The Nigerian currency, the Naira, has experienced a significant decline in value, falling to ₦1,340 per dollar in the parallel market, a notable decrease from N1,300 per dollar just last Friday.

Naija News reports that the depreciation trend continued in the Nigerian Foreign Exchange Market (NAFEM), where the Naira weakened to ₦1,419.11 per dollar from ₦1,339.23.

According to data released by FMDQ, the indicative exchange rate for NAFEM showed a sharp depreciation of ₦79.88, exacerbating concerns among investors and the public about the underlying economic pressures facing the country.

The growing disparity between the official and parallel market rates, which now stands at ₦79.11 per dollar compared to ₦39.23 last week, underscores the volatility in the foreign exchange market.

Economic analysts suggest that the widening gap could be indicative of increased demand for dollars that is not being met by adequate supply in the official channels.

This imbalance often forces individuals and businesses to turn to the parallel market, where rates are typically higher but more readily available.

The Central Bank of Nigeria has yet to respond to the current market dynamics, but financial experts are calling for urgent interventions.

Measures such as enhancing foreign exchange liquidity and addressing structural economic challenges could help stabilize the Naira.

As the country grapples with these financial uncertainties, the impact on import costs, inflation, and general cost of living continues to be a major concern for both businesses and households across Nigeria.

The ongoing depreciation of the Naira highlights the need for robust economic policies and effective management of the foreign exchange market to safeguard the economic stability of the nation.

The Central Bank of Nigeria, CBN, has increased the exchange rate for calculating tariff and import duties collection at the Nation’s seaports and airports by N162.51 amid the Naira depreciation.

The apex bank’s data showed that customs exchange increased to N1327.35 per dollar on Monday from N1,164.84 per dollars on Sunday.

This represents a 12.2 per cent or N162.51 increment. 

This development means the Dollar remains rising in the Nation’s foreign exchange market.

FMDQ data showed that the Naira lost N79 against the Dollar in the foreign exchange market on Monday.

Nigeria’s custom exchange rate has been consistently affected by the fluctuation in the forex market.

The Centre for the Promotion of Private Enterprise’s Chief Executive Officer, Dr Muda Yusuf, advocated that the customs exchange rate should be fixed for at most N1,000 per Dollar for at least six months.

“How are you coping with this fuel scarcity? Fuel queues everywhere. Even the bus stops are crowded. People waiting for buses that also do not have fuel.” 

“What I don’t understand is why every administration since 1999, marking the return to civilian rule, has had to deal with exactly the same problems: fuel scarcity, a big debt burden, lack of electricity supply, unemployment, big corruption, terrorism and banditry. Sometimes, I take a look at this democracy and I am like: what really have we gained putting civilians in power?”

“The worst civilian government is better than the best military government.”   

“I hear that all the time, yes. But why are we not making progress? Can you believe that one of my brothers had to contact me to ask if I could help get fuel. How am I supposed to do that from Lagos, when I am also looking for fuel.”

“Don’t worry when the Dangote refinery starts producing PMS and the Warri refinery kicks off, everything will be fine.”

“I have been hearing that for about a year. Were we not also told that the Port Harcourt Refinery has been mechanically completed?  A mechanical refinery that has refused to produce petrol. We don’t need mechanical stories we want fuel at the filling stations”

“President Tinubu has advised us to be patient. At the Special Meeting of the World Economic Forum in Riyadh, Saudi Arabia, he told his audience that his government had to remove fuel subsidy and manage the foreign exchange market to prevent the country from slipping into bankruptcy.”

“I watched the video. He spoke well, ex tempore. He keeps doing a good job of marketing the country and selling the country as an important destination for Foreign Direct Investment. Good outing overall. You know City Boy is a show man. He met with the Dutch Prime Minister, Bill Gates, Chairman of shipping giant AP Moeller-Maersk, CEO of Samsung. But he didn’t tell the full story”

“Which full story do you want him to tell the international community? Which story?” 

