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smokinloud:We are bigots that's a fact and it's the reality we live every day no need in denying it. Obviously not everyone that's y I use the word "average". Beside oyinbo probably did us bad that's another story but our representatives have refuse to break from the chain. Remember nobody can change or free you,it's only you(we) that can actually free ourselves. We must waKe up. |
malali:You are absolutely correctly. Your everyday average Nigerian is a bigot. |
The Monetary Policy Committee of the Central Bank of Nigeria is projected to maintain its inflation-tightening stance at its last meeting of the year in the face of rising inflation. At its September meeting, the Committee raised the Monetary Policy Rate by 50bps to 27.25 per cent, emphasising concerns over core inflation, money supply growth, fiscal deficits, and food price pressures. Although headline inflation was trending downward at the time of the last MPC meeting, core inflation remained elevated, driven by energy costs and other structural factors.In the statement read after the meeting, the Governor of the CBN, Olayemi Cardoso, said the members recognised the efforts of the Federal Government in addressing insecurity in farming communities and stressed the need to remain steadfast. “In addition, the MPC applauded the ongoing effort of the Federal Government to bridge the food supply deficit through the duty-free import window for food commodities. The Committee also expressed optimism that lifting refined petroleum products from Dangote refinery will moderate transportation costs and significantly support the easing of food price pressures in the short to medium term. “This is also expected to moderate foreign exchange demand for the importation of refined petroleum products, with a positive spillover on external reserves and an improvement in the overall balance of payment,” part of the statement read. However, with inflation now on an upward movement, analysts have said that the MPC may maintain its hawkish stance. Analysts at Afrinvest said the MPC faces a difficult decision given the recent re-inflationary signals in major external economies, an uptick in domestic price levels, weaker Purchasing Managers’ Index readings, bureaucratic hindrance to Dangote’s supply of PMS locally, fiscal deficit build-up, and the sustained expansion in money supply (M3, the broadest measure of money supply, increased by 1.6 per cent m/m to N109.0tn in September). In the latest PMI data released by the CBN for October, the composite PMI weakened to 49.6 points from 50.5 points in September, halting two consecutive months of broad-based expansion in the business environment. The underwhelming composite PMI print was driven by mixed outcomes across the three industry constituents – Industry sector PMI contracted to 49.3 points from 49.7 points, Services sector PMI stagnated at 50.0 points, while Agriculture sector PMI expanded albeit at a slower pace to 50.3 points from 51.4 points the prior month. “We note that the contraction in Industry PMI was stoked by downbeat performance across key metrics, including New Orders (49.7), Employment (48.7), and Stock of Raw Materials (49.2). Among the 17 subsectors surveyed, Food, Beverage, and Tobacco products recorded the sharpest contraction, reflecting the dual shock of households’ depleting purchasing power and negative exchange rate movement on production cost (NGN/USD lost eight per cent m/m to ₦1,671.32/USD at NAFEM window in October),” the weekly report indicated. The analysts noted that weak PMI data, inflation at 33.88 per cent, energy price increase (+2.2 per cent m/m), foreign exchange volatility and fiscal pressures also intensifying, with the national debt profile hitting N134.3tn in H1 (approximately 52.0 per cent of GDP) with further possibility of exceeding N150.0tn in 2025, given the N13.5tn deficit projection in the Medium Term Expenditure Framework will be developments for the MPC to consider to arrive at a decision. “Notwithstanding, the committee’s steadfast focus on curbing inflation and achieving positive real interest rate to attract foreign investment suggests that a further rate hike is imminent. Meristem Securities in their macroeconomic update said key global and domestic factors are likely to dominate the committee’s considerations. “On the global scene, the reversal of disinflationary trends in advanced economies, following rate cuts aimed at stimulating growth, the recent decline in oil prices, and the possible repercussions of these developments on the domestic economy. In the domestic economy, rising inflation will be a key factor influencing the committee’s decisions, alongside