₦airaland Forum

b]The Ondo State Security Network codenamed Amotekun Corps, Tuesday, impounded about 200 cows and arrested two underaged herders.[/b]

The cows and the herders were arrested along Ijare/Irese Road in Ifedore Local Government area of the state.

The seized cows and the herders, were later led from where they were arrested to the headquarters of the security outfit, at Akure, the state capital.

The movement of the cows along Orita Obele-Road Block- Ilesha Garage through Oyemekun Road, caused traffic snarl while people were hailing the bravery of the Amotekun Corps.

Confirming the incident, the Commander of Amotekun Corps in the state, Chief Adetunji Adeleye, said the cows and the herders were arrested for contravening the directive of the state government.

Adetunji, who spoke on phone, said what would happen in the current situation, would depend on the government.

“The current incident was a different one. The people cried to us that the cows were destroying their crops. When we moved our people to the place, the herders attacked our men.

“However, we were able to overpower them. We arrested two of the herders. They contravened the government directive in three ways.

“The herders we arrested are underaged. They grazed in the night and carry firearms and destroyed people’s crops.

“The matter was different from former ones. If it was destruction of farm crops, we can say they should pay for the destroyed crops and release the cows. This is not a straitjacket,” Adeleye said.

Kosiso12:
Biafra : Nnamdi Kanu Suspends Monthly Dues Across Biafra Land 

By Wisdom Nwedene 

The leader of the Indigenous People Of Biafra, Mazi Nnamdi Kanu, has finally suspended monthly dues across 'Biafra Land'. 


This was made known in a statement made available to IGBERE TV by Mazi Chika Edoziem, Head Of Directorate Of State of the Indigenous People Of Biafra, IPOB. 


According to the statement, "The Directorate Of Indigenous People Of Biafra (IPOB) worldwide wish to reiterate and remind coordinators that the ban on all forms of levies in Biafraland is still in place.Coordinators at all levels must ensure that they observe this policy to the fullest."


"In addition to the above,the leader of Indigenous People Of Biafra (IPOB) worldwide Onyendu Mazi Nnamdi Kanu has suspended monthly dues payment in Biafraland with immediately effect,Coordinators at all levels in Biafraland must effectively from the date of this ✍ memo,strictly implement this directive."


" Coordinators and all principle officers must note that any violation of the moratorium of levies and suspension of monthly financial contributions in Biafraland shall call for a very severe sanction against the insubordinate principal servant". 


STAY WITH IGBERE TV. AFRICA'S NO1 COMMUNITY TV.


Source : https://igberetvnews.com/1381989/biafra-nnamdi-kanu-suspends-monthly-dues-across-biafra-land/

EmptyGarden:
Abeg make IMF allow us drink water drop cup na.

The Nigerian government and the International Monetary Fund (IMF) disagreed on the need to devalue the Nigerian currency even as the nation grapples with the ripple effects of recession amid increasing need to ensure macroeconomic stability.

The IMF said in its Article IV report on Monday that the government disagreed with its proposal to mark down the Naira, which it said is 18 per cent overvalued.

Allowing further depreciation would add to rising inflation, the government argued.

IMF on Monday said its latest assessment of the exchange rate revealed that the external position is substantially weaker than what is consistent with fundamentals and desirable policy settings, while gross reserves levels, projected to remain the same in the medium term, are significantly below the IMF’s metric.

In the midst of what the IMF described as “untransparent” foreign exchange policy environment, Nigeria’s exports, the lender added, remain “highly undiversified”.

Nigeria devalued the naira last year to close the gap with unofficial rates amid efforts to grapple with the impact of the coronavirus pandemic which affected global demand for oil and crashed prices.

But the government’s new position contrasts with the views of analysts who have called for a “more liberal” exchange rate.

The IMF said a clear exchange rate policy is needed to instill near-term confidence and bring long-term gains. It expressed worry about the current system, adding that its multiple windows and untransparent rules of FX allocation create uncertainties for the private sector.

The unification of various rates into one market-clearing rate is needed to establish policy credibility and a decisive break from the highly interventionist regime, it said. It would also eliminate existing Multiple Currency Practices, because an appropriately valued exchange rate would foster domestic industrialization more effectively than through a system of FX rationing where winners are chosen and protected and relative prices do not move.

“A clear exchange rate policy would also help attract larger capital inflows, including foreign direct investments, which have significantly dropped in recent years,” it said.

Devaluation options
Exchange rate flexibility may have short-term negative impacts, particularly on inflation, which should be mitigated, the IMF said Monday. However, it estimates that a 10 percent devaluation could push the inflation rate up by up to 2.5 percentage points, but the impact could be less if the parallel market rate is already reflected in the prices of imported goods.

