The Nigerian Senate has expressed concern over the proposed nationwide strike by the Nigeria Labour Congress (NLC), stating that it poses a significant threat to the nation’s Gross Domestic Product (GDP) and overall well-being.

Recall that NLC a few days ago gave the Federal Government a seven-day ultimatum to reverse all perceived anti-poor policies or face an indefinite nationwide strike from August 2.

Reacting to the proposed industrial action by the NLC during the Senate plenary session on Monday, the upper chamber, according to information obtained through Policy and Legal Advocacy Centre (PLAC), stated that there is more to lose than gain from the strike.

In a bill sponsored by Senator Abdulrahman Kawu Suleiman (Kano South) and titled “Urgent need to avert the intending strike of the Nigeria Labour Congress,” the Senate emphasized that the strike could result in deeper economic woes, heightened hunger, frustration, and increased hardship for the citizens.

To avert the intending strike action, the Senate resolved by mandating its leadership to act as an intermediary between the NLC and the federal government to find a resolution.

The bill read in full, “Notes that the Nigeria Labour Congress (NLC) has given the Federal Government a seven-day ultimatum to reverse what the union termed as “anti-poor policies” or face an indefinite nationwide strike from Wednesday 2nd August 2023.

“Also notes that the NLC has directed all its affiliates and state councils to immediately begin mobilization of workers and other Nigerians, including civil society allies, for a long-lasting strike and mass protests.

“Aware that the labour movement in a statement signed by its National President accused the Federal Government of failing to meet up with the demands it presented to it following the removal of the subsidy on petrol, which caused an astronomical rise in the pump price of the commodity.

“Disturbed that the strike would cripple the country as movement would be severely curtailed as commercial transport operators would withdraw their services, while markets, schools, and healthcare facilities would be forced to shut down.

“Further disturbed that the action could heat up the polity when it occurred, and the gains from the strike are far below the costs to either of the parties in conflict.

“Reflects that the strike threat by the NLC, if not averted, could plunge Nigeria into deeper economic woes, dislocate businesses, hunger, frustration, more hardship that would lead to unquantified financial losses and reduce Nigeria’s Gross Domestic Product (GDP).

The Nigeria Labour Congress (NLC), has expressed dissatisfaction with the promises dished out by President Bola Ahmed Tinubu in his national broadcast speech on Monday.

NLC said his “speech was not the silver black Nigerians expected.”

Contained in a statement signed by its President, Comrade Joe Ajaero, and made available to journalists in Abuja, the Congress said it is committed to its struggles since the President failed to address the current issues that exacerbate suffering and hardship in the country.

The in full reads; “Our review of today’s broadcast by President Bola Ahmed Tinubu leaves us with the impression that the promises and assurances made by President Tinubu is not the silver bullet that Nigerians expected. The speech indeed appears to be out of touch with reality and anomalous with the hardship and suffering that most Nigerians are going through now.

“First, the opening statement by President Bola Ahmed Tinubu conveyed a commitment to a better and productive economy. We expected that the next line of statement would be how the present government plans to resuscitate our public refineries which have been lying comatose for so many years and is the major pain point in the whole subsidy narrative. Unfortunately, the entire speech by President Bola Ahmed Tinubu was completely silent on the issue of the repair of our national refineries.

“Second, consistent with our perception of the misalignment of Mr. President’s promises and offerings to the reality faced by millions of workers and ordinary Nigerians was the faiture of President Tinubu to unmask those behind the looting of Nigeria’s commonwealth under the guise of petrol subsidy. It is unacceptable for the President and Commander-in-Chief to lament like ordinary Nigerians about a group that Mr. President routinely referred to in his speech as the “elites of the elites” who have stolen so much from Nigeria that they have become so powerful as to constitute a threat to democratic governance. What Nigerians expected from Mr. President is a firm commitment to bring these economic saboteurs to justice and recover what they have stolen.

“Third, Mr. President’s statement on working with Organised Labour to review the national minimum wage is out of sync with what has played out since President Tinubu removed the so-called petrol subsidy. In all the meetings scheduled by the government, Organised Labour has been forced to negotiate with empty chairs on the Federal Government’s side as the Federal Government has not matched its public promises with firm commitment to negotiate in good faith with labour. As a matter of fact, the sub-committee on wage award has not been inaugurated and has not met.

