₦airaland Forum

Conference of Speakers from 36 State Houses of Assembly has called on President Bola Tinubu to enact sustainable policies that will end suffering of Nigerians.

This is also as they have admitted that the economic challenges faced are due to the removal of petroleum product subsidy by the federal government and the floating of the exchange rate, which has led to harsh consequences for the populace.

The conference, chaired by the Speaker, Hon. Adebo Ogundoyin, also urged the Federal Government and State Governments to initiate sustainable policies with equal measure of courage to ameliorate the sufferings of the people.

The conference also strongly advocated for state policing, stating that it would check the negative trend of insecurity in our country.

The conference further appealed to relevant political leaders in Rivers State to explore peaceful means to resolve the near impasse between the legislative and executive arms of the state government.

The resolutions were contained in a communiqué signed by the chairman at the end of a meeting attended by twenty-nine speakers in Abuja.

The meeting had deliberations on a wide range of issues concerning good governance in the country.

According to the communiqué, “While the Conference acknowledges the courage of Mr President in his economic policies taken so far, such as the removal of petroleum product subsidy and the floating of the exchange rate, the unintended consequences of these policies are too harsh on the populace.

Speaking at the conference, the Speaker of the House of Representatives, Hon. Tajudeen Abbas, who was represented by the Chairman, House Committee on Inter-Parliamentary Relations, Hon Mark Esset, stated that the issue of state legislative autonomy will be prioritized in the ongoing constitutional review, adding that it will part of the key issues that will be on the front burners.

Speaking on the merits of the forum, Esset explained that the forum symbolizes a vital convergence of minds dedicated to advancing democratic processes and promoting good governance.

“In this critical time that the 10th National Assembly is undertaking the review of the constitution of the Federal Republic of Nigeria and knowing the important role the State Houses of Assembly plays, one of the key issues that is on the front burners of the constitutional review is the enactment of the state Houses autonomy, which is the key issue or key point the Houses of Assembly seek to achieve.

“The National Assembly has done it before; unfortunately, it was lost, but I assure you that the National Assembly under the leadership of Tajudeen Abbas, the state parliament autonomy will be a reality.

“In today’s interconnected world, the importance of inter-parliamentary cooperation cannot be overstated. Through collaborative efforts, shared experiences, and mutual support, we can address common challenges and work towards sustainable development and prosperity for our people.

“For too long, the national and state legislatures have operated somewhat in isolation; fostering constructive engagement is critical.

“The 10th House of Representatives is particularly keen on strengthening this relationship, especially as we embark on the review of Nigeria’s Constitution. Your support and active participation will be crucial to the success of this monumental task. Additionally, it is essential that we all stay current with our subscriptions to the Commonwealth Parliamentary Association (CPA).

“Membership in the CPA offers numerous benefits, including access to a global network of parliamentarians, opportunities for professional development, and platforms for sharing best practices in legislative processes.

“By maintaining our subscriptions, we ensure that we continue to benefit from these valuable resources and remain engaged in the global parliamentary community. Furthermore, your active participation in the CPA allows us to contribute to the ongoing efforts to transform the association from a charity organization based in the UK into a fully-fledged international organization. This transformation will enhance the CPA’s ability to support its members more effectively and ensure that its governance structures reflect the diverse perspectives of its global membership.

“As someone who once served in a state legislature, I am acutely aware of the unique challenges you face as state legislative leaders, especially within the context of state politics.

“However, by working together, we can develop more robust and responsive legislative branches across the country. I commend you for your unwavering commitment to fostering legislative excellence and for your tireless efforts in representing the voices of your constituents. Your dedication is fundamental to the strength and vibrancy of our democracy.

After exhaustive deliberations, the conference issued the following resolutions at the end of the meeting:

“The Conference observed that in spite of the constitutional provisions that grant Financial Autonomy to the State Legislature, the implementation has been observed in breach. We, therefore, call on all the relevant stakeholders to comply with all the provisions in the Constitution and not breach them.

