The hike in Nigeria’s Monetary Policy Rate, also known as interest rate, from 22.75 per cent to 24.75 per cent by the Central Bank of Nigeria will further accelerate the country’s inflation and lead to massive job cuts across the country, private sector operators stated on Tuesday.

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, and the Nigerian Association of Small Scale Industrialists explained that the increase in MPR would worsen he private sector’s ability to access affordable credit.

While they described the interest rate hike as a move that would come with unintended negative consequences, the Lagos Chamber of Commerce and Industry said the MPR hike was a price that businesses would have to pay, given the current state of the economy.

The CBN again increased the MPR to 24.75 per cent from 22.75 per cent despite concerns about economic hardship.

The CBN Governor, Yemi Cardoso, announced this after the second Monetary Policy Committee meeting for the year in Abuja on Tuesday.

He said the new rate was focused on reducing current inflationary pressures and ensuring sustained exchange rate stability.

“All 12 members of the committee decided to further tighten monetary policy by raising the MPR by 200 basis points to 24.75 per cent from 22.75 per cent. Adjust the asymmetric corridor around the MPR to +100 to -300 from plus 100 to -700 basis points,” he noted.

With inflation at 31.70 per cent, Cardoso declared that the new MPR was part of moves to tackle the country’s inflation.

The bank had, during its previous meeting, raised the MPR significantly by 400 basis points to 22.75 per cent from 18.75 per cent.

It also made changes to the asymmetric corridor around the MPR, setting it at +100/-700 basis points from +100/-300 basis points

The CBN increased the Cash Reserve Requirement to 45 per cent from 32.5 per cent, and maintained the Liquidity Ratio at 30 per cent.

Although the apex bank said it took the decision to fight inflation, the benchmark interest rate had been 22.75 per cent since the last MPC meeting that was held on February 26 and 27, 2024.

Briefing journalists on Tuesday, Cardoso, who chaired the MPC, also stated that the Cash Reserve Ratio of Deposit Money Banks was retained at 45 per cent, while the CRR of merchant banks was reviewed upward from 10 per cent to 14 per cent.

He disclosed that the liquidity ratio was left unchanged at 30 per cent.

Cardoso said the MPC noted the increase in food inflation from 35.41 per cent to 37.9 per cent as part of the consideration of the committee for revealing the interest rate.

“From our perspective, the key thing is to be fully focused on our core mandate to fight inflation and stablise the economy. The purchasing power of the average person should be restored to the level it should be,” he said.

The apex bank’s governor added that the economy would be stabilised by the end of the year.

“Things should moderate from May and the inflation rate should come down by the end of the year,” he stated.

Justifying the reasons for the hike, the former Lagos State Commissioner for Finance explained that the MPC was faced with the option of either progressing with its tightening cycle or holding to observe the impact of the previous rate hike and adjustment of the Cash Reserve Requirement.

He added that the MPC’s decision to tighten the economy was based on economic data and market analysis to fulfil its price stability mandate.

“With respect to growth, yes, there appears to be a trade-off of some sort. We expect the tightening to be short term, not long term. The right response to the policy will influence MPC’s decision to take growth into consideration

“Consequently, at this meeting, the MPC was faced with the option of either progressing with its tightening cycle or hold, to observe the impact of the previous rate hike and adjustment of the Cash Reserve Requirement. After reviewing the balance of risks and the near-term inflation outlook, members were convinced of the need to progress with the tightening cycle,” he stated.

Cardoso, allaying fears of a continuous rate hike, assured that the current spate of monetary policy tightening measures by the CBN would not be long drawn and would be relaxed once there were substantial improvements in the economy in terms of inflation and exchange rate.

According to the CBN governor, the committee does not expect a long-drawn interest rate tightening and as the reforms being implemented take effect, there will be relaxation in MPR.

He said, “While the increase in interest rate may have tendencies toward strangulating the economy, with the foreign exchange rate coming down, that also helps to moderate it overall.

“And as I said earlier, you would expect that this would not be too long drawn; at least I would hope so. We are getting towards a situation where the exchange rate is moderating, and we are expecting it to moderate and then it finds a level that, quite frankly, is sustainable. This would involve huge collaboration with the fiscal side because a lot of that cannot just rely on the monetary side alone.”

The CBN boss stated that the considerations of the committee at the meeting focused on the current inflationary pressures and the need to anchor inflation expectations as well as ensure sustained exchange rate stability.

