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Politics / Re: Nigerian Chief Of Staff Office Budget Skyrockets To N21.22bn In 2024 — StatiSens by HenryThegreat1(m): 3:18pm On Mar 23 |
This is bad shall. Tinubu have mercy small. 1 Like |
Politics / Killing Fields: 6,931 People Killed Under Tinubu In 10 Months by HenryThegreat1(m): 3:54am On Mar 23 |
•Death toll higher than 8,356 wasted under Buhari, worse than Jonathan’s 2,059 all in 10 months •Northern senators kick By Clifford Ndujihe, Politics Editor On March 14, 17 officers and men of the 181 Amphibious Battalion, Bomadi, were killed at Okuama community in Ughelli South Local Government Area of Delta State on account of the land dispute between Okuama and Okoloba communities. The 17 soldiers including one lieutenant Colonel, two majors and a captain met their Waterloo during alleged botched peace talks in the community. The murder of the military men has led to a military siege to Okuama in which houses had been razed and no fewer than 50 people reportedly killed. The 67 reported souls lost to the Okuama crisis are among the 6,931 people killed across the country in 10 months since President Bola Tinubu assumed power, last May. In immediate past President Muhammadu Buhari’s first 10 months in office, May 2015 to March 2016, Nigeria lost 8,356 people to insecurity. In former President Goodluck Jonathan’s first 10 months as elected head of state, May 2011 to March 2012, insecurity claimed 2,059 lives. The figures under Jonathan and Buhari were got from the records of the Nigeria Security Tracker, NST, a project of the Council on Foreign Relations’ Africa programme, which documented and mapped violence in Nigeria motivated by political, economic or social grievances. However, the death toll under Tinubu is based on media reports. In all, the figures are conservative because some killings are under-reported or not reported. In January 2024, troops killed 266 terrorists and bandits in operations across the country. In February 2024, troops neutralised 974 terrorists. In the last two months, the Chairman of Benue Ethnic Leaders and President General of Mzough U Tiv, MUT, worldwide, Chief lorbee Ihagh, claimed that herdsmen militia had killed no fewer than 147 persons in various attacks on Benue communities. Related NewsBreach of contract: Davido agrees to settle out court, to pay N30mFG’s fresh borrowings drive up Nigeria’s public debt to N97.3trnNiger Massacre: 30 corpses recovered, 50 houses burnt As of March 21, no fewer than 432 lives had been lost to insecurity in the third month of the year Recurring bandits’ attacks in Zamfara, Niger, Kaduna, Katsina, Niger, Kebbi and many North-East and North-Central states have led the deaths and kidnap of thousands of people. The South-East states where unknown gunmen are wreaking are not spared. So also states of South-South and parts of South-West where criminal gangs and armed herdsmen operate. How 2,059 were killed in Jonathan’s first 10 months May 2011 – 29 June 2011 – 59 July 2011 – 94 Aug 2011 – 131 Sept 2011 – 109 Oct 2011 -72 Nov 2011 – 254 Dec 2011 – 348 Jan 2012 – 418 Feb 2012 – 226 Mar 2012 – 319 Total———2,059 Death toll in Buhari’s first 10 months May 2015 -767 June 2015 -808 July 2015 -1,299 Aug 2015 – 790 Sept 2015 – 514 Oct 2015 – 826 Nov 2015 – 510 Dec 2015 – 809 Jan 2016 – 484 Feb 2016 – 1,076 Mar 2016 – 468 Total ———8,356 How 6,931 persons were killed under Tinubu in 10 months May 2023 – 587 June 2023 – 690 July 2023 – 620 Aug 2023 – 682 Sept 2023 – 527 Oct 2023- 621 Nov 2023 – 869 Dec 2023 – 837 Jan 2024 – 666 Feb 2024 – 1,374 Mar 2024- 432 Total————6,931@~£ Northern Senators kick Senators from the 19 Northern states and the Federal Capital Territory, FCT, Abuja under the aegis of Northern Senators Forum, NSF, on Wednesday decried the raging wave of killings and kidnapping in the North and urged decisive action to stop the trend. In a statement by their Chairman, Senator Abdulaziz Yar’Adua, APC, Katsina Central, the Northern senators said they would not rest until the security situation was brought under control and the perpetrators brought to justice The statement read in part: “The distressing state of affairs concerning the recent wave of violence and kidnappings in the North is a major concern to the Northern Senators Forum. The series of events that have unfolded in Kaduna State, beginning with the kidnapping of 286 students and staff from a school on March 7th, the despicable attack on worshippers in a mosque on March 8th, the abduction of 61 more persons on March 12th, followed by 14 individuals on March 17th, and a staggering total of 87 individuals in Kajuru on March 18th, among others, are not only reprehensible but demand urgent and resolute action.” Disturbed by the killings, the National Assembly has held many meetings with the security chiefs and President Tinubu had repeatedly ordered the security chiefs to halt the trend. It is to be seen if these moves would yield desired results in terms of security of lives and property of Nigerians. https://www.vanguardngr.com/2024/03/killing-fields-6931-people-killed-under-tinubu-in-10-months/ |
Politics / Soldiers Tricked Us Into A Hall Then Opened Fire, Okuama Residents Speak by HenryThegreat1(m): 5:10am On Mar 20 |
