Connect with us

NEWS

Rethink Your Policies, Reshuffle Your Cabinet – CSOs Tell Tinubu

Published

on

Rethink Your Policies, Reshuffle Your Cabinet – CSOs Tell Tinubu

Members of the Organised Private Sector and Civil Society Organisations have expressed deep concerns over the worsening economic conditions in Nigeria, highlighted by escalating inflation, rising food prices, and surging unemployment.

These groups are calling for an urgent review of government policies, which they argue have only brought hardship and despair to citizens.

Since President Bola Tinubu took office in May 2023, the average price of commodities has increased significantly, with inflation rising from 22.41% to 32.70% in September 2024.

This marks a sharp 10 percentage point increase over the 13 months of continued economic strain.

Several factors, including the removal of fuel subsidies and the depreciation of the naira, have further exacerbated the situation, pushing the cost of living to unprecedented levels.

A report from the National Bureau of Statistics paints a grim picture, showing a steady rise in inflation.

By January 2024, inflation had reached 29.90%, driven largely by soaring food costs.

This pattern continued into 2024, peaking at 34.19% in June before a slight drop to 32.70% in September.

Despite efforts by the Central Bank of Nigeria to curb inflation through an 850 basis point hike in interest rates, concerns remain over the long-term impact on economic growth and borrowing costs for businesses.

The removal of fuel subsidies, a cornerstone of Tinubu’s economic reforms, has triggered sharp increases in fuel prices, further straining households and businesses.

Fuel prices skyrocketed by over 488%, rising from N175 in May 2023 to N1,030 in October 2024. Despite promises to lower fuel prices during his campaign, the president’s policies have only deepened the struggles of ordinary Nigerians.

Although Nigeria’s GDP grew by 3.19% in the second quarter of 2024, this economic growth has not translated into tangible improvements in the lives of average citizens.

Rising production costs, weakened consumer purchasing power, and high borrowing costs continue to hamper businesses, especially in the manufacturing and small business sectors.

Key industry leaders have spoken out about the dire situation. The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, called for a rethink of the government’s inflation-fighting strategy, which he said has been ineffective.

He emphasized the need for a comprehensive impact assessment of the persistent interest rate hikes, highlighting the toll they’ve taken on the manufacturing sector.

Ajayi-Kadir told The PUNCH: “I mean, it is evident. You can’t do the same thing for 18 or 28 months, and expect a different result. What this has proven is that we need to rethink our strategy. We need to rethink the way we have managed the issue of inflation and the economy in general.”

Ajayi-Kadir said MAN was one of the most impacted sectors by the rising inflation and urged the government to carry out an impact assessment.

We have asked for an impact assessment of the persistent increase, and whether it has achieved its objective. And if it has not, we must be able to ascertain what else we need to do and what sectors have suffered as a result of this persistent increase.

“If we do that analysis, I think it will be evident that manufacturing has been the most impacted because it is no longer possible for you to borrow and produce and be profitable, competitive and sustainable. So you can’t borrow at a rate of more than 30 per cent or 34 per cent.

He acknowledged that the country needs to grow what it eats and be able to fight insecurity affecting production to ease food inflation.

He added, “We also need to be able to check the activity of middlemen that have continued to create this steep rise. And then we need to give effect very quickly to the importation of the food.

“Though I need to say that we need to be very careful about that so that we set the right quota and we monitor the implementation so that it is those who have milling facilities as envisaged in the reform, in the measure for implementation.”

The MAN DG urged President Tinubu to consider the state of the economy to make necessary changes.

“In coming back, Mr. President would be best advised that well, the situation in the economy has not really improved so there is more to be done and all hands should be on deck to intentionally backtrack the resolution of the economic situation we are in as envisaged in the stabilisation plan of the government,” he advised.

Ajayi-Kadir’s sentiments were echoed by other sector leaders, including the National President of the Association of Small Business Owners of Nigeria, Dr. Femi Egbesola, who warned that small businesses face the risk of closure due to rising operational costs.

He said, “Rising costs for everything from raw materials, taxes, energy, fuel, other inputs and cost of doing business, eat directly into profits, making it harder to stay afloat.

“This squeeze is further amplified by weakened consumer spending power. As people have less money to spend, non-essential purchases often take a back seat, potentially leading to declining sales and eventually job losses as businesses continue to prune down costs.

“We strongly advocate for the re-jigging of the president’s cabinet, as some of the ministers are not making significant impact in their assigned ministry.”

Egbesola asserted that “best hands should be engaged to chart a more innovative way forward out of the economic quagmire we are.”