“To achieve this, the Conference appeals to the National Assembly, Presidency, and other relevant stakeholders to leverage the ongoing constitution review exercises.

THE escalating trend of journalist abductions in a democratic government under the guise of law enforcement is causing grave concern among the public especially media practitioners, who face heightened fears for their safety while carrying out their duties. The apprehension extends to the families and friends of journalists, who are increasingly alarmed about the safety and freedom of their loved ones. Tinubu, his officials, the military, and the Inspector-General of Police, Kayode Egbetokun, should understand that press freedom is integral to democracy. Tinubu should stop these abuses.

From the abduction of FirstNews Editor, Segun Olatunji, from his residence in Lagos on March 15, by military troops, to the recent distressing incident involving Daniel Ojukwu of the Foundation for Investigative Journalism, who was captured by the police on the streets of Lagos, media professionals find themselves in a peril reminiscent of Nigeria’s dreaded era of military dictatorship.

In the latest episode on May 1, the FIJ filed a missing person report at police stations in the vicinity where Ojukwu was expected to be present. However, three days later, a private investigator contracted by FIJ managed to trace the last known location of the journalist’s phone to an address in Isheri-Olofin, a site believed to be where law enforcement personnel apprehended him.

Subsequently, Ojukwu’s family received information about his detention at the State Criminal Investigation Department, Panti, Lagos. They were informed that authorities accused him of violating the 2015 Cybercrime Act. Ojukwu was bundled to Abuja three days later.


He was reportedly arrested for a story that alleged that a top government official in the Presidency caused N147 million, originally allocated to build a school, to be paid into the account of a restaurant in Abuja. In Nigeria, where public corruption is deep, the police should have investigated both sides.

Olatunji had also been abducted for reporting about corruption in the Presidency.

The timing of Ojukwu’s abduction is particularly poignant, coinciding with Nigerian journalists’ participation in the global observance of the 2024 World Press Freedom Day. He was released after being held for 10 days without any court hearing.


Tinubu and Egbetokun are setting bad precedents.

In its defence, police spokesman Muyiwa Adejobi said there was a petition against Ojukwu and about 15 cases against FIJ. But the cases cannot be solved by the police taking the law into their own hands. There are enough laws on slander, libel, and falsehood to prosecute erring journalists and organisations, but not by abduction.

A report says 25 journalists have been prosecuted under the Cybercrime Act since its introduction, including eight under the Tinubu administration.

Under Tinubu’s predecessor, Muhammadu Buhari, journalists suffered undue persecution, including Jones Abiri, Agba Jalingo, and Omoyele Sowore, the publisher of an online newspaper, Sahara Reporters.

In truth, the police are busy chasing shadows. Journalists are mostly harmless. Instead of abducting them and raising tensions, Egbetokun should concentrate on bandits, terrorists, and armed robbers who slaughter police officers and citizens in the North.

Despite this, the Minister of Information and National Orientation, Mohammed Idris, insists that no journalist has been incarcerated under the Tinubu administration. That is a lie.

The stark reality on the ground contradicts such boasting. The abduction and detention of journalists not only infringe upon their fundamental rights but also cast a shadow of fear over the entire media landscape. This climate of intimidation and coercion hampers journalists’ ability to perform their duties effectively and undermines the principles of democracy and freedom of expression.


In its 2024 World Press Freedom Index, Reporters without Borders lists Nigeria as 112th out of 180 countries because it is “a challenging place to practise journalism.” It stood at No. 129 in the 2022 index.

A 2021 Press Freedom Report said eight journalists were killed under Buhari between 2015 and 2021. There were 300 violations in 500 incidents against Nigerian journalists in the period. Like China, the Buhari government, through Lai Muhammed, its Minister of Information, repeatedly tried to introduce coercive laws against press freedom. In June 2021, it banned Twitter (now X) from the country’s social media space for seven months.