Residents of Okuama community in the Ughelli South Local Government Area of Delta State where 16 military personnel were killed have opened up on the alleged reprisal. https://dailytrust.com/soldiers-tricked-us-into-a-hall-then-opened-fire-okuama-residents-speak-on-reprisal/ 3 Likes 1 Share
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Politics / Re: Nigerians Criticize Accountant General, Commissioners Over UK Workshop by HenryThegreat1(m): 7:16am On Mar 14 |
And some idiots are hoping and believing that Tinubu is transforming Nigeria through his devilish economy reform. 1 Like |
Food / Re: Nigerians Experience Relief As Prices Of Sugar, Indomie, Others Drop by HenryThegreat1(m): 5:00am On Mar 12 |
Great100000:Human beings posted this thing here. |
Politics / Mr President Sir, This Ship Is Sinking, Time To Wake Up by HenryThegreat1(m): 4:59am On Mar 12 |
Mr President Sir, This Ship Is Sinking, Time To Wake Up There’s an urgent need for the world to reconsider its definition of a tragedy. For Nigeria’s sake, we need new lexicographers. Under Bola Ahmed There’s an urgent need for the world to reconsider its definition of a tragedy. For Nigeria’s sake, we need new lexicographers. Under Bola Ahmed Tinubu, Nigeria is the classic case of a tragedy. Not only is hope betrayed, rescue is abandoned. Seven people died in Lagos scampering for food seized by the Customs. Over the weekend, the president ordered that smuggled goods be released back to smugglers. Presidential fiat is being used to feather the nest of powerful economic saboteurs. From withdrawing subsidy and sending the prices of goods and services shattering the roofs to paying subsidy through the backdoor; this government displays arrant seriousness to the art and science of good governance. The naira was floated without a thought to how to cushion its effects on the market. This led to an unprecedented loss in value propelling inflation by over 80 per cent across board while salaries remained stagnant. The regime sanctioned the raid on warehouses giving hungry masses the idea that it is okay to loot warehouses and waylay vehicles transporting goods. Government actions result in opposite reactions. People exporting commodities that could earn foreign exchange are now made to look like saboteurs. With supermarkets unsure of where to replenish stock, Tinubu’s central bank says he is doing well. That incredible falsehood was picked up by Bloomberg which reported that Nigeria recorded inflows exceeding $1 billion in February. Quoting CBN, the publication says this was due to interest rate hike. Nothing could be more ludicrous. In reality, the chunk of that inflow is money remitted home by Nigerians abroad to rescue relatives back home. The rest came from the same group seizing the opportunity of a free-fall Naira to mop up assets they otherwise could not afford. It would have been good news if that cash came in from Nigerian exports or to support genuine businesses back home. That could have made a difference in the absorption of the 500,000 graduates that schools churn out yearly. Less than 10 per cent of these graduates get absorbed into the workforce. Like a desperate asphyxiation patient, Nigeria is a country in search of a breather to reassert itself to the rest of humanity as a nation when we are not. Tinubu wastes ample planning time begging nations that were nymphs in 1960 for handouts and ‘investments.’ No leader with a jot of Nigeria’s human and natural endowment travels for similar purposes. A country of peace and tranquility is a magnet for investment. A fractured and unsecured one attracts gunrunners, arms dealers and merchants of lawlessness. The regime desperately seeks good news to drown the cacophony of tragic stories oozing from every orifice of the country. It is no longer hidden, that news of military misadventure in neighbouring countries is increasing anxiety in the corridors of power as it instils fake redemption hope in misguided and desperate citizens. Nearly a decade ago, our North campaigned rigorously to get the creek prince, Goodluck Jonathan, out of government. It switched allegiance from its government and pinned its last hopes on Muhammadu Buhari, a retired General, presumed anti-corruption czar with an ascetic mien. They could have thrown away the baby with the bathwater if things persisted. As the saying goes; be careful what you wish for as you might just get it. The North got its wishes fulfilled when Jonathan conceded electoral defeat and packed out of Aso Rock like an unwanted squatter. Darling Buhari; like a weighted matter, occupied the Aso Rock space and began to exhibit a greater level of cluelessness than his supposed clueless predecessor. The North stuck with its own, campaigning under the assumption that the Aegean stable left by Jonathan and his party required a pressure flush and geosynthetic reinforcement to keep the nation from falling. Buhari spent the legally permitted eight years without fulfilling that aspiration. Perhaps to cover his tracks, he arranged the Tinubu/Shettima Muslim-Muslim ticket to a religiously obsessed but practically ungodly and unholy nation. Their