Says $800m Loan To Nigeria Was Approved December 2021

The World Bank has predicted that the Federal Government will save N2 trillion in the remaining six months of 2023 with the removal of petrol subsidy and over N11 trillion by 2025.

The World Bank made this projection in its June 2023 Nigeria Development Update released on Tuesday in Abuja.

According to the NDU report, the removal of the petrol subsidy and FX management reforms are vital steps toward rebuilding fiscal space and restoring macroeconomic stability.

The report emphasised the need for further policy reform measures and acknowledges the critical reforms that the new administration has already initiated to address macroeconomic imbalances.

It advised President Bola Ahmed Tinubu to take advantage of the opportunity to have a transformative impact on millions of Nigerians and establish a solid foundation for sustainable and inclusive growth.

The NDU recommended implementing a comprehensive reform package, including a new social compact to protect the poor and vulnerable towards maximising the collective impact on growth, job creation, and poverty reduction.

World Bank Country Director for Nigeria, Shubham Chaudhuri, commended the Tinubu government’s efforts to implement long-awaited reforms and emphasised the need for compensatory actions to mitigate the short-term impact on the poor.

Chaudhuri also advocated for the implementation of a cash transfer programme to provide relief to those most affected by higher petrol prices as part of a broader agreement to redirect fiscal resources towards development priorities.

Also Chaudhuri clarified that the 800 million dollar loan from the bank was approved as of December 2021, a time when the government of Muhammadu Buhari contemplated the removal of fuel subsidy.

Its Nigerian articles Country Director, Dr Shubham Chaudhuri, made this known on Tuesday at an event organised by the World Bank to assess the nation’s economy in the last six months.

Chaudhuri explained that the fund is a loan and not a grant as speculated.

He said that the funds will be channelled into ameliorating the sufferings of the poor and vulnerable owing to the removal of the fuel subsidy.

The loan was delayed as Former President Muhammadu Buhari soft-pedaled on the fuel subsidy removal until his last days in office.

Few weeks to his handover, Buhari had sent a letter to the Senate seeking approval to take a loan to the tune of $800 million from the World Bank to cushion the effects of subsidy removal.

The former Minister of Finance, Budget and National Planning, Zainab Ahmed, had said that the disbursement of the fund is in light of the planned subsidy removal in June 2023.

On his inauguration on May 29, President Bola Tinubu eventually announced the removal of the petrol subsidy.

The Nigerian Petroleum Company (NNPC) Limited, 48 hours after Tinubu’s declaration, announced price adjustment for petrol.

The World Bank Country Director also expressed support for the Federal Government’s subsidy removal and the exchange rate unification.

According to Chaudhuri, the policy though painful remains key to rebuilding the economy of the nation.

The Zuba Magistrate Court in the Federal Capital Territory, FCT, has ordered the Kuje Correctional facility to continue holding Obiajulu Uja in their custody for further urgent medical treatment for a period of 2 months.

Naija News reports that Uja, in early April, was carried off a Lagos-Abuja flight, after he started a lone protest demanding that President Bola Tinubu (then President-Elect) must never be sworn in as President, on May 29.

The man is said to be mentally-unstable, according to a medical report tendered to the Court at previous hearings, on the case.

But Magistrate Abdulazeez Ismail Muhammad, the trial judge, at the hearing on the matter today, referred him back to the medical facility at Kuje Correctional facility.

After listening to submissions of the prosecutor and defence counsels on bail application as well as the examination of the medical report which presupposed that the defendant is suffering from mental disorder, the magistrate noted that the defendant is of unsound mind and consequently is not fit for trial.

The magistrate said: “Having equally found that the defendant need urgent further treatment and having released the medical observation report is not too conclusive on the peculiar mental challenge of the defendant and in the interest of justice the appropriate thing for the court to do is to further subject the defendant to further medical care at the expense of the federal government.

“Thus, I hereby refer the defendant back to the medical facility at Kuje Correctional Center for further urgent medical treatment for a period of two months at the expense of federal government of Nigeria pursuant to the provision of Section 278(4).”

“The control of the corrections (medicals) is at liberty to engage experts from other medical facilities within the FCT. However, if the mental soundness of the defendant appropriates during this period and before the expiration of the period, the medical officer shall file a report forthwith to enable the court proceed with trial including delivering its ruling on the the defendant’s bail application,” Magistrate Abdulazeez Ismail Muhammad said.