“He should have been honest enough to tell the business community that Nigeria under his watch is still a work in progress. Electricity supply is epileptic. Diesel is expensive. The cost of business is so high many businesses are leaving the country, the latest being PZ Cussons which has been in West Africa for more than 140 years. Even the businesses that are still in the country are raising prices. Multichoice has increased its subscription rates, effective May 1. The Telecom companies have also served notice that call rates will go up…”

“Market forces. Companies are doing business not charity. They have to make ends meet. For a business to be profitable, the Return on Investment (ROI) must be higher than the Cost of Investment. If you can’t afford to pay for Multichoice Premium, the same company offers you other options. If the Telcos increase their call rates, you simply talk less and reduce the number of calls you make.”

“But are you aware that one court has barred MultiChoice from increasing its subscription rates? And I guess the same thing will happen to the telcos. And if they cannot make ends meet, some of these companies will also close shop.”

“Just hearing that from you.” 

“That is why I am talking about honesty. You are asking me to adjust and adapt. President Tinubu should have told his audience that back home IPMAN has announced that this fuel scarcity will linger for two weeks, further making life difficult for businesses and persons.” 

“IPMAN talked about fuel scarcity and supply chain problems. The Independent Petroleum Marketers did not say there will be fuel queues for two weeks.” 

“What is the difference?”

“So, what do you expect President Tinubu to do? To promise potential investors an enabling environment and then at the same time, de-market his own country? Trust is the biggest element in international trade. President Tinubu only needs potential investors to trust him. Or do you want him to behave like President Buhari who used to go abroad to tell people that Nigerian youths are lazy, or that a woman’s place belongs in the other room? Sorry, Tinubu is much smarter.” 

“But why was he behaving like that during the campaigns making it look like he could not complete his sentences and had to be assisted to complete ordinary tasks like climbing the stairs. The same man is now energetic and bouncing, prancing, with energy and panache.”

“Strategy my friend. People underestimated Asiwaju Bola Tinubu, even within his own party. He outsmarted them all, even with the power of the tongue. Strategy is the soul of politics.” 

“Okay, congratulations. Let him solve the problem of electricity, fuel supply, foreign exchange and the hunger in the land. Soon, it will be May 29, one year since he assumed office. Enough of the promises of hope. I want action, results.” 

“You have to be patient. You cannot expect Tinubu to fix eight years of maladministration in one year. But come to think of it, I think in a mysterious manner, Nigeria has just stumbled on a divine solution.” 

“Beware of blasphemy. Leave God out of this. Our problems in Nigeria are man-made. Nobody should blame God.” 

“I said divine. I didn’t mention God but you know God works through human beings. God has sent unto us one of his prophets to solve our problems.”

“And who is that?”

“Prophet Odumeje. Abidoshaker. Ganduka Gandusa. Indaboski. The Liquid Metal. The man has acquired powers. He says with his powers, he brought down the value of the dollar against the Naira and the Naira appreciated. But he left town for London with his powers, the Naira lost a little value and now that he is back, he will fix the Naira.” 

“What powers?”

“Citadel. Pandemic. Epidemic. Pandemonium. Sanctus Sanitorias and Burning Fire.”

“Listen to that meaningless mumbo-jumbo. And who is Abido Shaker?”

“Man of God.”

 “I think he is a clown. A comedian. An entertainer. I think he should be in Nollywood, not anywhere near a pulpit. You people worship pastors, not God. You actually believe that a prophet is the solution to Nigeria’s problems?”

 “When the man went to London, people rushed to the airport to receive him. They even paid to watch him perform his latest song: Powers. He attracted a large crowd. When he returned to Nigeria, he was received by a large crowd, dancing and singing his praises. The man has his own style.”

“Nigerians like entertainment and that pastor is good at making skits. I am not surprised.” 