heightened fiscal spending and the ongoing naira depreciation in both official and parallel markets. “These considerations will likely shape the policy response, as the committee seeks to balance price stability with the fiscal pressures stemming from expanded public expenditures. Despite elevated fixed-income yields, investors continue to demand higher returns, intensifying pressure on the monetary landscape. “We expect the MPC to focus on price stability and exchange management, given the persistent upward trend in headline inflation. The committee is likely to adopt a hawkish stance, opting for a rate hike to curb inflationary pressures, stabilize the Naira, and sustain investor interest in Nigeria’s fixed-income instruments.”The Meristem analysts projected that the MPC will hike MPR by 50bps to 27.75 per cent and retain all other indices. https://punchng.com/interest-rate-hike-likely-again-as-mpc-meets-today/ |
sulaak:SAD
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Ukrainian President Volodymyr Zelensky says he is certain the war with Russia will “end sooner” than it otherwise would have done once Donald Trump becomes US president. Zelensky said he had a “constructive exchange” with Trump during their phone conversation after his victory in the US presidential election. He did not say whether Trump had made any demands regarding possible talks with Russia, but said he'd not heard anything from him that was contrary to Ukraine’s position. Trump has consistently said his priority is to end the war and stop what he says is a drain on US resources, in the form of military aid to Ukraine. “It is certain that the war will end sooner with the policies of the team that will now lead the White House. This is their approach, their promise to their citizens,” Zelensky said in an interview with the Ukrainian media outlet Suspilne. He added that Ukraine "must do everything so that this war ends next year, ends through diplomatic means". The situation on the battlefield is difficult, with Russian forces making advances, Zelensky said. He said US legislation only allows him to meet with Trump after his inauguration in January. Trump and Zelensky have long had a tumultuous relationship. Trump was impeached in 2019 over accusations that he pressured Zelensky to dig up damaging information on the Biden family. Despite years of differences, Trump has insisted he had a very good relationship with Zelensky. When the pair met in New York in September, Trump said he “learned a lot” from the meeting and said he would get the war "resolved very quickly". Trump has yet to divulge how he intends to end the war. His Democratic opponents have accused him of cosying up to Russian President Vladimir Putin and say his approach to the war amounts to surrender for Ukraine that will endanger all of Europe. But German Chancellor Olaf Scholz, who spoke with Trump following his election win, told German media that the incoming US leader had a "more nuanced" position on the war than was commonly assumed. Scholz told the Süddeutsche Zeitung newspaper that his call with Trump was “perhaps surprisingly, a very detailed and good conversation”. Earlier this year, the US House of Representatives approved a $61bn (£49bn) package in military aid for Ukraine to help combat Russia's invasion. The US has been the biggest arms supplier to Ukraine - between February 2022 and the end of June 2024, it delivered or committed weapons and equipment worth $55.5bn (£41.5bn), according to the Kiel Institute for the World Economy, a German research organisation. https://www.bbc.com/news/articles/c0mzgv4x901o |
You perfectly sum it up herr in Nigeria, no ideology basically same coin with same side not even different side. However,i think democracy is just an illusion, an utopia world that really doesn't and won't exit. tutudesz: |
maxiuc:No all the economic experts have demonised subsidy in Nigeria. Matter of fact the root cause of all that is wrong with Nigeria is subsidy. Let keep watching how this will end,we are already seeing the effect - you cannot argue with the reality on ground. Let's see how a third world country will industrialise with extremely expensive energy. Remember they still not as same price as is it in US or international market price so they are still going to increase. |
