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Pastor Enoch Adeboye, the General Overseer of the Redeemed Christian Church of God, RCCG, has urged Nigerians experiencing hard times to call on God for help.
Adeboye stated this at RCCG headquarters in Ebute-Metta on Sunday during the June thanksgiving service with the theme, ‘Lifter Up of My Head’.
He said, “If you need provision, if things are hard and I know things are hard for quite a few of us, call on the one whose name is Jehovah El-Shaddai, the God who is more than enough.
“Call on Him – the one who is more than enough and He will meet your needs…He has many ways, depending on what is your need.
“When all ways are blocked, call on Him who is called the way when you don’t even know what’s going on.”
The organized labour had embarked on the strike to push for an improvement in the minimum wage of workers.
While the organized labour is proposing N494,000 as new minimum wage, the Nigerian government is insisting on paying N60,000.
In a last minute move to stop the strike, leaders of the National Assembly and organized labour met yesterday.
The meeting, however, ended in a deadlock as the organized labour insisted on the commencement of the strike.
Speaking after the meeting, TUC President, Comrade Festus Osifo said the organized labour will never call off the strike without consulting its members.
“It is difficult and infact impossible for us as labour leaders, to call off the strike here. We need to communicate with our various organs , meaning that, the industrial action starts on Monday as planned,” he said.
N1bn transfer scam: Detectives spread dragnet to arrest perpetrators, finger top bank officials
AFOLABI
The police in Abuja have commenced investigations into the circumstances surrounding the transfer of about N1 billion by a bureau de change operator in Abuja, Shamsudeen Ahmed through three banks to suspected criminals, who reportedly offered to sell $1 million from Dubai to him and the mysterious disappearance of the huge sum of money.
It was learned that detectives are looking into the involvement of a third-generation bank (name withheld) in the illegal transfer of the money after the suspects provided account details of four banks where the complainant paid in the money only to later discover that the suspects conspired to defraud.
In a petition written on behalf of the complainant by Anthony Odule, and addressed to the Inspector General of Police, the complainant alleged that on December 8, 2023, he was contacted by the suspects, Gambo Dahiru, Ibrahim Mohammed, Shaibu Mohammed and Francis Azubuike aka Frank, who deceived him to believe that there was a genuine $1 million for sale from Dubai, United Arab Emirates, which he innocently indicated interest.
The bank transfers
According to the petition, “Our client stated that the suspects provided the following account details: Account Name: Usman Global Investment Limited; Account number: 5400393231, domicile in (a new generation bank), Account name; Yadiz Oil and Gas Plc Nigeria Limited; Account Number 1014396770, domicile in (another new generation bank) and Account Name: M. Technology Red Set; Account number – 5404168804, where the complainant paid in N830 million, N330 million and N10 million, respectively.
“Our client stated that upon preliminary investigation, it was found that the suspects conspired among themselves to defraud our client of his hard-earned money as they do not have dollars anywhere to give to our client but have shared the money amongst themselves.
“What is worrisome to our client is that he borrowed part of the money he sent to the suspects and his conspirators, which non-payment will greatly affect his reputation negatively.”
It was gathered that immediately the complainant suspected foul play, he sent letters to all the banks where the money was sent, notifying them of the development and appealing that they stop the payment of the money and refund it to him.
However, according to the complainant, “One of the banks promptly refunded part of the money without delay but the third generation bank refused to send my money back to me. They claimed that the owner of the accounts said they gave me a value for the money which is not true.
“If they insist on telling that lie, why did the bank not ask for evidence? I asked the bank to return my money or freeze the account where the money was paid but they have not done anything. They have all the power to stop this fraud but they failed to do it.”
Police sources said detectives would soon invite some officials of the bank for questioning over the case while six of the suspected fraudsters have been arrested and they refunded some amount of the money.
However, the money paid through the third-generation bank is yet to be recovered.
Nigeria can meet local refining demands by unlocking idle brownfields - Company CEO
Efforts made to contact the third-generation bank failed as calls made to their Corporate Affairs Manager were not responded to.