Public analysts and economic commentators have also urged the government to prioritize key sectors like food security, transportation, and infrastructure.

As Nigerians grapple with these challenges, the government is being urged to take more decisive actions to alleviate the economic hardships.

With inflation remaining stubbornly high, many argue that only bold and compassionate policy adjustments can provide relief to the millions of Nigerians affected by the current crisis.

Advertisement

Promoted Content
Get Rid Of Prostatitis In 1 Night
Eroprostan
Awkward Presidential Moments: They Can’t Delete These!
Buzz Day
Just 3 Drops And Your Blood Pressure Is Normal
Cardioton
David Beckham Says Ratcliffe Needs Time To Revive Man Utd
Idealmedia
Hearts All Over The World Are Breaking For Obama’s Family
Buzz Day
Python Sneaks Into Woman’s Bed – What Happens Next Is Stunning
Buzz Day
Reps Pass Bill To Regulate Outrageous House Rents In Nigeria
Idealmedia
This Forgotten Pill Cleanses The Veins At An Impressive Rate
Cardioton
No Directive To Phase Out Unistar Meters, NERC Assures
Idealmedia
Meet The Equine Woman: You’ll Be Awed By Her Videos
Buzz Day
Michelle Obama Finally Spilled The Beans On Her Marriage!
Buzz Day
Cleans Blood Vessels Better Than Any Pill! Try It!
Cardioton
Powerful Product! Cleans Blood Vessels Perfectly. Only 3 Drops
Cardioton
Get Rid Of Prostatitis In 1 Night
Eroprostan
Cleans Blood Vessels Better Than Any Pill! Try It!
Cardioton
Powerful Product! Cleans Blood Vessels Perfectly. Only 3 Drops
Cardioton
The Videos Of Hillary Clinton That Stunned Everyone
Buzz Day
Discover The Hidden Meaning Behind Women Crossing Their Legs
Herbeauty
Passenger Captures Cruise Ship Collision With Iceberg (Watch)
Buzz Day
CBN Governor Says Weak Naira Is Advantageous
Idealmedia
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

NEWS

We Didn’t Encounter Demons In Aso Rock During Obasanjo’s Tenure – Jerry Gana

Published

on

We Didn’t Encounter Demons In Aso Rock During Obasanjo’s Tenure – Jerry Gana

Former Minister of Information, Jerry Gana, on Thursday, refuted claims that members of former President Olusegun Obasanjo’s cabinet encountered evil spirits during their time at the State House.

Gana made this assertion at a press conference held to announce the upcoming four-day International Conference of the African Biblical Leadership Initiative (ABLI) in Abuja, set to commence on October 21.

The ABLI initiative, themed “Value-based Leadership Model for Africa,” aims to cultivate a new generation of transformational leaders across the continent, with a particular focus on Nigeria.

Gana’s comments were a direct response to allegations made by Reuben Abati, former spokesperson to ex-President Goodluck Jonathan, who in 2016 wrote an article titled “The Spiritual Side of Aso Rock.”

In this piece, Abati suggested that a supernatural force loomed over the State House, calling for it to be converted into a museum and abandoned. He further indicated that a cleric had informed him that Aso Rock was “full of evil spirits.”

Abati recounted his own distressing experiences while residing in the Presidential Villa, stating he suffered physical ailments and could not sleep in the assigned apartment for an hour over a six-month period.

When asked if he had encountered similar supernatural occurrences during his tenure as minister, a visibly puzzled Gana shook his head. He emphasized that the absence of such experiences during Obasanjo’s administration does not imply their non-existence.

He said, “We don’t live in a free environment where you are not free to do whatever you like. You are either for light or darkness. You are either for God or the devil. There are forces within the environment in which we live that if you do not spiritually agree on who to follow, you can’t know where you belong. So the issue of spiritual forces is real. That is why the Bible says we are the light of the world.

“So whatever tension you are referring to, I don’t know. During our own time, we didn’t see the thing (demon). Maybe they are too afraid of us. But I am not saying they are not there.

“From my personal experience during the eight years of General Olusegun Obasanjo, we met for prayers every day when we were here in Abuja. We believe that God is sovereign and He will give us the understanding to be able to do the best for the country. We met every morning by 6 am to pray for just God’s wisdom and guidance.”