The local production of Premium Motor Spirit, otherwise known as petrol, by Dangote Refinery, Port Harcourt Refining Company and others in Nigeria is not going to change the pump price of the commodity, the Nigerian National Petroleum Company Limited has said. The NNPCL’s Group Chief Executive Officer, Mele Kyari, who disclosed this during an interview on Arise television in Abuja on Thursday, stressed that the notion that petrol prices would reduce once the country starts domestic production was false. Kyari confirmed that the Dangote Refinery, which was inaugurated on May 22, 2023, by former President Muhammadu Buhari, would start pushing out products by the end of July and early August. He also stated that the Port Harcourt Refinery would be delivered by the end of the year, adding that the facility was expected to further boost local production of petrol. But Kyari declared that despite the volume of petrol being expected from these facilities, the cost of the commodity would not reduce, regardless of the fact that the product was produced locally. “There is a notion that if the product is processed locally, prices will reduce. Let me make it clear that it is not going to change anything. If you produce locally, the refineries will also input the cost of production and other things and it will be sold at the current price. “There will also be no subsidy when local production starts because there is no cash-to-back subsidy, this country no longer has the resources to continue with subsidy,” Kyari stated. .............................. https://punchng.com/dangote-ph-refineries-others-wont-change-fuel-price-nnpcl/ |
Perfectly put. The word is "condemned" not judge this probably may have been lost during translation. You should correct others sinful ways in truth but you can not even if its in truth condemned the other. SonofElElyonRet: |
Do u av for children. Whatsapp me 08105433997 Thank you stephenponti: |
Bravo I think i have learnt a thing or two from both of you. I essence we are searching for the Truth in this dark world. However, like you use mainly in your quote "I", I also believe reincarnation is not really a bad thing but an act of mercy from God in His infinite Love for us. Obviously, even I have come to the simple conclusion that Nigeria is actually Hell, Nigeria is Hell like the guy you quoted submitted. However, the whole world is under this dark energy that Japa is not escaping Nigeria Hell per say. You also mention like mind and trait which is true and correct but the physical that is the body black or white is just superficial its the spirit that is inside that body that matter. Anyway there is a lot to unpack here. Almunjid: |
God actually exist n not white or black but not in the form we were told. We c God in everything we do on a daily basis but somehow we expect him to break His own laws n principles for us. God=Law "Heaven n earth will pass for my word to com back void" that's the God we are dealing with. U don't expect God to intervene after u have used your free will(vote). For every action there is an equal n opposite reaction,u reap wot you sow - divine laws. Pray all u wan, curse all the government officials won't change a thing,its the law. The tragedy here is it won't even get beta until the people change course. This is what hell is,Nigeria is Hell efemena5050: |
Few persons have asked that the government should fix the corruption within the subsidy program. But we have hordes begging that the government should transfer the burden to them - Reality bites Til this day no "expert" in government has put out a verifiable stat on volume of fuel consumption, no actual breakdown of how they come about the subsidy added. No account on why our border is porous and the same person in charge of the duty is complaining,the list goes on. They say mismanagement,corruption n accountability is not the problem but subsidy is. They say fuel is too cheap we cant afford subsidy for the people but we can afford to subsidies [quote author=ogododo post=132018600]https://x.com/DangoteGroup/status/1835416788521423104?t=aIC3RARVoEBj-j03PYBGhQ&s=19[/quote] |
This people are completely delusional and they are out of their mind An economy that is grinding to a halt. Drove this morning across third mainland bridge from mainland to island there was no single slow down or stop - sometimes the state feels like the ghost of its former self. The roads are empty, most cars basically are still queuing for 900 fuel about 2 weeks after Dangote our saviour gave his word that it would be resolved in 48 hour. Who ever thought higher energy cost is good for a developing economy,an economy that is trying to b productive and industrialised doesnt know jack, most probably an educated illiterate. How do you solve a problem you refuse to acknowledge sad ![]() adenigga: |
Following the recent increase in the pump price of petrol and the prevailing food supply challenges gripping the country, economists have warned that the number of Nigerians below the poverty line may soon exceed the 104 millionhttps://punchng.com/nigerias-poverty-rate-will-surpass-wbank-104-million-estimate-soon-economists/