A Deputy Commissioner of Police, DCP Abubakar Mohammed Guri, the DC in office of COMPOL MOPOL, Force Headquarters, Abuja on Monday 3rd June, reportedly slumped and gave up the ghost.
Sources said the late DCP who was in his uniform, slumped on his seat in his office and was quickly taken to the Clinic inside Police headquarters for medical assistance, where he was confirmed dead.
No official reasons have been adduced for the death of the officer who was said to have looked hale and hearty and exchanged pleasantries with officers and staff of the Mopol department when he reported for duty
However, a source who spoke in confidence, opined that the senior officer’s sudden collapse and death may not be unconnected with heart failure noting that in recent times, many police officers out of fatigue have suffered the same fate, because they work round the clock, even at night, without rest
Nothing was heard from the office of the Force Public Relations Officer regarding the late officer.
The Police Service Commission (PSC) has authorized and published the list of 10,000 applicants who have successfully been recruited into the Constable cadre of the Nigeria Police Force (NPF).
Naija News reports that the Commission received the report of the Police Recruitment Board on Tuesday, June 4, 2024.
A total of 9,000 applicants were approved for General Duty positions, while 1,000 were recruited for the Specialists cadre.
The PSC stated that to ensure fairness and justice in the recruitment process, they collaborated with relevant stakeholders, including the Nigeria Police Force, the National Assembly, and the Federal Character Commission.
In a statement released on Tuesday by the Head of Press and Public Relations, Ikechukwu Ani, the PSC confirmed equitable distribution of successful candidates across all 774 local government areas in the country.
He said: “This stage held in the 36 states of the Federation and Federal Capital Territory between Monday, 8th to Monday 29th January 2024.
“The Commission, after the physical and credentials screening, shortlisted 171,956 applicants who met the requirements for the Computer Based Tests (CBT) conducted by the Joint Admission and Martriculation Board, JAMB an organisation renowed for its expertise in Computer based tests.
“15,447 General duty applicants who did well in the CBT were further invited for medical screening to determine their health status. The 55,645 Specialists who were shortlisted from the Physical and credentials screening were subjected to practical tests and later medical screening. Each stage of the Recruitment process was carried out with a high level of scrutiny and care .
“A total of 10000 applicants made up of 9000 General Duty and 1000 Specialists were recommended for final selection.
“The selection of specialists were done in conjunction with the Nigeria Police Force on the need assessment ensuring capability and balance of geographical representation.”
The statement said candidates are invited to check the status of their application through the Police Service Commission dedicated Web page which can be accessed on computers and mobile devices on www.policeservicecommission.cloud.
For any complaints or inquiries, applicants are advised to contact the PSC recruitment help desk through WhatsApp at 08094767777 and 09031318499.
- Why CBN revoked bank’s licence
- Reps step in
Payment to depositors with liquidated Heritage Bank having N5 million and below will begin on Monday, the Nigeria Deposit Insurance Corporation (NDIC) said yesterday.
Depositors with more than N5 million will wait for their balance until assets of the liquidated bank are disposed off and money generated, before they are paid.
The Central Bank of Nigeria (CBN) yesterday revoked the operating licence of Heritage Bank.
According to the apex bank, Heritage failed in its obligations.
A statement by CBN spokesperson Hakama Sidi-Ali said: “The bank’s Board and Management failed to improve its financial performance, posing a risk to the financial stability of the country. Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery”.
NDIC Director of Communication and Public Affairs Bashir Nuhu, confirmed that payments to depositors will begin on Monday.
Nuhu said Heritage Bank customers with alternate accounts in other banks will be paid up to the insured amount of N5 million per depositor.
Payments will be facilitated using the depositors’ Bank Verification Numbers (BVN) to identify their alternate accounts. Those with deposits exceeding N5 million will receive additional payments, known as liquidation dividends, after the bank’s assets are sold and debts are recovered.