I write to straighten history. Mangled history. I write to prevent historical revisionists and modern day turn-coat “Messiahs” from rewriting the immediate past history of the Muhammadu Buhari locust years as president of Nigeria. He bled Nigeria. Buhari put Nigeria on life-support oxygen. He asphyxiated Nigeria economically, socially and politically. He deepened and widened with alarming precision, Nigeria’s divisiveness. Under Buhari, ethnicism, sectionalism, clannishness, tribalism, favouritism, prebendalism, cronyism and mediocrity were enthroned, celebrated, glorified, nurtured, watered and held aloft as “Fundamental Objectives and Directive Principles of State Policy”. Buhari did not care. He did not bother. He simply winced, wringed his hands, or laughed heartily at the befuddling troubles of Nigeria. He persistently and unapologetically feigned ignorance of the anger, melancholy, disillusionment, poverty, penury, sweat, pains, pangs and blood that besotted our beleaguered country, Nigeria. He turned his erstwhile austere, Spartan-like life into one of opulence and unrestrained grandeur; wearing well-ironed designer babanriga and sokoto national dresses. He hardly appeared twice in the same dress. The once lean-looking retired Major General became plumpier and healthier than he was when he took office. All the aircraft in the presidential fleet which he had vowed during campaigns to trim if he became president were not only retained, but increased and expanded; all with suffering and agonizing taxpayers money. Nigerians begged for crumbs that fell from the master’s table. Many resorted to garbage dumps for survival. PHCN increased its tariff astronomically, even as darkness enveloped Nigeria. Inflation galloped away like a wild hungry horse. Government propaganda increased, making Adolf Hitler’s Goebel green with envy from his 1945 cold grave. Many a time, I actually wondered whether the false, fake and illusory statements and claims from the government’s amplified megaphones were from another planet different from this our mother earth where we live. Did you not also wonder? Nigerians became Ayi Kwei Armah’s “walking corpses” and “The Living Dead”. They trudged on aimlessly, somnabulistically. Today became bloody. Tomorrow became a mirage. Life became colourless. Ha! Buharocracy!!

As Nigerians died in droves in the hands of reinvigorated deadly Boko Haram, ferocious kidnappers and blood-letting armed bandits, Buhari and his coterie of cronies, hangers-on, bootlickers, fawners and ego-masseurs, increased and blossomed. Presidential aircraft were parked unused for weeks, at times for months, awaiting Buhari’s recovery in British hospitals during his many medical tours abroad. Aso Villa clinic into which billions of naira were poured remained empty of drugs and doctors. Buhari increased cost of governance, rather than reduce it. Lip service was paid to democratic dividends. Our national ethos was further bastardised as men and women of questionable character were either openly decorated with national honours, or were permitted to take honorary doctorate degrees, the latter practice of which had been banned by his predecessors. All these are part and parcel of the new concept called BUHAROCRACY. The concept is drawn from my OZEKPEDIA neologism. I will still give more later on Buharocracy, as it is a very wide and elastic undemocratic concept which I have just introduced into our political lexicon.

Unlike many other Nigerians who failed to speak up, or reclined in self-imposed cocoons, I have been speaking up. I did not just wake up today from a deep slumber to start xraying, critiquing or criticising former President Buhari. As I earlier showed in Google links in part 2 of this dissertation, I had never relented. Read more today, continuing from 2019, having already treated 2014 to part of 2019.

OZEKPEDIA, 2019 CONTINUES

https://sunnewsonline.com/ozekhome-charges-buhari-to-be-more-accommodating/?amp; OZEKHOME CHARGES BUHARI TO BE MORE ACCOMMODATING; June 5, 2019

https://dailypost.ng/2019/07/28/el-zazakky-ozekhome-blasts-buhari-govt-proscribing-shiite-tells-ban-miyetti-allah/…; EL-ZAZAKKY: OZEKHOME BLASTS BUHARI GOVT FOR PROSCRIBING SHI’ITE, TELLS HIM TO BAN MIYETTI ALLAH ; July 28 , 2019

https://pmnewsnigeria.com/2019/08/05/mike-ozekhome-blasts-buhari-over-sowores-arrest/?amp=1; MIKE OZEKHOME BLASTS BUHARI OVER SOWORE'S ARREST; August 5, 2019