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Could someone please help confirm the official price of Dangote fuel. We have all heard the supposed good news but it's like nobody is saying anything about pump price,why is it a mystery? We have heard unofficially from NNPC filing stations is @N855,can this be confirmed true so we could start celebrating officially ![]() |
nairalanda1:It's really infuriating seeing your comment on every subsidy thread. The sad part is you seem to appear intelligent and all but I don't understand the crux of what you are or keep championing. Here is a quote from a journalist in US "The quickest way to drive down interest rates is to fix the economy. The quickest way to fix the economy is to drive down inflation. The quickest way to drive down inflation is to create a domestic energy bonanza. Harris won’t do that. Former President Donald Trump did do that in his first term and is promising to do it again. Energy affects the price of everything. If energy costs are low, the price of everything decreases because it becomes cheaper to manufacture, ship, and store everything." It's just insane what you keep defending n it's sickening. Like someone rightly said on one of the thread you obviously get a hard on anytime you see subsidy topics |
If your children and family are suffering from hunger and malnutrition, the most basic thing you should provide for them. we are not talking about security here - food!!!. Is it ok (morally at the least) for you to go out and purchase a Mercede G-wagon? emkz: |
Ok location please toyeoye: |
Is it mono or poly n what's the voltage n amp rating toyeoye: |
East Asia and the Pacific region accounted for nearly half of the global total subsidy. China was the biggest subsidiser of fossil fuels, followed by the US, Russia, the European Union and India. https://www.ft.com/content/fa607c72-7810-4ed5-98a3-d27d004c15bd Max24: |
Dude you are blessed. DeepSight: |
For sale solar pwm charger 60ah 40k. Basically new used for a month and replaced with a mppt charger LG 55" broken screen 50k
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A man from suburban Philadelphia stabbed his neighbor to death after the killer’s loud snoring led the pair to argue violently, according to authorities. Christopher Casey, 56, was recently handed a relatively short prison sentence after pleading guilty to involuntary manslaughter in the 14 January death of 62-year-old Robert Wallace. Casey also pleaded guilty to possessing an instrument of crime to close the book on a case with a motive that has not been too commonly seen in the US justice system. The two men lived next to each other, sharing a common wall in a duplex home in Upper Morland, Pennsylvania. Wallace ultimately became so annoyed at how loudly and often Casey would snore that he pushed in his neighbor’s first-floor window and threatened to kill him, local prosecutors had previously said in a statement. Citing police records, the Philadelphia Inquirer reported that Wallace eventually calmed down and offered to pay for a surgery that would correct Casey’s snoring. But Casey allegedly did not believe Wallace’s offer of assistance was genuine. He stabbed Wallace several times in the chest with a large, military-style knife before calling police to the home. Officers arrived to find Wallace on the ground about 50ft away from the duplex. First responders brought him to a local hospital where he was pronounced dead. Meanwhile, Casey was also taken to a hospital to be treated for a stab wound to his right thigh that he inflicted on himself. Authorities subsequently charged him with third-degree murder, voluntary manslaughter and possessing an instrument of crime, jailing him in lieu of $1m bail. Casey then appeared before Pennsylvania state court judge Risa Vetri Ferman on Wednesday and pleaded guilty to reduced charges indicating that he had essentially killed Wallace through unintentional recklessness. In exchange, he accepted a sentence of between 11 and a half and 23 months in prison. The Inquirer reported that the plea deal allowed for Casey to be free after eight and a half months in custody, of which he has one more to serve before being released to spend three years on probation.According to the Inquirer, Wallace’s family told Ferman that the slain man had long been unable to sleep due to Casey’s excessive snoring. That had caused so much fatigue in Wallace that it negatively affected his ability to work as well as his personal life, they maintained. Casey apologized to Wallace’s family, calling the fatal confrontation between him and his neighbor “unfortunate”, the outlet reported Nonetheless, Casey’s attorney, James Lyons, said Wallace had repeatedly threatened his client’s life prior to the fatal stabbing. The Philadelphia Inquirer cited police records which showed officers had responded to multiple calls for disputes between Wallace and Casey over the latter’s snoring. Lyons told the newspaper that Casey’s autism “makes it difficult to navigate confrontation” for him. “He was terrified of this guy,” Lyons reportedly said, “and he believed that he had no option.” https://www.theguardian.com/us-news/article/2024/aug/13/philadelphia-killing-neighbor-snoring |