“These considerations underscore the importance of the CBN’s commitment to the price stability mandate and the need to urgently bring inflation under control to ensure that the purchasing power of ordinary Nigerians is restored in the short to medium term,” he said.

The apex bank governor mentioned that members of the MPC noted the continued rise in headline inflation, driven largely by food prices because of supply shortages and the high cost of logistics and distribution.

He added that they called for immediate action against insecurity in the country while commending the government for its resolve to address the increasing hunger level in Nigeria.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures. On this note, members commended the ongoing efforts of the Federal Government towards addressing food insecurity.

“Some of these measures include the provision of various palliatives, the release of grains from the strategic reserves, the distribution of seeds and fertilisers, as well as farm implements for dry season farming.

“The committee, therefore, called for the full implementation of the Federal Government’s agricultural policies and programmes to improve food supply and further advised for broader fiscal consolidation, particularly in the improvement of tax collection and tax-to-GDP ratio.

“The committee noted with satisfaction the level of stability achieved in the foreign exchange market in the last few weeks. This, in the view of members, reflects the impact of the bank’s recent policy actions and reforms, as well as increased transparency in the market.”

According to Cardoso, the committee noted the efforts of the bank in offsetting verified foreign currency obligations, an action that will greatly enhance investor confidence and attract foreign investments to Nigeria.

The MPC also reviewed developments in the banking system and noted that the industry remained safe, sound and stable.

The committee, thus, called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macroprudential guidelines.

It also enjoined the bank to expedite action on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.

Cardoso noted that the key drivers of inflationary pressures remained the strong exchange rate pass-through to domestic prices; rising cost of transportation; high cost of energy and other production inputs; lingering insecurity, especially in food-producing areas; and legacy infrastructure deficits.

Data from the National Bureau of Statistics showed that real GDP grew by 3.46 per cent in the fourth quarter of 2023, compared with 2.54 per cent in the previous quarter.

The apex bank governor hinted that disruptions to the global supply chain, associated with pockets of geopolitical tensions, continued to pose a key concern to monetary policy.

“Global inflation has, however, continued to decelerate in 2024 but is expected to remain above the long-run objectives of major central banks. The interest rates of advanced economy central banks are, thus, expected to remain high in the short to medium term before commencing a descent.

“Consequently, global financial conditions may remain tight through 2024. Accordingly, the committee will continue to monitor developments in the global and domestic economies to ensure that inflationary expectations are anchored to restore and sustain macroeconomic stability,” Cardoso said.

The CBN stated that the next MPC meeting would be held on May 20-21, 2024.

NACCIMA raises concern

The National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Dele Oye, said the group was deeply concerned with the manner in which the apex bank had continued to raise interest rates.

“The NACCIMA, representing the collective voice of Nigerian businesses across commercial, industrial, and agricultural sectors, is deeply concerned by the central bank’s approach to curbing inflation and managing excess liquidity through broad-based policy tools that inadvertently impose constraints on the private sector’s ability to access affordable credit.

“Our position, as detailed in our previous communication (Ref: NACC/NP22/23/1249 dated March 13, 2024), remains that the focus of the CBN’s policies should be recalibrated towards addressing the excess liquidity primarily stemming from the public sector’s borrowing habits and expenditure.

“The private sector, which has been effectively sidelined in the bank lending market due to the crowding-out effect, now faces even more severe repercussions,” he stated.

Oye noted that the recent rate hikes, while aimed at controlling inflation, were likely to have many negative consequences.

He outlined them to include an increase in the cost of borrowing, adding that “existing loans will incur higher interest rates, raising the cost of capital for businesses. This scenario discourages entrepreneurial activities and expansion plans, which are vital for economic growth and job creation”.

Oye averred, “Restricted credit availability: With the increase in the CRR, banks’ ability to lend is further curtailed. This exacerbates the challenges faced by the private sector, which is already grappling with limited access to finance.

“Pass-through effects on inflation: As businesses incur higher interest costs, they are left with no option but to pass these costs on to consumers through increased prices for goods and services, which can contribute to inflation rather than curb it.

“Stifling economic growth: Tightened monetary conditions may lead to a reduction in investment and consumption, which are essential drivers of economic growth. This could potentially stifle the economic recovery and dampen the prospects for prosperity.”

He recommended that the CBN should pursue a more nuanced and targeted approach, focusing on mechanisms that specifically address liquidity issues in the public sector without placing undue burden on the private sector.

“Additionally, policy directions should be clear and communicated on a quarterly basis, with a robust stakeholder engagement strategy to ensure that the views and concerns of the private sector are considered in policy formulation.

