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

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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.

Metro

Zambia: PF factional leader Sampa blames President Hichilema’s govt for crisis within party

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Miles Sampa, the factional leader of Zambia’s main opposition party, Patriotic Front (PF), has accused the President Hakainde Hichilema administration of causing crisis in the party while planning to create a “banana republic” using the country’s Parliament.

Sampa, who is the Member of Parliament for the Matero constituency and has been locked in a supremacy war with former President Edgar Lungu over control of the PF, also alleged that the Deputy Speaker of the National Assembly, Moses Moyo, ignored pardon letters from him as the party president and Secretary-General, while taking matters into his own hands regarding the dismissal of the nine MPs from the PF.

The internal crisis rocking the PF was magnified on Wednesday when the lawmaker representing Mafinga, James Chabinga, was elected as the acting factional leader by the Central Committee.

The Central Committee also expelled Sampa from the party and removed him as factional leader following what was described as a secret fence-mendng meeting with Lungu.

But while reacting to the development, Sampa in a post on his Facebook page on Thursday, said that all the nine MPs who had earlier been suspended had been pardoned or had their issues resolved amicably within the PF.

He added that the Office of the Speaker was advised in writing about the status of the nine MPs on Wednesday morning before the ruling was made.

“Even if it’s insisting on becoming a banana republic, this is extreme and total dislike for the country and its ordinary people,” Sampa wrote.

He stated that the letters were signed by the incumbent Secretary-General and President of the party, who had recently dismissed Secretary-General Morgan Ng’ona, whom he had appointed a few months back.

“The SG position is not electable. An SG acts as an assistant to the party president and therefore acts on his behalf as the appointing authority,” he noted.

Sampa stated that the President of the PF who is also acting as Secretary-General, wrote valid letters to Parliament, and it was not for Parliament to ignore and get involved in party matters, citing a Constitutional Court ruling from the previous week, which stated that the Speaker cannot question correspondence from a party, whether it comes from the president or the SG, especially when one person holds both positions.

“The treasury is very, very broke and the Ministry of Finance does not have the money for these by-elections and other needs given the drought and other factors,” Sampa noted.

He also urged Moyo to follow his conscience and do the right thing, stating it was not too late to avoid these by-elections for the sake of good governance.

He added that the Registrar of Societies ignored the correspondence, as per their printout of office bearers on Wednesday, July 3, 2024.

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Nigerian Senate rates FG below par on 2024 budget performance

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The Nigerian Senate has rated the Federal Government below par on the implementation of the capital component of the 2024 national budget.

The lawmakers, who gave the executive arm of government the low score on Wednesday, said there was a need for the government to get Ministries, Department and Agencies of the Federal Government to implement the budget satisfactorily.

The Upper Chamber also urged the government to intensify efforts in funding the capital components of the three national budgets which are running concurrently in the country.

Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola who made the charge when the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, along with the Accountant General of the Federation (AGF), Oluwatoyin Madein, appeared before the panel over the budget performances.

“It is the capital component of the budgets that will showcase this government largely in terms of performances,” Adeola said while lamenting the poor funding of the capital components of the budgets.

“The capital components tend to showcase various projects that will be executed by this government and people can say, oh, the government is doing this, it’s doing that. That is why we are emphasising the performance of the 2024 capital component of the project.

“The N1.84bn achieved so far out of a N9tn capital expenditure component is nothing to write home about.

“I would want you to please look towards this direction. And I want you to do more engagement with the ministries and departments and agencies of the government.”

The Senator however, urged the Minister to engage more with the MDAs because most of them were not aware of the current arrangement regarding funding of capital projects.

“I tell you for free, some agencies will tell you that they have not been given any money for capital when we are fully aware that the process of payment of capital has changed.

“That shows a lot of engagement has to go on from time to time to bring it to their notice that you are no longer in charge of payment to contractors.

“I want you to please do a kind of continuous engagement. It will help so that everybody can come to terms that the system has changed.”

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