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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
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:
Is it me or has the FG been moving fast to counter hardship in any possible ways??

I really like how the FG keeps firing on all odds... They will eventually get some right

No quote me to ask me stupid question o...If u wan wail, go do that one for Pitobi page
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:
Some people can still reason reasonably. I strongly believe that Nigeria will come out of this situation very strongly.
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:
When all companies keep posting losses because of naira devaluation......how will u enjoy company income tax as a nation??

U remove oil subsidy only to spend more than you saved on the same subsidy because of the peg u removed on he currency ....

And he still dare to foreign earnings they are claiming is not enough to fund cheap and free trips to hajj...
Exactly what they failed to comprehend..

As in.....is this man normal at all....?
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:
Nice
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:
Time for used Nigerian car sellers and local manufacturers like Innosons and Nord to make a killing, that's if the demand is there sha since Nigerians don't like made in Nigeria.
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/
Crime / Re: NNPCL Deal: Repaying $3.3bn Loan With $12bn Crude Oil By FG Is Puzzling! - Atiku by HenryThegreat1(m): 10:25am On Jan 28
millet:
They all got us into this. Every politician. Except those who have never stolen from public treasury before
Some of you people are very good in leaving issue on ground and be discussing irrelevant things.

1 Like

Politics / Re: Tinubu’s Govt Owes Nigerians An Explanation For The NNPC $3.3bn Loan - Atiku by HenryThegreat1(m): 7:00pm On Jan 25
Shawnnn01:
Wonder they say shall never end. Imagine this is coming from Atfhiefku.
Ewu!
Politics / Re: FG, States, LGs Share N1.13 Trillion December Revenue by HenryThegreat1(m): 7:25am On Jan 24
Share share and nothing, absolutely nothing to show for it. From states to federal.
Politics / Re: You Will Soon Enjoy Benefits Of Tough Decisions, Tinubu Assures Nigerians by HenryThegreat1(m): 7:23am On Jan 24
yarimo:
Carry on sir, Nigerians are happy with your style of leadership
Please get shame small. I pray you are directly benefiting from this devil oriented and evil federal government in power.
Go to Nigeria cities and say this.

5 Likes 1 Share

Politics / Re: First Lady Remi Tinubu Calls For Intensified Prayers Over Security Concerns by HenryThegreat1(m): 8:33am On Jan 23
A prayer of a sinner is abomination before God
Health / Re: Lagos Govt bans sale, Use & distribution of take-away Packs, Single-use Plastics by HenryThegreat1(m): 7:42pm On Jan 21
For weeks now I have making inquiries of the need to start this business as a dealer, and now this news?
Politics / Re: Over 87 FCT Residents Killed, 176 Kidnapped Under Tinubu – Beacon Consulting by HenryThegreat1(m): 9:30am On Jan 20
We'll keep this record for him snd wike
Education / Re: Parents Groan As Institutions Hike Fees By Over 100 Percent by HenryThegreat1(m): 7:00am On Jan 18
How people that support evil apc policies sleep at night is what I can not understand.

51 Likes 4 Shares

Education / Parents Groan As Institutions Hike Fees By Over 100 Percent by HenryThegreat1(m): 6:55am On Jan 18
•Students are dropping out — Parents
•NANS kicks, accuses institutions of flouting presidential directive


Most tertiary institutions in the country have hiked their fees by over 150 %, putting serious strains on the finances of parents and guardians who also have to contend with the poor state of the economy which has reduced purchasing power and savings.

Checks by Vanguard Learning in public universities across the country show that the increment in obligatory fees, which started late last year is continuing, as a new session starts in some schools this January.

Only on January 6, this year, for instance, the Federal University of Technology, Akure, FUTA, Ondo State came out with a proposal to hike fees by over 100%.

In the proposal, which is still being debated and worked on by the management and other stakeholders such as students and parents, fresh students are to pay N240,500, 200 level students N131,000, 300 level students N136,000, 400 level students N131,000 and final year students N127,500.

To show the steepness in the hike, four years ago, final year students paid only N13, 000 and even last year, when there was also an increase, they only paid N37,000 and may now pay N127,500.

Situations on some campuses

At the University of Jos, UNIJOS, charges were increased by over 100% because before now, students were paying N45,000, but this year, they are to pay between N95,000 and N160,000 depending on the department.

At the Plateau State University, PLASU, Bokkos, tuition fees are paid based on indigene and non-indigene factors.

The increment has also exceeded 100% as returning indigenous students who were paying N36,000 as tuition fees without other charges will now pay N80,000 without other charges, while the non-indigenes who were paying about N55,000 without other charges will now pay over N100,000 without other charges.