“I hear he can use his powers to ensure steady electricity supply, generate employment and place Nigeria on the path of growth. You never know with these spiritualists. Don’t you think he should be consulted by the Nigerian government? Yemi Cardoso and Wale Edun can invite him to a meeting and explore ways of how his powers can be unleashed to fix monetary and fiscal policies.”

“He should be given a stern warning to stop misleading people. One of these days he would cause a pandemonium. The person that actually shocks me is that musician called Flavour. What does he hope to gain doing a collabo with Indaboski?”

“He probably hopes to get powers that would jump-start his musical career.” 

“I sympathize with him if that is the case. He doesn’t need powers to do well as an artiste. Let him go and work hard on his talent and concentrate on his craft. Can’t he see that Indaboski is using him? Nonsense.”

“His choice. This is a free country. He is responsible for his own brand and identity. And in any case, I don’t think anybody is using anybody. They are both using each other. You will be surprised that their song may end up as a bestseller on the charts.”

“What I know is that people make stupid choices in this country. Like those young men who went to protest at the EFCC Headquarters yesterday. They turned EFCC vs. Alhaji Yahaya Bello into an Ebira youths vs Igalla youths conflict. I hear the protesters were ethnic gladiators.”

 “Everything in Nigeria is always ethnicized. With so much unemployment in the country, you will always find more than enough idle youths to support any cause.” 

“EFCC has already staged enough drama around this case. It should not get involved in Ebira or Igalla politics. The matter is already in court. The courts will decide on the weight of evidence provided. Enough of the circus and all you television lawyers should beware of running foul of the law.”

“I understand what you are saying. The part of the story that shocks me, actually, is the fact that people spend foreign currency in this country as if it were the national currency. The Chinese supermarket that was shut down in Abuja the other day, we were told designates items in Chinese and price tags in yen, not Naira. There are many schools, real estate companies, and luxury stores that transact business in dollars only.”

“Even some government agencies collect tariffs in dollars and claim that it is because their business is international. Nigeria’s crude oil is sold in dollars for example.”

“So, how do we expect the Naira to remain stable? I think what the American International School Abuja (AISA)’s involvement in the Bello case so far is that the government must move swiftly to outlaw the use of dollars for basic transactions in the country, instead of chasing people who are spraying small change at social parties.” 

“Even that is an offence. There is no such thing as a small offence. The law is the law.” 

“The law must be seen to be fair to all parties concerned. This is why I support the idea of a justice sector reform. For Heaven’s sake, we can’t even maintain correctional facilities. There was a small downpour the other day in Suleja and the perimeter wall of the correctional facility gave way. Over 100 inmates escaped. Before now, there have been jail breaks in Koton Karfe in Kogi state, Benin and Oko in Edo State, Kuje in FCT, and Okitipupa in Ondo State. Every incident has been traced to the poor management of the correctional facilities.” 

“But what has this got to do with justice sector reform?”

“Everything. Justice administration is a chain from law enforcement to the judicial system to the custodial centres. There is no justice if the prisons are congested, if children are kept in maximum prison facilities, if security dogs are fed with N800 per day and inmates N700 per day. There is no justice when cases are delayed and the prisons are full of awaiting trial persons.”

“I am really sorry. I don’t want to talk about the plight of prisoners. Even those of us who are not in custodial centres are in prison in real terms. This country is a big prison yard.” 

“I won’t put it like that. I guess we should at least be grateful for the little opportunities we get. There is nothing like being free, and having tomorrow to look forward to. Look at one example. The Edo State Government has just increased the minimum wage in the state to N70, 000. That is good news.”

“I hear Lagos has also done the same thing.” 

“No. That story has been debunked by Gbenga Omotoso, the Lagos Commissioner for Information. What Lagos has in place is a comprehensive welfare programme called Eko Cares which covers food, healthcare and transportation.”

“Lagos can in fact pay up to N100, 000 if it so decides. Afterall, the Governor’s nickname is Sanwo Eko. Let him bring out the money. Sanwo Eko, show us the money. What is money?”