As media practitioners continue to face threats to their safety and freedom, the government must uphold its commitment to press freedom and ensure the protection of journalists from arbitrary arrest, detention, and harassment. Failure to do so not only jeopardises the safety and well-being of journalists but also undermines the integrity of Nigeria’s democratic institutions.

In the hallowed halls of democracy, the freedom of the press stands as a guardian, a beacon illuminating the shadows where corruption lurks, and tyranny festers. In Nigeria, the once-bright light of press freedom is dimming under the shadow of the Tinubu administration, which exhibits alarming echoes of the repressive tactics employed during the brutal military regimes of Ibrahim Babangida and Sani Abacha in the 1980s and 1990s.

The parallels between Tinubu’s government and the autocratic rule of Abacha are too glaring to ignore. Like Abacha, who wielded censorship as a tool to crush dissent and maintain an iron grip on power, Tinubu is tightening the noose around the neck of free speech, seeking to silence those who dare to challenge the status quo. This erosion of press freedom represents a dangerous regression for Nigeria, once hailed as the hope of democracy in Africa.

The crackdown on journalists sends a chilling message to whistleblowers and activists, who seek to expose corruption and injustice. By silencing the messenger, the Tinubu government seeks to shield itself from scrutiny and accountability, perpetuating a culture of impunity where those in power operate above the law.

Yet, a free press is not a luxury but a fundamental pillar of democracy. Without the ability to report truthfully and without fear, democracy withers, and tyranny thrives. The Nigerian people deserve a government that respects and upholds the principles of press freedom, not one that seeks to suppress dissent and control the narrative at any cost.



Tinubu must heed the calls for reform and immediately halt the assault on press freedom by law enforcement agencies, especially by the military, police, and Department of State Services. Journalists must be allowed to carry out their duties without fear of reprisal or persecution. The arbitrary arrests, intimidation, and harassment must cease, and those responsible for violating the rights of journalists must be held accountable.

The government should enact robust legal protections for press freedom and ensure journalists can operate without fear of censorship or retaliation. Freedom of the press is enshrined in Nigeria’s constitution, and it is incumbent upon the government to uphold this.

It is time for Tinubu to respect the role of the press as the Fourth Estate of the realm and uphold the principles of democracy by allowing journalists to work freely and without fear. Anything less would be a betrayal of the Nigerian people and a dark stain on the future of democracy in the country.

The individuals and organisations concerned should resort to litigation against their tormentors.

The Federal Government has charged tax practitioners to work harder in getting more revenue from taxes, stressing that tax revenue is currently the highest income source for the federation.

It disclosed this on Tuesday through the Accountant-General of the Federation, Oluwatoyin Madein, at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja, with the theme: Sustainable Tax Culture and Economic Roadmap for Nation Building.

The government pointed out that based on the current high revenue from taxes, members of the Federation Accounts Allocation Committee were always looking forward to the figures from the Federal Inland Revenue Service every month, in order to have funds to share to the three tiers of government.

Madein said, “Like the CITN, the Office of the Accountant-General of the Federation is committed to a sustainable tax culture that will ensure the continuous flow of revenues even at an improved level.


“Tax revenue as at today is the highest source of revenue accruing to the federation. Therefore at the Federation Account Allocation Committee meetings we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government.”

FIRS exceeded its 2023 revenue target by N816bn, as its total actual revenue collection for last year stood at N12.37tn, outperforming the N11.56tn target.

This is contained in a presentation by Amina Ado, Coordinating Director of Special Tax Operations Group at the FIRS.


At the CITN conference on Tuesday, the accountant-general tasked tax practitioners to step up efforts in collecting taxes, so as to shore up more revenue for the government to provide infrastructure and other amenities.

Madein said, “Let us remain steadfast in our commitment to building a better future for all. Together we can harness the transformative power of taxation to create a more prosperous, equitable and sustainable world.

