A Senator representing Edo North Adams Oshiomhole has said they did not promise miracles to Nigerians when they campaigned for the election of President Bola Tinubu.
Oshiomhole, a former National Chairman of the All Progressive Congress (APC), said this on Channels Television’s Sunday Politics.
The former Edo State governor said Nigerians need to be patient with the new government, noting that the president is not a magician that will immediately solve all problems in the country.
“They know they were not electing a magician. And nobody promised a magical solution,” Oshiomhole said.
“You don’t need to give me an example. I know what we (APC) promised more than you who was reporting it. Whatever you reported, we were the source. We did not promise a 24-hour solution. We did not promise miracles. We did not promise an overnight solution.
“You show me any document that says in 48 hours, this will be done. In 14 days, this should be done. In 21 days, this should be done.
“I think you are the one who has the illusion that once a promise is made, automatically once you get into office, either spiritually or by miracles, solutions will emerge.”
The former Edo State governor said since the removal of fuel subsidy, Tinubu has taken steps to address the impacts of the decision.
“What Nigeria needs is what President Tinubu has demonstrated the courage to make decisions and to be humble to admit some of the unintended consequences of those decisions, and, the will to deal with those consequences. And he has put in place instruments to deal with them.”
On the N30,000 minimum wage in the country, the former Nigeria Labour Congress (NLC) president described it as a criminal wage.
“What we call minimum wage is a criminal wage,” he said. “If you exchange N30,000 at N800 or N700 to the dollar, what does that translate to? So, the value of that minimum wage when it was N125 – when it was first introduced under, I think, (Shehu) Shagari’s government – is about two times or three times the value many years later, even in the public service.”
Parents, under the aegis of the National Parent Teacher Association of Nigeria, NAPTAN, have called on President Bola Tinubu to apply the brake to the spate of increment in tuition fees and others by government-owned schools.
The parents said life was being snuffed out of them as a result of such increases in almost all sectors, such as fuel, electricity and now school fees.
According to them, the increases are becoming too many and pouring on the citizens like a heavy rainfall.
Speaking in a chat with Vanguard yesterday, the Deputy National President of NAPTAN, Adeolu Ogunbanjo, urged the President to, as a matter of urgency, put a stop to the tuition fee hike in public schools.
“It is unfortunate. We support the President regarding the removal of oil subsidy, but it does not mean everything should just be hiked at the same time.
”You still want to remove subsidy on electricity, and also hike tuition fees at the same time. That will be too killing on parents and their children.
“The President should by tomorrow, mandate schools to revert to their old fees. They should not snuff life out of parents and their children.
”He should temper justice with mercy. The moment the government increases fees payable in its schools, others will follow – the state governments and private school owners. He should just stop it,” he stated.
Giving advice to the President on how to bring down the cost of fuel in Nigeria, Ogunbanjo said though licenses had been given to some importers to bring in fuel, the solution did not lie in that step.
He said: “Prices of petroleum products would still continue to be on the high side as long as they are imported and the process is dollar-denominated.
”What he needs to do is to encourage modular refineries. That will bring succour to the people and the country entirely. He should address that and set standards for those operating such modular refineries if he is not pleased with what they are doing now.
“While the modular refineries are working and meeting the people’s needs in their own little ways, then the big ones, such as Dangote Refinery, can come on stream.
”The huge impact of the subsidy removal is already affecting businesses and many may close down. If that happens, it is still parents that will be the worst for it if they lose their jobs and still have family commitments to handle.”
Recall that federal government’s unity colleges recently increased fees from N45,000 to N100,000 and federal universities have done same.
The University of Lagos, UNILAG, for instance, weekend increased fees from N19,000 to N190,250.
Parents are apprehensive that by the time new session begins for primary and secondary schools in September this year, a number of parents might find it difficult to cope with fees and buying books.
The Academic Staff Union of Universities, ASUU and the Academic Staff Union of Polytechnics, ASUP, had expressed fears that the introduction of the Student Loan Scheme by the government would lead to hike in tuition fees.
Presidents of both unions, Prof. Emmanuel Osodeke and Dr Anderson Ezeibe, had said the government would just be referring any indigent student who cannot pay fees to approach the Student Loan Board, but wondered how many of such students the board would be able to assist.
They also faulted the repayment method and timelines.
The presidential candidate of the Peoples Democratic Party (PDP), Alhaji Abubakar Atiku has pleaded with the Presidential Election Petition Tribunal to summon enough courage to do substantial justice to his petition seeking the nullification of Ahmed Bola Tinubu as winner of the February 25 election.
Atiku said on Sunday that contrary to the threat of Tinubu, heavens would not fall when he (Tinubu) is sacked by the tribunal as Nigeria’s president on the account of massive electoral fraud that brought him into office.