disaster in government shows not just how bad Buhari ruined what was handed over to him, it exhibits its own rotted behind. Clearly those in power today play Russian roulette with governance. They are either too unaware, too pompous or too ultra stoned to admit they have no plan. They are too proud to ask for help except from the apothecary of the IMF that ruins developing nations. The ship of the Nigerian state has painfully hit the penetrating iceberg of disaster. Within a week, by media accounts, Nigeria has consciously slipped back into global headlines. Sitting in Ottawa, two highly disturbing stories hit Canadian headlines in quick succession. Last Saturday, the Canadian Broadcasting Corporation, CBC aired a report that nearly 300 school children were kidnapped from their school in Kaduna State. On Sunday, it painted a crisis situation as the month of Ramadan kicks in for hapless families seeking to fulfil religious obligations. This is a rude shock for a country trying to recover from the hacking to death of a family of six by their acquaintance in Barrhaven, a suburb of Ottawa that it considers an uncommon tragedy. In the country that sought the permission of its courts to declare the deadly act of a lone wolf who drove into a strolling family of four an act of terror; this being Nigerian harrowing. In 2014 when Chibok happened, Nigeria thought it had never sunk so low. By proportion under Buhari, the tempo prevailed. In June 2021, 140 school children were kidnapped in Kaduna State in one raid. Later, a tertiary institution was attacked, students abducted and whipped with prehistoric slavish brutality caught on video. A train was attacked. Many were killed with the captured subjected to vicious savagery. Government issued empty threats but claimed it does not negotiate with terrorists, leaving relatives at their mercy. It is quick to lie about rescuing captors whose ransom are paid by family as gallantry by its troops. A fresh batch of 287 schoolchildren has been abducted in Kaduna. As a Toronto-based news group put it, ‘they went to school, but ended up as hostages.’ In the same week, bandits opened fire on worshippers in Kaduna, killing two in the process. In Benue, 40 people were either killed or kidnapped. A newspaper in Nigeria reported that abductions and killings of men might result in the scarcity of husbands in the South East. This is absolutely traumatizing for any Nigerian living in or outside Nigeria. In each of these cases, President Tinubu avoids the scene but orders security forces to ‘fish-out’ the perpetrators. This obituary template tends to absolve the regime of culpability. It leaves the families of victims in psychological and emotional trauma and financial ruin. A nation worth its classification ought to have value for the life of its citizens within its borders. That is the only time they have respect outside. Tinubu must charge his overpaid, over pampered and underperforming security chiefs with vicarious culpability since they have no consciousness to resign. Very likely, they laugh off the press hoopla knowing they do not have to give account for their professional slackness. Somebody needs to tell President Tinubu that the dance is over, people are literally dying to see him take swift and serious action. National cohesion is at stake here. https://dailytrust.com/mr-president-sir-this-ship-is-sinking-time-to-wake-up/ |
Politics / Re: Bandits Kidnap Tsangaya Students In Sokoto by HenryThegreat1(m): 8:22pm On Mar 09 |
lexy2014:What I meant is that you can't please everyone in Nigeria. We are too divided to be called one Nigeria. Take a look at what's happening in the northern Nigeria because it's not their brother there. |
Politics / Re: Bandits Kidnap Tsangaya Students In Sokoto by HenryThegreat1(m): 2:20pm On Mar 09 |
Honestly, Nigeria is a difficult nation to govern by one man. 22 Likes 1 Share |
Politics / Bandits Abduct Tsangaya Students In Sokoto by HenryThegreat1(m): 2:15pm On Mar 09 |
Bandits have reportedly kidnapped an unspecified number of Tsangaya students at Gidan Bakuso in Gada local government area of Sokoto state. https://dailytrust.com/breaking-bandits-abduct-tsangaya-students-in-sokoto/
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Properties / Rising Cost Of Cement: We Can’t Own Houses Again - Nigerians Cry Out by HenryThegreat1(m): 6:15am On Mar 09 |
•The hardship is too much, we can’t continue to bear it —Residents •Cement vendors decry poor patronage •Housing deficit’ll continue to rise unless prices drop —REDAN laments Nigerians, especially the low and middle-income earners, have cried out over the present high cost of cement saying they will no longer be able to own their houses in the country. This is just as the Real Estate Developers Association of Nigeria, REDAN, declared that unless a sustainable solution was found to the problem of high cost of cement and other building materials, Nigeria’s housing deficit will continue to rise. https://www.vanguardngr.com/2024/03/rising-cost-of-cement-we-cant-own-houses-again-nigerians-cry-out/ 1 Like 1 Share
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Crime / Re: Kaduna: ‘Bandits Holding 287 Students’, Teacher Who Fled Captivity Speaks by HenryThegreat1(m): 7:31am On Mar 08 |