https://dailypost.ng/2019/08/08/revolution-now-ozekhome-faults-court-judgment-blasts-buhari/?amp=1; NEWs; REVOLUTION NOW: OZEKHOME FAULTS COURT JUDGMENT, BLASTS BUHARI; August 8, 2019

https://saharareporters.com/human-rights?HwGVUrde_html=&page=62; SOWORE: OZEKHOME HAILS RULING, ASKS GOVERNMENT TO DISCONTINUE CASE; September 24. 2019

https://pmnewsnigeria.com/2019/10/01/parents-now-sell-children-to-survive-under-buharis-govt-ozekhome/?amp=1; PARENTS NOW SELL CHILDREN TO SURVIVE UNDER BUHARI'S GOVT - OZEKHOME ; October 1, 2019

https://sunnewsonline.com/ebute-ozekhome-disagree-over-buharis-october-1-broadcast-on-hate-speech/?amp=; EBUTE, OZEKHOME DISAGREE OVER BUHARI’S OCTOBER 1 BROADCAST ON HATE SPEECH; October 1, 2019

https://dailypost.ng/2019/10/01/nigerians-now-live-like-corpses-walking-dead-mike-ozekhome-blasts-buhari-govt/; NEWS; NIGERIANS NOW LIVE LIKE CORPSES, WALKING DEAD — MIKE OZEKHOME BLASTS BUHARI GOVT; October 1, 2019

https://independent.ng/president-buhari-can-be-investigated-while-in-office-ozekhome/; october 7, 2019

https://www.thisdaylive.com/index.php/2019/11/08/ozekhome-faults-buhari-for-signing-bills-into-law-in-uk-during-private-visit/amp/; OZEKHOME FAULTS BUHARI FOR SIGNING BILLS INTO LAW IN UK DURING PRIVATE VISIT; November 8, 2019

https://prnigeria.com/2019/11/12/death-penalty-absurd-ozekhome/; DEATH PENALTY ON HATE SPEECH, ABSURD, OUTRAGEOUS…OZEKHOME; November 12, 2019

https://dailypost.ng/2019/12/14/onnoghen-ozekhome-criticise-buhari-over-seizure-of-ex-cjns-passport/?amp=1; NEWS; ONNOGHEN: OZEKHOME CRITICISE BUHARI OVER SEIZURE OF EX-CJN’S PASSPORT; December 14, 2019

https://africadailynews.net/2019/12/24/sowore-dasuki-buhari-has-realised-mistake-ozekhome.html, SOWORE/DASUKI: BUHARI HAS REALISED MISTAKE – OZEKHOME; December 24, 2019

2020

https://insidebusiness.ng/81656/sowore-buhari-is-allergic-to-criticism-ozekhome/; SOWORE: BUHARI IS ALLERGIC TO CRITICISM — OZEKHOME; September 19, 2020

https://thestreetjournal.org/ozekhome-flays-buharis-lame-independence-anniversary-broadcast/; OZEKHOME’S FLAYS BUHARI’S “LAME” INDEPENDENCE ANNIVERSARY BROADCAST; October 1, 2020

https://mikeozekhomeschambers.com/buharis-independent-speech-shows-fixated-hatred-for-igbo-ozekhome/; BUHARI’S INDEPENDENT SPEECH SHOWS FIXATED HATRED FOR IGBO – OZEKHOME; October 17, 2020

https://www.mynigeria.com/NigeriaHomePage/NewsArchive/Ozekhome-faults-Malami-says-NASS-has-powers-to-summon-Buhari-400421; OZEKHOME FAULTS MALAMI, SAYS NASS HAS POWERS TO SUMMON BUHARI; December 10, 2020

https://thenigerialawyer.com/ozekhome-san-replies-agf-malami-says-nass-has-power-to-summon-president-buhari-over-operatiional-use-of-the-armed-forces/; OZEKHOME (SAN) REPLIES AGF, MALAMI SAYS NASS HAS POWER TO SUMMON PRESIDENT BUHARI OVER ‘OPERATIONAL USE OF THE ARMED FORCES’; December 10, 2020.

https://saharareporters.com/2020/12/20/insecurity-buhari-government-has-lost-legitimacy-ozekhome-says; INSECURITY: BUHARI GOVERNMENT HAS LOST LEGITIMACY, OZEKHOME SAYS; December 20, 2020