In his final written address, Atiku dismissed Tinubu’s threat as an empty one deployed to scare the tribunal from upholding justice in the petition challenging Tinubu’s election.
In the final written address by his lead counsel, Chief Chris Uche, SAN, the former Vice President recalled the courageous position of the Supreme Court in the case of Rotimi Amaechi, where the apex court held that heavens would not fall when justice is done in the manner prescribed by law.
Justice George Adesola Oguntade, who delivered the Supreme Court judgment in the cited authority, had said: “I must do justice even if the heavens fall. The truth, of course, is that when justice has been done, the heavens stay in one place and in peace.”
Atiku asked the tribunal to invoke the courage displayed in the past Supreme Court judgment to settle his petition against Tinubu by disregarding the threat of monumental chaos issued by Tinubu to shield himself from justice.
The former Vice President maintained that Tinubu had lost the moral and legal rights to be in office as President of the Federal Republic of Nigeria, having admitted a punitive forfeiture of $406,000 in a narcotics and money laundering-related matter.
Besides, Atiku accused the Independent National Electoral Commission (INEC) of manipulating the results of the presidential election in the most corrupt manner in favour of Tinubu and thereafter, unlawfully proclaimed him (Tinubu) the winner of the election.
Citing the alleged brazen subversion of the popular will of the voters by INEC in favour of Tinubu, the former Vice President appealed that the proclamation of the electoral body is voided and set aside and in its place, declare him the winner of the election having convincingly scored the majority of the lawful votes.
The naira maintained its downward trend against the dollar as it traded for 876/$ at the parallel market on Sunday.
Some Bureau de Change operators, who spoke to News-men, said the local currency had earlier exchanged to the dollar at 820 a week earlier.
Since the unification of the exchange rates in the country by the Central Bank of Nigeria in recent weeks, the naira had continued to slide to the dollar, due to liquidity crunch, speculations, and other challenges.
Speaking with our correspondent, a BDC operator in Lagos, Alhaji Sanni Abdul, stated, “Naira is currently bought and sold at 850/$ and 876/$. The exchange rate has not been stable for some time now.”
Another BDC operator, Alli Ibrahim, said, “Things are getting more expensive. As of Friday, we were buying and selling the naira at 850/$ and 865/$.”
Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said the foreign exchange market was evidently under pressure as a result of a number of factors.
He said there was a curious surge in monetary expansion in the last month.
Yusuf said, “Money supply grew by an unprecedented 15 per cent in one month between May and June 2023. Broad money grew by over N9tn, from N55.7tn to N64.9tn. This surge in monetary growth is unprecedented. Obviously, this must have had an effect on the exchange rate.”
He said the monetary authorities should investigate this drastic growth in money supply and take steps to curb subsequent expansion.
“Such dramatic growth in money supply poses a significant risk to macroeconomic stability, especially price stability,” he said.
Over the last few years, he said, there had been a cumulative backlog of unmet foreign exchange demand, running into billions of dollars as a result of acute illiquidity in the foreign exchange market.
With a more liberalised forex market, he said, the pressure of the backlog of unmet demands and other maturing forex-related obligations had been unleashed on the investors’ and exporters’ window.
However, at the Investor & Exporter forex window, naira appreciated by 3.24 per cent against the dollar in the previous week.
According to the data from the official trading platform of FMDQ Securities, there was a slight appreciation of the naira by 3.24 basis per cent, bringing its value to 777.82/$. It ended the previous week at 803.90/$.
As of Friday, the naira traded at an intra-day high of 855/$ and a low of 665/$ with a total turnover of $77.99m.
APC crisis: Adamu’s greatest ‘sin’ was trying to impose Lawan as presidential candidate —V’Chair
AdminThe National Vice Chairman, Northwest, of ruling All Progressives Congress APC, Salihu Lukman, said yesterday that the level of impunity under the leadership of the erstwhile national chairman, Senator Abdullahi Adamu, reached its height when he sought to unilaterally impose a presidential candidate on the party.
He said apart from freezing statutory organs of the party, Adamu wanted to foist then Senate president, Ahmad Lawan, on the party but was swiftly cut to size by state governors and Asiwaju Bola Tinubu who was then an aspirant.
Lukman in a statement, said it was, however, regrettable that the APC had continued to move from one leadership crisis to another, lamenting that today, the National Working Committee, NWC, had become a distant observer in the process of recruiting a new national chairman.
He said: “After winning the campaign to get the caretaker committee organize a national convention, which produced the current NWC, led by Senator Abdullahi Adamu, in no time the party was returned to the old mode of business as usual where statutory organs of the party were frozen.