Malroux:Honestly, started too early for him. Anyways he told us not to pity him. 1 Like |
Politics / Re: Tinubu: I Did Not Urge FG To Print New Naira Notes (March 2020) by HenryThegreat1(m): 7:01am On Mar 08 |
deji17:No date on the newspaper site |
Politics / Re: Tinubu: I Did Not Urge FG To Print New Naira Notes (March 2020) by HenryThegreat1(m): 7:01am On Mar 08 |
NoSmoking:Fake news There is no date on this report 1 Like |
Business / 767 Manufacturers Shut Down In 2023 – MAN by HenryThegreat1(m): 4:53am On Mar 06 |
The Manufacturers Association of Nigeria has said that 767 manufacturers shut down operations while 335 became distressed in 2023. https://punchng.com/767-manufacturers-shut-down-in-2023-man/ 3 Likes
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Politics / Re: Don’t Sabotage Tinubu’s Efforts In Fixing Economy - Oyintiloye Tells Governors by HenryThegreat1(m): 8:31am On Mar 04 |
Fareke:What's the president doing exactly |
Politics / Governance Is Not Rocket Sciencel, By Owei Lakemfa by HenryThegreat1(m): 6:36am On Mar 04 |
GOVERNANCE is not about sharing blame, making excuses, or the individual exonerating himself. It is about getting the job done. So, when in the face of serious financial and economic crises which have seen hunger envelop the land like a shroud and the national currency waterboarded, Olayemi Michael “Yemi” Cardoso, the Central Bank of Nigeria, CBN, Governor exonerates himself, something serious must be wrong. He told the country: “I think it is very important for Nigerians to understand that the Central Bank Governor — I, and my team — are not responsible for the woes that we have today; we are part of the solution.” It is yet to be seen whether Cardoso and his team are part of the solution, but they are partly responsible for the crises we are facing. First, he accepted the myth that the Naira needs to be floated – without a life jacket or anchor. Secondly, five days after his September 23, 2023 appointment as CBN Governor, the Naira to the dollar, at the parallel market, was N1,009. The next month, it sank to N1,140, and in November to N1,590. In February, 2024, it fell to N1,710. All these were under his watch. It can be argued that since his appointment, Cardoso has been trying to get an handle on the controls, but if he knew the Naira devaluation was being manipulated like the government insists, why was he further punishing the country by using the fake rates to determine the Customs duty? The CBN instructs the Customs on the exchange rate to be used for calculating import duty, and the cost is, of course, passed on to the consumers. So, why would Cardoso as the Central Bank Governor of an import-dependent country, continuously increase import duties based on the fake devaluation of the currency and not expect hyperinflation? When Cardoso was appointed, Customs exchange rate for import duty was N770.88/$. On November 14, 2023, he adjusted it to N783.174/$. The following month, he raised it to N951.941/$. Then, came the craziest part: On February 2, 2024, he raised the Customs rate from N951.941/$ to N1, 356.883/$. The very next day, he moved it upward to N1,413.62/$ and within four days, moved it to N1,417.635/$. What manner of Central Banker in the world increases the Customs duties thrice in one week? How are investors and manufacturers expected to plan with such volatility in duty payments? How does Cardoso engage in such pseudo-economics and expect stable prices? Why should employers, marketers and Nigerians be so punished due to the inability of the Central Bank to check criminality in the foreign exchange market? So, how, like Pontius Pilate, does he wash his hands clean of the crises Nigerians are facing? But, rather than subject Cardoso’s performance to critical analysis, the response from the Presidency is to present him as some superstar. In his February 17, 2024 piece titled: ‘Olayemi Cardoso’s dilemma’, Tunde Rahman, Senior Presidential Aide to President Bola Tinubu, told the world that: “Cardoso is obviously a perfect fit for the CBN top job.” Then, as if making excuses for Cardoso’s possible failure, Rahman wrote: “But in the wake of the floating of the naira, some of the variables shaping the value of the national currency – including limited production in the country as a result of insecurity, the high taste for imported products, dwindling exports, poor dollar remittances, humongous school fees of Nigerian students abroad and medical tourism, all of which engendered a strong demand for dollar, far outweighing supply – seem to be clearly beyond his control.” Seriously? Another official appointed by this government that does not only need to speak less, but also leave partisan politics to politicians, is Mr Adewale Bashir Adeniyi, the Comptroller General of Customs. In the wake of the Economic Community of West African States, ECOWAS, sanctions against Niger Republic in August, 2023 which included the closure of borders, Adeniyi, like a butterfly, hopped from one border crossing to another, giving instructions. What was his business with enforcing border closure which is the duty of Immigration and the security