The IMF said experience from other countries that have undergone exchange rate adjustment generally shows less pass-through and often a more transient impact on inflation, and some targeted support is likely needed to minimize the impact on the poor.


The corporate sector and possibly the banking sector could also face significant impact given that a third of banking sector loans are denominated in FX, it said, but strict and pro-active enforcement of existing prudential measures to limit FX loans to only those with FX earnings would limit the impact.

Multi-step approach
Although the IMF calls for a multi-step approach, in the immediate, it advised the government to eliminate the parallel market premium, remove and prevent further build-up of the FX backlog, and increase non-CBN participation in the I&E market window.

To prevent excessive overshooting, the lender said the government should be prepared to increase interest rates if needed, because higher interest rates will also be needed if inflation accelerates.

In the near-term, it advised that all exchange rates be collapsed into one well-functioning market exchange rate with the CBN conducting FX auctions through a pre-announced schedule following the immediate steps. The step, it added, should be accompanied by gradual removal of import restrictions and export repatriation requirements and the phasing out of CFMs.

In the medium-term, the IMF advised that the CBN should step back from its role of main FX intermediator in the country, limiting interventions to smoothing market volatility and allowing banks to freely determine FX buy-sell rates.

Nigeria disagrees
But the IMF in its report said the Nigerian authorities disagreed with its policy proposal.

It reported that the government argued that the major burden of macroeconomic adjustment does not need to be borne by the exchange rate, as current pressures are not related to the exchange rate per se but rather reflective of global developments.

The government said that investors exited most emerging markets at the onset of the pandemic and will only return when the public health crisis has waned, and global economic activity has picked up.

The government emphasized that Nigeria’s stable exchange rate has contributed significantly to price stability, one of the most enduring objectives of macroeconomic policy. Depreciating the currency could worsen economic concerns like inflation, it said.

The apex bank devalued the official rate of the Nigerian currency twice last year by about 24 per cent.

Investors and analysts opined that the naira may devalue by as much as 10% in 2021, according to a Bloomberg survey.

The naira settled at 398.50 to the greenback on the investors’ and exporters’ window Monday evening, up from N397.50. In the parallel market, however, it settled at N480.

The Minister of State for Petroleum Resources, Timipre Sylva, has revealed plans by the Federal Government to begin oil exploration in the northeast.

Speaking during a recent interview on Channels Television’s Newsnight in Abuja, which aired on Monday.

“I have said it a few times that we have found oil in the northeast and we have started drilling activities in the Lake Chad Basin," he said.

“I don’t know how the discovery of oil in the area will impact all the issues there but on our side, we believe that in a very short time, we will start production.”

The Minister also lamented that the COVID-19 pandemic has changed the world’s narrative, including the oil and gas industry.

He recalled that the recent meeting held by the Organisation of Petroleum Exporting Countries (OPEC) in which Nigeria is a member was held virtually, noting that such meetings were not envisaged before the COVID-19 era.

Sylva also reacted to the piracy, oil bunkering and illegal refining in the oil-producing region, saying such activities had reduced when compared to what was obtained in the past.

“Pipeline vandalisation is less than it used to be. Before now, we had less than 50 per cent production, I can assure you that pipeline vandalisation is less than it used to be. If you compare what happens now with what obtains in the past, I think it is less now.

“There is still a lot of piracy I understand, but the law enforcement agencies are dealing with it. We are looking at other ways of dealing with it and believe that in a very short time, we will be able to get the full handle on it,” he added.

Speaking on the gas conversion, the Minister explained that the policy was necessitated by the Federal Government issuing an alternative to Nigeria following the deregulation of oil that will lead to the rise in oil prices.

While noting that gas is a cleaner and more efficient fuel, the Minister regretted previous administrations had not developed the nation’s gas, stressing that Nigeria’s gas penetration is the lowest in Africa.

Optional09:
We the Yoruba should be firm on this eviction and we must immediately have rich people start investing in cattle rearing with Yoruba workers only. When i said we should be firm, i mean we should be mindful not to accommodate and form of foreigners who are coming to seek help for where to live or work in our farms. Those living in the suburbs should always have Ak47 at their disposal, we must force the traditional rulers to advocate for the laws to be passes, formers must have access to firearms capable of repelling any form of external terrorism.

We should avoid going to sleep at any time because the killer terrorists will come back with force to kill and occupy the land by force. So, be prepared for them not with jass but with guns combined with jazz and trained snippers. Establish high powered forest guards team with communication tech devices.

Don’t let down your guard the war has just started