“Just confess that your sister works with the Lagos State Government and you want her to earn more.” 

“There is nothing wrong with that. We are in a country where you have to look out for yourself.”    

“This is why we are where we are”

“That is why Africa is the way it is.”

“Look at South Africa. Thirty years after the end of apartheid rule, the racist masters have been replaced by a local elite which has not really done much for the poor black majority. Our leaders in Africa only want power for power’s sake. If the ANC is not careful, it may not even get up to 40% in the May 29 elections. Obsession with power and corruption have broken up the party.”

“Typically African. South Africa after Mandela.”

“Look at Togo where the people went to the polls yesterday in a parliamentary election.”

“Is that an election? Faure Gnassingbe amended the Constitution to keep him in power till 2033. There is also the chance that he will remain President for life. He has been in power since 2005, the year that he seized power as birthright. His family has been ruling Togo since 1967.”  

“The opposition parties do not stand any chance in Togo.”  

“The Black man is the biggest problem to himself and to others.”

Nigeria, the most populous nation in Africa, is endowed with an abundance of natural resources, including crude oil, natural gas, coal, iron ore, and tin, among others. Despite being the largest oil producer in Africa and the 12th largest in the world, the country's citizens continue to grapple with the irony of fuel scarcity, high prices, and its far-reaching consequences on the economy and daily life. This article delves into the complexities of Nigeria's fuel situation, its impact on the citizens, and proposes solutions to address this perennial problem.

Nigeria’s financial institutions including commercial banks, Point of Sales (PoS) operators and others lost about N17.67 billion to fraudsters in 2023.

The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its Annual Fraud Landscape (January to December 2023) report published on its website on Monday.

NIBSS incorporated in 1993 offers a mechanism for same-day clearing and settlement of inter-bank transfers and payments

According to the report, the fraud count dropped by six per cent to 95,620, as actual loss from fraud grew by 23 per cent in 2023 when compared to 2022 with the first quarter being the month with the highest fraud volume in 2023 and the fourth quarter being the month with the highest fraud value.

It also disclosed that the month of May recorded the highest fraud count of 11,716, followed by February with 9,492 while October saw the highest actual loss in 2023 at N3.7 billion, followed by January with N2.7 billion.

According to the data submitted to NIBSS by financial institutions through the Industry Fraud Reporting Portal, the mobile channel is the preferred means for fraud as it increased by five per cent compared to the previous year.

Based on the report, the Web and POS businesses were the most exploited payment channels by fraudsters in 2023.

It said the count of Web Fraud decreased by 38 per cent and ATM fraud recorded a 64 per cent reduction from 2022 to 2023.

Also, in 2023, people aged 40 and above remained the primary targets of fraudsters, which NIBSS said signified a persistent focus on the targeting strategy of fraudsters.

“This sustained trend emphasizes the enduring appeal of the demographic group as potential victims, reinforcing the need for continuous efforts to educate and protect individuals in this category from fraudulent activities,” NIBSS said.

In 2023, a total of 80,658 unique customers fell for the gimmicks of fraudsters which is four per cent less than 84,130 customers recorded in the previous year.

“This decline, though apparent, does not diminish the severity of the issue, urging the financial industry to remain vigilant, enhance security measures and collaboratively address the tenacious challenges posed by fraud,” it said.

The report, however, suggested some of the regulations inputted to check fraud in financial institutions need detailed examination, modification and reinforcement.

“Some regulations need thorough examination, modification, and reinforcement to reduce the potential for fraud and enhance the chances of successful recuperation,” the report added

The Federal High Court sitting in Abuja has issued an interim order for the freezing of about 1, 146 bank accounts that were allegedly linked to unauthorized foreign exchange transactions.

The court, in a ruling that was delivered by Justice Emeka Nwite, ordered that the identified accounts, belonging to individuals and companies, should be frozen for at least 90 days, to allow the Federal Government to conclude its investigations that they could have been used for money laundering and terrorism financing.