Imane Khelif said "attacks" over her gender eligibility gave her victory a "special taste" after she won Olympic women's boxing gold a year after being disqualified from the World Championships. The Algerian was banned and reported to have failed gender eligibility tests but, having been allowed to compete in Paris, beat Chinese world champion Yang Liu by unanimous decision over five rounds to win welterweight gold. "I am fully qualified to take part in this competition," said 25-year-old Khelif. "I am a woman like any other woman. "I was born a woman. I have lived as a woman. I competed as a woman - there is no doubt about that." Khelif said she had been a victim of "bullying" and that the International Boxing Association (IBA) "hate me and I really don’t know why". In the arena she was roared to the ring by swathes of Algeria supporters, who waved their green, white and red flags. Khelif dominated the fight and was showboating at the final bell, dancing while knowing victory was hers, before her and Yang shared a warm embrace. When the result was confirmed, Yang raised Khelif's arm in the air - a contrast to the scenes after Khelif's opening fight against Italy's Angela Carini - and Khelif was then carried around a jubilant arena on the shoulders of her coach Lin Yu-ting, who was also banned last year under the same ruling, will fight Poland's Julia Szeremeta in the featherweight final on Saturday. Khelif had tears in her ears and was applauded by Lin and bronze medallists Chen Nien-chin of Chinese Taipei and Thailan's Janjaem Suwannapheng as the Algerian national was played. How did we get here? Carini abandoned the first-round bout with Khelif after 46 seconds, saying she had to "preserve" her life. Khelif, whose previous best result was a world silver in 2022, followed that bout with convincing, unanimous-decision victories to reach the final. This was expected to be a tougher bout - Yang represented a step up in class - but it proved to be another clear victory. Yang was due to face Khelif in the final of last year's World Championship - a title Wang went on to win - but Khelif was disqualified by the IBA before they met. The IBA said Khelif and Lin "failed to meet the eligibility criteria for participating in the women's competition, as set and laid out in the IBA regulations". The International Olympic Committee (IOC), which runs the boxing events at the Olympics, allowed them to compete, raised doubts about the tests and strongly criticised the IBA, insisting Khelif and Lin were "born and raised as women". President Thomas Bach said earlier on Friday that the IOC "does not like the uncertainty" but suggested there is not a "scientifically solid system" to "identify men and women". 'Stop bullying' Khelif said she has been criticised by "enemies of success". "That also gives my success a special taste because of these attacks," she said. A chaotic news conference held by the IBA last week did little to clear the confusion around Khelif and Lin's bans. Chief executive Chris Roberts said the pair had "chromosome tests", while president Umar Kremlev appeared to suggest the tests determined the fighters' testosterone levels. The BBC has been unable to determine what the eligibility tests consisted of. The Russian-led IBA was stripped of its status as amateur boxing's governing body by the IOC in 2019 because of fears over its governance and regulation. "They know me very well," Khelif said. "They know what I am capable, how I have developed over the years, but now they are not recognised any more. "They hate me and I really don’t know why." Khelif said she had sent a "single message" with her gold - that her "dignity and honour is above everything else". "My message to the whole world is that they should to commit to Olympic principles and they should avoid bullying," she said. "This is a message of the Olympic values. "I hope people will stop bullying and commit to the Olympic charter. We are in the Olympic to perform as athletes. I hope we will not see similar attacks in the future." What else has been said? Many of Khelif and Lin's opponents and their coaching teams