”No meetings of party organs were taking place and the NWC became practically an observer whereby the National Chairman and National Secretary basically usurped the powers of all organs of the party.
“The height of it was when the national chairman attempted to impose Senator Ahmad Lawan as the 2023 presidential candidate of the party. Progressive Governors and many members of the NWC had to rise to the occasion and check his excesses, which produced President Bola Tinubu as the candidate of the party for 2023 elections. The rest, as is often said, is now history.
“However, we continue to move from one unhealthy situation to another during both the 2023 electioneering campaigns and the process of negotiations to produce leaders of the National Assembly after the elections.
”It was as if the party under the leadership of Senator Adamu was either contesting the authority of President Tinubu or at the least working at cross purposes.”
Agreed zoning formula favours North Central
Lukman also reminded President Tinubu and the Progressives Governors Forum, PGF, that the agreed zoning formula in the party ceded the position of national chairman to North Central.
According to Lukman, restoring constitutional order to APC will require some demonstration of commitment to give life to the statutory organs of the party, so that the debate about replacing the national chairman and all existing vacancies, including that of the national secretary, would be done within the structures of the party.
Lukman was again reacting to reports that former Kano State governor, Dr. Abdullahi Umar Ganduje, had been tipped to replace Senator Adamu as the next national chairman.
According the him, the inability to revive statutory organs of the party will suggest that the process of replacing existing vacancies will be manipulated to suite some narrow interests within the party, even if it meant violating provisions of APC constitution.
Says some lecturers haven’t collected salaries for 30 months
Advises Tinubu on who to appoint education minister
President of the Academic Staff Union of Universities, ASUU, Professor Emmanuel Osodeke, has described the education sector under former President Muhammadu Buhari as catastrophic.
He also said the administration of former President Buhari was the worst thing to happen to the country, lamenting that no government had ever given the education sector a paltry five per cent as the administration did.
He further noted with dismay that some lecturers had not collected salaries for about 30 months, while some had yet to collect the consequential adjustment paid about two years ago.
Speaking in an exclusive interview with Vanguard, the ASUU boss advised President Bola Tinubu to ensure that the person he would appoint as the minister to oversee education sector was someone who knew what education was all about.
Asked to rate Buhari’s administration in terms of funding of the education, he said: “It was catastrophe, that was the worst that even happened to this country. There is no regime that had given five per cent to education but he did and even that five per cent was not monitored.
“As I speak today during that regime, University of Lagos, University of Ibadan, Ife, ABU get just eleven million per month for overhead cost.
”Meanwhile, my university (Michael Okpara University of Agriculture Umudike, Abia State) spent more than N20 million on diesel a month, UNILAG should spend not less than N50 million to N100 million on diesel a month but the government just gave N11 million. Here (Michael Okpara University), they gave N5 million and it’s hardly released.
“The take home pay of one senator is more that what have you have as overhead cost of University of Ibadan and Obafemi Awolowo University, Ife. How will that run? That’s why we have the problem we have today, nobody is interested.”
Further asked what kind of minister of education he would recommend to Mr. President, Osodeke said: “Such a minister should be somebody who knows what a university is and who knows what education is. Two, it should be somebody who will have the interest of Nigerian pupil, young boys and girls at heart.
”Three, the person should be somebody who must have his family in Nigerian university system, secondary and primary schools, not somebody whose child is outside, you go and do matriculation and convocation there but you don’t have a child here.
“So those are some of the things that should be considered in appointing the next minister of education. A person who believes in Nigeria and not those who believe Nigeria does not exist, we must go abroad. ‘You have headache you go abroad, a president had toothache, he ran abroad for treatment.”
On ASUU’s expectations of the present administration, Professor Osodeke said: “If you have watched, most of the past leaders have really not given the attention to the education system for growth. That is why we are having these problems, especially the issue of funding.
“If you check in West Africa, Ghana, Cameron and even South Africa, no country gives less than 15 per cent of its budget to education but last year, we got 5.3 per cent and it has never gone beyond 10 per cent in the past ten years.
“So that’s the critical issue. In the early 60s and 70s, the regional government, especially the western region, was giving 30 per cent. In some countries, they give up to 30 per cent because of the importance of education, but here we don’t regard it.
”Do you know why? Because the children of those who should ensure that it is done are not in the country.
“The first six months of last year we paid $600 million as tuition fee to UK universities. If you multiply that, it is more than N200 billion. That is what we have been saying should be put in education every year to revamp it but they are not interested. So that is the reason we are having this.”
The Federal Government, through the Federal Competition and Consumer Protection Commission, has issued a cease-and-desist order to Point of Sale operators from conduct that constitutes an infringement of the law.
