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Civil Societies Coalition Condemns Calls For Emefiele’s Resignation

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A Coalition of Civil Society Groups, (CCSG), Tuesday, condemned calls, by some groups, for the resignation of the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, over alleged plunging of the economy into comatose situation.

This was contained in a address jointly signed by the President, CCSG, Etuk Bassey Williams, and Secretary, CCSG, Abubakar Ibrahim, which was read during a press conference held in Abuja.

According to the coalition, the call was allegedly made by the Arewa Youth Assembly, over unsubstantiated and frivolous claim that the policies of the CBN have plunged the county’s economy into comatose situation.

The coalition said, “Sequel to a recent mischievous call for resignation of Mr. Godwin Emefiele the Governor of the Central Bank of Nigeria (CBN) by some hired and sponsored disgruntled elements whose aim is to distract and unsettle the Government of President Muhammadu Buhari.

“This unpopular and wrongfully designed effort to frustrate all efforts of Mr. Godwin Emefiele to restore the economy from its downward slope orchestrated by fall and unstable price of crude oil and the advent of Covid-19 pandemic formed the crux of our deliberation and our observations and positions are stated as follows.

“We condemn in strong terms the call for resignation of the CBN Governor by the Arewa Youth Assembly over an unsubstantiated and frivolous claim that the policies of the CBN has plunged the county’s economy into comatose is laughable and uncharitable. It is unfortunate that some individual will derive joy in an attempt to pull an achiever down.

“We observe the insincerity and question the genuineness of the claim that the economy is bad today by the same people who asserted that President Muhammadu Buhari’s administration inherited an economy that was in a shambles and worsened by a sharp drop in the prices of oil crude at the international market, empty treasury that resulted in the inability of many state governments to pay salaries of worker, depleted foreign reserves, dilapidated infrastructure and long-standing insurgency/internal security challenges.

“It is common knowledge that expanding export is our surest way to make Naira regain value. It is very important to note that today, Nigeria gain most of its foreign exchange from the sales of crude oil.

“The implication of the above fact is that our over-reliance on crude oil which account for more than 90% of Nigerian’s   foreign exchange determines the value of the Naira, hence the argument against the CBN Governor is false and meant to derail the economic and monetary policies of the Governor. The peddlers of this falsehood are ill-informed or just being mischievous.”

Meanwhile, the coalition also passed a vote of confidence on the CBN boss while commending his efforts and impact made to keep the nation’s economy afloat.

“We appreciate the CBN Governor for making outstanding effort to stimulate the SMEs so as to produce goods that can be exported to enable us increase our foreign exchange earnings as well improves the living standard.

“Today we have witnessed massive support and motivation to rice, cocoa, and groundnut farmers with Agric Loans. He has also assisted the manufacturing industries with loans so as to help them produce quality goods that meet the global standard for exportation,” the coalition said.

The coalition also raised the alarm over alleged moves by some politicians to malign the image of the CBN Governor for personal political gains with sponsored and unfounded allegations.

“We fear that the politicians are at it again to implore the same tactics used against the previous Government just to have their way to power. Accusing the CBN Governor for plotting to contest for the presidency in 2023 or his connivance with politicians to defraud the Government is most unfortunate, unbelievable and unfounded.

“Unfortunately, the falsehood are too many, on the disbursement of Covid-19 loan meant for indigent Nigeria, it is important to note that the CBN Governor was not involved, as a committee was responsible with direct involvement of ICPC and other ministries.

“We frown and condemn any plot by any mischievous group or individuals to use and enticement the youths to embark on a campaign of misrepresentation geared towards frustrating the effort of the CBN Governor in his bid to reposition the economy and help Nigerians create wealth and improve on the living standard.”

Also the coalition called on Nigerians not to believe the allegations coming from some quarters against the CBN governor, saying “Finally, we implore all Nigerians to jettison the mischievous call for the resignation of the Governor of CBN. It is the handiwork of evil doers who are committed to destroying every effort of Mr. President Muhammadu Buhari and his Lieutenants to improve and stabilize the economy.

“Having painstakingly reviewed the giant strides of the CBN Governor in repositioning Nigeria economy into an export driven one to compliment the earnings from the sales of crude oil, to create wealth and employment for the youth through loan, and his recent move to end the dubious activates of BDC operators, the Coalition of Civil Society Group hereby passes a vote of confidence on the CBN Governor, Mr. Godwin Emefiele and the entire CBN Management Team

“We hereby call on Nigerians to support the Government and also implore the media to use their profession to enlighten the public of the achievements of the Government so as not to allow mischief makers to wrongfully influence the idle and uninformed public.”

Culled from the Leadership News Nigeria

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NLC protests: Why Nigeria’s economy is in such a mess

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Nigeria is currently experiencing its worst economic crisis in a generation, leading to widespread hardship and anger.

The trade union umbrella group, the Nigeria Labour Congress (NLC), held protests in the main cities on Tuesday, calling for more action from the government.

A litre of petrol costs more than three times what it did nine months ago, while the price of the staple food, rice, has more than doubled in the past year.

These two figures highlight the difficulties that many Nigerians are facing as wages have not kept up with the rising cost of living.

Like many nations, Nigeria has experienced economic shocks from beyond its shores in recent years, but there are also issues specific to the country, partly driven by the reforms introduced by President Bola Tinubu when he took office last May.

How bad is the economy?