“In summary, while NACCIMA acknowledges the CBN’s mandate to maintain price stability, we urge a re-evaluation of the current policy measures to foster a more conducive environment for private sector-led economic growth.

“We remain committed to engaging with the CBN and the Ministry of Finance to find sustainable solutions that will ensure the economic well-being and prosperity of all Nigerians,” he noted.

Also speaking, the Director-General of NACCIMA, Sola Obadimu, remarked that the hike in MPR had put a strain on the inventory of businesses.

“Goods can no longer go out because people are buying less. Inventories are building up and there is nothing anybody can do. A distributor can’t take stock from you when the ones he has taken have not been bought.

“This move would naturally increase the cost of doing business and if the cost of doing business is increased because you can’t sell below your production cost, your stock would move slower and then your inventory will grow. Consumers are overwhelmed; they don’t have money to buy things anymore.

“Their wages are declining daily because there are other charges like the cost of utility and others. So, it is going to have an adverse effect on the real sector,” Obadimu stated.

LCCI reacts

Speaking with The PUNCH, the President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, described the rate hike as a price that businesses would have to pay, given the current state of the economy.

He described the economy as ‘a house on fire’ owing to several policy missteps on the part of erstwhile CBN Governor, Godwin Emefiele.

Asked if the increase in interest rate would have a negative effect on the borrowing capacity of organised businesses, Idahosa said, “It is a no-brainer. Of course, it will. But this is a CBN that has been trying to put out fires caused by Emefiele and the rest.

“So, they have to first of all reduce the rate of the burning. It is a high price to pay. Once it is raining, either you have a lot of umbrellas or you take an aircraft and fly above the clouds, but if you don’t have a jet, then your option is limited to using an umbrella.”

Negative consequences

On his part, the National Vice Chairman of the Nigerian Association of Small Scale Industrialists, Segun Kuti-George, worried that the interest rate hike would come with unintended negative consequences.

According to Kuti-George, when businesses are forced to borrow at higher rates, the cost of production will consequently increase. This, he said, will inevitably trigger an increase in the price of products.

Kuti-George said, “This is why it is said in economics—other things being equal, because things are usually not equal. As you are trying to solve a problem, you are creating another. So, what you are left to do is consider the cause and effect and see which one is more tolerable.

“As the CBN is raising interest rates, what they have at the back of their mind is to stimulate investments and draw more money from circulation into the investment net. But, as they are trying to solve that, the interest rate at which people borrow money will also go up.

“This will be unattractive for businesses. That means the cost of funds will go up on the part of the entrepreneurs. It means the cost of production is going higher, and so will the price of goods and services. Already, inflation is over 30 per cent. It is bound to go higher.”

The Chief Economist of SPM Professionals, Paul Alaje, explained that the implication of the raised benchmark interest rate from 22.75 per cent to 24.75 per cent was that the money supply would further reduce and the lending rate was expected to go up.

He said, “The central bank is hoping that with these policies, inflation would nose dive; however, I do not think these policies would have an effect on inflation in the short run because the real driver of inflation is food inflation, as reported by the Nigerian Bureau of Statistics.

“So, if inflation does not reduce in the short run, what are the other factors that can make it come down? The rebound of the naira in the parallel and official markets is what will account for the immediate reversal of inflation from where it is to where we want it to be.

“So, I am expecting inflation to come down by June to about 25 per cent. We could manage to take the naira back to about N1,100 and stabilise between April and the end of June, coming down from 31 per cent to about 25 to 26 per cent, which would be an improvement.”

Alaje noted that due to the increase in monetary policy, more businesses would find it very challenging to borrow money.

He added, “If this increase is not properly managed, it is going to have a negative impact on investment, and if investment is bad, businesses won’t be able to borrow money from banks to stabilise or to create new jobs or render services.

“So, by implication, unemployment is expected to increase. If unemployment increases and the fiscal side is not able to respond, this is another kettle to fish.”

In the same vein, the Managing Director of Cowry Asset Management Limited, Johnson Chukwu, said that with the interest rate increase, the lending rate would further increase.

He stated, “This increase also means that liquidity in the private sector will be constrained and tightened. The tightening of liquidity, inasmuch as it has a positive impact on the exchange rate, is likely going to have an adverse effect on productive activities.”

On his part, a professor of capital markets at Nasarawa State University, Uche Uwaleke, said, “Much as tightening is necessary at this time given elevated inflation, MPC should tighten policy incrementally and in a measured manner that optimises the CBN’s policy toolkit without undue reliance on the monetary policy rate.