This follows the move by PoS operators, under the umbrella of the Association of Mobile Money and Bank Agents in Nigeria, to fix new prices for PoS transactions.
The new pricing model began on July 17, 2023.
According to the commission, PoS operators that are found in violation of the order will pay N10m for corporate entities and N1m and, or, a prison sentence of up to three months for individuals.
The FCCPC, in a statement signed by its Executive Vice Chairman/ Chief Executive Officer, Babatunde Irukera, on Monday, said, “The Commission advises PoS operators that violation of an order of the Commission attracts additional consequences apart from the underlying illegal conduct that is the subject of the order such as up to N10,000,000 for corporate entities; and N1,000,000 and or a prison sentence of up to three months for individuals.”
The commission noted that it has not sought to limit the prerogative of PoS service providers to determine and set prices for services in a manner of their choosing, subject to Section 127 of the Federal Competition and Consumer Protection Act 2018, which prohibits manifestly unjust or exploitative prices.
It stated that it respects and encourages a pricing methodology that is the product of market forces in a free, competitive, and undistorted market. However, it said there is no evidence that the PoS market lacks sufficient players or competition in Lagos or anywhere else.
The commission said, “While the Commission continues to provide consideration to, and for small businesses, enforcing the law must remain non-negotiable.
“Accordingly, the Commission, in escalating this in accordance with the FCCPA and ancillary instruments, has entered an Order & Notice (ONC) of the Commission to AMMBAN, persons identified as executives, members, and non-member PoS operators to Cease and Desist from conduct that constitutes an infringement of the law.”
It said the ONC had been served on AMMBAN. It was also noted that not all members can be personally served or will become aware through service on AMMBAN.
It further stated, “In addition, some persons, such as non-AMMBAN members, may become subject to the ONC. Accordingly, the Commission has, and is by this again publicly disseminating the ONC. Members are however invited to consider sufficiency of service of the ONC under Section 158(4) of the FCCPA which deems such service on their association or executives as adequate and acceptable.”
According to the commission, it had tried the cautious and collaborative approach but has now adopted the ONC to convey its will to enforce the law, including, and up to prosecuting violators and affiliates who may otherwise be statutorily liable for the conduct of a violating company or business.
It added, “In addition to stipulated statutory consequences, although the Commission prefers not to disrupt the business and operations of small enterprises, it will (if it becomes necessary) prohibit merchant services and privileges to PoS operators or AMMBAN members who persist in conduct that is inconsistent with law and economic efficiency.”
There are indications that many shop owners will have their shops revoked today in Enugu State for their failure to open for businesses.
Mondays have been observed as sit-at-home in Southeast states since 2021 following the arrest and detention of Mazi Nnamdi Kanu, leader of the Indigenous People of Biafra, IPOB, in Kenya and his subsequent rendition to Nigeria. His faithful declared sit-at-home to pressure his release.
The Enugu State governor, Mr Peter Mbah, ordered the resumption of businesses in the state on Mondays, describing the continued sit-at-home as wastful to the state, individuals and corporate bodies. He had invited some stakeholders and informed them to call off the order.
Despite his assurances of security, the compliance with his directive has recorded little success as motorists, shops, banks, schools, filling stations and other businesses have not been optimally functional since the campaign.
Chidebere Onyia, the secretary to the state government, in a statement, threatened to revoke licences of corporate bodies and shops of traders that do not open on Mondays.
According to him, “Any shop that is not open for business with effect from July 24, 2023 will be sealed and re-allocated to some other persons who are willing to do businesses or have their licences revoked in the case of corporate bodies.
“This notice serves as a final warning to all shop owners or corporate bodies who are yet to comply with this directive.”
A survey conducted by THE WHISTLER early Monday morning shows absence of vehicular movements, private schools shut, as well as shops under lock and key.
A trader, Chidebere Eze, said, “I may open if I hear that others are opening. The problem is that even if you open, nobody comes to buy. It is no more about IPOB, but frustration. The recent hike in prices of petroleum products makes even moving around expensive. So going to shop is expensive for me.”
A school owner at Uwani, Pauline Ezea, said, “You don’t expect me to risk lives of my pupils. We now teach on Saturdays to make up. Let them bring Kanu out, let’s see if this won’t end.”
A commentator, Maureen Ekwe, said, “People think Kanu’s release is being sabotaged by Igbo leaders. It’s true that we lose a lot in terms of economic activities and gains, but many feel the sacrifices are worth it.”
In a shocking development, the Lagos State Government has come forward to admit that 103 victims of the #ENDSARS protest will be laid to rest in a mass burial.
The revelation, which was exposed in a leaked memo, comes three years after both the state and federal governments vehemently denied loss of lives during the October 20, 2022 #ENDSARS protests, which were sparked by nationwide outrage against police brutality.