Overall, annual inflation, which is the average rate at which prices go up, is now close to 30% – the highest figure in nearly three decades. The cost of food has risen even more – by 35%.

However, the monthly minimum wage, set by the government and which all employers are supposed to observe, has not changed since 2019, when it was put at 30,000 naira – this is worth just $19 (£15) at current exchange rates.

Many are going hungry, rationing what food they have or looking for cheaper alternatives.

In the north, some people are now eating the rice that is normally discarded as part of the milling process. The waste product usually goes into fish food.

Widely shared social media videos indicate how some are reducing portion sizes.

One clip shows a woman cutting a fish into nine pieces rather than the average four to five. She is heard saying her goal is to ensure her family can at least eat some fish twice a week.

What is causing Nigeria’s economic crisis?

Inflation has soared in many countries, as fuel and other costs spiked as a result of the war in Ukraine.

But President Tinubu’s efforts to remodel the economy have also added to the burden.

On the day he was sworn in nine months ago, the new president announced that the long-standing fuel subsidy would be ending.

This had kept petrol prices low for citizens of this oil-producing nation, but it was also a huge drain on public finances. In the first half of 2023, it accounted for 15% of the budget – more than the government spent on health or education. Mr Tinubu argued that this could be better used elsewhere.

However, the subsequent huge jump in the price of petrol has caused other prices to rise as companies pass on transportation and energy costs to the consumer.

One other factor that is pushing up inflation is an issue that Mr Tinubu inherited from his predecessor, Muhammadu Buhari, according to financial analyst Tilewa Adebajo.

He told the BBC’s Newsday programme that the previous government had asked the country’s central bank for short-term loans to cover spending amounting to $19bn.

The bank printed the money, which helped fuel inflation, Mr Adebajo said.

Chart showing the changing food prices

What has happened to the naira?

Mr Tinubu also ended the policy of pegging the price of the currency, the naira, to the US dollar rather than leaving it up to the market to determine on the basis of supply and demand. The central bank was spending a lot of money maintaining the level.

But scrapping the peg has led the naira’s value to plunge by more than two-thirds, briefly hitting an all-time low last week.

Last May, 10,000 naira would buy $22, now it will only fetch around $6.40.

As the naira is worth less, the price of all imported products has gone up.

When will things get better?

While the president is unlikely to reverse his decisions on the fuel subsidy and the naira, which he argues will pay off in the long run by making Nigeria’s economy stronger, the government has introduced some measures to ease the suffering.

Nigeria’s Vice-President Kashim Shettima announced the establishment of a board charged with controlling and regulating food prices. The government also ordered the national grain reserve to distribute 42,000 tonnes of grains, including maize and millet.

This is not the first time the government has said it is distributing aid to poor and vulnerable Nigerians, but labour unions have often criticised the government’s method of food distribution, saying much of it does not reach poor families.

The government has also said it is working with rice producers to get more of it into markets and customs officials have been instructed to cheaply sell off bags of the grain that they have seized. In a sign of how bad things are, on Friday this led to a crush in the biggest city, Lagos, which killed seven people, local media report. These hand-outs have now been halted.

The rice was seized under the previous government, which banned imports of rice to encourage local farmers to grow more. That ban was lifted last year in at attempt to bring down the cost but because of the fall in the value of the naira, that has not worked.

Around 15 million poorer households are also receiving a cash transfer of 25,000 naira ($16; £13) a month, but these days that doesn’t go very far.

Culled from the BBC

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Africa

Nangolo Mbumba Sworn In as Namibia’s Interim President

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Nangolo Mbumba has been sworn in as the interim president of the southern African country of Namibia.

He was installed Sunday, following the death of President Hage Geingob earlier in the day at a hospital in Windhoek.

Geingob announced in January that he had cancer.

Mbumba said Sunday that he does not plan to run for president in elections later this year.

That means newly-installed Vice President Netumbo Nandi-Ndaitwah could seek the presidential office. If she won, she would be first female president in southern Africa.

However, she may face some challengers from within SWAPO, her political party.

The South West Africa People’s Organization or SWAPO has been in power in Namibia since it gained independence in 1990.

President Geingob recently upbraided Germany for supporting Israel against genocide charges at the International Court of Justice.

Geingob said Germany committed genocide in Namibia in the 1800s, killing tens of thousands of Africans.

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Horrible images of massive blast in Nigeria caused by explosives

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ABUJA, Nigeria (AP) — Three people died and 77 others were injured overnight when an explosives rocked more than 20 buildings in one of Nigeria’s largest cities, authorities said Wednesday, as rescue workers dug through the rubble in search of those feared trapped.

Residents in the southwestern state of Oyo’s densely populated Ibadan city heard a loud blast at about 7:45 p.m. Tuesday, causing panic as many fled their homes. By Wednesday morning, security forces cordoned off the area while medical personnel and ambulances were on standby as rescue efforts intensified.

Preliminary investigations showed the blast was caused by explosives stored for use in illegal mining operations, Oyo Gov. Seyi Makinde told reporters after visiting the site in the Bodija area of Ibadan.

3 killed and 77 injured in massive blast caused by explosives in southern  Nigerian city - Bharat Express

 

Nigeria explosion leaves 3 dead, 77 injured as rescue workers frantically  dig through rubble to search for survivors

 

3 killed, 77 injured in massive blast caused by explosives in southern  Nigerian city - ABC News

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