“Furthermore, Organised Labour is disturbed that while President Tinubu in his speech lavishly praised the Private Sector for quickly dispensing wage award to their employees, the Federal Government has failed to do the same for public workers in its employment. This is a clear case of failing woefully to live up to the standards it has set for others to meet. It is open knowledge that the review of the national minimum wage is a matter of the law which is expected to happen in 2024. How would Nigerian workers cope with the current reality of hyper inflation and suffering unleashed by the hasty removal of the so-called petrol subsidy till 2024 when the national minimum wage would be reviewed? This is incredible!

“Fourth, the claims of interventions by the Federal Government through palliatives, loans and conditional grants to poor Nigerians, big manufacturing concerns and small businesses and provision of CNG buses remain what they are promises! Nigerians are used to such promises which have never produced any verifiable and meaningful changes in the lives of citizens.

“Fifth, for many Nigerians, it is incomprehensible that the principal actors in the current government including Mr. President himself were clear in 2012 on the need to tackle the fundamental issues that brought about petrol subsidy. Those issues included the failure of previous governments to repair our national refineries and bring those behind the monumental subsidy sleaze to book. Today, these issues were swept under the carpet in President Tinubu’s speech. Nigerians wonder “what has changed?”

“Finally, we wish to assure Nigerians that the Nigeria Labour Congress remains committed to matching discussions with government with the current realities of sufferings that Nigerians are going through. Until we see real commitment by government to do the needful to improve the lot of Nigerians and ameliorate the sufferings workers and ordinary Nigerians are going through, we remain committed to continue with our struggle.”

The President of the Senate, Godswill Akpabio has said that the salaries of members of the National Assembly were not enough to take care of demands from their constituents.

According to the Senate president, the lawmakers earnings were too inadequate to cater to the volume of requests from various constituents represented in the National Assembly.

Akpbabio stated this on Monday while contributing to the debate on a motion sponsored by Abdulraman Kawu Suleiman, member of the New Nigeria Peoples Party (NNPP) representing Kano South, on the need to avert impending strike planned by the Nigeria Labour Congress (NLC).

Akpabio conceded that though hardships associated with the removal of subsidy on petroleum products were enormous, there was need for the people to be more patient with government while steps were being taken to ameliorate sufferings of the people.

Kawu, while defending his motion, said that “the strike would cripple the country as movement would be severely curtailed as commercial transport operators would withdraw their services, while markets, schools and healthcare facilities would be forced to shut down.”

He argued that the strike if not averted would plunge the nation into deeper economic woes, dislocate businesses and lead to hunger, frustration, more hardship.

“NLC strike is also a bad reputation for the Nigerian economy and the educational system because it portrays the country in a bad light to the external world and discourages foreigners from coming to do business or study in Nigeria,” Kawu added.

The Senate after the debate mandated its leadership to interface between the Nigeria Labour Congress and the Federal Government in order to avert strike.

Nollywood actor and Labour Party (LP) chieftain, Kenneth Okonkwo, has made a mockery of President Bola Tinub over the national broadcast on the current economic challenge in the country.

Naija News reports that Tinubu, in his speech, revealed plans are underway aimed at easing the current hardship many Nigerians are facing.

The president also spoke on minimum wage, fuel subsidy, which was mostly benefited by a selected group of individuals, the economy, approval of N50 billion for small-scale businesses and plans to roll out buses across states and local government for mass transit at affordable rates.

In a post via Twitter on Monday, Kenneth said Tinubu blamed everyone for the current economic woes except himself.

The LP chieftain noted he was surprised that Tinubu could blame a few powerful, rich people for being responsible for the country’s problem.

According to him, the president also failed to initiate urgent methods to fix the country’s refineries to stop 100% importation of refined petroleum, which is the greatest destroyer of foreign exchange.

He tweeted, “Just listened to the leader of APC’s broadcast and heard him blaming every other person, except himself, for Nigeria’s woes. Surprised that he blamed few powerful rich people for our problem. I will agree with him if he will agree that he is the leader of the few powerful rich people plaguing us.

“He confessed that he has no solution to the current economic hardship as, according to him, there’s none. He failed to initiate urgent methods to fix our refineries to stop 100% importation of refined petroleum, which is the greatest destroyer of our foreign exchange.

