to strengthen defence partnership with South Africa

Published

7 hours ago

July 2, 2024

Isaac Dachen

The Nigerian government has set plans in motion to strengthen defence partnership with South Africa in a bid to address the multifaceted security challenges bedevilling the African continent.

Nigeria’s Chief of Defence
Staff (CDS), Gen. Christopher Musa, who made this known during an official visit to the Chief of South Africa National Defence Force, Gen. Rudzani Maphwanya, in Pretoria, called for reinforcement of ties between the Armed Forces of Nigeria and the South African National Defence Force

In a statement by the Acting Director, Defence Information, Brig.-Gen. Tukur Gusau, on Tuesday in Abuja, the CDS described the meeting as a “panacea to addressing the multifaceted challenges bedevilling the continent”, adding that the “need for cooperation and reinforcement of bilateral ties were also paramount.”

Musa stated that the meeting with his South African counterpart was focused on various measures to address regional security challenges.

According to the Nigerian Army chief, the exchange of expertise and forging stronger ties between the two countries is for the betterment of the continent were considered.

“During the meeting, the Chief of SANDF highlighted the significance of the meeting between the two largest economies and military powers on the African continent,” the statement noted.

“Present at the meeting were the SANDF Chiefs of Intelligence, Policy and Plans, International Affairs and Joint Operations amongst other departmental chiefs of the SANDF,” he added.

Metro

Three Zambians, Tanzanian national arrested for smuggling illegal immigrants

Published

23 hours ago

July 1, 2024

Isaac Dachen

The Zambian police in the Kapiri-Mposhi District have arrested three Zambians and a Tanzanian national for conveying and smuggling illegal immigrants into the country.

Deputy Police Public Relations Officer, Danny Mwale, who confirmed the arrests in a statement issued in Lusaka on Monday, said the suspects were arrested at the Nkumbi Checkpoint in Kapiri-Mposhi on Sunday, June 30.

Mwale said the arrests were made possible after officers, acting on a tip-off from concerned members of the public, intercepted a Scania tanker truck with registration numbers T711 DMV and T214.

The police spokesman said the intercepted truck was driven by the Tanzanian, Ramadan Ayoub, 32, from Dar-es-Salaam in Tanzania, and belongs to World Oil Limited Company based in Tanzania.

“Upon searching the tanker truck, officers discovered four males, believed to be Ethiopians, concealed on a bed inside the vehicle,” Mwale stated.

He added that the truck driver, upon interrogation, disclosed that an accomplice was waiting for the illegal immigrants in Kapiri-Mposhi town.

Following this lead, officers arrested Moses Mfula, 42, from Soweto compound in Kapiri-Mposhi District, the police spokesman said.

He stated further that Mfula cooperated with the police and directed them to two other individuals en route from Lusaka to collect the illegal immigrants.

“Subsequently, a Toyota Land Cruiser with registration number ALG 9063 arrived near the tanker truck.

“The two occupants, identified as Charles Mwanza, 43, and Taonga Mukwakwa, 32, from Lusaka’s Chawama compound and Matero township respectively, were arrested after engaging with the truck driver.

“All suspects are currently detained in police custody in Kapiri-Mposhi, while the four illegal immigrants are held in Mkushi District,” the statement said.

Mwale added that investigations are ongoing, with police coordinating with the Department of Immigration.