“The decision by the MPC to increase the MPR by 200 bps makes it a total of 600 bps in just one month if one adds the 400 bps delivered in February. This is in addition to a very high CRR of 45 per cent representing sterilised bank deposits.

“This development is now driving undue pressure by banks on the CBN’s standing lending facility and increasing the cost of funds generally. The CBN should recognise that the challenge currently facing the Nigerian economy is not just inflation but stagflation and to this end, it should equally have regard to growth concerns in future meetings of the MPC.”

‘MPR hike ineffective’

Speaking with The PUNCH, an economist at the Nigerian Economic Summit Group, Faith Iyoha, described the frequent rate hikes by the MPC as an ineffective tool to combat the country’s inflation.

She said the increase in MPR would have a negative impact on productivity, a development that would consequently cause a decline in Nigeria’s gross domestic product.

She reasoned, “They have not rejiggered the Monetary Policy Rate to be effective in curbing inflation or signaling direction. Inflation will continue to go up. They are only putting pressure on the market because interest rates will increase.

“It means productivity will become difficult. GDP growth will be constrained because the interest rate will be high. That will further put pressure on the market. It means productivity will be low. Prices will go up. It’s like going around in circles.

“It may lead to overheating of the economy. That is to say, the tightening may be too much for productivity and it will lead to a decline in GDP. There is always a relationship between prices and productivity. You cannot say you are tackling inflation without leaning on the side of productivity. You will definitely lose because you are disincentivising business people from producing.”

Former President Olusegun Obasanjo has linked the growing activities of bandits and kidnappers to the unemployment situation in the country.

Obasanjo spoke during his address at the 9th International Trade Exhibition & Conference on Agrofood, Plastics, Printing, and Packaging which was held in Lagos on Tuesday.

The trade fair was jointly organised by FairTrade Messe and the Organisation for Technology Advancement of Cold Chain in West Africa.

“Of course, if we are able to achieve this, it will improve our security. Part of our insecurity are men and women that are not properly engaged. If we are able to give them employment, there will be less of them getting involved in banditry, in kidnapping and in doing various other criminal activities that they get involved in,” Obasanjo noted.

The former president, who described himself as ‘a mad man for agriculture,’ said there was need to promote agribusiness for food security, nutrition security, employment, wealth creation, poverty elimination and income generation, particularly, foreign exchange.

According to him, the drive toward food security in the country must encapsulate food availability, affordability and accessibility.

Obasanjo said, “A friend of mine said to me, you must be a madman. I asked him what he meant, and he said if I was not a mad man I would not have gone into agriculture. So, I am a madman for agriculture. When it has to do with agriculture, you can be sure that when you call me, I will answer.

“Food security starts with availability. We must be able to produce enough. Then there is affordability. We must be able to get everybody who needs food to be able to get the food that they need. Then there is accessibility. We must get food to where it is needed.

“Almost 40 per cent of our food go to waste after cultivation. So, food security and nutrition security makes agribusiness important.”

Speaking further, Obasanjo noted that one of the most potent means of curbing youth emigration, unemployment and insecurity is to get more young people to embrace agriculture.

He regretted that Nigerian youths often prefer to explore opportunities in the entertainment industry, which underscores the need to make agriculture more glamorous.

He also called on policymakers at all levels to ensure policy consistency that would allow farmers to set short and long term targets without worrying about possible policy somersaults which may topple their plans.

A key part of this, he said, involved making single-digit loans available to farmers, as no agribusiness can produce profitably with double digit loans.

He added, “First is employment, with our teeming population and the problem we have with our youths going over the desert and risking their lives at the Mediterranean will stop. What can we do to give them enough employment at home?

“The area that is sure to provide employment for our teeming youth population is agriculture. When you talk about agriculture, not many of them will want to come to the farm, they will rather go into the music that they do now. We have to make agriculture glamorous because these youths, they make money that way (through music), and then you are asking them to come to the farm. They won’t want to.

The Managing Director of Fairtrade Messe, Paul Maerz, said this year’s edition of the event features over 140 exhibitors from across the globe, showcasing tailored products and solutions for the Nigerian market.

He said the exhibition was germane because Nigeria’s investments in food & packaging technology are soaring, positioning the nation as a key player in Africa, which trails only South Africa.

He noted that despite significant investments in local food production, Nigeria remains one of Africa’s foremost food importers and food.

