The President of the Republic of Korea, Yoon Suk Yeol, has said that Nigeria is the gateway to Africa as far as the continent’s economy is concerned.

Yeol stated this through his Special Envoy to President Bola Ahmed Tinubu, Jang Sungmin, in Abuja.

Briefing journalists, Sungmin said President Yoon Suk Yeol who came to power last year has a special place in his heart for Africa.

Sungmin, who spoke through an interpreter and Deputy Secretary to the President of the Republic of Korea for Future Policy, Yoo Chang-ho, also said the South Korean President has announced policies to expand cooperation with Africa.

He stated that only a month ago, Yeol sent a special envoy delegation to the inauguration of President Tinubu.

“But within a span of few weeks, he has sent me, the Senior Secretary in the Office of the President again as a Special envoy to visit Nigeria to emphasise the willingness and commitment of the Korean Government to cooperate, especially in the area of the economy, to cooperate with Nigeria because Nigeria is the gateway to Africa,” Sungmin said.

Sungmin further said the composition of his delegation which included the Vice President, SK, Mr Guillaume Barthe-Dejean; the Chief Financial Officer, LG Electronics Nigeria Corp, Mr Kim Inkyu; Korea International Development Agency, Ms Park Hyesong, showed President Yoon Suk Yeol’s commitment and willingness to find better ways to cooperate with Nigeria.

“President Yoon Suk Yeol has sent me as his Special Envoy to this great nation because this great nation is the leader of Africa; it has the biggest market in Africa; it has the largest population in Africa; it has the biggest natural resources in Africa and the largest arable land – all the criteria for economic power in Africa,” Sungmin added.

Sungmin also said Korea is a country that has all the technologies and development know-how and economic prosperity to lead the fourth industrial revolution.

“Korea is already leading that industrial revolution and so, President Yoon feels that by combining forces, by finding avenues to cooperate further economically, Korea and Nigeria’s cooperation will lead to the prosperity for Nigeria and probably, a much faster economic development for Nigeria than Korea had experienced, but also, it will enhance further prosperity for Africa as well,” Sungmin stated.

Also speaking, the Vice President, SK, Mr Guillaume Barthe-Dejean, said the world, over the last four to five years, has changed drastically.

“I think what we have seen is the vast disruption of supply chains globally and I think for this reason, Korean companies will be increasingly interested in partnering with countries in Africa to stabilise the supply chains and make sure that they are more resilient and this will take the form of off-take agreements or investments or greater collaboration and partnership with countries in Africa and we very much hope this will be the case for Nigeria too,” Barthe-Dejean said.

[Sun]

The latest data from the Central Bank of Nigeria (CBN) shows that the currency in circulation (CIC) reached a year high of N2.5 trillion in May 2023, up by 7.4% from N2.3 trillion in January 2023.

The CIC comprises the currency outside the banking system and the vault cash of banks.

The total money supply in the country however fell slightly for the first time since July 2022 to N55.5 trillion. It was N55.6 trillion in April 2023.

What the data is saying

According to the data seen by Nairametrics, currency in circulation rose from N2.3 trillion to N2.5 trillion the highest recorded in 2023, and since the supreme court reversed a CBN policy on new naira notes.

Meanwhile, currency outside banks also rose to N2.1 trillion in May from N2 trillion at the end of April 2023.

• Currency in circulation in Nigeria has been on the rise since the supreme court ruled against the new naira notes policy introduced by the apex bank in late 2022.
• The policy had been largely criticized by most Nigerians due to its poor implementation and the spate of scarcity it created across several cities in the country.

The central bank stated that the policy was introduced to curb excess money supply, especially physical cash which it claimed contributed to inflation.

The rise follows the Supreme Court ruling

The spate of rise in currency in circulation suggests the country is gradually going back to trends recorded in 2022 when the currency in circulation grew month and month climaxing to about N3.3 trillion in May 2022.

• Between February when the currency in circulation was around N982 billion and May this year, currency in circulation has risen by 50%, the fastest we have seen in recent years.
• In fact, between the 29% month-on-month drop in February, currency in circulation rose 71% to N1.6 trillion in March and 41% from March to N2.3 trillion in April 2023.
• Currency outside banks has also risen in a similar trend growing by 71% and 44% month on month in March and April 2023 respectively.