Advertisement

Promoted Content
Get Rid Of Prostatitis In 1 Night
Eroprostan
Cleans Blood Vessels Better Than Any Pill! Try It!
Cardioton
Powerful Product! Cleans Blood Vessels Perfectly. Only 3 Drops
Cardioton
Just 3 Drops And Your Blood Pressure Is Normal
Cardioton
Marrying A Pastor Is The Worse Mistake Of My Life
Idealmedia
Bobrisky Reacts to Femi Falana and Falz’s 12-Hour Ultimatum
Idealmedia
Update: Tinubu Appointed Immigration Service Boss For 18 Months
Idealmedia
How To Plant Garlic For The Winter: Rules And All Conditions
Idealmedia
Tony Elumelu’s new look
Idealmedia
Hearts All Over The World Are Breaking For Obama’s Family
Buzz Day
Biafra: Why FG Has Refused To Release Nnamdi Kanu – IPOB
Idealmedia
PDP leaders move to save party
Idealmedia
What happened to Dick Van Dyke?
Idealmedia
Get Rid Of Prostatitis In 1 Night
Eroprostan
This Forgotten Pill Cleanses The Veins At An Impressive Rate
Cardioton
Cleans Blood Vessels Better Than Any Pill! Try It!
Cardioton
Powerful Product! Cleans Blood Vessels Perfectly. Only 3 Drops
Cardioton
Continue Reading

NEWS

Top Nigerian Newspaper Headlines For Today, Friday, 18th October, 2024

Published

on

Top Nigerian Newspaper Headlines For Today, Friday, 18th October, 2024

Good morning Nigeria. Welcome to the Naija News roundup of top newspaper headlines in Nigeria for today, Friday, 18th October, 2024

1. Nigerians Not Benefiting From Your Reforms – Bauchi Gov Tells Tinubu

The Governor of Bauchi State, Bala Mohammed, has criticized the policies of the incumbent government led by President Bola Tinubu, stating that Nigerians are not benefitting from these reforms.

The Chairman of the Peoples Democratic Party (PDP) Governor’s Forum urged the Tinubu government to reassess its existing monetary and fiscal policies, asserting that they are not functioning effectively.

Speaking during the launch of the Nigeria Development Update in Abuja on Thursday, Mohammed said there is hunger in the country, reiterating that the people are suffering.

The PDP chieftain emphasized the necessity for the government to adopt a more flexible approach, highlighting the pressing need for reform in light of the increasing hardships faced by citizens.

He pointed out the struggles of ordinary Nigerians, cautioning that the prevailing hunger and economic difficulties have led to a precarious situation. He noted that even individuals in his position are at risk of being attacked by discontented citizens.

Furthermore, Mohammed called for the federal government to formulate more effective economic strategies, underscoring that the current financial support is inadequate to combat the widespread hunger.

2. Petrol, FX Subsidies Have Been Extinguished, They Are Not Coming Back – FG Declares

The federal government of Nigeria has declared a total end to the regime of fuel and foreign exchange subsidies in the country.

According to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who made the declaration during the presentation of the Nigeria Development Update by the World Bank in Abuja on Thursday, October 17, both subsidies have been extinguished.

Edun revealed that the subsidy removal was necessary because it was costing the country too much and had become unsustainable.

According to him, these subsidies had drained the country’s economy, costing over N10 trillion, which amounts to five percent of Nigeria’s Gross Domestic Product (GDP).

He commended the administration of President Bola Tinubu for ending the subsidy regime, which had lingered for over 40 years.

The Minister acknowledged the difficulties and pain that come with such bold reforms the Tinubu administration is embarking upon, but emphasized the benefits that would accrue to the country over the long run.

3. JAMB Takes Decision On Age Limit For 2024/2025 Admission

The Joint Admissions and Matriculation Board (JAMB), on Thursday, announced its decision to relax the 18-year minimum admission age for the 2024/2025 academic session.

According to the examination body, institutions can admit candidates who meet the institution’s standards and will turn 16 by August 31, 2025.

JAMB Spokesman, Fabian Benjamin disclosed this in a statement released in Abuja on Thursday.

But in a statement titled ‘Admission of candidates with minimum admissible age of 16 years’.

He said the goal is to ensure equal opportunities by preventing disproportionate benefits for those admitted towards the end of the 2024/2025 admission period.

4. Hardship: Don’t Reverse Current Reforms – World Bank Tells FG

The World Bank has advised the Federal Government of Nigeria against reversing its ongoing economic reforms, cautioning that such actions could have severe negative implications for the country.

This warning comes in the wake of significant public discontent regarding the government’s economic policies, particularly the removal of fuel subsidies and the abolition of multiple foreign exchange systems, which were introduced on the first day of President Bola Tinubu’s administration.