services? But he is an actor. Tragically, on February 23, 2024, he carried his Nollywood acts too far. In the face of serious hunger, he announced that he is going to crash the prices of food items and shore up the Naira. How is he going to do it? By selling seized goods to the public at rock bottom prices. For instance, he said his agency would be selling a 25 kilogramme of rice at N10,000; that is a quarter of its current market price. You will think he has a million bags to sell. Laughably, all the Customs had, at least for the megacity of Lagos with some 18 million people, was 20,000 bags of assorted grains! In a Lagos where just a few days before, Nigerians were whipped for over-crowding a bread distribution point where N100 loaves were being given out, it was expected that there would be a huge turnout at the Yaba Customs warehouse sales point. In realisation of this reality, the Customs National Public Relations Officer, Abdullahi Maiwada, announced that the agency would carry out the sales with a firm commitment to transparency, fairness, and public safety. I am not sure if there was transparency and fairness in the process, but what we all know is that there was no public safety as seven Nigerians died at the Lagos sales. Not unexpectedly, Customs laid the blame on the doorsteps of the victims. It claimed that after its stock was exhausted, the crowd broke through its barriers demanding for more items to buy, and in the process, there was a stampede leading to the loss of lives. After this tragedy, it is unlikely that the quixotic Adeniyi who with a few thousand bags of grains announced he would crash food prices in the country, would be made liable for these avoidable deaths. If the Customs truly wanted to help a needy population, it would simply have donated the items to the internally displaced camps or orphanages that are spread across the country. The Presidency needs to call Adeniyi to order so that his next reality show would not be more tragic. Also, the Presidency should avoid knee jerk actions like invading warehouses in the name of searching for hoarded food. We know the causes of hyperinflation in the country. These include unreasonable increases in the prices of petroleum products, lack of local refining, sinking of the Naira, banditry and terrorism that have forced many off the farms, wholesale looting, high cost of governance and the poverty-inducing programmes of the World Bank and the International Monetary Fund which have been imposed on the country. Governance, is not rocket science. https://www.vanguardngr.com/2024/03/governance-is-not-rocket-sciencel-by-owei-lakemfa/amp/ 3 Likes |
Politics / Re: FG Launches CNG-Powered Buses In Abuja by HenryThegreat1(m): 5:16pm On Feb 28 |
DevilsEqual:Hardship he created right? |
Politics / Re: FG To Pay Youth Unemployment Benefits, Sets Up Consumer Credit Programme by HenryThegreat1(m): 1:28pm On Feb 27 |
Ok oo |
Politics / Re: Cost Of Living Protest: TUC Faults NLC, Says Action May Bring Anarchy by HenryThegreat1(m): 7:26am On Feb 24 |
Barrywilly:With Tinubu and his army of ministers and SSA in charge? I doubt no. 3 Likes 1 Share |
Food / Re: Many Nigerians Can No Longer Afford Beer - NB CEO, Hans Essaadi by HenryThegreat1(m): 8:14am On Feb 20 |
advanceDNA: |
Politics / Re: FOREX Crises: 2024 Budget Suffers Major Dislocations by HenryThegreat1(m): 7:54am On Feb 20 |
Terrible situation Nigeria found themselves 11 Likes |
Politics / Re: Afenifere Has No Regrets Supporting Tinubu To Be President – Secretary by HenryThegreat1(m): 6:07am On Feb 11 |
Tinubu is a total failure oga shut up 41 Likes 3 Shares |
Politics / Fuel Queue Resurface Again In Lagos by HenryThegreat1(m): 8:46am On Feb 07 |
Lagos residents lining up to purchase fuel priced between NGN630 and NGN700 in Lagos. Quite the situation under this government. |
Politics / Re: Is Tinubu Responsible For The Current Situation Or It's An Accumulated Problem? by HenryThegreat1(m): 8:48am On Feb 06 |
He created the current problem 1000% by himself. Immediately I saw how the man was making appointments that's largest in Nigeria history, I knew we are in trouble. 14 Likes |
Politics / Re: Tinubu Will Address The Challenges, Keep Faith With Your Country - Bwala by HenryThegreat1(m): 8:52pm On Jan 31 |
Foolish and stomach infrastructure man. No integrity or principle. |
Politics / Re: FG Approves 499 Licences For Buying And Selling Solid Minerals In 2023 by HenryThegreat1(m): 7:03am On Jan 31 |
courage89:Everything is nice one to you. |
Education / Re: Abuja Private School Owners Reject Wike’s Fee Hike by HenryThegreat1(m): 8:07pm On Jan 30 |
This wike stupid shall |
Business / Re: Naira Hits Record Low Of N1,348.63 /$1 At The Official Market by HenryThegreat1(m): 10:10pm On Jan 29 |
Alright Where is Tinubu self 24 Likes 3 Shares |
Politics / Re: Naira: Manufacturers Plan General Price Hike by HenryThegreat1(m): 7:37am On Jan 29 |
One of the major issues I have this Tinubu government is his appointments. To me it's just too much. All the money they are generating from fuel subsidy and other revenues sources are all going to maintain numerous ministers and SSA . |
Politics / Naira: Manufacturers Plan General Price Hike by HenryThegreat1(m): 5:42am On Jan 29 |