“Giving loans and expecting payback within one year in a depressed economy can only be possible with traders of hard drug. What a missed opportunity! This is really renewed hopelessness.”

Nigeria’s Service Chiefs have pledged to be loyal to President Bola Tinubu by carrying out their responsibilities wherever they are assigned.

On Monday, the Chief of Defence Staff spoke on behalf of others following their decorations at the Presidential Villa’s Council Chambers in Abuja.

Tinubu presented the newly-appointed Service Chiefs with their new ranks on Monday in Abuja, charging them to work together to ensure the country’s peace and stability.

Before the ceremony, the Senate had already confirmed their appointments.

General Christopher Musa is the new Chief of Defence Staff (CDS); Lt-General Taoreed Lagbaja is the new Chief of Army Staff (COAS); Air Marshal Hassan Abubakar is the new Chief of Air Staff (CAS); and Vice Admiral Emmanuel Ogalla is the new Chief of Naval Staff (CNS).

Speaking on behalf of others, Musa stated that the security chiefs would present a positive image of the country.

He said;

Our appointment is a clear manifestation of the confidence reposed in us and recognition of our humble abilities to deliver for our dear nation. We pledge to carry out our duties with utmost dedication and full loyalty.

I assure Mr President that the Armed Forces of Nigeria is 100 per cent loyal to the government. We will go wherever we are ordered, whether by air, sea or land.

We will ensure that Nigeria is projected in good light. May God bless Nigeria and guide the Armed Forces in our efforts to guard our nation’s territorial integrity, and ensure peace and security reigns supreme.

Earlier, the President stated at the event, “We have seen that we are recording positive results in our security challenges because of your dedication, commitment, and steadfastness.”

Aside from internal security challenges, Tinubu, as ECOWAS Chairman, is currently tasked with restoring democratic order in Niger.

Last week, President Mohamed Bazoum of Niger was deposed by a military coup

Veteran Yoruba actor Musiliu Ajikanle is dead

Ajikanle died on Monday after seven years of battling with stroke.

Nollywood filmmaker and actor Saliu Gbolagade made the announcement in an Instagram post on Monday.

Sharing the picture of the deceased, the filmmaker wrote: “Ina Lilah Waina Allah Rajiun. God gave each of us the gift of life, and God gifted us with eternal life.

“Rest well, my dear friend Musiliu Ajikanle, your footsteps can never be filled, nor your love ever forgotten. May the blessings and peace of a good life lived follow you into heaven.”

Yoruba movie celebrities like Ayo Mogaji, Fathia Balogun, Sola Kosoko, and actor Portable took to the comments section to express their condolences.

Ohanaeze Ndigbo has agreed to hold a discussion with the acclaimed prime minister of Biafra Government in Exile, Mr Simon Ekpa, and his group to find a lasting solution to their incessant sit-at-home orders in Southeast.

The president general of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyawu, disclosed this Monday night in a release he personally signed.

Quoting Chief Iwuanyawu, “As a father, I hereby request Mr Simon Ekpa and his group for a discussion and an opportunity to air their grievances.”

Ohanaeze, in the release, said it was disheartening that the people of Southeast of Nigeria ‘are being subjected to hardships by the incessant call for sit at home’.

According to him, “Unfortunately several non-state actors in an attempt to enforce the order have unleashed mayhem on the people. Several people have been killed, maimed and property worth millions of naira have been destroyed.

“The sit-at-home order has been instilling fears and trepidation on the good people of the Southeast, making it difficult for people to come out to transact their lawful businesses. The Southeast is noted for micro, small and medium-scale enterprises, indigenous manufacturing, fabrication and agro-allied industries. Authorities have put the losses encountered by the people of Southeast at trillions of naira on each sit-at-home day.”

Iwuanyawu said the region had witnessed loss of clients and customers who find alternatives because of the unstable business environment in the Southeast, adding that, “The food transporters to the Southeast charge more for a trip to the region because of these sit-at-home orders.”

Iwuanyawu further highlighted the increasing insecurity and activities of unknown gunmen in the region because of the sit-at-home orders, noting that, “Over 250 persons are estimated to have lost their lives through the enforcement of the sit-at-home order.”

On the fresh two weeks’ sit-at-home declared by Ekpa, Iwuanyawu said, “This is unacceptable and must not be allowed to succeed in Igboland.”