To facilitate this process, the NDIC and the Central Bank of Nigeria (CBN) are working this week to identify depositors with alternate bank accounts, ensuring they receive their funds promptly starting on Monday.
Nuhu emphasized that depositors with verified BVNs and alternate bank accounts do not need to visit their banks or the NDIC to receive their payments.
For depositors without alternate bank accounts, Nuhu advised them to visit the nearest branch of Heritage Bank with proof of account ownership, a verifiable means of identification (such as a driver’s license, permanent voter card, or National Identity Card), and their BVN.
They can also file their claims online by visiting the NDIC website, downloading the claims form, and upload the required documents.
Creditors of Heritage Bank are also advised to visit the nearest bank branch or use the online platform to file their claims. Payments to creditors will begin immediately after all depositors have been paid.
Debtors of Heritage Bank who have not yet completed their loan repayments have been instructed to contact the NDIC’s Asset Management Department (AMD) and visit the NDIC website to fill out the required documents. Assets recovered from these debtors will be used to pay depositors and creditors of Heritage Bank.
The NDIC reassured the banking public of its commitment to protecting depositors’ funds in all licensed banks. Depositors are encouraged to continue their banking activities without fear, as banks with valid licenses remain safe and sound.
Last month, the NDIC announced an increase in deposit coverage from N500,000 to N5,000,000, now fully covering 98.98 percent of depositors.
NDIC’s Managing Director Bello Hassan stated that the corporation collects premiums annually to fund the deposit insurance system, maintaining over N2 trillion in these funds.
This increase in insured deposit coverage was as a result of factors such as inflation, exchange rates, and per capita GDP. Ensuring swift payment to depositors, often within seven days has become a global best practice.
Hassan clarified that the increase in coverage will not necessarily lead to higher premiums for banks. The NDIC has moved to a risk-based premium framework, where banks managing risks effectively will pay the base rate of 35 basis points, while those with higher risk profiles could face premiums up to 65 basis points.
The NDIC’s actions is meant to ensure the stability and confidence in Nigeria’s banking system, providing a safety net for depositors and maintaining public trust in the financial sector.
Reps to engage CBN, NDIC, stakeholders
The House of Representatives committee will look into the liquidation of Heritage Bank by the CBN to provide necessary support to mitigate any potential negative impact on the public.
Spokesman of the House, Akintunde Rotimi said in a statement that “the House of Representatives is aware of the revocation of the licence of Heritage Bank (under liquidation) by the CBN and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidators, in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA).
“We assure the public, particularly depositors and stakeholders of Heritage Bank, that the House is committed to carrying out its constitutional oversight functions to ensure that this development does not negatively impact Nigerians.
“The relevant House Committees on Banking Regulations; and Insurance will be up to their duty, thoroughly examining the circumstances surrounding this decision and the subsequent steps taken by the NDIC.”
[TheNation]
The acting National Chairman of the Peoples Democratic Party (PDP), Umar Damagum has said that the party wants the Labour Party (LP) 2023 presidential candidate, Peter Obi and former members to return to its fold.
Damagum stated this during an appearance on AIT’s ‘Nigeria Right Now’.
Recall that Obi’s recent meeting with PDP 2023 presidential candidate, Atiku Abubakar and other party chieftains had sparked speculations of an alliance.
When asked to speak about Obi’s recent visits, Damagum was evasive.
The PDP chieftain said, “He (Obi) hasn’t visited me. I am not a poke-noser to be going about trying to know what the visits are all about.”
Asked if he would want Obi back in the PDP, the party chair said, “Not only him. Every other person that has been in this party, we want them back. The party like I told you, is a brand that you cannot take away. It will accommodate all of us. We are making steps in that direction.
“The true position is that the party has not been approached (for a merger). Maybe individuals are talking about that but as of today, we have not had any discussions as a party with any group. PDP has structures all over the country. Look at our performance. PDP can stand alone and win this election. PDP is a solid party and they can come in and join us. But I don’t think for now we are contemplating changing our name for any political party that would not add value to us.”