Nairametrics analysts also opine the sharp rise in currency in circulation may also be due to the effect of the central bank policy as more Nigerians may have been dissuaded from saving in banks.

What this means:  The recent surge in currency in circulation in Nigeria, accompanied by the rise in currency outside banks, has significant implications for inflation management and exchange rate depreciation.

• The increase in physical cash flow, following the Supreme Court ruling against the new naira notes policy, challenges the effectiveness of the measures implemented by the Central Bank of Nigeria (CBN) to control inflation.
• As the availability of physical cash grows, there is a possibility of increased demand for foreign currencies, potentially impacting the exchange rate.
• Policymakers must closely monitor these developments to ensure effective inflation management and maintain exchange rate stability, fostering a healthy economic environment for Nigeria.

Lower interest rates on customer deposits also affect the increase in money supply as Nigerians prefer to keep their cash than invest in fixed-income securities.

There is also fear that this could compound Nigeria’s exchange rate situation.

[Nairametrics]

The Zamfara State Government on Tuesday said there were no plans to dialogue or negotiate with terrorists or any other criminal group but would wage war against them until they were eliminated from the state.

The Secretary to the State Government, Abubakar Nakwada stated this while addressing journalists about the activities of the present administration of Governor Dauda Lawal and that of his immediate predecessor, Bello Matawalle.

Matawalle’s government had initiated a peace dialogue with the bandits which was later stopped in September 2021 due to persistent bandit attacks on rural communities in the state.

Nakwada however stated that the current administration had no plan to initiate any reconciliation efforts or have discussions with the terrorists.

Rather, the SSG said the mission of Lawal’s government is to go after the such criminals wherever they may be hiding to flush them out of the state and restore order and peace.

He expressed the administration’s commitment to ensuring accurate record-keeping, transparency and accountability in governance.

Nakwada warned that any public official who falls short of these ideals in the discharge of his or her duty would face the consequences.

Meanwhile, the SSG has revealed that the state government is in talks with the National Examination Council (NECO) to resolve the three years backlog of unpaid examination fees by the past administration.

The Peoples Democratic Party (PDP)-led government accused the immediate past administration of expending N17.5 billion for the construction of the International Cargo Airport, saying nothing meaningful was done on the project.

The state government also announced the immediate suspension of all permanent secretaries that were appointed after the 2023 general elections, as well as all newly created districts and village heads appointed from December 2022 to May 2023.

It also revoked all landed properties in some areas in Gusau that were considered not to have been done in the interest of the public.

Nakwada also assured workers and pensioners that the state government under the leadership of Governor Lawal planned to pay salaries for June and pension allowances this Tuesday to enhance their welfare and quality of life.

[Channels Tv]

Former President Muhammadu Buhari has described the leadership of Nigeria as one of the hardest challenges in life.

He said this in his Eid-el-Kabir message to Nigerians.

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Buhari handed over power to President Bola Tinubu on May 29, 2023, and withdrew into private life afterwards.

In the statement, which Mallam Garba Shehu, former presidential spokesman, issued on Tuesday, Buhari appealed to Nigerians to rally round his successor.

“Leading a country like Nigeria is one of the hardest challenges in life and urged Nigerians to fully support the Tinubu Administration to succeed and that leadership is a challenging task that demands the sacrifices and support of the citizens.”

Buhari said this 24 hours after he claimed that Tinubu would have lost if he removed fuel subsidy.

In a statement on Monday, Buhari defended his action, saying he did not toe that path in order to avoid the All Progressives Congress (APC) losing the February 25 election.

Shehu said there were multiple subsidies that the Buhari administration inherited in 2015, but they were gone before he handed over power.

“Why did it take the new Tinubu/ Shettima presidency weeks to remove the petrol subsidy when Buhari didn’t do so for years fails to ask the right question. The massive electricity subsidy. The fraudulent fertilizer subsidy. Hajj/Christian Pilgrim subsidies. Remember them?”

“The diesel subsidy. The aviation fuel subsidy. LPFO. Kerosene. Cooking gas and the other subsidy policies we found in place, and put them firmly on the ground. Remember them?