“Like I said earlier, at FAAC we eagerly look forward to tax numbers because at the moment revenue from non-oil has been a great revenue source to the federation.
“Therefore, to tax practitioners, you are doing so well, but we need more of this to be able to deliver on all the areas that the citizens are looking forward to, because for even infrastructure development, it is only through funds that we can get it done.”

She further stated that it was her strong belief that “the conference will go a long way to deepen the collaboration between our organisations in building capacity for all the professionals, experts and tax payers for better understanding of the tax laws, rules and regulations.”

On his part, the President/Chairman of Council, CITN, Samuel Agbeluyi, while delivering his remarks earlier, pointed out that the withdrawal of subsidies on fuel and electricity had reduced the purchasing power of the masses.

He noted that raising electricity tariff for a selected band after fuel subsidy was withdrawn “is going to reduce the purchasing power of the masses. So we urge govt to consider these actions on the masses.
He, however, stated that the institute was happy to know that President Bola Tinubu had asked the Central Bank of Nigeria to slow down on the recent cybersecurity levy that was approved by the apex bank.

“We will continue to advise the govt on its policies, considering how these polices affect the citizens,” Agbeluyi stated.


It was reported on Sunday that President Bola had asked the CBN to suspend the implementation of the controversial cybersecurity levy policy and ordered a review.

This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

Meanwhile, the CITN president explained that in building a sustainable tax culture in Nigeria, government at all levels have a great role to play.

“Taxation, in all its aspects, demands the utmost level of professionalism due to its critical importance to economic sustainability.

“In furtherance of efforts at sustaining a tax paying culture, it is important to emphasise judicious use of tax revenue to engender trust between government and the taxpayer thereby entrenching a taxpaying culture and by extension contributing to nation building.

Sponsored Stories

“At the subnational level, particularly at the various revenue authorities, there is the need to invest in technology and people to effectively track revenues in the digital space including cryptocurrency to maximise government revenue flow,” he stated.

Righthussle:
This your cry too long abeg.

By Abdulkadir Salaudeen

President Bola Ahmed Tinubu indeed met Nigerians in the cauldron of abject poverty. It was officially called multi-dimensional poverty. Muhammadu Buhari, the former President, did not hand over to Tinubu until poverty became a permanent resident in virtually every home in Nigeria.

Poverty under Buhari had a green card — positive identification — in Nigeria. A beleaguered Nigeria was handed over to Tinubu who was over-hyped by his image makers as the man with the magic wand — having turned Lagos into “paradise” while he was the governor. Now in Abuja — and surrounded by the brilliant “Lagos boys”— it is one hardship after the other. This punishment is too much to bear.

What is our sin? I can think of one. Since Nigeria’s transition to democracy in 1999, this is the first time we have a president that the majority of Nigerians voted against. Nigerians, in their majority, voted against Tinubu. Whether one thinks the presidential election was fair or rigged, only about 37% of Nigerians voted for Tinubu.

Is this administration not tired of punishing Nigerians? Oil subsidy was thoughtlessly withdrawn. Its ripple effects are the skyrocketed prices of commodities and the unprecedented inflation we continue to witness. Floating of naira further immersed most Nigerians deeply into the cauldron of poverty. The so-called food palliative was given to some televised people who are not up to a percentage of the deserving poor. Food items are so expensive that they are beyond the purchasing power of average Nigerians.

The lure of other people’s money
Civil servants who jubilated over the N35,000 palliative which lasted for six months later realised that it was not meant to cushion the effect of the callous declaration “subsidy is gone.” The monetary palliative becomes meaningless as soon as it flies out of bank accounts and gets into our scaring markets which have been invaded and hijacked by inflation.

Students were not spared. School fees were unreasonably hiked with the promise of student loans. This is the twelfth month of Tinubu’s presidency; no single student, to my knowledge, has gotten any loan. Many have withdrawn from school due to prohibitive school fees. Higher education in Nigeria today is for the fittest. The fittest, in most cases, are not the poor; though the poor are the majority.