The #ENDSARS protests in Lagos, like in many other parts of Nigeria, saw thousands of youths take to the streets to demand an end to police brutality and the disbandment of the Special Anti-Robbery Squad (SARS), a controversial police unit notorious for human rights abuses.
The largely peaceful protests took a tragic turn on October 20, 2022, when a violent crackdown by security forces resulted in the loss of several lives and injuries to many others.
Following outrage over the development, Dr. Olusegun Ogboye, Permanent Secretary of the Lagos State Ministry of Health, issued a statement claiming that the dead bodies prepared for mass burial were not from the Lekki tollgate.
For years, the Lagos State Government, as well as the federal government, had consistently denied that many people were killed in the protests, despite heart-wrenching accounts from some witnesses and victims’ families.
The refusal to acknowledge the lives lost during the demonstrations sparked anger and frustration among Nigerians, further straining the relationship between the citizens and the authorities.
The full statement reads:
RE: MASS BURIAL OF ENDSARS VICTIMS (MISCHIEF MAKERS AT WORK)
The attention of the Lagos State Government has been drawn to some social media publications about a purported mass burial plan for casualties of the 2020 #EndSARS incident. Peddlers of the news are deliberately misinterpreting and sensationalizing a letter from the Lagos State Government Public Procurement Agency titled: Letter of No Objection – Mass Burial for the 103, the Year 2020 ENDSARS victims, to misinform the public, stir public sentiment and cause public disaffection against the Lagos State Government.
While the Lagos State Government would not have dignified the mischievous elements peddling such news with a response, we consider it appropriate to set the records straight and draw the attention of well-meaning citizens to the antics of some unscrupulous elements who are hell bent on disrupting the peace and tranquility of Lagos with distorted news and half-truth about the PPA letter.
It is public knowledge that the year 2020 #EndSARS crisis that snowballed into violence in many parts of Lagos recorded casualties in different areas of the State and NOT from the Lekki Toll Gate as being inferred in the mischievous publications.
For the records, the Lagos State Environmental Health Unit (SEHMU) picked up bodies in the aftermath of #EndSARS violence and community clashes at Fagba, Ketu, Ikorodu, Orile, Ajegunle, Abule-Egba, Ikeja, Ojota, Ekoro, Ogba, Isolo and Ajah areas of Lagos State, including a jailbreak at Ikoyi Prison. The 103 casualties mentioned in the document were from these incidents and NOT from Lekki Toll-gate as being alleged. For the avoidance of doubt, no body was retrieved from the Lekki Toll Gate incident.
In the aftermath of the #EndSARS violence, the office of the Chief Coroner invited members of the public Throughout public adverts and announcement who had lost loved ones or whose relatives had been declared missing between 19th and 27th October 2020 from various clashes as mentioned above, to contact the department of Pathology and Forensic Medicine of the Lagos State University Teaching Hospital (LASUTH) to help with identification of these casualties deposited in State-owned morgues. Relatives were to undergo DNA tests for identification purposes. It is important to state categorically that nobody responded to claim any of the bodies.
However, after almost three years, the bodies remain unclaimed, adding to the congestion of the morgues. This spurred the need to decongest the morgues – a procedure that follows very careful medical and legal guidelines in the event that a relative may still turn up to claim a lost relative years after the incident.
Decongestion of our public morgues is a periodic and regular exercise approved by Governor Babajide Sanwo-Olu to free up space in mortuaries that have a large number of unclaimed bodies.
Yet-to-be-identified gunmen on Saturday night invaded the residence of Mr Labaran Maku, former Minister of Information at Akpata community in Akun, Nasarawa-Eggon Local Government Area of Nasarawa State and injured four security personnel.
One of the injured security personnel, who does not want his name mentioned, told the News Agency of Nigeria (NAN) on Sunday that the criminals invaded the residence about 7:50 p.m.
“The criminals forced their way into the residence and started shooting sporadically and in the process injured four of us.
“They came in a mob and were communicating in Hausa language and banging the main gate to the house.
“When I refused to open the gate for them because I did not know who they were, they started shooting and jumped the fence into the compound,” he said.
Commenting on the incident, Maku decried the spate of kidnapping, banditry and other forms of insecurity in all parts of the state.
The former minister particularly said the state was under siege, adding that it was the third time his residence and relatives were attacked by criminals.
“You will remember that about a month ago, these criminal elements invaded my father’s compound at the village and kidnapped three of my family members.
“About two years ago, they killed two of my elder brother’s children at his residence in Gudi community of Akwanga local government area
“What happened today shows clearly that our state is under siege,” Maku said.