At the University of Uyo (UNIUYO), Akwa Ibom State, there has been a gradual increase in tuition fees in the last couple of years that reflects from the first year of admission in such a manner that students pay different fees for the same course of study at different levels.

A female Microbiology student, simply identified as Glory, told Vanguard Learning that she paid N105,750 as a fresher, just starting her 100 Level, but her counterparts in the Arts pay about N75,000.

Malta, a 300-level Arts student, paid N47,000 when she was admitted into the school three years ago. In the current semester, she is made to maintain the same tuition fee while new intakes are made to pay as high as N75,000.

A 200-level male student of Political Science said he paid a little above N60,000 in his first year of admission.

“This new session, I have not gone to pay, but I heard there is a little drop from what I paid in 100 Level. From what I have learnt, you are meant to maintain what you paid in your first year. Not everyone is affected by new tuition”, he said.”

At the Tai Solarin University of Education, Ijagun, returning students, who were expecting to pay N65,000, were slammed with N180,000 fee, while fresh students are to pay N240,000 aside from other fees.

At the University of Lagos, UNILAG, after much protest by students, students were asked to pay between N126,325 and N176,325 depending on the course of study.

At the Obafemi Awolowo University, OAU, Ile Ife, Osun State, the management eventually reduced fees to N131,000 for students in Humanities, N141,000 for science and N164,000 for Medicine, Pharmacy and related faculties.

The story is the same at Ahmadu Bello University, Zaria, Bayero University, Kano, Usman Dan Fodio University, Sokoto, University of Nigeria, Nsukka among others.

The universities were previously charging as low as N25, 000 a few years ago.

Universities’ reactions
The Vice Chancellor, University of Benin, UNIBEN, Prof. Lilian Salami, who is also the chairperson of the Committee of Vice Chancellors of Nigerian Universities, recently led other VCs to submit a position paper of the group to the federal government on how to go about funding the system and handle the issue of hike in fees.

It was learnt that the team put the cost of training an undergraduate for a year at between N500,000 and N1 million excluding books, feeding and other sundry charges. The government is still stating it operates a free tuition system in those schools.

The VC, UNILAG, Prof. Folasade Ogunsola, at the peak of the protest against the increase in obligatory fees, said the issue is about providing sound education for young Nigerians.

“We all know the reality of the situation in the country now. Students have been paying about N20, 000 for over a decade now and can that be sustained in the present circumstance? People are complaining now because the government did not allow the universities to effect any increment, no matter how small for so many years. Look at the cost of running the hostels and even maintaining them. What about the cost of electricity and power? The costs are not static and the subvention to universities is not matching the costs. Remember, tuition is still free,” she said.

The spokesman for UNIJOS, Abdullahi Abdullahi, said, “We don’t pay tuition but school charges, before, it was N45,000 but right now, every department has different charges based on the services they provide. For returning students, it ranges from N95,000 to N130,000 but for the new students, it ranges from N130,000 to N160,000 or so. There are laboratory charges and other sundry charges.”

TASUED Registrar, Chief Dapo Oke, said, “In the entire Southwest, which state university is charging as low as N100,000? We have been collecting N65,000, when some secondary school children pay N100,000 per term and there are three terms in a year. But our university students are paying as low as N65,000 for a whole year. Is that enough to buy laboratory equipment, to pay staff salaries or to run on diesel 24 hours?

“These are issues that necessitated the increase, and before we made the increase, we discussed it with the Student Union Government. We’ve made them realise it, but they would still make their complaints. We will listen to their complaints; we will inform the government. At the end of the day, we will conclude,” he said.

Oke maintained that TASUED could not afford to run inferior academic programmes, compared to what obtains in other universities.

“So, we have to charge economic fees. What we have charged is the barest minimum in reality with the existing market forces,” he said.

A source in FUTA, who craved anonymity told our correspondent that, “The University has inbuilt mechanism within the system to look into and build consensus on matters affecting students including charges. And that mechanism is working on this matter and consensus will be achieved.

Fees are mainly for student-related services which are sourced from the economy. And the costs of such goods and services provided by the university for the students will certainly be impacted by costs of good and services in the economy.”

Parents and students’ reactions

The National President of the National Parent Teacher Association of Nigeria, NAPTAN, Alhaji Haruna Danjuma, said it waa unfortunate that parents and guardians have been burdened with increment in fees at this point in time.

“We all know what the economic situation in the country is. Things are expensive, the purchasing power of the people greatly reduced. In fact, most people cannot save anything from their incomes, as the incomes are not enough to sustain their families.

“With these fee increases here and there, many students will be forced to drop out. We are not in support of the increment. We have made our position known to the government and the Minister of Education promised that a government team will meet with us and other stakeholders, we are still waiting for them to call us for that meeting, “ he stated.