“For those with short memories, many of those subsides were all in place when president Buhari was elected to office in 2015: all those in place were gone by May 2023 – including the annual fertilizer subsidy that weighed 60-100 billion Naira (that’s trillion naira in about 10 years – yes you read that right) heavy on the federal budget each year.

“So no, Buhari didn’t remove the petrol subsidy – but in vitally important stages he removed every other budget-busting, egregious, economic-growth-crushing subsidy along the way.

“So far I have refrained from answering these repeated questions on the removal in Nigeria of subsidies on Premium Motor Spirit, PMS and that arising from the dual rates of the Naira in the Central Bank and the parallel market: Why did Buhari “fail” to do these?

“First of all, my thinking is that instead of the former President answering this question, it is the Party, the All Progressives Congress, APC that is best suited to speak and failing to do this, we are forced to say what will follow here.

“Secondly, we are mindful of the fact that with a Tinubu/Shettima presidency now in place and for which there is a “New Sheriff in Town.”

“We do not want to distract them from the onerous tasks facing them and the nation. Neither is it our wish to take the spotlight away from them in any way.

“In terms of the timings of the decisions to remove fuel subsidy and unify the currency, the Tinubu/Shettima administration has done overwhelmingly well. Even more importantly, they have been most dexterous in managing the aftermath of the decisions by successfully avoiding any crisis.

“To this extent, our wish and prayers are that fellow countrymen will continue to support the new leadership in these very laudable decisions and, in particular, for the Labour leadership and civil society to work with them to ensure that the palliative efforts as promised are successfully implemented.

“The decision to remove subsidies, as in our case – and we believe in all situations – was not for the President to take all by himself.

The Bayelsa State Council of the Nigeria Union Of Teachers (NUT), has threatened to embark on strike and shut down schools across the eight local government councils of the state if the N30,000 minimum wage is not implemented for primary school teachers.

The teachers’ body in a statement on Tuesday signed by Comrade Clinton Ikiba; Chairman NUT Yenagoa, Ekereke Aruaman; Chairman NUT Ogbia, Okada Imomotimi; Chairman NUT Sagbama, Dokubo Innocent; Chairman NUT Brass, Amakiri Idubie; Chairman NUT Nembe, Ebikabina Taribina; Chairman NUT Kolokuma Okpukuma, Koko Opuro Michael; Chairman NUT Ekeremor; and Sudowei Stephen Solomon, Chairman NUT Southern Ijaw, expressed displeasure over the inability of the state and local government councils to implement the N30,000 minimum wage for primary school teachers in the state.

The union said the ugly trend has brought a lot of setbacks and untold hardship to primary school teachers in the state, as other workers have been receiving the N30,000 minimum wage since three years ago, while that of primary school teachers is yet to be implemented.

According to them, for the crucial role of teachers, their welfare should not be compromised or sacrificed on the altar of neglect and abandonment, because teachers are the determinant of development in society.

The union called on the state government to take proactive and serious measures against the unacceptable injustice meted on teachers and restore them to their statutory salary steps to curtail more problems in the system.

They appealed to the state government to implement the harmonize upward review of the retirement age of primary and secondary school teachers from 60 to 65 years and service, from 35 to 40 years as already implemented by the federal and some states in the federation.

The union equally appeal to the state government for the upward review of headmasters’ imprest, pointing out the enormous responsibilities in the schools, especially as the Bayelsa PRIME has taken over the school system.

They also solicited the employment of more teachers in both primary and secondary schools in the state to address the issue of inadequate classroom teachers for effective teaching and learning in the schools.

The Commander of the Amotekun Corps in Ogun State, David Akinremi is dead.

Akinremi, a retired Commissioner of Police, was said to have died on Monday evening.

It was gathered that Akinremi had been nursing an undisclosed ailment for quite some time until he breathed his last on Monday.

Akinremi was in 2021 appointed by Governor Dapo Abiodun as the pioneer Commander of the newly established Amotekun Corps.

The Amotekun Corps under his watch, worked with other security agents in their attempts to rid the State of crimes.