Not tired of punishing Nigerians, the electricity tariff was shockingly hiked. This led to the banding of Nigerians — as if in castes — into those who deserve light and those who should remain in darkness. As if that is not enough, the already hiked price of fuel which was due to the removal of subsidy was re-hiked by some forces to make sure that many Nigerians embrace the angel of death willy-nilly. A litre of petrol has been sold for a thousand naira plus — almost hitting N2,000 in some places—in the last two weeks. One feels like committing suicide, if not for the grace of God.

As if this regime relishes to see us in pain. While Nigerians devise different coping mechanisms as they continue to toil in untold hardship, we were told again that banks should butcher our monies whenever we make electronic transactions (as Cybersecurity Levy). Some exceptions are made to make it appear to have a human face. The reality remains that it is extortive to the core. Many of the unbanked would feel they were compelled to be banked only to be robbed.

With this 0.5 percent charges on electronic transactions, in addition to other bank charges, how many businesses will this policy kill? How many millions of Nigerians will the Tinubu regime render jobless? How many households will be disintegrated due to economic hardship? How many husbands will send their wives packing and how many wives will seek divorce? How many children will be pitted against their parents and how many parents does Tinubu want to make irresponsible?

I am just asking. I cannot make any guesstimate but I know the statistics will be very terrible. What is our sin? Our sin, if I may guess, is that most Nigerians did not want Tinubu before the election — as evident from the results which declared him winner with 37 percent votes. Is Tinubu paying us back in the same coin?

In the words of Phyllis E. Bernard, a law professor at Oklahoma City University School, “Eliminationism is the belief that a social group is a cancer on the body politic that must be excised — either by separation from the public at large, through censorship or by outright extermination — to protect the purity of the nation.” This can be likened to annihilationism — a theological doctrine which presupposes that the wicked will cease to exist after this life.

With Tinubu’s ascendancy to power, our former fragile economy which (some believe) promises some glimmer of hope, has metamorphosed into a hopeless skeletal economy. With this Cybersecurity Levy, we can only talk about skeletalisation of Nigerians and the Nigerian economy. Many dead businesses in Nigeria that are awaiting some miraculous resuscitation would now be shown the burial ground with this new levy.

Dear President Tinubu, are we the cancer that must be eliminated to protect the purity of Nigeria that seems to be restructured under your regime only for the capitalists to exist? Or are we the wicked sinners that must cease to exist by the time you must have spent four years in office? Is this punishment not too much for our sins? I beg you on behalf of myself and other Nigerians — with cap in hand, knees on the ground, and eyes with tears — to reverse these killing policies. Please!

It is said that “The governors/rulers are the shepherds (protectors) of the people, but if the shepherd becomes a wolf, who shall protect the flock?” It is good to know that the House of Representatives has asked for the suspension of the Cybersecurity Levy. Let us breathe. Please!

Shell Nigeria has said it exclusively paid a total of $1.09billion in corporate taxes and royalties to the Nigerian government in 2023, through the operations of the Shell Petroleum Development Company of Nigeria Limited and Shell Nigeria Exploration and Production Company of Nigeria Limited.

The company’s media relations manager, Abimbola Essien-Nelson, in a statement said similar payments made by the two companies in 2022 amounted to $1.36billion.

The figures, announced in the just published 2023 Shell Briefing Notes, showed that the SPDC paid $442m, while SNEPCo remitted $649m.

SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor said the payments are Shell’s exclusive and do not include payments made by other partners.

“These payments are Shell exclusive and do not include those made by our partners,” said Okunbor.

Okunbor explained, “Shell companies in Nigeria will continue to contribute to the country’s economic growth through the revenue we generate and the employment opportunities we create by supporting the development of local businesses”.