Manufacturers have predicted fresh hikes in the prices of commodities in the market to rise in response to the continued fall of the naira against the United States dollar. On Friday, the naira plunged to N1,420/$ at the parallel window of the foreign exchange market. The President of the Manufacturers Association of Nigeria, Francis Meshioye, on Saturday told The PUNCH that the naira, which has now remained at over N1,400 in the parallel market for two days, would lead to price hikes in the economy. He said, “It is not possible to remain profitable with this exchange rate. The first challenge is breaking even. It means the prices of things will be higher, and the income is not there for people to buy things as they should buy as things become more expensive. “So, the demand will become low, and this will affect our bottom-line. The break-even point will become critical. So, what businesses should do is to ensure that they break even at this time. It is a critical and very challenging time for us.” Meshioye predicted that these price hikes were unlikely to resonate well with consumers whose spending power has been continuously depleted. According to him, the frequent fluctuations in the forex market have made it difficult for manufacturers to make long-term plans. He stated, “It is a harsh time, which means we have to revise our strategy. It is hard for us to have a long-term plan, and even the short-term plans we have to regularly revise them so that we can incorporate the reality of the economy into it.” The president of MAN added that the current FX reality creates the need for manufacturers to come together and fashion out viable solutions to stay in business. The fall of the national currency has been partially responsible for high inflation rates in the country. As of December 2023, inflation rose to 28.92 percent according to the National Bureau of Statistics. Naira’s continued plunge The naira has continued its slide in the parallel market, closing the week at N1,420/$. Since the Central Bank of Nigeria removed the rate cap on the national currency in June 2023, the naira has fallen to record lows on the official and unofficial foreign exchange windows. The persistent decline of the naira is following high demand for the dollar in the country, BDC operators noted to PUNCH. On the official Investor and Exporter window, the naira appreciated by 1.01 per cent to N891.90/$ from the N900.96/$ it closed on Thursday. In the cryptocurrency peer-to-peer market, the naira was trading for N1,401.7/$ on Binance’s P2P platform as of the time of filing this report. Nigeria has one of the largest peer-to-peer exchange volumes in the world according to Chainalysis, a blockchain firm. Between July 2022 – June 2023, Nigeria’s crypto transaction volume grew to $56.7bn signifying the importance of the P2P crypto foreign exchange window. Chainalysis said, “In fact, Nigeria is one of only six countries in the top 50 by size globally whose crypto transaction volume grew year-over-year in the time period we studied. Its growth rate of 9 per cent places it third among those six.” The naira’s free fall has continued despite efforts by the Central of Nigeria and the Federal Government. Recently, the Federal Government through the Nigerian National Petroleum Company Limited got a $2.25bn oil-for-cash loan facility from the African Export-Import Bank to boost dollar liquidity in the economy. Related News FG mobilising MDAs to stabilise naira, says minister FG mobilising MDAs to reduce inflation, stabilise naira— Minister Naira drops at parallel market, closes 900/$ official window In December 2023, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that this is the first tranche of the $3.3bn facility from the bank. He highlighted that the loan would help to resolve FX shortage that has hampered the economy. Commenting on the loan in January 2024, Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, said, “The disbursement of the initial $2.25bn under the facility will support Nigeria’s long-term economic stability, ease access to import financing for raw materials and essential goods, and support industrialisation and trade development efforts.” The CBN on its part has begun to clear part of its backlog of matured foreign exchange obligations to Deposit Money Banks. So far, the bank has paid $2bn of an alleged $7bn backlog. The CBN Acting Director of Corporate Communications, Hakama Sidi Alia, recently said, “These payments signify the CBN’s ongoing efforts to settle all remaining valid forward transactions, to alleviate the current pressure on the country’s exchange rate. “It is anticipated that this initiative by the CBN should provide a considerable boost to the Naira hug against other major world currencies and further increase investor confidence in the Nigeria economy.” Recently, the CBN governor, Olayemi Cardoso, announced that the Ministry of Finance and the NNPCL would return their FX inflows to the apex bank in a bid to enhance the bank’s FX flows and contribute to the growth of reserves. Speaking at the launch of the Nigerian Economic Summit Group 2024 Macroeconomic Outlook Report, the governor