2021

https://www.ripplesnigeria.com/ozekhome-faults-buhari-over-retirement-of-service-chiefs-says-they-deserve-to-have-been-sacked/?amp=; OZEKHOME FAULTS BUHARI OVER RETIREMENT OF SERVICE CHIEFS, SAYS THEY DESERVE TO HAVE BEEN SACKED; January 27, 2021

https://saharareporters.com/2021/02/28/807-school-pupils-stolen-under-buhari-hope-nigeria-itself-won%E2%80%99t-be-abducted-%E2%80%93-ozekhome; 807 SCHOOL PUPILS STOLEN UNDER BUHARI; HOPE NIGERIA ITSELF WON’T BE ABDUCTED? – OZEKHOME; February 28, 2021

https://www.arise.tv/elites-united-in-haemorrhaging-nigeria-senior-lawyer-ozekhome-says/; ELITES UNITED IN HAEMORRHAGING NIGERIA, SENIOR LAWYER OZEKHOME SAYS; March 5, 2021.

https://gazettengr.com/efcc-sought-to-humiliate-me-for-criticising-buhari-ozekhome/, EFCC SOUGHT TO HUMILIATE ME FOR CRITICISING BUHARI: OZEKHOME; March 20,2021

https://www.thecable.ng/its-illegal-for-buhari-to-solely-appoint-igp-says-ozekhome/amp; IT’S ILLEGAL FOR BUHARI TO SOLELY APPOINT IGP, SAYS OZEKHOME; April 6, 2021

https://pmnewsnigeria.com/2021/04/08/ozekhomes-bombshell-buharis-appointment-of-baba-illegal-prebendalism/?amp=1; OZEKHOME’S BOMBSHELL: BUHARI’S APPOINTMENT OF BABA ILLEGAL, PREBENDALISM  ; April 8, 2021

https://businessday.ng/news/article/ozekhome-wants-pantami-prosecuted-for-terrorism/; OZEKHOME WANTS PANTAMI PROSECUTED FOR TERRORISM; April 25, 2021

https://thenigerialawyer.com/insecurity-president-buhari-missing-in-action-his-capacity-has-been-tested-ozekhome-san/; INSECURITY: PRESIDENT BUHARI MISSING IN ACTION, HIS CAPACITY HAS BEEN TESTED — OZEKHOME, SAN; April 28, 2021

https://thisnigeria.com/wake-up-president-buhari-from-his-deep-slumber-self-denial-ozekhome/; WAKE UP PRESIDENT BUHARI FROM HIS DEEP SLUMBER, SELF-DENIAL – OZEKHOME April 29, 2021 

https://www.thisdaylive.com/index.php/2021/05/14/nigeria-showing-signs-of-failed-state-ozekhome-laments/amp/; NIGERIA SHOWING SIGNS OF FAILED STATE, OZEKHOME LAMENTS SAYS NO NEED FOR FRESH NATIONAL DIALOGUE; May 14, 2021

https://saharareporters.com/2021/06/04/when-tottering-government-twiddles-twitter-chief-mike-ozekhome; WHEN A TOTTERING GOVERNMENT TWIDDLES TWITTER BY CHIEF MIKE OZEKHOME; June 4, 2021

https://newtelegraphng.com/us-nba-makinde-ozekhome-fault-fg/; US, NBA, MAKINDE, OZEKHOME FAULT FG; June 6 2021

https://guardian.ng/news/ozekhome-blames-banditry-terrorism-on-inequality-cautions-against-subsidy-removal/; OZEKHOME BLAMES BANDITRY, TERRORISM ON INEQUALITY, CAUTIONS AGAINST SUBSIDY REMOVAL; November 30, 2021

 https://topcelebrities.com.ng/ozekhome-blasts-buhari-2/; OZEKHOME BLASTS BUHARI; June 7, 2021

https://gazettengr.com/nigerian-governors-are-like-bandits-ozekhome/; NIGERIAN GOVERNORS ARE LIKE BANDITS: OZEKHOME; June 18, 2021

https://www.thisdaylive.com/index.php/2021/07/19/electoral-act-you-have-destroyed-democracy-in-nigeria-ozekhome-tells-nassembly/amp/; ELECTORAL ACT: YOU HAVE DESTROYED DEMOCRACY IN NIGERIA, OZEKHOME TELLS N’ASSEMBLY; June 19, 2021

https://thisnigeria.com/buhari-and-his-faulty-policy-of-non-restructuring-by-mike-ozekhome/; BUHARI AND HIS FAULTY POLICY OF NON-RESTRUCTURING BY MIKE OZEKHOME; July 5, 2021

https://youtu.be/Pye4DcqzemM; "BUHARI MUST TAKE RESPONSIBILITY FOR ALL THE PROBLEMS IN NIGERIA" – MIKE OZEKHOME; August 2, 2021.