Confirming Akinremi’s death, the Commander of the So-Safe Corps, Soji Ganzallo, described Akinremi’s death as a rude shock.

Dr. Okanta Emefiele, the younger brother of the embattled governor of the Central Bank of Nigeria, Godwin Emefiele, has told the Federal Capital Territory High Court that the Office of the Attorney-General of the Federation and the Department of State Services, DSS, are witch-hunting his brother because of his “people-oriented financial policies” which several political actors are not comfortable with and are now looking for means to scandalize and smear his image and reputation.

Okanta, who warned that his brother may die in custody if not granted bail, made the allegation in his affidavit in support of the fundamental rights application filed by Emefiele’s lead counsel, J.B. Daudu SAN.

Among other prayers sought, Daudu had asked the court to restrain the DSS from further detaining his client under the guise of investigating him for terrorism financing, fraudulent activities, thereby interfering with his right to freedom of movement, personal liberty, and human dignity.

In his affidavit before the court , Okanta stated he has the consent and authority of his elder brother to depose the statement on his behalf since he was still being detained at the DSS facility.

Buttressing his allegations of a political witch-hunt by AGF and DSS, Okanta said the respondents have allegedly been applying to various courts with a view to obtaining favourable orders so as to help legalize the illegality certain unnamed politicians have finetuned against him.

“That Mr. Emefiele who served Nigeria meritoriously and brought laudable financial and monetary policies, as approved by the former president of Nigeria, Muhammadu Buhari, is now being treated like a common criminal, kept in an inhuman condition, denied food, his medications, and his spouse; family members, doctors, and lawyers, are not allowed access to him.

“I know as a fact that this policy is a serious blow to several politicians and a clog in electoral fraud in Nigeria as several dishonorable politicians set out plans to rig the 2023 General Elections through vote buying and electoral fraud, while insecurity is on the rise.

“That I know as a fact that one of such plots by these politicians includes to frame the applicant on unfounded allegations of terrorism financing, fraudulent practices as well as allegations of plots to cover up N89 Trillion stamp duty fraud, which the former administration of President Buhari had personally debunked as been untrue, unfounded and unmeritorious in all regards,” he stated.

He further alleged that these mindless and faceless politicians planned to use the instrumentality of the judicial process to intimidate, harass and oppress and force him out of office in order to continue in the “old pattern of electoral fraud and vote buying.”

He further contended that the detention of Emefiele remains illegal because it has already been determined with finality by Justice M.A. Hassan of the same court of coordinate jurisdiction in a matter between the Incorporated Trustees of Forum For Accountability and Good Leadership versus President, Federal Republic of Nigeria(Suit No: FCT/HC/GAR/CV/41/2022).

Okanta urged the court to order the release of the embattled CBN governor, adding that if the court fails to intervene, he “would be subjected to considerable physical and psychological torture, which may lead to his death, incapacitation or aggravation of his ill-health for no just cause.”

While the court has fixed July 13 for ruling on the application, THE WHISTLER reports that the AGF and DSS had raised preliminary objections to Emefiele’s applications and affidavit.

In a counter affidavit filed by its counsel, I. Awo, the DSS denied the allegation of political witch-hunt, maintaining that it remains apolitical and does not act in the interest of any political group or persons.

“The applicant was arrested upon reasonable suspicion of committing acts which constitute a criminal breach of trust, incitement to violence, criminal misappropriation of public funds, economic sabotage, economic crimes of national security dimensions, and undermining the security of Nigeria;” he said.

Awo further contended that upon the arrest of the applicant, a detention order was obtained from a court of competent jurisdiction to enable the agency to keep him in lawful custody for 14 days having discovered that investigations into his office will take a little while to conclude.

For the AGF, its legal team urged the court to decline jurisdiction on Emefiele’s request for release following investigations into his office.

Recall that President Bola Tinubu had on June 9 suspended the CBN governor from office, to enable investigation into allegations against him.

The CBN Deputy Governor in charge of Operations, Folashodun Adebisi Shonubi, was subsequently directed by the president to step in an acting capacity.

…Urges FG to mitigate Nigerians’ suffering

The World Bank has tasked the administration of President Bola Tinubu to rebuild Nigeria’s fiscal space, following the removal of petrol subsidy and the unification of the Foreign Exchange (FX)rates.