have been unhappy with their involvement, indicating a level of discontent behind the scenes. Immediately after her loss to Khelif, Carini said it "was not right", although she later apologised for how she handled the moments after the fight. Her coach said he had advised her not to fight, saying people had told her not to "fight a man". Before Khelif's second-round fight, opponent Anna Luca Hamori from Hungary said "I don't think it is fair", while the Hungarian Boxing Association protested about Khelif's inclusion. After the fight Hamori wished Khelif good luck. Thailand's Janjaem Suwannapheng said after her semi-final defeat: "She is a woman but very strong." Two of Lin's opponents made 'X' gestures - said to be intended to represent female chromosomes - in the ring after defeat. Bulgary's Svetlana Kamenova Staneva left the arena saying "no, no, no" and made the 'X' sign. Before the fight, she said Lin's presence was "not good for boxing", while her boxing federation said it "strongly" opposed Lin and Khelif’s participation at Paris 2024. After losing to Lin in the semi-finals, Turkey's Esra Yildiz Kahraman made the 'X' sign in the centre of the ring. https://www.bbc.com/sport/olympics/articles/c3ej8wqw0jjo |
As stated, the International Boxing Association (IBA) feels it appropriate at this prevalent time, to address recent media statements regarding those athletes Lin Yu-ting and Imane Khelif, particularly regarding their participation in the Paris Olympic Games 2024. We wish to make the following points in these regards: On 24 March 2023, IBA disqualified athletes Lin Yu-ting and Imane Khelif from the IBA Women’s World Boxing Championships New Delhi 2023. This disqualification was a result of their failure to meet the eligibility criteria for participating in the women’s competition, as set and laid out in the IBA Regulations. This decision, made after a meticulous review, was extremely important and necessary to uphold the level of fairness and utmost integrity of the competition. Point to note, the athletes did not undergo a testosterone examination but were subject to a separate and recognized test, whereby the specifics remain confidential. This test conclusively indicated that both athletes did not meet the required necessary eligibility criteria and were found to have competitive advantages over other female competitors. The decision made by IBA on 24 March 2023, was subsequently ratified by the IBA Board of Directors on 25 March 2023. The official record of this decision can be accessed on the IBA website here IBA Board of Directors Meeting Minutes. The disqualification was based on two tests conducted on both athletes as follows: Test performed during the IBA Women’s World Boxing Championships in Istanbul 2022. Test performed during the IBA Women’s World Boxing Championships in New Delhi 2023. For clarification Lin Yu-ting did not appeal the IBA’s decision to the Court of Arbitration for Sport (CAS), thus rendering the decision legally binding. Imane Khelif initially appealed the decision to CAS but withdrew the appeal during the process, also making the IBA decision legally binding. Our Committees have rigorously reviewed and endorsed the decision made during the World Championships. While IBA remains committed to ensuring competitive fairness in all of our events, we express concern over the inconsistent application of eligibility criteria by other sporting organizations, including those overseeing the Olympic Games. The IOC’s differing regulations on these matters, in which IBA is not involved, raise serious questions about both competitive fairness and athletes’ safety. For clarification on why the IOC permits athletes with competitive advantages to compete in their events, we urge interested parties to seek answers directly from the IOC. Yours sincerely, International Boxing Association https://www.iba.sport/news/statement-made-by-the-international-boxing-association-regarding-athletes-disqualifications-in-world-boxing-championships-2023/#:~:text=On%2024%20March%202023%2C%20IBA%20disqualified%20athletes%20Lin,IBA%20Women%E2%80%99s%20World%20Boxing%20Championships%20New%20Delhi%202023. Botragelad: |
Strangely locally produced rice that was suppose to encourage local production and drive the populace towards locally made produce,has only had the opposite effect. It has not only increased the price of the foreign rice astronomically but is now more expensive than the foreign rice. As at today local rice selling @ 86k while the foreign is @ 82k long grain. What's really happening?how did we get to this point? Its scary and sad |