He recalled that IPOB leader, Nnamdi Kanu, through his special counsel, Barr Aloy Ejimakor, last Friday cancelled sit at home with an order to Ekpa to desist from declaring further sit-at-home.

Quoting him, “Kanu, on whose behalf Ekpa claims to be working, has directed the said Simon Ekpa ‘to end all sit-at-home in the Southeast and to stop antagonizing the governors of the Southeast or politicians from the region’.

“It is disturbing that at a time Ohanaeze is engaging the Igbo entrepreneurs all over the world on a think-home philosophy, a foreign based Igbo is bent on destabilizing the home front.”

Iwuanyawu therefore declared that, “The sit-at-home in Igbo-land should be discountenanced. I urge the security operatives to exercise the highest degree of prudence in the discharge of their official duties to avoid further loss of innocent lives in Igbo-land.”

He commended Southeast governors on their efforts to put a stop to the order, and sympathised with ‘families who have lost loved ones and property during these sad and unfortunate events’.

The organised labour has said it will hold its planned nationwide protest on Wednesday despite the Monday rollout of subsidy removal palliative plans by President Bola Tinubu.

Tinubu had in a national broadcast unveiled N500bn palliative for manufacturers, small businesses and farmers. He also released plans to increase salaries and acquire 3,000 mass transit buses. 

Notwithstanding the President’s last-minute moves to avert the protest, the Nigeria Labour Congress President, Joe Ajaero, said the rally would hold in line with its schedule.

Ajaero spoke shortly after talks between the organised labour and the Federal Government on Monday became inconclusive. The talk is expected to resume on Tuesday (today).

The Presidential Steering Committee on Palliatives meeting between the government and labour was held at the Aso Rock Villa, Abuja.

“We just adjourned to go and listen to Mr. President’s speech and to continue with our conversation tomorrow (Tuesday). Our peaceful rally will go on as scheduled…this rally has been fixed,” Ajaero told journalists after the meeting.

Ajaero allayed the fears that the peaceful protest could be taken over by hoodlums, saying that such had never happened in any of its workers’ protest.

However, he said security agencies were responsible for safeguarding workers in such exercises.

The meeting of the steering committee was adjourned till 12noon on Tuesday.

Reacting to Tinubu’s economic reforms especially on the exchange rate and others, Ajaero said “By the time you have a single market (exchange rate) and you are not having anything that has a comparative advantage, your energy is import driven, then how are you going to control it?

“How are you going to control somebody that exchanged dollar at about N900? Are you going to tell him to sell below the price?

“How are you going to tell even the Discos not to increase their tariff with the high cost of production today? Even corn in the villages that was sold at N18,000 in February; now it’s about 56,000. How are you going to control it?”

On his part, the President’s Chief of Staff, Femi Gbajabiamila, said issues around the subsidy removal were discussed at the closed-door meeting, after which it was later adjourned.

He also said the government was dealing with the oil cabals that have crippled the economy.

He said, “We have been locked behind for a couple of hours, we had a good meeting, issues were thrashed out on the situation in Nigeria today in terms of issues centred around on government intervention on the situation in the country.

“We agreed to adjourn till tomorrow as you know Mr. President is making a national broadcast today. Based on what we anticipate that Mr. President will be telling Nigerians, we decided to adjourn the meeting till 12pm tomorrow (Tuesday) before labour can decide whether or not they want to continue with the protest on Wednesday.”

He added, “But we believe that after tonight broadcast, President will speak to all the issues, he will roll out his interventions and needless to say we believe any reasonable person will tell you that at that point there will be no need for any protest.”

On why the government did not roll out palliatives before ending the subsidy regime, he argued that the previous government did not budget for subsidy and that President Tinubu was rolling out palliatives to cushion its effect on the people.

Also speaking, the National Security Adviser, Nuhu Ribadu, pleaded with the organised labour to give the administration some time to fix the economy.

He said, “The meeting was an opportunity for us to appeal to the labour leaders by extension Nigerians that we are facing difficulties and challenges that are not our making.

“We inherited a very bad situation. Most of the problems people are talking about are not a creation of this government.

“This government is barely two months old and since we have been facing these difficulties and challenges, we have a listening and engaging President, a president who will want to have a conversation and react.”