“It is hereby ordered as follows: That the applicant’s application is hereby granted as prayed.

“That an order of this honourable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorised dealing in foreign exchange, money laundering and terrorism financing to the extant that the investigation will be for a period of 90 (Ninety) days,” the court held.

The order, dated April 24 but sighted by newsmen on Monday, followed an ex parte application that was brought before the court by the Economic and Financial Crimes Commission, EFCC.

The anti-graft agency had in the motion ex-parte marked: FHC/ABJ/CS/543/2024, maintained that the accounts it listed in a schedule it attached to the court process, were subject of its ongoing investigations.

“That preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual crypto currency exchange platforms to illegal manipulate the value of Naira and laundering proceeds of unlawful activities.

“That there is need to preserve the funds in the identified bank accounts pending the conclusion of investigation and possible prosecution,” the EFCC added in the affidavit that was filed by its lawyer, Mr. Ekele Iheanacho.

Some of the account names the EFCC listed in the attached schedule, included: Akitoye Adeyemi Ayomide with GTBank account number; 0165110025; Clyp Trading Ltd, Titan Trust Bank account number: 0000331101; Clyp Consulting Ltd, Providous account number: 9401374554; and Toyetech Platforms Ltd, Titan Trust Bank account number: 0000134962.

Others were: Winx International Platforms Ltd, Titan Trust Bank account number: 0000135055; Shutterscore Trading Platforms Ltd, Access Bank account number: 1532363954; Tradecillion Trading Ltd, Stanbic IBTC account number: 0045672922; and Nsofor Nmamdi, GTBank account number: 0449088666
They equally include Kora Payments Network Ltd-Operations, UBA account number: 1022242089; Renderstack Technologies Ltd, Zenith Bank account number: 1210355120; Korex Payments Ltd, Globus account number: 5000007837; and Awe Microfinance Bank Ltd, Providous account number: 5400760781; and Victor Asuquo, Opay Digital Services Ltd account number: 9020132068.

As well as: Akingbade Sabit Juwon, ECONANK account number: 3442053006; Nsofor Nmamdi, Union Bank account number: 0140460572; Asuquo Samuel, First Bank account number: 3153199542; Oty Ugochukwu Stanley, FCMB account number: 4039304011; Oty & Sons Global Concepts, Fidelity Bank account number: 6060410145; and Pelumi Ayandoye, Wema Bank account number: 0234852277; and David Ajala, Fidelity Bank account number: 5090680780.

Meanwhile, Justice Nwite adjourned the matter till July 23 for mention.

It will be recalled that the court had in March, ordered Binance Holdings Limited to release to the EFCC, a comprehensive detail of all persons from Nigeria that are trading on its platform.
Binance is a cryptocurrency exchange platform that lists more than 350 digital currencies that serve as alternative form of payment, created, using encryption algorithms.

FG had asked the company to disclose its top 100 users in the country, as well as all transaction history for the past six months.

The Governor of the Central Bank of Nigeria, CBN, Mr. Olayemi Cardoso had on February 27, disclosed that about $26billion passed through Binance from unidentified sources.

In an abrupt move on March 8, the crypto firm discontinued all transactions in naira on its exchange platform, following reports that the government demanded $10bn as retribution for profiting from “its illegal transactions” in Nigeria.

However, in an ex-parte motion it filed before the court, the EFCC said it would need a detailed data of Binance users in the country to aid its ongoing investigation on issues relating to money laundering and terrorism financing.

In a supporting affidavit that was attached to the motion, deposed to by one Hamma Bello, an operative of the EFCC, he told the court that he was attached to the Special Investigation Team (SIT) of the commission domiciled in the Office of the National Security Adviser (ONSA).

Bello averred that following the inauguration of the Technical Committee on Currency Stability and Forex Manipulation by the ONSA, the SIT, “received an intelligence stating the nefarious activities (money laundering and terrorism financing) on Binance, a crypto currency exchange platform.”