At a press conference held in Abuja during the launch of the Nigeria Development Update (NDU) report, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, acknowledged that while the reforms may cause immediate hardship for many citizens, they are essential for the nation’s long-term stability.

He stressed that reversing these reforms would be detrimental, stating, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”

5. PDP Is In Crisis Because Supreme Court Allowed Ward Chairman To Suspend National Chairman – Jonathan

Former President of Nigeria, Goodluck Jonathan, has cautioned the judiciary against making pronouncements that can be detrimental to the nation’s democracy.

Jonathan, who spoke on Thursday in Abuja at the 67th birthday celebration of Prof. Mike Ozekhome (SAN), said he is disturbed by the judgements emanating from various courts on political matters in the country recently.

The former Nigerian leader specifically lamented the decision of the Supreme Court that a ward chairman of a political party could suspend the National Chairman of the party.

According to him, the apex court ruling is responsible for the current crisis in the Peoples Democratic Party (PDP) and had also caused problems for the All Progressives Congress (APC) previously.

Jonathan argued that such court pronouncements could be likened to turning a cone upside down, which increases its propensity to fall.

According to him, empowering Ward Chairmen of political parties to suspend their National Chairmen is against the natural course of justice as it is empowering a subordinate to remove his/her superior from office.

6. Nigeria Removed From Watchlist, Improves Aviation Rating

Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, has announced that the country’s global aviation rating has improved to 75.5 percent, leading to its removal from the international aviation watchlist.

Naija News reports that this was disclosed during the commissioning of the Juhi-2 aviation fuel depot at Murtala Mohammed International Airport (MMIA) in Lagos on Thursday.

Keyamo highlighted that with this upgraded status, airlines operating in Nigeria can now access dry lease aircraft, enhancing the aviation sector’s operations.

Last month, the country’s rating improved from 49 percent to 70.5 percent following the Federal Government’s signing of the Cape Town Convention Practice Direction, significantly boosting Nigeria’s standing in the global aviation sector.

The minister expressed optimism that more aircraft would soon operate in Nigeria, potentially requiring an expansion of Juhi-2’s fuel capacity to accommodate the anticipated increase in air traffic.

7. After Impeachment Reports, Senate Takes Action On Akpabio, Others

The Nigerian Senate has passed a vote of confidence on President of the Senate, Godswill Akpabio and the entire leadership of the Senate.

Naija News reports that Senators passed the vote of confidence during plenary on Thursday.

The resolution came under a matter of privilege raised by Senator Yahaya Abdullahi representing Kebbi North.

He was speaking against the backdrop of social media reports over the alleged impeachment of the President of the Senate by Northern Senators.

Senator Abdullahi, who considered his privilege breached, described the allegations as an attempt to cause division and discord along ethnic or regional lines within the Senate.

The lawmaker noted that the upper chamber must rise against any connivance to negate the unity thus far enjoyed, bring the leadership down and the Senate to ridicule.

8. Labour Party Speaks On Sanctioning Peter Obi, Alex Otti, For Alleged Anti-party Activities

The Labour Party (LP) has insisted that the caretaker committee set up by its former presidential candidate, Peter Obi and Governor Alex Otti, is a product of illegality.

The National Publicity Secretary of the LP, Obiora Ifoh, stated this in an interview with Punch which was published on Thursday.

According to him, both Obi and Otti were misled by wrong information, adding that the establishment of the caretaker committee headed by Nenadi Usman is alien to the party’s constitution, the country’s constitution, as well as the electoral laws.

Ifoh, however, ruled out any plan to sanction Peter Obi and Governor Otti, adding that they are leaders of the party who were simply misled and would find their way back to the manifold of the Labour Party.

The LP spokesman categorically ruled out any form of sanction for Obi and Otti, describing them as leaders and stars of the party.

9. Ribadu Exposes Source Of Illicit Weapons In Nigeria

The National Security Adviser (NSA), Nuhu Ribadu, has disclosed that a sizeable number of illicit weapons in circulation originally belonged to the federal government.

He stated that the weapons got into the hands of non-state actors due to unscrupulous individuals in the security agencies.

Ribadu said this at the arms destruction exercise by the National Centre for the Control of Small Arms and Light Weapons (NCCSALW), at Muhammadu Buhari Cantonment, Abuja.

The NSA, who rained curses on security personnel who engage in giving weapons for terrorists, bandits and other non-state actors, assured that the government will do everything to secure the country.

10. There Is Much To Say And It’s Not Yet Time For It – Obasanjo

Former President of Nigeria, Chief Olusegun Obasanjo, has declared that there is much to say, but it is not yet time for it.