He added that Shell has invested in Nigeria for more than 60 years, adding that the Briefing Notes report on the progress of the businesses of Shell Companies in Nigeria – SPDC, SNEPCo, Shell Nigeria Gas and Daystar Power for 2023.

The reports, he said, showed that the companies continued to power progress, working closely with stakeholders and communities to promote socio-economic development and providing cost-effective and cleaner energy solutions.

“It is important to emphasise that Shell is not leaving Nigeria and will remain a major partner of the country’s energy sector through its deep-water and integrated gas businesses. Our collective focus remains on delivery of safe operations and care for our people,” Okunbor maintained.

The Central Bank of Nigeria has ordered banks operating in the country to start charging a cybersecurity levy on transactions.

A circular from the apex bank on Monday disclosed that the implementation of the levy would start two weeks from today.

The circular was directed to all commercial, merchant, non-interest and payment service banks, among others.

The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), respectively, on compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.


The recent public engagements by the Office of the National Security Adviser on the above subject, also refers.

Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to a half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act, is to be remitted to the National Cybersecurity Fund which shall be administered by the Office of the National Security Adviser.

The CBN said that all banks, other financial institutions and payment service providers are now required to implement the directive, saying, “The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy’.



“Deductions shall commence within two weeks from the date of this circular for all financial institutions and the monthly remittance of the levies collected in bulk to the NCF account domiciled at the CBN by the fifth business day of every subsequent month.”

Exempted from the levy include loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank.

Also exempted from the levy were inter-branch transfers within a bank, cheque clearing and settlements, ⁠Letters of Credits, ⁠Banks’ recapitalisation-related funding only bulk funds movement from collection accounts, savings and deposits including transactions involving long-term investments, among others.

The CBN, in recent times, has been making an effort to sanitise the financial sector. It recently issued a directive which barred fintechs from onboarding new customers.

The fintechs have in turn warned their customers against engaging in crypto transactions on their platforms.

This also comes barely a week after the Federal Government had directed Deposit Money Banks to immediately begin the deduction of 0.375 per cent stamp duty charge on all mortgaged-backed loans and bonds.

ednut1:
they have been selling off this onshore assets since Buhari time. They want to focus on offshore which is safer and no oil theft or community wahala

The Economic and Financial Crimes Commission has disassociated itself from a circulating report in the media alleging the release of a list of 58 ex-governors, under investigation for corruption, to the tune of N2.18 trillion.

In a press statement on Sunday, the EFCC clarified that it has not issued any such list nor discussed the investigation of the former governors with any media outlet.

According to the statement signed by EFCC spokesperson, Dele Oyewale, the report titled ‘EFCC Releases Full List of 58 Ex-Governors that Embezzled N2.187 Trillion,’ was “a phantom report,” deemed “false and mischievous.”

“The Economic and Financial Crimes Commission, EFCC, feels obliged to dissociate itself from a phantom report circulating in sections of the media, claiming it has released a full list of ex-governors being investigated for alleged corruption.

“The report headlined ‘EFCC Releases Full List of 58 Ex- Governors that Embezzled N2.187 Trillion,’ in one of the news outlets, is false and mischievous as the commission neither issued the said list nor entertained discussions on the investigation of ex-governors with any news medium.


“This invariably means that the so-called list is a disingenuous fabrication designed to achieve motives known only to the authors,” the statement read.

Oyewale urged the public to disregard the report and advised the media to verify information regarding ongoing investigations directly with the commission, to prevent the spread of false and inaccurate information.

The EFCC had said it would consider the fresh petition it recently received over the alleged N70 billion corruption case of Minister of State for Defence, Bello Matawalle.

The EFCC’s acting Director of Public Affairs, Wilson Uwajuren, stated this while addressing protesters under the aegis of the APC Akida Forum who were at the commission’s headquarters in Abuja on Friday to demand the reopening of the pending case.