According to him, “That from the information afforded to the team by Binance shows that the total trading volume from Nigeria in 2023 alone stood at $21.6 (twenty one billion, six hundred million dollars).”

FG had since charged both the company and two of its top officials to court for money laundering and tax evasion.

As Senators Kick Against Electricity Tarrif

ABUJA- THE Federal government has said that if the Power sector must be revived to perform optimally, a total sum of 10 billion dollars was required yearly, just as it also disclosed that the country would cough out N2.9 trillion to achieve full subsidy of the sector.

Speaking yesterday in Abuja at a one day investigative hearing on halting the new electricity tarrif increase by the Nigerian Electricity Regulatory Commission (NERC) for onward implementation by the Distribution Companies (DisCos), the Minister of Power, Adebayo Adelabu said thT the 10 billion dollars was needed anually in the next ten years to revive the nation’s power sector and end the liquidity challenge.

This is as Senators have called on the Minister of Power, Adebayo Adelabu and the Nigerian Electricity Regulatory Commission, NERC, to as a matter of urgency, reverse the recent decision to increase electricity tariff for band A customers in the country.

The investigative hearing by Senator Enyinnaya Abaribe, APGA, Abia South led Senate Committee on Power is also about the N2.9tn required for electricity subsidy payment, other debts owed in the sector, and the state of metering in the country as well as the $1.3 billion owed gas companies even as it asked why Nigerians were suddenly classified under various bands.

The Minister told the Senate Committee that the major challenge in the sector was absence of liquidity, saying that the sector has been operating on a subsidised tarrif regime,given the absence of a cost reflective tarrif, just as he stressed the subsidy had not be funded over the years as huge liabilities was been owned the Generating Companies ( GenCos) and the Gas Companies.

Adelabu who noted that the inability of the government to pay outstanding N2.9 trillion subsidy was due to limited resources, hence the need to evolve measures to sustain the sector, however pleaded with the Senators to support the process of paying the debt owed operators across the value chain of generation transmission and distribution.

According to him, the increase was based on supply and that any customer that do not receive 20 hours power supply will not be made to pay the new tarrif, adding that the government was committed to ensuring sustainable reform in the sector, even as he told the Senate that eight million meters would be acquired in the next four years.

The Minister who noted that there was the urgent need to clear the outstanding debt owed GenCos and Gas companies, said, “For this sector to be revived, government need to spend nothing less than 10 billion dollars annually in the next 10 years. This is because of the Infrastructure requirement for the stability of the sector, but government can not afford that.

According to him, poor metering remains a big issue too in the industry when he told the lawmakers about how a company, Ziklag Networks Limited allegedly collected N32 billion for a contract to supply meters but has refused to do so in 20 years.

“And so we must make this sector attractive to investors and to lenders. So for us to attract investors,and investment, we must make the sector attractive, and the only way it can be made attractive is that there must be commercial pricing.

“If the value is still at N66 and government is not paying subsidy ,the investors will not come. But now that we have increased tarrif for a Band, there are interest been shown by investors.”

According to Adelabu, to improve power supply, the government was investing in hydro electric power, even as he said that construction of 700 mega watt power in Zungeru had commenced, while Kashimbila Hydroelectric power plant of 40 mega watt was awaiting evacuation to improve generation.

The Minister also disclosed that there was also an on going investment of 26 small hydro power dams to boost electricity production across the country.

Officials of the Central Bank of Nigeria were also on ground to provide details on how to close the metering gap of 8 million meters.

In his submission, CBN Director of Development Financing, Sahaad Ahmad said the CBN provided N55 billion loan which was assessed by all the 11 DISCOS, pointing out that only N6b has been paid back and that CBN’s intervention has done little to stop estimated billing as many customers remain unmetered.

The only group that seems comfortable with NERC and its action appears to be the Association of distribution companies.