https://www.vanguardngr.com/2021/10/ozekhome-to-buharihow-can-middle-men-hoard-non-available-food/amp/; OZEKHOME TO BUHARI: HOW CAN MIDDLEMEN HOARD NON-AVAILABLE FOOD; October 1, 2021

https://www.page36news.com/2021/10/02/mike-ozekhome-says-we-are-not-practising-democracy-in-nigeria-declares-that-what-we-have-under-president-muhammadu-buhari-others-is-election-ocracy-where-the-leaders-elect-themselves-into-office-o/amp/; MIKE OZEKHOME SAYS WE ARE NOT PRACTISING DEMOCRACY IN NIGERIA, DECLARES THAT WHAT WE HAVE UNDER PRESIDENT MUHAMMADU BUHARI, OTHERS, IS ELECTION-OCRACY, WHERE THE LEADERS ELECT THEMSELVES INTO OFFICE ON ELECTION DAYS; October 2, 2021. (To be continued in part 4)

The Federal Government has started the issuance of Proof of Ownership Certificate (POC) for all categories of registered vehicles nationwide.

Unveiling the new policy at the Bagauda Kaltho Press Centre, Alausa, Lagos, the Permanent Secretary, Ministry of Transportation Engr AbdulHafiz Toriola said the certificate which will come into force in the State in July ,would be part of requirements to be renewed annually.

What that means is that it is now mandatory that all vehicle owners, obtain as a matter of policy, the Proof of Ownership Certificate annually, unlike what hitherto obtains when you only obtain proof of ownership of vehicle when you purchase a used vehicle or changed the engine of your vehicle.

He said: “This certificate upon successful completion of the necessary requirements and procedures, will serve as part of official documentation of a vehicle’s legal owners.”

Toriola explained that the POC which would affect all classes of vehicles from motorcycle, to tricycle, to mini vehicles, saloon cars, all classes of trucks, articulated vehicles and such likes that coveys people or products from one point to the other.

Toriola said it will contain vital information including the vehicle’s registration details, such as, licence number plate, model, year of manufacture in addition to owner’s name and address.

​According to him, all States of the Federation are expected to begin the implementation of the new policy, and each vehicle owner is expected to pay a minimum of N1,000 to procure the document.

With the ripple impact of the fuel subsidy removal and floating of the naira on businesses, President Bola Tinubu is planning a loan scheme that will allow Micro, Small and Medium Enterprises access loans at a single-digit interest rate.

The Vice President, Kashim Shettima made the disclosure on Tuesday in his World MSMEs Day speech, seen by THE WHISTLER.

Shortly after the fuel subsidy was officially removed, prices of fuel jumped to an average of N537 per litre, while the naira is trading over N760 for a dollar after the floating of the naira.

KPMG predicts that inflation will jump to 30 per cent from 22.41 per cent in the coming months due to the new policies initiated by the administration.

Shettima said, “The government of President Tinubu recognises the vital role that Micro, Small and Medium Enterprises (MSMEs) play in driving economic growth, creating jobs, and promoting innovation.

“We urge all stakeholders to come together to champion the growth and success of MSMEs to achieve sustainable development for all, while we also recognize the plethora of issues that face MSMEs as a result of the subsidy removal, however, the government is working urgently to ensure quick access to single digit loans for Nigerian small businesses within the shortest time possible.”

The prime lending rate which is for secured credit-worthy customers rose to 14.07 per cent in May from 14.05 per cent in April.

The maximum Lending Rate which is charged to customers with low credit ratings settled at 28.31 per cent in May.

The lending rate rose on the multiple increases of the Monetary Policy Rate by the Central Bank of Nigeria to 18.5 per cent under the last meeting chaired by suspended CBN Governor, Godwin Emefiele.