Meanwhile, Governor Abdullahi Sule of the state condemned the attack and directed the security agencies to arrest the perpetrators.
The governor’s directive was contained in a statement by Mr. Peter Ahemba, his Senior Special Assistant (SSA) on Public Affairs, adding that the government had adopted modalities toward tackling all forms of insecurity in the state.
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Kwara State Governor, AbdulRahman AbdulRazaq, has approved N10,000 monthly palliative for workers.
The N10,000 monthly palliative is to help workers cope with the recent fuel subsidy removal and its attendant economic impacts.
The government’s decision was announced at a press conference addressed by the Chief Press Secretary to the governor, Rafiu Ajakaye, at the Government House, Ilorin on Monday.
Ajakaye said, “On top of the palliatives is a cash support of N10,000 for every public sector worker in the state, which will begin this month (July) and last until a new minimum wage is introduced to enable workers to cope with the economic shocks created by the subsidy removal.
“In deference to the new advisory of the National Economic Council for states to design their own independent responses to the development, the governor has directed the leadership of the civil service to continue a staggered work schedule — not exceeding three days a week — to reduce transportation expenses for workers,” he said.
Kwara had earlier introduced a 3-day work schedule for its civil servants but suspended it in deference to an earlier advisory of the NEC for states to await a more holistic response to the development.
The staggered work plan will not cover ‘essential workers, the governor’s spokesman clarified.
“The governor has similarly approved the payment, from this month, July, of new hazard and skipping allowances, and 100% CONMESS for consultants and medical doctors under the government’s payroll.
“He also approved a new regime of allowances for nurses working for the state government. The whole essence is to check attrition rate in the health sector, and attract and retain medics and specialists to provide improved, qualitative healthcare services for the people of the state,” he added.
“The governor has also endorsed immediate cash-backing of 2019 and 2020 promotion for Teaching Service Commission workers. The administration had earlier cash-backed arrears of promotion for TESCOM for the years 2015-2018.
“In the same vein, he has approved cash-backing for the 2021 promotion exercise of teaching and non-teaching staff of SUBEB and restoration of steps to all of them. This is a policy response to the yearnings of SUBEB workers since 2016 when SUBEB workers no longer had steps.
“The Governor also approved the extension of free bus rides for students of tertiary institutions in the state, while modalities for occasional distribution of food to poor and most vulnerable households are to be activated in the next few days.
“This shall be nonpartisan and would be coordinated by a government team to be supported by respected stakeholders who would get inputs from traditional rulers, religious bodies, market leaders, trade unionists, and community-based organisations to generate the lists of beneficiaries and disburse accordingly.
“The whole idea of these interventions, which gulp billions of naira of public funds, is to show empathy and deploy as much resources as the state can afford to support the people at this special time.
“The Governor has also approved the Kwara State Social Investment Programme (KWASSIP) to activate N500m worth of conditional support for petty traders and MSMEs in the state.
“The state government will receive fertilisers and grains from the Federal Government and pay for same. It is not free. Modalities for the handling of these will be made available later. This is to boost farming outputs and food security in the state.
“The government, meanwhile, will be setting up a committee to interface with marketers on the need to curb extortionist tendencies as seen in the arbitrary fixing of prices of foodstuffs.
A total of 529 foreign-trained medical and dental graduates failed the assessment examination conducted by the Medical and Dental Council of Nigeria.
This is according to the examination report obtained from the MDCN on Sunday.
The two-day assessment examination was conducted on Wednesday, July 12, and Thursday, July 13, 2023, at the University College Hospital, Ibadan in Oyo State.
The MDCN said 704 medical and 30 dental foreign-trained graduates participated in the assessment examination.
The council, however, said only 189 medical graduates and 16 dental graduates passed the examination.
It also revealed that 515 medical graduates and 14 dental graduates failed the examination.
The MDCN regulates the practice of Medicine, Dentistry, and Alternative Medicine in the country to safeguard the nation’s health care system.
The PUNCH reports that the MDCN assessment examination is compulsory for all foreign-trained doctors who plan to practise in Nigeria.
The assessment examination tests the candidates’ ability to apply their basic medical sciences and clinical skills in a health care setting.
Commenting on the result, the MDCN Registrar, Dr Tajudeen Sanusi, said, “The pass is at 27.4 per cent, which is poor. However, the assessment exam is necessary because we cannot put the health of Nigerians in jeopardy; it is better we have a few doctors than have doctors that will put the health of Nigerians in danger. All hands must be on deck to put this country in the right place.”
According to him, the assessment examination is a required global practice.
“It’s a global practice that if you train in a particular jurisdiction and, you want to go to another jurisdiction, you subject yourself to an assessment exam. Even if you are a professor of medicine here and you’ve never practised in the United Kingdom or the United States, when you go there, you subject yourself to their assessment exam. So, it’s a global practice,” he said.