Present at Monday’s meeting were Ajaero, his counterpart from the TUC, Festus Osifo; the General Secretary of NLC, Emma Ugbaja; the TUC Secretary, Nuhu Toro and other members of the organised labour delegation including Prof. Sam Amadi.

On the FG’s side were the President’s Chief of Staff, Gbajabiamila; Head of Civil Service of the Federation, Dr Folashade Yemi-Esan; Permanent Secretary, Ministry of Labour and Employment, Kachollom Daju; the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Mele Kyari; and the Special Adviser to the President on Energy, Olu Verheijen, among others.

Also, the NLC National Assistant Secretary, Chris Onyeka, said, “Our protest is irreversible, and it is a mass protest. Remember that we did not issue the notice based on the other increases. Ours is based on the N617 price increase in Premium Motor Spirit. The Federal Government has to deal with that first.”

Tinubu unveils plans

Meanwhile, Tinubu on Monday announced the release of N500bn palliative even as he promised a new wage for workers.

In a move to assuage the agony of Nigerians who are smarting from the pains of the fuel subsidy removal, the President also said 3,000 buses would be provided to address the high transportation fares occasioned by the hike in fuel pump prices.

Tinubu reeled out the promises in a nationwide broadcast on Monday evening titled, ‘After darkness comes the glorious dawn.’

The announcement is coming less than 24 hours to a planned strike and protests by the Nigerian Labour Congress over the removal of the fuel subsidy and the failure of the Federal Government to implement palliatives to cushion the attendant hardships.

But taking time to explain the reasons for the policy measures his administration had so far taken to combat the economic challenges facing the country, the President disclosed plans to roll out 3,000 CNG-fuelled mass transit buses in states and local council areas.

He said the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of the populace across socio-economic brackets.

Part of the programme, according to him, is to roll out the buses across the states and local governments for mass transit at a much more affordable rate.

He said his administration planned to invest N100bn between now and March 2024 to acquire 3,000 units of 20-seater CNG-fuelled buses.

The buses, he said, would be shared to major transportation companies in the states, using the intensity of travel per capital, adding that participating transport companies will be able to access credit under this facility at 9 per cent per annum with 60 months repayment period.

Tinubu stated, ‘’In the same vein, we are also working in collaboration with the labour unions to introduce a new national minimum wage for workers. I want to tell our workers this: your salary review is coming.

‘’Once we agree on the new minimum wage and general upward review, we will make budget provision for it for immediate implementation.’’

According to him, manufacturers, medium and small scale enterprises and farmers will get a whopping N500bn share of the palliatives that would be rolled out.

He said, ‘’ Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course. To be specific, N200bn out of the N500bn approved by the National Assembly will be disbursed as follows:

“Our administration will invest N50bn each to cultivate 150,000 hectares of rice and maize. N50bn each will also be earmarked to cultivate 100,000 hectares of wheat and cassava.

“This expansive agricultural programme will be implemented targeting small-holder farmers and leveraging large-scale private sector players in the agric business with a strong performance record.

“In this regard, the expertise of Development Finance Institutions, commercial banks and microfinance banks will be tapped into to develop a viable and an appropriate transaction structure for all stakeholders.’’

Tinubu admitted that the economy was going through a tough patch and citizens were being hurt by it, citing the high cost of fuel, food prices and others.

To ease the hardship, he said his administration desired to reduce the burden the current economic situation has imposed on citizens, businesses, the working class and the most vulnerable.

The President noted, ‘’Earlier this month, I signed four Executive Orders in keeping with my electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment.

‘’These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

‘’To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75bn between July 2023 and March 2024. Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.

‘’ Each of the 75 manufacturing enterprises will be able to access N1bn credit at 9 per cent per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.’’

Unveiling other palliatives, Tinubu added, ‘’Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125bn.

‘’Out of the sum, we will spend N50bn on Conditional Grant to one million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

‘’Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75bn. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1million at 9 per cent interest per annum and a repayment period of 36 months.’’

Palliative for farmers

To further ensure that prices of food items remain affordable, the Federal Government revealed that it had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.

In the short and immediate terms, the government said it would ensure staple foods are available and affordable.

‘’To this end, I have ordered the release of 200,000 metric tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda,’’ the President disclosed.

For several years, Tinubu said he had consistently maintained the position that the fuel subsidy had to go, stressing that the once beneficial measure had outlived its usefulness as it costs the country trillions of naira yearly.