“We remain committed to providing support, fostering an enabling environment, and improving access to finance for MSMEs, especially in these unprecedented times,” Shettima added.

President Tinubu has criticised Emefiele’s monetary policy saying it needs “through housecleaning.”

“Interest rates need to come down, currently too high, anti-people, anti-business – we have to work on all of those,” Tinubu had said.

The acting Inspector General of Police, IGP, Olukayode Egbetokun has ordered the withdrawal of the Police Mobile Force, PMF on VIP escort and guard duties.

Egbetokun gave the directive in Abuja during a conference with police tactical commanders on Monday.

Speaking at the conference, the IGP explained that the force will conduct an assessment of all the duties of the mobile police to ensure effective utilisation.

He said a special committee headed by the Deputy Inspector-General of Police, has been created to evaluate strategies and ensure enforcement.

“Specifically, we shall effect the withdrawal of PMF personnel from VIP escort and guard duties,” Egbetokun stated.

In his explanation, the IGP noted that while the protection of dignitaries remains paramount, it is also imperative that priorities are realigned to address the escalating security challenges faced by Nigeria as a whole, ”by relieving the PMF of VIP escort and guard duties and redirect their focus toward addressing critical security concerns affecting our nation.”

[DailyPost]

Director, New Media of the Bayelsa State Government, Dr. Kola Oredipe, yesterday asserted that Governor Douye Diri has done much to earn a second term in office.

He made the declaration at a parley with members of the Federated Correspondents Chapel of the Nigeria Union of Journalists, Bayelsa State Council in Yenagoa.

Oredipe emphasised that within the last three years in office, the governor had embarked on key projects and infrastructure such as roads,  education, security and welfare of civil servants and pensioners.

He stated that with over 85  per cent in performance so far, Governor Diri is poised for victory and get a second term in the November 11, 2023 gubernatorial electios in the State.

“I can tell you that if election is conducted today, Governor Douye Diri will win in all the eight local government areas of Bayelsa State regardless of where the other candidates come from. The project Bayelsa is very key to him and he feels very strongly about it.” 

“He restored peace and order to the State on assumption of office. Infrastructure wise, roads, education, sports, empowerment and different skills acquisition programmes, he has done so much in all these areas. Wherever you go, everybody is singing Governor Douye Diri for second term. Having been a public servant, a teacher,a private businessman and rich experience in politics: Commissioner, Deputy Chief of Staff, Principal Executive Secretary, House of Reps member and Senator and now Governor, it’s not surprising that he has been able to achieve a lot,”  Oredipe said.

He pointed out that with accomplishments in critical projects such as the Nembe Unity Bridge, Elebele Bridge, Imiringi Bridge, and ongoing construction works on the Nembe-Brass Road, the Yenagoa-Oporoma road as well as accreditation for the Bayelsa State College of Education, Sagbama and the Niger Delta University, the Governor has fast tracked the development of the State.

 Oredipe said with the prevailing peace across the state more investments were underway to access the Blue Economy through the Ocean via the three senatorial roads which will give access to the sea.

Responding to questions from the correspondents,  he  said Governor Diri had directed the redesign, reconstruction and rehabilitation of some internal roads with drainages as works would soon commence on such roads such as Okaka, PDP and others.

On the issue of perennial flood disaster in the State, he said the governor had created a Directorate of Flood and Erosion Control to prepare adequate response in conjunction with the Ministry of Environment to open up blocked drains, canals and water channels. He explained that the administration had committed funds to address the erosion threat at Obogoro community in Yenagoa Local Government Area.

On Tourism, he stated that the governor was considering constructing a new recreational centre in Yenagoa to enable revelers and fun seekers have a place to relax, positing that there was thriving nightlife in the Bayelsa State capital.

On the report by the Bayelsa State Oil and Environmental Commission which was released recently in London,  Oredipe commended the immediate past Governor, Senator Seriake Dickson for initiating the idea of the commission to stop the environmental genocide in the state. He said the report of the commission highlighted that Bayelsa State is the most polluted area in the world due to the negligence of the multinational oil companies. He stated that the findings of the Commission were shocking as the State experience a spill every 12 hours for the 14 years it covered, accounting for 25  per cent of oil spills in Nigeria between 2006 and 2022 which is 3508 out of 13,251 spills, urging the oil companies to clean up the polluted sites.

[ThisDay]

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]