The bank’s position was contained in its latest Nigeria Development Update (NDU), released, yesterday.

The removal of the petrol subsidy and foreign exchange (FX) management reforms, according to the report, were crucial measures to begin to rebuild fiscal space and restore macroeconomic stability, and the opportunity should be seized to take further, necessary policy reform steps.

It noted that the new administration had initiated critical reforms to address macroeconomic imbalances.

Specifically, the organisation said that the president should seize the window of opportunity for a transformative impact on the lives of millions of Nigerians and establish a solid foundation for sustainable and inclusive growth.

The June 2023 edition of the NDU, titled “Seizing the Opportunity”, added that it was critical to implement a comprehensive reform package encompassing a range of complementary measures, including a new social compact to protect the poor and most vulnerable, to maximize the collective impact on growth, job creation, and poverty reduction.

The report showed that in the first part of 2023, Nigeria’s economic growth weakened, as real Gross Domestic Product (GDP) growth fell from 3.3% in 2022 to 2.4% year-on-year (y-o-y) in Q1 2023.

It added, “The challenging global economic context has put pressure on Nigeria’s economy.

” However, domestic policies play a major role in determining Nigeria’s economic performance and resilience to further external shocks.

“The previous mix of fiscal, monetary, and exchange rate policies, including the naira redesign program, did not deliver the desired improvements in growth, inflation, and economic resilience.

“The new government has recognized the need to chart a new course and has already made a start on critical reforms, such as the elimination of the petrol subsidy and reforms in the FX market.

“With the petrol subsidy removal, the government is projected to achieve fiscal savings of approximately 2 trillion naira in 2023, equivalent to 0.9% of GDP. These savings are expected to reach over 11 trillion naira by the end of 2025.

“However, compensating transfers will be essential to help shield the most vulnerable Nigerian households from the initial price impacts of the subsidy reform, as without compensation, many households could be pushed into poverty by higher petrol prices and have to resort to coping mechanisms with long-term adverse consequences.

” Similarly, the move to harmonize the FX windows will help to improve the efficiency of the FX market, unlock private investment, and reduce inflationary pressures, but it is crucial to complete this important reform by removing FX restrictions, clearly communicating how the new FX regime will operate, and implementing supportive monetary and fiscal policies.”

The report recommended specific, critical measures to build on the new government’s bold start in making critical reforms, to ensure that Nigeria rose to its full potential.

These included: restoring macroeconomic stability by increasing non-oil revenue, reducing inflation through a sequenced and coordinated mix of trade, monetary and fiscal policies, and completing the FX reform; expanding social protection to protect the poor and most vulnerable; and developing and communicating how, as fiscal space recovers, resources will be redirected.”

In his remarks, Shubham Chaudhuri, World Bank Country Director for Nigeria also said, “The current move by the Government to implement long-anticipated reforms such as the removal of costly and opaque petrol subsidy, and efforts to harmonize the multiple FX windows, are timely and crucial to set Nigeria on the path of economic growth.

“These reforms should be accompanied by compensatory actions to mitigate the short-term impact on the poor,” said.

“Nigeria should now seize the opportunity to implement a robust, large-scale cash transfer program to provide quick relief to the poor, near poor, as well as low-income households which are most directly affected by higher petrol prices, as part of a broader compact to redirect scarce fiscal resources towards development priorities”.

The presidential candidate of the Labour Party, LP,  Peter Obi has reacted to recent demolition of some buildings by government, saying the Nigerian citizens should not be subjected to the additional stress of unexpected hardship. 

Obi stated this in a statement via his verified Twitter handle on Tuesday.

According to him, although some of the demolitions might be excusable, they had left many victims, mostly ordinary people, who are either innocently ill-informed or misguided.

Obi said the primary duty of any government is to care for and protect its citizens.

The former Anambra State governor advised that “necessary corrective measures to planning or zoning violations by governments, need not be punitive or unduly insensitive.”

He stated, “In Nigeria, we live in a time of extreme difficulties for citizens because of stagnated income, spiralling inflation, huge unemployment escalating socio-economic costs and high costs of living.