said, “We are implementing a comprehensive strategy to improve liquidity in our FX markets in the short, medium, and long term. Our focus is on addressing fundamental issues that have hindered the effective operation of our markets over the years.” He hinted that the rates would eventually stabilise in 2024. He predicted, “The expected stability in the foreign exchange market for 2024 can be attributed to the reduction in petroleum product imports and the recent implementation of a market-determined exchange rate policy by the CBN. “This reform is designed to streamline and unify multiple exchange rates, fostering transparency and reducing arbitrage opportunities. The resulting consistent and stable exchange rate will not only boost investor confidence but also attract foreign investment, elevating Nigeria’s appeal to global investors.” Sponsored Stories Cardoso added that the national currency was currently undervalued and should rebound soon. IMF blames excess naira in circulation According to the International Monetary Fund, excess naira in circulation is one of the major causes of the naira’s fall. Recently, Nigeria’s Country Representative, International Monetary Fund, Dr Christian Ebeke, said while listing the factors responsible for the naira fall, “One is the fact that you have excess naira in the market. The second one is structural; the market is new. These reforms are bold, the government needed a lot of courage to let the naira depreciate like that in a country where the naira has been quite stable for a while. “The market is still new. It is still in its price discovery mode. Market participants are still learning how to transact in an orderly fashion. These structural factors affect the naira because the market is new, it is a little bit shallow is also responsible for volatility in the market. “Then, there is also uncertainty in the market. I am not sure that the parallel rate is the ultimate rate. At some point, we may think about a fair naira rate that is probably between what we see in the parallel market and the official market. But it is very difficult while you are still in the transition phase to talk about what is a fair value and what we are seeing.” Ebeke stressed that transparency is important in the FX market especially now that the CBN is embarking on inflation targeting. He highlighted that if the government can tighten policies and manage to address the FX supply issues, the naira will converge to a fair value. Also speaking recently, Nigeria’s Lead Economist, World Bank Group, Dr Alex Sienaert, believes that bringing down inflation will improve the value of the naira. He said, “The key risk to manage is that the exchange rate is the price of the naira relative to other currencies and the prices in this economy are increasing very quickly. The inflation story that we have also focused on. So, it is natural that the relative value of the naira is also coming under pressure. This is exacerbated by a situation where globally we have tight dollar liquidity. “To safeguard the benefits of this major currency adjustment and move to a new flexible system, I think the key thing is for the Central Bank as the critical agent but also other stakeholders to be laser-focused on inflation and bring about price stability which will support the value of the naira.” https://punchng.com/naira-manufacturers-plan-general-price-hike/ |
Politics / Re: Forex Crises, High Import Duty Depress Vehicle, Other Imports by HenryThegreat1(m): 5:40am On Jan 29 |
opamoses1:Where will they get their raw materials? 2 Likes |
Politics / Forex Crises, High Import Duty Depress Vehicle, Other Imports by HenryThegreat1(m): 5:32am On Jan 29 |
Dealers lament poor sales Bleak 2024 predicted as Naira sinks deeper Situation could get worse — Muda Yusuf By Godwin Oritse Amidst sustained depreciation of the Naira, Nigeria’s motor vehicle imports recorded a massive 32 per cent decline in 2023 with total imports through the Nigerian ports at 132,293 units, from 194,550 recorded in 2022. Financial Vanguard findings from the Nigerian Ports Authority, NPA, cargo throughput information also indicated that most other categories of imports recorded significant declines during the period. Other areas of import trade that experienced significant drops last year include ship traffic, cargo traffic, and container traffic as well as berth occupancy. The Naira had recorded unprecedented depreciation in 2023 with the official exchange rate closing at average N820/ USD1 as against N460/USD1 the previous year while the parallel market rate closed at N1,090/USD1 down from N720/USD1 in 2022. Stakeholders in the import trade sector said that with a worsening exchange rate situation so far in 2024 at over N1,400/USD1, the trade situation is expected to deteriorate further in 2024. Vehicle dealers noted that the cost of procurement of the vehicles in Europe and America has remained stable and even gone down in some cases last year. But, according to them, the cost escalation has been recorded in-country at four points, namely, the Naira equivalent of the purchase price, the customs duty and the clearing cost as well as port charges. Financial Vanguard learnt that the Nigerian