STRIKE: Tinubu’s ‘Reckless’ Approval Of N90bn Hajj Subsidy, Luxury SUVs For NASS ‘Poisoned’ Atmosphere For Negotiations – Atedo Peterside
AFOLABI
As labour unions shut down critical sectors of Nigeria’s economy to press home their demands for a N494,000 minimum wage, an investment banker and economist, Atedo Peterside, has accused the Federal Government of ‘poisoning’ the atmosphere for negotiations on a new minimum wage for workers.
THE WHISTLER reported that negotiations between the organised labour and Federal Government’s representatives broke down after they failed to reach a consensus.
The government had insisted that the demand was not in tune with the current economic realities, arguing that implementing such a high minimum wage may lead to job losses.
Currently, the minimum wage is set at N33,000 and the government is offering to double it to N60,000.
Reacting, Nigerians took to micro-blogging platform X (formerly Twitter) to air their thoughts on the proposed minimum wage.
Peterside wrote “The Nigerian minimum wage negotiations were going to be unnecessarily difficult because FG ‘poisoned’ the atmosphere for responsible negotiations by approving a reckless N90bn Hajj Subsidy, Luxury SUVs for Legislators etc thereby creating the false impression that FG was rich”
An X (Twitter) user, Aziz Bakare, tweeted, “A government that can subsidize Hajj with almost N100 billion can pay 200k minimum wage. If you have to scrap all the religious pilgrimage agencies to afford it, do it.”
He added, “A govt that gave 469 lawmakers N150 million each to buy luxury cars that their forefathers did not use while millions of Nigerians slip into poverty CAN pay N200k minimum wage.
“If National Assembly members have to sell those vehicles & slash their emoluments in half, do it.”
Benkingsley Nwashara, another X user, wrote, “You’re worried about the national grid more than the fact that someone is being paid 30-40k as salary in 2024. This issue of Minimum wage has been on for nearly 10yrs. Nothing tangible has been done. Meanwhile N90billion was released for Hajj. Shutting down National grid is necessary.”
Ibrahim Shuwa wrote, “Billions for VP’s residence renovation, Billions on NASS carport, 47 ministers appointed, Presidential yacht & expensive travels with hundreds of aides. But you want the public to believe the govt can’t afford the requested minimum wage.”
However, some Nigerians argued that the private sector would struggle to pay such a high wage, considering the state of the economy.
David Onyemaizu wrote, “Nigeria has an inflation problem. Even if the Nigerian government can magically approve the 494k minimum wage demand, it will only increase the inflation rate.
“I believe NLC and TUC pegged it high, so there can be room for negotiations. A more realistic minimum wage will be around 100-150k.
“And they should work heavily on lowering the inflation rate and for God’s sake, bring back the fuel subsidy. Tinubu’s failed policies have gone on long enough.”
Another user @fozadoza wrote, “NLC really thinks 494k minimum wage will fly? Lmaooo. You want a further unemployed and overworked economy? Everyone shouting it won’t affect private sector are hypocrites.”
Mark Amaza wrote, “It is unrealistic. I’m saying it with my full chest. You people think the minimum wage is only for govt to pay but even the govt itself cannot pay that. But can the private sector pay that either? Can you pay your security man, your cleaner, etc this wage? I’m guessing it’s a no”
@odogwu_cc wrote, “A 400k minimum wage is an unrealistic ask. However, we should remember that the National Assembly earns tens of millions monthly for doing absolutely nothing. Cut their earnings and use it to fund a new minimum wage pay scale.”
The Presidency on Monday accused the Nigerian Labour of playing politics with its ongoing nationwide strike.
President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga said the organised Labour in Nigeria is harming the people it should be fighting for.
He lamented that sick people cannot have access to medical care at government hospitals due to the nationwide strike.
Posting on X, Onanuga wrote: “It’s saddening that Labour could go to this extreme. But it is not surprising to the perceptive minds. Labour is harming the Nigerian people they claim to be fighting for. Today, many sick Nigerians cannot access medical care at government hospitals.