He made the declaration on Thursday in his capacity as the chairman of events at the 67th birthday celebration of Mike Ozekhome (SAN).

Naija News reports Obasanjo, as he approached the podium for his speech, took ex-President Goodluck Jonathan along with him, announcing that he would be the co-chairman of the event.

Jonathan, on his part, disclosed that he wrote the forward of one of the 50 books that were presented at the event by Ozekhome, voicing that he knew that ex-President Obasanjo would not want to delve into the issues he pointed out about the judiciary and the recent judgements.

However, Obasanjo characteristically, before he left the podium, took back the microphone and said, “I know that former President Jonathan said that I would not want to say anything.

“But, I want to say that there is much to say and it is not yet time for it.”

That’s the top Nigerian newspaper headlines for today. Read more Nigerian news on Naija News. See you again tomorrow.

Advertisement

Promoted Content
Get Rid Of Prostatitis In 1 Night
Eroprostan
Cleans Blood Vessels Better Than Any Pill! Try It!
Cardioton
Just 3 Drops And Your Blood Pressure Is Normal
Cardioton
This Forgotten Pill Cleanses The Veins At An Impressive Rate
Cardioton
Powerful Product! Cleans Blood Vessels Perfectly. Only 3 Drops
Cardioton
Olisa Agbakoba Calls EFCC ‘Terrorists’
Idealmedia
Continue Reading

NEWS

AFCON: Libya Jittery As CAF Demands Response To Nigeria’s Protest

Published

on

AFCON: Libya Jittery As CAF Demands Response To Nigeria’s Protest

The Libyan Football Federation is in a state of panic following a directive from the Confederation of African Football (CAF) to submit documents concerning the cancellation of the AFCON qualifying Group D match against Nigeria.

This comes after Nigeria’s Super Eagles refused to play the match due to being diverted to Labraq Airport and held for 18 hours without food or water.

In a special statement to Libya Al-Ahrar Channel, Nasser Al-Suwaie, Secretary-General of the Libyan Football Federation, confirmed that both the Libyan and Nigerian football associations have until October 20 to provide documentation related to the incident.

Al-Suwaie expressed concerns over potential collusion among certain parties within CAF but maintained that the position of the Libyan Federation remains robust.

He clarified that the Libyan Federation did not change the plane’s landing course to Al-Abraq Airport. Instead, he stated that the diversion was a decision made by the Libyan state, underscoring the need to respect the sovereignty of Libya.

The Super Eagles returned to Nigeria on Monday with harrowing accounts of their experience.

Team manager Patrick Pascal recounted the discomfort of the players, who had to take turns sleeping on the bare airport floor.

He further disclosed that the airport toilets had been deliberately soiled by Libyan officials in anticipation of the team’s arrival, compounding their distress.

Advertisement

Promoted Content
Get Rid Of Prostatitis In 1 Night
Eroprostan
Awkward Presidential Moments: They Can’t Delete These!
Buzz Day
Cleans Blood Vessels Better Than Any Pill! Try It!
Cardioton
Olisa Agbakoba Calls EFCC ‘Terrorists’
Idealmedia
Just 3 Drops And Your Blood Pressure Is Normal
Cardioton
Meet The Equine Woman: You’ll Be Awed By Her Videos
Buzz Day
Passenger Captures Cruise Ship Collision With Iceberg (Watch)
Buzz Day
UK YouTube Star, Yung Filly, Arrested Over Alleged Rape
Idealmedia
Hearts All Over The World Are Breaking For Obama’s Family
Buzz Day
Group urges Commissioner to honour Ondo Assembly invitation
Idealmedia
Kabba-Bunu APC crisis: Group urges Gov Ododo to intervene
Idealmedia
Hillary Thought No One Would Notice But It Was Caught On Camera
Buzz Day
This Forgotten Pill Cleanses The Veins At An Impressive Rate
Cardioton
Get Rid Of Prostatitis In 1 Night
Eroprostan
Michelle Obama Finally Spilled The Beans On Her Marriage!
Buzz Day
Rivers: ‘I Don’t Like Calling Wike’s Name’ – Amaechi
Idealmedia
Powerful Product! Cleans Blood Vessels Perfectly. Only 3 Drops
Cardioton
Cleans Blood Vessels Better Than Any Pill! Try It!
Cardioton
Our Thoughts Go Out To The Obama Family For Their Tragic Loss
Buzz Day
The Videos Of Hillary Clinton That Stunned Everyone
Buzz Day
Python Sneaks Into Woman’s Bed – What Happens Next Is Stunning
Buzz Day
Continue Reading

Trending