Customs Service, NCS, has frequently jerked up duty rates following persistent rise in exchange rate. The last raise was effected in the fourth quarter of 2023 putting the duty rate at N950/USD1, up from N460/USD1 at the beginning of the year. This is over 110 per cent increase. Similarly clearing costs and port charges have increased by average 80 per cent during the period. Consequently, vehicle prices have gone up by a minimum of 45 per cent and in some cases, by 75 per cent. Dealers said this development worsened the business as patronage dwindled massively, leading to poor sales. The situation, according to them, was compounded by the increasing economic hardship in the country which forced most citizens to reorder their priorities away from ownership of personal vehicles. On the decline of vehicle import, National President of the Association of Nigerian Licensed Customs Agents, ANLCA, Mr. Emenike Nwokeji, said that continuous downward slide of the value of Naira and high import duty rates on vehicles were responsible for the decline. He said: “The reason for drop in vehicle importation is very obvious; the scarcity and high cost of forex is the lead issue responsible for the drop in vehicle importation. “As at today, it is over one thousand and four hundred Naira to one dollar. This is the major reason and it is for the same reason that the cost of vehicles have also gone up in Nigeria; because if you buy a car for $1,000 and without paying for any other thing the value here translate to N1.4million automatically. So a small vehicle that people use for Uber that cost about N3million before, now goes for as much as N5million. “The high duty rate is another issue at stake because the higher the value, the higher the duty rate.” Speaking to the issues, Chief Executive Officer of the Center for the Promotion of Private Enterprise, CPPE, Dr. Muda Yusuf, also bemoaned the decline in imports, adding that until the government does something drastic, the situation could get worse. Yusuf said: “The reasons are very straight forward. The number one is the foreign exchange rate; what was the foreign exchange rate last year and what was it in 2022 and what the exchange rate is today. “You are talking of an increase of over 80 per cent or more on the exchange rate, now you now have the import duty, they use the prevailing exchange rate to convert and calculate duty. “There are other costs like VAT, shipping company charges, terminal charges and all that will be calculated based on the same exchange rate. So everything is based on that rate, so the cost has become prohibitive.” Complaining about the plight of car dealers, a car dealer, Sowole Abiodun, who spoke to Vanguard, said that the exchange rate is the reason why most dealers are not able to bring in vehicles. Abiodun explained that until the Naira stabilizes to an appreciable level, Nigeria will continue to record a significant drop in vehicle import while the cost of available ones will continue to rise. He said: “It is difficult importing cars now because of the fact that you need to source dollar at a very exorbitant cost and because of the high duty rate, you cannot help but sell with a reasonable profit margin that the average Nigerian may not be able to afford. “Besides a drop in importation, there has also been a drop in the sales of vehicles in Nigeria because people are now more concern with other issues of life than vehicles which some see as luxury.” Bleak future On the future of the vehicle import business the ANLCA boss, stated: “Getting out of this economic situation is beyond any individual, all we can do is to speculate as everything revolves around government. The monetary policy is one thing the government must get right and it also seems that the government is overwhelmed with the economic situation such that it does not even know what to do because we have not seen much they (the government) have done from our side. “There should be seriousness on the part of government on ways to boost export beyond crude oil other than the lip service they give to export initiatives. “How can we drive to the seaport and see export consignments hanging on top of trucks for days in this harsh and unfriendly weather and by the time they get to the country of origin, these exports are condemned. It is only in this country that exports will be on a vehicle for days and weeks. “Then the number of agencies that get involved in every area of transaction in Nigeria is too much causing delays in delivery. But if you go to places like Kenya, at least two aircrafts of fresh flowers leave Nairobi every morning to other parts of the world but you cannot find such thing in Nigeria. There must be seriousness on the part of government. The situation is beyond politics.” Speaking on the way forward, Muda Yusuf stated: “We need to review some of these import duties so that people can have access to these vehicles and when the duties are reasonable, it stems smuggling. A lot of smuggling is going on because people cannot afford these rates.” https://www.vanguardngr.com/2024/01/forex-crises-high-import-duty-depress-vehicle-other-imports-2/ |
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