Since the announcement of fuel subsidy removal in Nigeria, by President Bola Ahmed Tinubu, professional and ordinary citizens have shared many comments, thoughts and insightshttps://dailytrust.com/explainer-benefits-of-fuel-subsidy-removal/
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I thought the common knowledge is that Trump is a hardcore racist white supremacy that hate women. But oddly here he supported not just a black person but a black woman not once but twice something doesn't align here? Something is amiss adamusuleiman1: |
Uganda's President Yoweri Museveni has warned protesters that they will be "playing with fire" if they press ahead with plans to stage an anti-corruption march to parliament on Tuesday. Young Ugandans have been organising the march on social media to demand an end to corruption in government. They have been partly inspired by their counterparts in neighbouring Kenya, who organised mass demonstrations that forced President William Ruto to drop plans to increase taxes. The protests have since morphed into calls for his resignation. In a televised address, Mr Museveni warned the Ugandan organisers that their planned protest would not be tolerated. "We are busy producing wealth… and you here want to disturb us. You are playing with fire because we cannot allow you to disturb us," Mr Museveni is accused by his critics of ruling Uganda with an iron hand since taking power in 1986, but his supporters praise him for maintaining stability in the East African state.The president also accused some of the protest organisers of "always working with foreigners" to cause chaos in Uganda. He did not elaborate. Police had earlier announced that they had refused to give permission for the march to take place. One of the main protest leaders told AFP news agency that they would go ahead with it. "We don't need police permission to carry out a peaceful demonstration. It is our constitutional right," Louez Aloikin Opolose was quoted as saying. The UK and US governments imposed sanctions on Uganda's parliamentary speaker, Anita Annet Among, earlier this year after she was accused of corruption. She has denied any wrongdoing. The sanctions bar her from travelling to the UK and the US. The UK also said that it would impose an asset freeze on her. The UK has enforced similar sanctions on two government ministers who were sacked by Mr Museveni after they too were accused of corruption. Mary Goretti Kitutu and Agnes Nandutu have been charged in court over a scandal involving the theft of thousands of metal roofing sheets that were intended for vulnerable communities in the north-eastern Karamoja region. Both have denied the charges. https://www.bbc.com/news/articles/cd1r250my18o |
Kenya’s eruption of protests, riots and government repression is the result of decades of failed western financial prescriptions It took several days of peaceful popular uprisings, violent confrontations with the police and the army, the illegal arrests and detention of protesters, the tragic death of several protesters at the hands of state security forces, and the burning of its parliament building for the Kenyan government to finally withdraw a finance bill that would have imposed the most extreme form of austerity in Protesters held signs directly blaming the International Monetary Fund (IMF) for last year’s increases in VAT taxes, fuel and food prices, and for the new tax hikes proposed in the now defunct 2024 finance bill. This was in fact what the IMF has imposed on Kenya under the 2021 loan agreement for a 38-month program unlocking $3.9bn subject to periodic reviews designed to verify that Kenya is actually doing what the IMF wants: to increase taxes, reduce subsidies and cut government waste (a code word for privatisation of state owned enterprises). Protesters also know that IMF-imposed austerity is backed by the United States, which, as the main shareholder in the IMF, essentially holds a veto power on its programs. And every Kenyan knows that President William Ruto has become the new darling of the US and the G7 for agreeing to send Kenyan troops to Haiti, for not being too radical in his demands for reforming international financial architecture, for being conservative in representing Africa’s position in climate negotiations, and for accepting financing terms that favor the interests of foreign investors. Kenya can have democracy or neocolonial extraction, but not both – because democracy means addressing the demands of the Kenyan people for jobs, healthcare, education, housing, transportation and basic social protections under a fair and equitable fiscal regime, while colonial extraction means the destruction of economic and monetary sovereignty, austerity for the poor, extravagant lifestyles for the elites, corruption, injustice and