Every other speaker -including the Manufacturers Association of Nigeria and a former NERC Chairman, Sam Amadi who believes sufficient consultation was not done and that the increase was discriminatory and in violation of the law.

Chairman, National Electricity Regulatory Commission, NERC, Sanusi Garba solidly backed the position of the Minister, said that it was a “miracle” that the DISCOS remained afloat to supply electricity as at the 1st Quarter of 2024.

When it was time for the Senators to respond to the presentation of the Minister, they however decried the experiences of Nigerians on electricity supply over the years, despite the unbundling of the sector.

The toughest opposition came from the Senators themselves -who believe the DISCOS have done little to improve their capacity and are all out to rip off their customers to cover for their inefficiency.

On his part, the Vice Chairman of the Committee, Senator Lola Ashiru, APC, Kwara South who noted that Nigerians were paying for inefficiency of power sector operators, said that there was a lot of inefficiency across the value chain of generation, transmission and distribution, adding that poor Nigerians must be protected and that there was the need to consider a reversal of the tarrif increase .

Also speaking, Senator Simon Lalong, APC, Plateau South who told the Minister that there was no consultation before the increase, said that issues of palliative should have been discussed and provided before the tarrif increase.

On his part, Chairman of the Committee, Senator Abaribe who noted that what Nigerians wanted was a solution to the issues and ways to ensure liquidity in the sector, also decried the non of appearance of a company “ZIGLAKS” over the failed agreement to provide prepaid meters for Nigerians, just as he alleged that the company had received N32 billion in 20 years to meter Nigerian electricity consumers.

Also speaking, Senator Adamu Aliero, PDP, Kebbi Central who also said that there was no due consultation before the tariff was increased, said that the public was not at peace with the increase, saying that the increase was over 200 per cent, hence the need for a reversal of the tarrif increase.

Presentations were made by the Nigerian Electricity Regulatory Commission (NERC), Manufacturers Association of Nigeria (NAN), Association of Power Generation (Gencos), Electricity Distribution Companies (DisCos) among others.

Nigerians and other foreign students are facing a tough time in Canada over their inability to secure part time jobs to sustain themselves.

According to a report by the Voice of America, the development has led to some of the affected students living in deplorable conditions.

After Canada opened employment pathways cum immigration opportunities for foreign students, many from Nigeria and other parts of the world flocked to the North American nation.

According to the VOA, photos seen on the Canadian Internet showed crowds waiting in line for a simple cashier job opening, as foreign students lamented the unavailability of jobs that would cater to their financial needs and responsibilities.

Foreign students in Canada can only work part time and mostly in low income jobs.

“The present affordability crisis in Vancouver, along with the declining job opportunities, is becoming very stressful,” Dhvani Malik, a 400-level student of international relations at the University of British Columbia, told VOA. “International students already pay so much in fees, and the increasing rent and living costs have only added to the financial pressure.”

As of March, according to Statistics Canada, the unemployment rate for young people in Canada hit a staggering 12.6 per cent, a red flag signalling that the North American nation may be unable to cope with its rapidly rising population, most of whom were immigrants.

Aware of the situation, Prime Minister Justin Trudeau admitted that the number of temporary immigrants was “something we need to get back under control” while speaking at Dartmouth in Nova Scotia on April 2, according to Global News.

“Whether it’s temporary foreign workers or whether it’s international students in particular, that have grown at a rate far beyond what Canada has been able to absorb,” Mr Trudeau said.

However, reducing international students may not be the option for Canadian institutions, as they make a large chunk of their money from fees paid by international students.

The government may be torn between shutting its doors to temporary immigrants or allowing its institutions to continue benefiting from the high tuition cost of international students.

The Northern governors and monarchs have commended Aliko Dangote, billionaire businessman and president of the Dangote group, for the N15 billion food intervention programme launched to cushion the burden of economic hardship on Nigerians.

The governor of Nasarawa and Benue who joined others to laud Dangote’s effort said the scheme was monumental in scope and impactful.