On May 18, 2023, the EFCC, through its Director, Media and Publicity Affairs, Osita Nwajah, had said it was probing corruption activities, award of phantom contracts, and diversion of over N70bn allegedly carried out by the minister during his tenure as Zamfara State governor between 2019 and 2023.

The Chairman of Dangote Industries Limited, Aliko Dangote has described the floating of naira by President Bola Tinubu’s administration as the biggest mess that affected his company and other business owners in 2023.

Floating the naira allows market forces to determine its value in relation to other currencies.

Dangote said this on Tuesday during his remarks at the Annual General Meeting of Dangote Sugar Refinery Plc, adding that many businesses were affected by the policy.

Dangote said several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira's value against the US dollar.

He said, “The biggest mess created was the devaluation of the naira from N460 to N1,400.

“You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”

Shortly after Tinubu implemented the policy, the country’s prominent billionaires, Dangote and Abdulsamad Rabiu, who were listed among the 500 world’s richest men, both lost $5.85 billion

Data available on the Bloomberg Billionaire Index, BBI, a daily ranking of the World’s richest people portal as of June 15, 2023, showed negative changes in the calculations of the wealth of the Nigerian businessmen.

A Bloomberg report in April noted that Nigeria was burning through its foreign exchange reserves at a rate not seen in four years.

This situation raised concerns that the central bank was depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria.

The CBN Governor, Olayemi Cardoso, however, said the shift in the reserve was found in “any country’s reserves situation, where for example, debts are due and certain payments need to be made, and they are made because that is also part of keeping your credibility intact.”

Man102:
Source : https://politicsnigeria.com/2027-no-vacancy-in-aso-rock-ganduje-tells-opposition-parties/

The Biscuit and Bakery Products sub-sector of the Manufacturers Association of Nigeria has said that half the players in the business have crashed out in the last three decades.

The revelation was made by the chairman of the sub-sector, Fola Osibo, during the group’s annual general meeting held recently in Lagos.

According to Osibo, over the years, biscuit manufacturing in Nigeria has gone through challenging periods, some of which have threatened the continued existence of local manufacturers in the country.

Those challenges, he said, had ranged from strangulating policies, to uncontrolled raw material costs and availability, and unfair competition with mostly cheap foreign biscuits imported into the market.

Osibo said, “Looking back about 30 to 40 years, biscuit manufacturing operations was thriving in this country, policies were supportive of local manufacturing, raw materials were readily available, and our association had up to 40 members scattered all over the country.

MAN, LCCI hail FG over expatriate levy suspension
“Then suddenly, the economic situation started going southwards, and our sub-sector started facing economic disruptions, and unfavourable policies which impacted negatively on our operations. Most companies could not cope as margins were completely eroded caused by rising costs of operations, and they started closing shops.

“Unfortunately, our sector has been neglected over the years, and the various government policies have impacted negatively on our operations. Growth of local biscuit production has therefore been stunted and the number of those still in operation has shrunk to only about 15 to 20 companies.”


He called on the Federal Government to initiate responsive and local production-friendly policies to save the sector and prevent it from completely collapsing.

Part of the group’s prayers to the government included the removal of Value Added Tax (as was the situation between 1999 to 2007), reduction of net import duty on biscuit flour to 20 per cent and import duty reduction on some key raw materials such as liquid glucose, hydrogenated fat, and flavourings.

In his presentation, the Plant Director, Cadbury Nigeria Plc, Akinwande Owen, outlined fluctuation in foreign exchange rate, low consumer purchasing power, talent development and migration/relocation, multiple taxation, and government policies as the key challenges facing the manufacturing industry.

Former Governor of Sokoto state, Attahiru Bafarawa, on Monday spoke on how bandits made him abandon his 10,000 hectares of land in Kaduna State.

Speaking to newsmen on the high cost of foodstuff in the country, he said the people of Bafarawa usually seek permission from bandits before going to farm.

Bafarawa is a district under Isa local government area in the eastern part of Sokoto state.