Mrs. Esther Danlami, whose child is at UNIJOS, noted, “Since the increment, it has not been easy for us. My husband is a retiree, I am a Primary School Teacher and we have three children in the university. With the current economic situation, we are in a very dire situation.”

Reacting to the gale of fee increment across the country, even after the FG said the schools should put that on hold, the National Association of Nigerian Students, NANS, has condemned the proposed tuition fee increases by the management of the Federal University of Technology, Akure and the Federal College of Agriculture, also in Akure, Ondo State.

According to the Senate President of NANS, Comrade Akinteye Afeez, the development is unacceptable and could lead to students mobilising across the country to protest the development.

“The leadership of the National Association of Nigerian Students (NANS) issues this stern statement to the Federal Government of Nigeria, demanding immediate intervention in the looming crisis surrounding tuition fee increment across educational institutions in the country.

“We, the leadership of NANS, stand united and resolute in our commitment to protecting the rights and interests of Nigerian students.

To this end, the recent proposals for tuition fee increases, notably from the Federal University of Technology, Akure (FUTA), and Federal College of Agriculture, Akure (FECA), are unequivocally rejected.

“It is disheartening and worrisome that despite the Federal Government’s explicit instructions against tuition fee hikes, certain Vice Chancellors and heads of institutions seem poised to defy these directives.

“This we find barbaric, therefore, we declare that if these institutions persist in their disregard for the government’s stance, NANS will mobilize Nigerian students nationwide to stage a relentless protest, stampede, and shut down the country until our demands are met.

“We emphasize that the implementation of the new budget for education is closely monitored by NANS, and any attempt to burden students with additional financial strain will be met with fierce resistance. Education is a right, not a privilege, and we will not tolerate any infringement upon the accessibility of quality education for the Nigerian student.

“Education is not a privilege reserved for a select few; it is an inalienable right that must be made available to every Nigerian, especially the common man. The proposed tuition fee hikes, as put forth by institutions like the Federal University of Technology, Akure (FUTA), and Federal College of Agriculture, Akure (FECA), threaten to erode this fundamental right and push education beyond the reach of many.

“NANS vehemently rejects any policy that jeopardizes the accessibility of education to the common man. The negative effects of these tuition fee increments are far-reaching and have severe implications for our nation’s future.

“As fees skyrocket, many students, burdened by financial strain, will be forced to abandon their education. This tragic consequence will not only deprive countless individuals of their right to learn but will also exacerbate unemployment rates and drive some into criminal activities as a desperate means of survival.”

https://www.vanguardngr.com/2024/01/parents-groan-as-institutions-hike-fees-by-over-100-per-cent/

1 Share

Education / Re: National Open University Of Nigeria (NOUN) Students by HenryThegreat1(m): 7:56am On Jan 17
Enskynelson:

Right now, generally, admission process is on hold.
But here is a quick guide:
1. Go to nouonline.net
2. Click admissions
3. Click postgraduate admission
4. Select Faculty
5. Select programme
6. View requirements and click to apply
7. Fill the form accurately...
8. Proceed to Remita check out to make payment
9. After payment, Go back to 1-3 above
10. Click continue after payment
11. Enter your RRR numbers and sect the programme
12. Proceed and fill the form
13. Submit and you will have your admission letter generated. Print the admission letter and other documents
14. Go to one above
15. Click upload documents
16. Scan all the listed documents and create a single pdf document with them.
17. Upload the documents
18. Go to the study centre with your original documents and photocopies and passport photograph for verification.
19. After verification you will be given a matriculation number
20. With the matriculation number, go to 1 above
Click students, click register, register on the portal and then you can login to the portal afterwards
21. When you login you can pay for your fees, and do registration through your portal.

Bless you sir.
Education / Re: National Open University Of Nigeria (NOUN) Students by HenryThegreat1(m): 5:44am On Jan 17
Enskynelson:

Yes... MBA holder is qualified to apply for MBA.
Check nouonline.net and click on Admission (, Postgraduate Admission), select the faculty and then programme and view the requirements.
Cheers.
Please can you guide me through. Bless!
Jobs/Vacancies / Re: I Need Companies That Produce Disposable (take Away) Packs In Lagos by HenryThegreat1(m): 11:03am On Jan 16
Please how profitable is takeaway food products from cups, to disposable plates, spoons, and more. I would like to be buying directly from manufacturers in Lagos Nigeria and sell to food vendors, event planner and other interests parties
Education / Re: National Open University Of Nigeria (NOUN) Students by HenryThegreat1(m): 6:52am On Jan 15
Please can hnd holder register for MBA program at national open university?

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