socio-economic exclusion under a fiscal regime that accelerates the engines of economic entrapment. One cannot democratize a system that hasn’t been structurally and economically decolonized yet. Despite Kenya’s democratic institutions, transparent elections, independent judiciary, freedom of speech and vibrant civil society spaces, its elected governments systematically undermine the social and economic demands of Kenya’s population – less because those governments wish to ignore the mandate given to them by the electorate, but because they face financial pressures from abroad that force them to prioritize external debt service and the financial needs of creditors and foreign investors. In 2019, Kenya used 19% of its export revenues to service external debt; today that number has jumped up to nearly 50%. When a country uses half of its export revenues to pay interest on its external debt instead of investing in the basic pillars of development and prosperity, it is not surprising to see the kind of revolt that we have seen in Nairobi against the 2024 finance bill. This makes The fact that Kenya is in a debt trap after decades of following IMF policy prescriptions means that either the IMF is incompetent or it is engaging in intentional economic entrapment. I believe it’s the latter. It is time to end the entrapment and to decolonize the Kenyan economy. Decolonizing the Kenyan economy means escaping the colonial roles that were imposed on Kenya to serve as 1 the source of cheap raw materials, 2 the consumer of industrial output and technologies from the global north, and 3 the recipient of obsolete technologies and outsourced assembly line manufacturing that is no longer needed in the industrialized countries, thus locking Kenya permanently at the bottom of the global value chain. In fact, Kenya’s external debt crisis is the symptom of neocolonial structural traps that include food, energy and manufacturing deficits. First, Kenya’s largest agricultural exports are tea, cut flowers, and coffee (colonial cash crops), while its imports include core crops like wheat, rice and corn. Second, Kenya’s largest import items are refined petroleum products. And third, the kind of manufacturing that Kenya was allowed to have requires importing the machines, the fuel to power its factories, the intermediate components to be assembled by low-cost labor, and even the packaging. As a result, Kenya’s exports have low value-added content, while its imports have high value-added content, which is why Kenya is locked at the bottom of the global value-chain like the rest of the global south. These structural trade deficits constantly weaken the Kenyan shilling relative to the US dollar, and with a weaker currency anything Kenya imports (food, fuel, medicine) becomes more expensive. Therefore, Kenya imports inflation with the most sensitive consumer items, which forces the Kenyan government to protect the most vulnerable people with defensive band-aid policies like food and fuel subsidies and exchange-rate management policies that require more external borrowing to stabilize the value of the shilling, thus accelerating the external debt crisis. Decolonizing the Kenyan economy requires strategic investments in food sovereignty, agroecology, renewable energy sovereignty, and regional and Pan-African industrial policies. These are precisely the agenda items that are never discussed with G7, EU, and US counterparts when they roll out the red carpet for President Ruto. Unfortunately, despite being aware of these structural traps, Ruto has opted to listen to policy advice from global north institutions rather than Kenyan and Pan-African independent experts, thinktanks, and civil society organizations. Instead of limiting his demands for reforming the global financial architecture to lower borrowing rates, Ruto should be demanding the transfer of life-saving technologies to decolonize African economies, debt cancellation (not restructuring), and grants (not loans) for climate action. That would be the foundation for a finance bill that will meet the democratic needs and aspirations of the Kenyan people https://www.youtube.com/watch?v=yGTWK7rbmks https://www.theguardian.com/commentisfree/article/2024/jul/10/kenya-finance-bill-protests |
Quest7777:There is nothing like market forces in Nigeria - we know this but anyway let's keep the illusion going. The consequences are dire already for all to see. |
at the time of the last MPC meeting, core inflation remained elevated, driven by energy costs and other structural factors.
stance, opting for a rate hike to curb inflationary pressures, stabilize the Naira, and sustain investor interest in Nigeria’s fixed-income instruments.”