The politician told journalists that bandits were the ones who decide which farm to be cultivated or not in his community.

“I used to have a farmland which is over 10,000 hectares in Birni Gwari of Kaduna State. I have been cultivating that land since 1979 but I cannot reach there now because of the bandits.”

“The maize I produced that time is in commercial quantity that, I used part of it for my flour mill which is also out of production. The issue of insecurity is behind the high cost of food items because many farmers have been displaced.

“There was a time I warned the federal government about the impending food insecurity in the country but my advice was ignored,” he said

He called for a genuine collaborative efforts between the federal government, state and the local government to tackle insecurity, particularly in the north.

“The state governments cannot do it alone without the support of the federal government,” he said

On the general situation in the country, Bafarawa cautioned leaders on the need to wake up before it is too late to save the situation.

On whether he has quit active politics, he said he would remain in politics but would not hold any political appointment.

Former Governor of Jigawa State, Sule Lamido, has tackled Northern governors over their recent trip to the United States.

Daily Trust had reported how the Northern governors recently traveled to the US to attend a peace summit organized by the United States Institute of Peace (USIP).

Reacting to the development, Lamido, in a Facebook post, said the trip exposed the governors’ ignorance of the country’s constitution.

The former governor said security is solely the responsibility of the federal government because it is on the executive-legislative list.

The statement, titled, ‘Advancing our shame and embarrassment beyond our frontiers!’ reads: “Our Northern Governors as concerned leaders traveled all the way to the United States of America to attend a lecture at the American Institute for Peace titled ADVANCING STABLITY IN NORTHERN NIGERIA as to find a lasting solution to the intractable problems of insecurity bedeveling their respective states.

“Their concern commendable as it were, ended up exposing their ignorance at understanding the Constitution of the Federal Republic of Nigeria the very instrument which gave them the legitimacy and the authority to be Governors!

“If the Governors had traveled to the US to engage on how to boost agriculture or health issues or any other pressing local problems listed on the Concurrent List of our Constitution this could be quite understandable! But to engage on issues which are on the Exclusive Legislative List such as Security says a lot of the substance they are made of.

“Security is a very wide subject which their Excellencies must have capacity to grasp. Most urban towns in their State lack portable drinking water, refuse dumps have taken over some streets; all these have precipitous Security health hazards. Our children attend primary schools under the trees and where there are built classes, they take their lessons sitting on the floor, yet the Security implications of this can not be discerned by their Excellencies. Deliberate and harshly induced poverty by unplanned government policies have made citizens lose their esteem, honor and self worth by lining up scrambling to collect palliative from patronizing and condescending leaders yet the Insecurity of this is of no worry or concern to them.

“You have Governors with no human empathy or respect for dignity or decency in an open show of shame throwing money like confetti from an open Jeep and people scrambling to pick it like the Governor of Niger State. Yet they fail to see the security implications of all these!

“If the Governors were serious and wanted to have a lecture on security, they needed not have embarked on such a wasteful journey with the accompanying expenditure of flight tickets, hotels with all their aides and above all the valuable time wasted at the expense of running their States.

“Certainly they could have gotten more than they wanted from our resourceful institutions such as NIPSS in Kuru Jos or ASCON in Badagry or even NIA! These three Institutions have more than enough materials, essays and templates on the problems on Security in Nigeria more than the far fetched American Institute.”

liasmiram2567:
[It is not about supporting our oppressors.The pro lem is you did not understand what was said or you gave your own interpretation.

OAFMods:
Do you know Anambra civil servants in this 2024 are not earning the old minimum wage of ₦30,000.

This are the legacies of Peter Pandora Obi ipob n obidient miscreant won't disclose on social media. Do not take my word for it, simply ask Labour Party which Peter Pandora Obi is now a member.



My brother if earning ₦70000 in Lagos is oppression what will you now call those earning ₦18000 in this 2024 in Anambra