“Not even those with critical medical conditions. It appears labour is playing politics by other means. Many of the affiliates of the two central unions, NLC and TUC are members and supporters of the Labour Party.
“They logically bear ill will and grudges against the Tinubu administration. Otherwise, the issue they claim to be fighting for cannot be resolved by blackmail or sabotage, they cannot even be resolved by the Federal Government unilaterally, the Labour leaders will still have to return to the negotiating table.”
Joseph Aloba, the father of the late singer Ilerioluwa Aloba, known as Mohbad, made an emotional plea to Nigerians in a viral video after receiving an invitation from the Alagbon police station.
Scheduled to appear at the police station in Ikoyi, Lagos, Joseph expressed his uncertainty about the reasons behind the invitation. He speculated that it might be an attempt to silence or detain him.
Joseph emphasized that his primary concerns are seeking justice for his late son and obtaining a DNA test for his grandson, Liam.
In the video, he said:
“I just received a petition now and I have been asked to come to Alagbon Police station at 10am tomorrow. I don’t know whether they want to silence or detain me there tomorrow. Do they want to k!ll me like they k!lled Mohbad? All I am asking for is to know what k!lled my son and to have a DNA test done to be sure the baby is for my son. I still insist that DNA was the reason why they k!lled my son. Nigerians help me”
In light of this, An invitation letter from Alagbon police station, which has been trending online, confirmed the summoning of Mohbad’s father. The letter detailed that the invitation was based on allegations against him, including cyberbullying, cyberstalking, and criminal defamation.
See below:
Nigerian music sensation Patoranking has taken to social media to proudly announce his graduation from Harvard Business School.
The celebrated artist took to his Instagram page to share the exciting news with his fans and followers.
In a post that quickly garnered attention, Patoranking posted a photo of himself standing proudly behind the renowned Harvard Business School.
Accompanying the photo was a heartfelt caption expressing gratitude and acknowledging the role of a certain Professor Anita Elberse in his academic journey.
The second slide of his post featured Patoranking holding his hard-earned certificate alongside Professor Elberse.
Captioning the post, Patoranking humbly wrote;
“Welcome the new @harvardhbs Alumnus ❤️ God runs this Show…Thank You @anitaelberse ❤️”,
The news of Patoranking’s graduation from Harvard Business School has sparked an outpouring of congratulations and well-wishes from fans and fellow celebrities.
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Peter Obi, the presidential candidate of the Labour Party (LP), stated that the 2023 general elections have proven that the Yorubas do not hate the Igbos.
Obi made this statement while receiving the 2024 Courageous Citizen Award from the Nigerian-American Coalition for Justice and Democracy (NACJD) in Abuja on Saturday.
The former Anambra State governor emphasized that the election was not a Christian or Igbo agenda. He highlighted that Nigerians united across tribal and religious lines during the election, which corrected the impression that Yorubas hate Igbos.
Obi noted that the significant shift in voter behavior indicated a widespread desire among Nigerians for a change from the status quo.
“It was a time that Nigerians united and spoke with one voice regardless of tribe, tongue or religion. The 2023 election wasn’t a Christian or Igbo project.
“It was a Nigerian project. I saw our legends and elder statesmen come together for the first time. I was glad to see people like former President Olusegun Obasanjo, Pa Ayo Adebanjo and others stand their ground.
“I am saying this to correct the impression that the Yorubas hate Igbo people. A lot of people made certain sacrifices because we just wanted to say ‘Enough is enough’ in Nigeria. Imagine those who had lost their lives for the cause of a new Nigeria,” he said
Governor of the Central Bank of Nigeria, Olayemi Cardoso has said that the introduction of Islamic Banks in Nigeria was spearheaded by an assistant pastor.
Cardoso disclosed this weekend at a reception organised to honour the Secretary-General, Organisation of Islamic Cooperation Arbitration Centre, Dr Umar Oseni in Abuja.