Ohanaeze urges South East to ignore Ekpa’s sit-at-home order, places $500,000 bounty for arrest
Admin• Igbo make greatest contribution to Nigeria’s GDP, says Iwuanyanwu
The Chidi Ibeh faction of Ohanaeze Ndigbo, yesterday, urged the South East residents to ignore the two-week sit-at-home order by Finland-based acclaimed Biafra agitator, Simon Ekpa. The group has also asked the people of the zone to rise and put an end to Ekpa’s nefarious and infamous activities.
In a statement in Abakaliki, the Ebonyi State capital, the Secretary-General of the Ohanaeze faction, Okechukwu Isiguzoro, said that the Igbo organisation has placed a substantial bounty of $500,000 on Ekpa, as a reward to anyone who can provide useful information that would lead to his arrest.
The Ohanaeze added that it is resolute, in collaboration with South East political leaders, to bring Ekpa to justice for his atrocities and alleged sponsorship of armed groups in the region.
The group further called on every Igbo to play an active role in preventing violence and disruptions of economic activities in the region.
The statement reads: “Ekpa is responsible for the recent surge in violence and insecurity in the region. He has declared another two-week sit-at-home from July 31 to August 14, 2023, undermining the authority of South East governors, who are constitutionally mandated to protect life and property of citizens.
“Ohanaeze has placed a substantial bounty of $500,000 on Ekpa’s head. The reward is offered to anyone who can provide useful information that would lead to his capture and subsequent arrest.
IN a different development, the President General of Ohanaeze, Emmanuel Iwuanyanwu, has said that the role of the Igbo community in Nigeria’s social, political and economic history and development came to the fore at the weekend, in North London.
The Ohanaeze leader pointed out that aside from recognising Igbo for living and working in every part of the country, they are said to make the topmost economic contribution to the Gross Domestic Product (GDP).
Iwuanyanwu enumerated some of the contributions at a reception the United Kingdom (UK) branch of Ohanaeze held in his honour at St. Edmund’s Church Hall, in Edmonton Green.
The Igbo leader, who came in the company of former Chief of Naval Staff, Rear Admiral Allison Madueke (Rtd), told the gathering that not only are the Igbo everywhere and doing business , they make the greatest contribution to the GDP of Nigeria.”
Addressing the audience, Iwuanyanwu disclosed plans to have a Hall of Fame and Museum of Igbo history erected in honour of notable Igbo people who have helped in shaping and preserving them.
[Guardian]
*Analysts predict tough call
*CPPE: N9tn increase in money supply pressuring FX market
*Calls on apex bank to develop intervention measures
As the Monetary Policy Committee of the Central Bank of Nigeria (CBN) holds its first meeting since President Bola Tinubu assumed office, issues in the foreign exchange market, particularly the recent floating of the naira, high benchmark interest rate, removal of petrol subsidy, and rising inflation are expected to shape discussions.
The two-day meeting would commence today, the first since the suspension of Godwin Emefiele as the CBN Governor.
Analysts told THISDAY yesterday that the meeting – the first to be presided over by the acting CBN Governor, Mr. Folashodun Shonubi, would be a difficult call amid rising prices of goods and commodities, high cost of funds in the economy, floating of the foreign exchange which has continued to encounter supply challenges and weakening against the US dollar as well as the hardship brought about by the stoppage of the fuel subsidy regime.
With FX parallel market rate at N865 to the US Dollar as of yesterday and inflation currently at 22.79 per cent as well as the Monetary Policy Rate which stood at 18.5 per cent, some analysts are already divided on what the outcome of the meeting would be -whether to further tighten, ease or retain policy rate.
They argued the MPC would be in a dilemma given that Tinubu, who had appointed Shonubi to replace Emefiele, favours monetary easing which might not be palatable amid current economic headwinds.
The analysts, in separate interviews with THISDAY on the possible outcomes of the MPC expressed different expectations.
President Association of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, said the decision of the MPC would be influenced by the rising inflation expectations due largely to the sudden removal of fuel subsidy, the pressure on the naira and exchange rate volatility occasioned by the recent naira float.
He said the considerations tend to recommend a further rates hike aimed at taming the stubborn inflation, adding that Shonubi, who would be chairing the meeting has been part and parcel of the hawkish MPC stance for months now and so another rates hike will not come as a surprise.
Uwaleke said, “Be that as it may, the MPC should equally recognise that the removal of fuel subsidy has slowed down economic activities considerably with attendant drop in productivity.
“So, economic growth and jobs are already negatively impacted such that a further monetary policy tightening would only worsen the situation through the credit channel as cost of capital is increased and access to credit by small businesses is made more difficult.”