“Nigerian citizens should therefore, not be subjected to the additional stress of unexpected hardship. Moreover, the various concerned governments should consider paying compensation to those who have lost properties and livelihoods in these unfortunate demolitions to ameliorate their suffering.

Such compensation should fall under the rubric of eminent domain that is applicable for properties and assets acquired or demolished in the public interest.

“It cannot ever be overemphasized that the primary duty of any government is the responsibility to care for and protect her citizens.”

Recall that the Lagos Government had on June 16 begun the removal of what it described as distressed buildings in the Alaba International Market located in the Ojo Local Government Area of the state.

The enforcement team of the Lagos State Building Control Agency, LASBCA and the Lagos State Task Force embarked on the joint exercise.

Following the controversy that trailed the exercise, the government insisted that the exercise was a measure to prevent disaster.

However, Obi maintained that Nigerian citizens should not be subjected to the additional stress of unexpected hardship.

The statement reads, “Recently, there have been reports of widespread government demolition of so-called ‘illegal’ structures erected by some innocent Nigerian citizens in error. 

“We face a paradox: with a 70 million housing deficit and vast unmet housing needs nationwide, some resort to self-help by building structures that serve as homes, businesses, SMEs offices and stores.

“Invariably, some of these structures were either not approved or were built with the tacit collusion or approval of the local authorities.

“While some of these ongoing demolitions may be excusable, they have nonetheless, left many victims, mostly ordinary people who erred innocently or were ill-informed or misguided. Necessary corrective measures to planning or zoning violations by governments need not be punitive or unduly insensitive.

“There should always be room for compassion and humane correction in taking any remedial action. I respectfully appeal to various governmental authorities to marry the need to enforce compliance with extant regulatory regimes, with consideration for human feelings and necessary compassion.”

[Vanguard]

The candidate of the Labour Party in the February 25 presidential election, Peter Obi, has condemned the widespread demolition of “so-called ‘illegal’ structures erected by some innocent Nigerian citizens in error”.

Recall that some state Governors, particularly Abba Kabir Yusuf of Kano state, had commenced a demolition spree of structures approved by the past administration.

However, Obi in a post on his verified Twitter handle on Tuesday said it was counterproductive to demolish structures that serve as homes, businesses, SMEs offices and stores despite Nigeria’s 70 million housing deficit.

The LP candidate who noted that some demolitions may be excusable urged governments across the country to sensitive to the plight of ordinary Nigerians.

He appealed to regulatory governmental authorities to combine the need to enforce compliance with consideration for human feelings and necessary compassion amid the huge unemployment, inflation and high costs of living that Nigerians are currently facing.

The LP candidate also called for the prompt payment of adequate compensation to victims of demolition

He said, “Recently, there have been reports of widespread government demolition of so-called ‘illegal’ structures erected by some innocent Nigerian citizens in error.

“We face a paradox: with a 70 million housing deficit and vast unmet housing needs nationwide some resort to self-help of building structures that serve as homes, businesses, SMEs offices and stores. Invariably, some of these structures were either not approved or were built with the tacit collusion or approval of the local authorities.

“While some of these ongoing demolitions may be excusable, they have nonetheless, left many victims, mostly ordinary people who erred innocently or were ill-informed or misguided. Necessary corrective measures to planning or zoning violations by governments, need not be punitive or unduly insensitive. There should always be room for compassion and humane correction in taking any remedial action.

“I respectfully appeal to various governmental authorities to marry the need to enforce compliance with extant regulatory regimes, with consideration for human feelings and necessary compassion. In Nigeria, we live in a time of extreme difficulties for citizens because of stagnated income, spiraling inflation, huge unemployment escalating socio-economic costs and high costs of living.

“Nigerian citizens should therefore, not be subjected to the additional stress of unexpected hardship. Moreover, the various concerned governments should consider paying compensation to those who have lost properties and livelihood in these unfortunate demolitions to ameliorate their suffering. Such compensation should fall under the rubric of eminent domain that is applicable for properties and assets acquired or demolished in the public interest.

“It cannot ever be overemphasized that the primary duty of any government is the responsibility to care for and protect her citizens,” he added.