According to him, it was now clear to Nigerians that the introduction of Islamic banks in Nigeria was not to Islamise the country but for small and medium-scale businesses.
Cardoso, represented by the CBN Director of Legal Services, Kofo Salam-Alada, said that more Shariah-compliant banks are being considered for approval due to the immense benefits it has brought to the citizens.
He noted that Islamic banks like Jaiz, Tajj, and Alternate Bank have stood the test of time since their establishment.
“Some years back, the Central Bank of Nigeria started a journey for the introduction of the Islamic Banking and Financing in Nigeria.
“It came when a young man was appointed governor of CBN. But most people never knew that the first person who spearheaded the journey was to be a pastor of the church.
“He was also a part-time pastor when this journey started. So it was never an attempt to Islamise Nigeria or Islamise financing in Nigeria. When the Prince (Emir Sanusi) came, he continued the journey”, he stated.
Recall that the first Islamic Bank in Nigeria, Jaiz was established during the reign of Chukwuma Soludo as the apex bank governor.
Nigeria currently has four Islamic banks out of 43 Deposit Money Banks, according to CBN’s recently updated list of approved banks in Nigeria.
The price of liquefied petroleum gas (LPG), commonly known as cooking gas, is significantly decreasing, providing much-needed relief to consumers in several states, including Ogun, Lagos, and Oyo.
Recent interactions with consumers revealed to Punch that the current average cost of 1 kilogram of cooking gas is around N1,000 or below, depending on the location and seller.
This decrease is a stark contrast to the prices observed between February and March when the cost of LPG had soared to around ₦1,300 per kilogram in some areas.
According to the National Bureau of Statistics (NBS), the price of refilling a 12.5kg cylinder of cooking gas had increased by 46.88% over one year, reaching ₦15,060.38 in February 2024 compared to ₦10,253.39 in February 2023.
The NBS further noted that the average retail price for refilling a 12.5kg cylinder of LPG rose by 28.33% within just one month — from ₦11,735.72 in January 2024 to ₦15,060.38 in February 2024.
Among the states, Ogun recorded the highest average retail price at ₦16,375, closely followed by Delta at ₦16,333, and Edo at ₦16,321.
However, recent checks indicate that prices are gradually decreasing nationwide, which some attribute to the rebound of the naira in April from about ₦1,900 per dollar to about ₦1,500 currently.
While the Federal Government has committed to taking further measures to reduce the domestic price of LPG, industry operators express concerns that prices may rise again.
Speaking to Punch, Adedokun Ojo, a resident of Abule Egba in Lagos, reported purchasing 1kg of LPG at ₦940 at a local Mobil station.
“LPG is now ₦940 per kg. I still bought it yesterday evening at Mobil in Abule Egba,” Ojo said.
Also, a resident of Enugu, Uzor Nneka, disclosed that she got a kilogramme of the gas for ₦1,000 at the Romchi plant in Enugu.
“1kg of cooking gas used to be ₦1,300 before, but now it is ₦1,050. The price is coming down,” Jonathan Igbowu, a resident of the Idiroko border community of Ogun State, revealed
It was observed that the prices are different in Idiroko based on the seller. Nojim Ajani stated that 1kg of LPG was ₦750 in the Aferiku area of the town lately.
One Mr Ibrahim Ogunleye mentioned that the product sold for ₦1,200 in Offa, Kwara State, saying it used to be ₦1,400 some weeks ago.
Similarly, Mr Quadri Yusuf, who lives at Idi-Aba, Abeokuta, said the price of cooking gas is now ₦800/kg, down ₦1,200 in April.
However, Muraina Akintunde in Ayetoro regretted that LPG sellers now charge ₦1,200/kg in the area, stating that it used to be ₦1,400 until the last week of May.
In Ilaro, Folake Ogunwemimo said a kilogramme of LPG costs ₦1,100, while Kazim Ajose bought it for N970 at Sango-Ota, Ogun State.