He said a further increase in the MPR was likely to endanger the asset quality of banks through an increase in non-performing loans as deposit money banks reprice their loans.
Uwaleke added, “In this regard, the balance of risks dictates that the MPC should pause the policy rate hikes, which has been on since May last year by maintaining a hold position on all policy parameters during the meeting.
“The MPC should recognise that much as its primary mandate is to maintain price stability, it equally has a responsibility to support output growth. This is against the backdrop of the fact that many of the factors driving inflation in Nigeria, such as insecurity affecting food output and high energy costs are outside the control of the CBN.
“All said, the MPC should seize the opportunity of the meeting to signal readiness to support output growth through policies geared towards fostering a low-interest rates environment while keeping an eye on inflation using a mix of heterodox measures.”
In his contribution, Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said, “Honestly, it’s tough to call. Whilst the president’s policy is to crash interest rates, I am not sure whether this will translate at the MPC just yet. Especially given that the current CBN governor is still in an acting capacity
“Also, with inflationary pressures from rising energy costs, crashing rates may lead to greater demand-pull inflation pressures.”
On his part, Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said he expected the MPC to retain the interest rate at current levels.
He said, “We expect that CBN should not continue to increase MPR just to check inflation. This is because there are many other factors that are responsible for an increase in inflation.
“If the MPR is increased indiscriminately, it will have a positive correlation with an increase in interest rates. When interest rate is increased, money in circulation will be distorted, and the economy falls short of stimulation. I, therefore, expect that MPR will remain unchanged.”
Also, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, predicted that the CBN would either hold or reduce MPR.
He said, “The MPC meeting may likely hold interest rates or reduce rates due to the policy direction of the new government to boost economic activities in the country.
“The previous meetings have always increased the rate to the detriment of the economy and it has caused a continuous rise in inflation.”
Meanwhile, an economist and Founder of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has stated that the curious growth in broad money supply in June, led to pressure on the naira in the foreign exchange market.
Yusuf also called on the CBN to come up with intervention measures that would moderate the volatility in the country’s FX market.
He made the call yesterday in a statement titled “The Naira Exchange Rate Conundrum,” in which he stated that the curious surge in monetary expansion in June by 15 per cent might have contributed to the source of pressure on the Naira in the FX market.
He said: “The volatility in the FX market is naturally unsettling. But it is not unexpected given the long period of distortions in the foreign exchange market. Correcting the entrenched distortions would take some time.
“But in the meantime, the monetary authorities should come up with a sustainable intervention framework to ensure the moderation of current volatility in the FX market.
“We recognise the FX supply limitations, but the system needs to be managed in way that would not undermine investors’ confidence. Erosion of confidence triggers speculation and influences expectations, which in turn trigger diverse responses among economic players.”
He also attributed the pressure in the country’s FX market to “a curious surge in monetary expansion in the last one month. Money supply grew by an unprecedented 15 per cent in one month between May and June 2023.”
The economist said broad money grew by over N9 trillion, from N55.7 trillion to N64.9 trillion. “This surge in monetary growth is unprecedented. Obviously, this must have had an effect on the exchange rate.
“The monetary authorities should investigate this drastic growth in money supply and take steps to curb subsequent expansion. Such dramatic growth in money supply poses a significant risk to macroeconomic stability, especially price stability,” he said.
Yusuf recalled that over the last few years there had been a cumulative backlog of unmet foreign exchange demand, running into billions of dollars as a result of acute illiquidity in the foreign exchange market.
He argued that with a more liberalised FX market, the pressure of the backlog of unmet demands and other maturing FX related obligations have been unleashed on the investors and exporters window.
According to him, “transiting from a repressive market environment to a more liberalised market could be a source of market instability. However, there is need for vigilance to prevent questionable capital outflows or speculative assault on the currency.
“A free market is not synonymous with complete absence of regulation. Free enterprise has to be complemented with an appropriate regulatory framework to curb illicit financial flows.”
Yusuf also pointed out that the frequency and scope of CBN’s intervention in the FX market had decelerated compared to first five months of the year as shown by recent reports from the CBN.
The reports indicated “a total of $17 billion intervention by the CBN in the FX market in 2022. This is an average of N1.4 billion per month. Since the inception of the present administration, it is doubtful whether we had seen an intervention of up to $1 billion in total.
“It expected that as the scale of intervention improves, the volatile will be subdued,” he said.
The CPPE also believed “that the President Bola Ahmed Tinubu’s administration is on the right path and that the current volatility in the foreign exchange market are challenges typically inherent in a major policy transition. In a couple of months, we expect the instability to subside.”
[ThisDay]