Hyacinth Alia, governor of Benue who was speaking during the weekend at the commencement of the food distribution in the state described Dangote’s action as ”multifaceted philanthropic efforts benefiting the poor and vulnerable populace of the state”.

Alia who was represented by Abah Isaiah, his senior special assistant appreciated Aliko Dangote Foundation (ADF) for supporting the state with twenty thousand bags of 10kg rice.

Sen. Suswam Opposes Establishment of State Police, Citing Immaturity of Nigeria
He disclosed that a committee has been constituted to distribute rice palliatives to the poor, vulnerable, and all local government areas in the state, including non-governmental and faith-based organizations.

Other members of the distribution committee are; foundation for justice, development and peace; first step action for children initiative; Benue state emergency management agency (SEMA); national orientation agency (NOA), Benue directorate; and Islamic charity.

Alia said that the food intervention would support its citizens living in IDP camps that are yet to return to their farms, commending Dangote for creating thousands of jobs through the Dangote Cement Plant in Gboko.

He added that the job creation and economic activities as precursors to peace and stability.

Alia urged host communities to support Dangote, stating they would do everything possible to ensure its success in Benue

“We would do everything possible to make sure that Dangote succeeds in Benue. I also want to urge you to support this company,” he said.

“As you can see there is a cordial relationship between the Dangote Cement Plc and the host communities. You can see how Dangote staff and host communities have been relating with each other.”

The governor urged the company to continue its charity work in the state, stating that the state is ready to provide an enabling environment for businesses to thrive.

Speaking further, Abdullahi Sule, governor of Nasarawa, said the intervention would ‘undoubtedly’ ease economic hardship being faced by many Nigerians.

Emmanuel Agbadu Akabe, deputy governor of the state who represented Sule said each LGAs of the state were allocated 2,000 bags apart from Karu and Lafia who were allocated 2,500 bags each.

He lauded Dangote, describing him as the “father of charity in Nigeria.”

Jonathan Kunde, general manager of Dangote Cement Plant Gboko, praised the peaceful and supportive communities over the years and promised them of more interventional schemes.

Zaki Atoo Mande, a monarch and representative of the host communities pledged the support of the communities towards the continuous realization of a hitch-free mining and production activities.

Muhammad Shaibu, emir of Tunga in Nasarawa, said the ADF’s National Food Intervention Programme is supporting the government to cushion the impact of economic hardship being experienced in the country.

“The Aliko Dangote Foundation is not only a gift to Nasarawa State, but to all Nigerians,” he said.

Ibrahim Galadima, district head of Tunga
described Dangote as God’s gift.

The Adamawa state also said it received its share of one million 10Kg rice distributed nationwide by the foundation, he added that thirty-five thousand beneficiaries, primarily vulnerable and disadvantaged, have received support to combat hunger due to the country’s current economic situation.

Abdullahi Bello Dan Musa, chief operating officer of Dangote sugar refinery numan, confirmed successful distribution across zones and almost completed the exercise in Taraba.

He added that the foundation has partnered with community leaders in the state to ensure the commodity is delivered to its intended beneficiaries.

Anthony Chiejina, spokesperson of the company, stated that the food initiative is part of the foundation’s ongoing commitment to aiding the Nigerian government and populace in overcoming economic challenges.

Ivase Eugene, a representative of the Aliko Dangote Foundation, and deputy general manager social performance and community relations, said the company was sharing one million bags of 10kg rice in all LGA of the country.

On March 24, Dangote launched a N15 billion food intervention programme to cushion the burden of economic hardship on Nigerians

During the launch in Kano, Dangote said the distribution of food items will run from March to early April, adding that over one million 10kg bags of rice will be distributed across the 774 LGAs of the 36 states of the federation, including the federal capital territory (FCT).

The Foundation had equally distributed thousands of bags of rice to beneficiaries and vulnerables in FCT with at least 48 charity organizations and orphanages involved in the process.