Speaking on the development, the Minister of Petroleum Resources (Gas), Ekperikpe Ekpo, said the reduction in the price of LPG was a result of the efforts being made by the Federal Government, through the Ministry of Petroleum Resources (Gas) with the full support of relevant regulatory agencies in the sector and even operators to increase the volume of domestically produced cooking gas coming into the local market.
Ekpo, who spoke through his media aide, Louis Ibah, said the domestication of LPG export has reduced the dependence on imported LPG, and of course, its attendant added costs due to foreign exchange fluctuations.
He said, “You will recall that the Minister of State Petroleum Resources (Gas), Mr. Ekperikpe Ekpo, some months back had ordered the domestication of all LPG produced within the country with the target of stabilising the price of cooking gas in the domestic market for consumers.
“So, the reduction in the price of LPG being witnessed is as a result of the efforts being made by the Federal Government, through the Ministry of Petroleum Resources (Gas) with the full support of relevant regulatory agencies in the sector and even Operators to increase the volume of domestically produced LPG/cooking gas coming into the local market.
“This has reduced the dependence on imported LPG, and of course, its attendant added costs due to FOREX fluctuations.
“And you also must recall and note the positive impact that the federal government’s decision to waive VAT and Customs duties on gas and gas equipment must have had on the price of LPG.”
He stressed that the minister has “assured that prices will go down further in the months ahead as more volumes of LPG domestically produced is released into the domestic market,” saying he is working round the clock with his team to achieve this.
However, the Nigerian Association of Liquefied Petroleum Gas Marketers expressed concerns that the price of LPG may surge again in the coming weeks.
The Executive Secretary of NALPGAM, Bassey Essien, revealed that the reduction occasioned by the naira rebound was being eroded because gas is priced in dollars.
According to Essien, even if the Federal Government boosts local LPG production, the price will not be stable because gas producers sell in foreign currency.
“I won’t say it has come down, because it is going up again. And it is an interplay of the foreign exchange. Everything is priced in foreign exchange, very soon even the air we breathe will be priced in foreign exchange.
“Even the LNG that a domestic gas, how do they price it? It is still being priced at the international price, and the international price is dependent on the dollar. Whether you have it in abundance or not, it is still being sold at the international price. The bottom line is everything is priced in forex,” Essien said, asking the government to look into local pricing of gas.”
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has declared that Nigeria’s economy is experiencing an appreciable growth that may see the high inflation in the country come down in few months.
Edun spoke on Sunday when he featured as a guest on Channels Television’s Politics Today.
The National Bureau of Statistics had reported in its April’s consumer price index that Nigeria’s inflation rate rose to 33.20 per cent in March 2024 — up from 31.70 per cent in February
According to the bureau, food inflation also surged to 40.01 per cent in the month under review.
Meet Samuel Odugbesan who lost his arms working with an electricity company0:00 / 1:01
But the minister said on Sunday that the situation was under control, saying the reforms and economic policies of President Bola Tinubu were gradually paying off.
He said, “Mr President has achieved relative growth and stability in his first year in office. The necessary fallout of the measures that had to be taken were higher interest rates to fight inflation and attract foreign currencies, which was successful. In terms of inflation, it is coming down. It is expected and projected to come down over the next few months.
“On the other indices, the important thing is that the economy is actually growing. It is very rare to have a situation where authorities, particularly the monetary authority set their target fighting to bring down inflation and prices generally and at the same time striving to keep the economy growing. We do have that.
“Quarter by quarter when compared to the first quarter of last year, the growth is up by virtually three per cent per annum above population growth compared to about the two per cent achieved by this time last year. So, we do have the economy going the right direction. We just need to stay that course. In staying the course, help and amelioration must be given across the board.
“I have talked about help that should be given to farmers and consumers. There is also help for small and medium scale businesses. By Monday, the economy stabilisation plan that deals with the factors affecting big businesses and industry will be on Mr President’s table so that they too can stabilise, begin investment again, create jobs and grow the economy.”