Such a vast sum of money, he added, would have been better spent on public transportation, healthcare, schools, housing and even national security.

‘’Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance,’’ the President observed.

He declared that Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over its political economy and the institutions that govern it.

The President argued that the whims of the few should never hold dominant sway over the hopes and aspirations of the many, noting that ‘’If we are to be a democracy, the people and not the power of money must be sovereign.’’

The ex-Lagos State governor maintained that his predecessor did not make provision for the fuel subsidy beyond June in the 2023 Appropriations, stating that ‘’removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.’’

He further underscored the positive impact of the removal of the subsidy, saying it had increased the government revenues.

He explained that over N1tn had been saved within two months, which the government would channel into education loan and other programmes.

‘’In a little over two months, we have saved over a trillion naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

‘’For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money,’’ he pledged.

He regretted the unavoidable lag between subsidy removal and the palliative implementation, adding that the government is swiftly closing the time gap.

The President said he was monitoring the effects of the exchange rate and inflation on gasoline prices, promising to intervene if and when necessary.

Speaking on the multiple exchange rate system which had been scrapped, Tinubu described it as ‘’a highway of currency speculation.’’

He said it was used to divert money that should have been used to create jobs, build factories and businesses for millions of people.

‘’Our national wealth was doled on favourable terms to a handful of people who have been made filthy rich simply by moving money from one hand to another. This too was extremely unfair,’’ he lamented, stressing that it also compounded the threat that the illicit and mass accumulation of money posed to the future of the nation’s democratic system and its economy.

Tinubu reiterated his promise to reform the economy for the long-term good by fighting the major imbalances that had plagued it.

Ending the subsidy and the preferential exchange rate system were key to this fight, he explained.

‘’As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary,’’ the President submitted.

On the Infrastructure Support Fund, the President said it would enable the states to intervene and invest in critical areas and bring relief to many of the pain points as well as revamp their decaying healthcare and educational Infrastructure.

‘’The fund will also bring improvements to rural access roads to ease evacuation of farm produce to markets. With the fund, our states will become more competitive and on a stronger financial footing to deliver economic prosperity to Nigerians,’’ he assured.

Tinubu saluted private employers in the Organised Private Sector who have already implemented general salary review for their employees.

He urged Nigerians to look beyond the present temporary pains and aim at the larger picture.

Meanwhile, a new public opinion poll conducted by NOIPolls recently said 73 per cent of adult Nigerians (who responded to the poll) were facing hard times due to the fallout that has trailed the removal of fuel subsidy.

According to the poll, 10 per cent of respondents said they could no longer sustain their businesses, while another 10 per cent complained that they now spend more on transportation. Others said they could not cope with the increased cost of goods and services.

To cope with the hardship, some respondents revealed that they have significantly cut down their conventional expenditure while others indicated that they have reduced the number of days they work.

More findings from the poll revealed 52 per cent of Nigerians believe the fuel subsidy removal is not worth the attendant hardship it has caused. Also, 50 per cent of the respondents disclosed that they are unable to buy fuel at its current price as it is too expensive for them.

The country’s external reserves lost $167.2m in July, as the naira fell further to the dollar.

Figures obtained from the Central Bank of Nigeria on movement of external reserves showed that the reserves which ended June 30, 2023 at $34.12bn, fell to $33.95bn as of July 28, 2023.

In the past two weeks, the naira fell from 820/$ to 868/$ at the parallel market on Monday.

At the I&E window on the FMDQ, the naira trading commenced at 784.91/$ and reached a high of 830/$ before closing at 756/$.

A Bureau de Change Operator in Lagos, Mr Abudul Ahmed, said, “We bought and sold the dollar today (Monday) at 860/$ and 868/$.”

Speaking on the forex pressure with The PUNCH, the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, said, “Optimism is giving way to pessimism with continuing lack of confidence in our local currency. This has led to increase in Fx holding position, hoarding and speculation.

“The core objectives of the harmonization of the multiple exchange rate is to discourage arbitrage and rent seeking, however, the recent trajectory does not seem to achieve that.”

He added that, “The increasing demand of oil marketers, investors backlog, school fees and travellers have continue to mount demand pressure on the limited dollar availability in the market.”

To immediately address the looming situation of the local currency, he said, “We need to ensure additional foreign finance either bilaterally or multilaterally to enhance liquidity.”

At the last Monetary Policy Committee meeting in Abuja, The acting Governor, Central Bank of Nigeria, Folashodun Shonubi, said the bank would address the demand pressure on the country’s exchange rate, as the naira continued to slide against the dollar.

The accretion to external reserves remained weak while foreign exchange demand pressures persisted, he said.

Shonubi said, “The market needs to find its level. There is pent-up demand which the market cannot cater to. Once we clear this demand, the volatility will normalise. We have started intervening, and we would continue to intervene until the market gets to our level.”

Junta-led Burkina Faso and Mali on Monday warned that any military intervention in Niger to restore deposed President Mohamed Bazoum would be considered a “declaration of war against their two countries.

The warning from Niger’s military-ruled neighbours came a day after West African leaders, supported by their Western partners, threatened to use “force” to reinstate the democratically elected Bazoum and slapped financial sanctions on the putschists.

In a joint statement, the governments of Burkina Faso and Mali warned that “any military intervention against Niger would be tantamount to a declaration of war against Burkina Faso and Mali”.

They said the “disastrous consequences of a military intervention in Niger… could destabilise the entire region”.

The two also said they “refuse to apply” the “illegal, illegitimate and inhumane sanctions against the people and authorities of Niger”.

At an emergency summit on Sunday, the Economic Community of West African States (ECOWAS) demanded that Bazoum be reinstated within a week, failing which it would take “all measures” to restore constitutional order.

“Such measures may include the use of force for this effect,” it said in a statement.

The bloc also slapped financial sanctions on the junta leaders and the country, freezing “all commercial and financial transactions” between member states and Niger, one of the world’s poorest nations, which often ranks last on the UN’s Human Development Index.

Pressure to push the perpetrators of the July 26 coup to quickly restore constitutional order is building from Western and African partners in Niger, a country considered essential in the fight against jihadist groups that have ravaged parts of the Sahel region for years.

Former colonial power France and the United States have between them deployed 2,600 soldiers in Niger to help battle the jihadists.

Extremely dangerous

Niger’s junta on Monday accused France of seeking to “intervene militarily” to reinstate Bazoum, which French Foreign Minister Catherine Colonna denied.

“It’s wrong,” Colonna told France’s BFM news channel of the allegation, adding it was still “possible” to return the president to power.

“And it’s necessary, because destabilisation is perilous for Niger and its neighbours,” she said Monday evening.

French President Emmanuel Macron on Sunday vowed “immediate and uncompromising” action if French citizens or interests were attacked, after thousands rallied outside the French embassy in Niamey. Some tried to enter the compound but were dispersed by tear gas.

Colonna said the demonstration had been “organised, not spontaneous, violent, extremely dangerous, with Molotov cocktails, Russian flags appeared, anti-French slogans (that were) an exact copy of what you can hear elsewhere”.

Russia has called for the swift return of “the rule of law” and “restraint from all parties” in Niger.

Macron has spoken to Bazoum several times as well as to regional leaders, the presidential palace in Paris said.

Bazoum — a Western ally whose election just over two years ago marked Niger’s first peaceful transition of power since independence from France in 1960 — was toppled on July 26 by the elite Presidential Guard.

Guards chief General Abdourahamane Tiani declared himself leader — but his claim has been rejected internationally and ECOWAS has given him a week to hand back power.

Bazoum is one of a dwindling group of elected presidents and pro-Western leaders in the Sahel, where since 2020 a jihadist insurgency has also triggered coups in Mali and Burkina Faso.

Bazoum’s PNDS party on Monday warned Niger risked becoming a “dictatorial and totalitarian regime” after a series of arrests.

The country’s oil minister and mining minister were arrested that morning, according to the party. The head of the PNDS’s national executive committee was also arrested.

The PNDS said the junta had previously arrested the interior and transport ministers along with a former defence minister.

The European Union condemned the arrest of ministers from the ousted government and demanded they be freed immediately.

Coups and jihadists

Landlocked Niger became the third Sahel country in less than three years, following neighbours Mali and Burkina Faso, to be shaken by a military coup.

In all three nations, a jihadist insurgency strained fragile governments, stoked anger in the military and rained economic blows on some of the world’s poorest countries.