He said, “As we gather here, we embark on a journey fueled by innovation, collaboration, and shared aspirations for the advancement of Nigeria’s agrofood and plastics industries. With each passing edition, our commitment to excellence has only grown stronger, and we are proud to present the elevated standards set for this year’s event.

“As Africa’s largest economy continues to invest in agrofood and plastprintpack solutions, products, and technologies, we stand at the threshold of unprecedented opportunities for all market participants.

“Nigeria’s food production has witnessed a remarkable surge of 40 per cent in recent years, from €26bn in 2016 to €36bn in 2020, projected to rise by 48 per cent between 2021 and 2024, from €42bn to €63bn. Imports are surging further, but Nigeria emerges as a leader in plastics technology investments, with remarkable growth rates.”

On his part, the Minister of Agriculture and Food Security, Abubakar Kyari lamented that post-harvest losses remain a pressing concern in Nigeria, with estimates suggesting that up to 40 per cent of our agricultural produce is lost annually due to inadequate storage and transportation facilities.

This alarming statistic, he said, represents not only a substantial economic loss to our farmers but also poses a grave threat to food security and nutrition in our nation.

Noting that Nigeria, like many other West African nations, grapples with significant post-harvest losses, exacerbated by inadequate cold chain facilities and inefficient supply chain systems, Kyari said it was imperative to underscore the pivotal role that cold chain infrastructure plays in safeguarding the integrity of our agricultural produce and ensuring food security for the populace.

“Cold chain infrastructure, encompassing refrigeration, transportation, and storage facilities, plays a crucial role in preserving the quality and nutritional value of agricultural produce from farm to fork.

“In this regard, the Nigerian government is committed to fostering partnerships and collaborations with both public and private stakeholders to strengthen our cold chain networks,” he said.

The ambassador of the Kingdom of the Netherlands, Wouter Plomp, pledged the commitment of the European nation in strengthening ties with Nigeria to ensure food security in the country.

He noted that agriculture was a key component of the Nigerian economy; hence, it was important to create an environment that allows agriculture to thrive.

The Nigerian Financial Intelligence Unit has uncovered 27 cells belonging to the Indigenous Peoples of Biafra in 22 countries across the globe, including the United State of America and the United Kingdom of Great Britain and Northern Ireland.

The NFIU said the US and the UK house the largest numbers of these IPOB cells per country, with seven and six operating IPOB cells respectively in both countries.

Details of the development were revealed in a newsletter exposing the funding of terror activities in Nigeria by IPOB, bandits, and other terror groups through global crowdfunding and on sports betting platforms.

The Federal Government had in 2017 proscribed IPOB and designated the self-determination group a terrorist organisation. Its leader, Nnmadi Kanu, is currently being tried on terrorism charges by the government.

The NFIU, in the document, titled “Counter Terrorism Financial Newsletter,” linked the running of IPOB to 54 individuals across the globe.

The document revealed: “The NFIU confirmed that the diaspora affiliates of the IPOB group have spread over 22 countries across the globe. Further analysis exposed 27 entities across the globe registered in the name of the group, the US and the UK had the highest number of registrations, having seven and six registered entities, respectively.

“The analysis further indicates that the group has several bank accounts in different countries where funds are being received from various contributors with the narrations ‘Monthly Dues, Services and for ESN’, among others, then later disbursed for various operations.

“It was confirmed that one of the major sources of revenue for the group is crowdfunding by several individuals abroad, mostly Nigerians.

“It was observed that over $160,000 was disbursed to Transmission, Media, and Broadcasting companies in Bulgaria, South Africa, and the United Kingdom. The analysis profiled the leader of the group, his addresses, and mobile numbers abroad with other 53 individuals associated with the dissident group. The report was forwarded to Law Enforcement for further investigation.”

The NFIU further revealed that a betting platform, simply identified as ‘XC’, filed a Suspicious Transaction Report on a 24-year Nigerian customer from North-Central, Nigeria.

“This 24-year-old from Nigeria’s North-Central region received over N350,000 in his betting wallet, believed to be ransom money from a kidnapping,” the NFIU said.

In another case, the financial intelligence unit exposed a terrorist attempting to evade being detected. It noted that the individual made structured cash withdrawals from different Automated Teller Machines and purchased flight tickets to high-risk areas, using credit cards.

The NFIU explained that whenever the individual exceeded his withdrawal limit, he would adopt alternative methods of travel.

“The terrorist then attempted suspicious transfers exceeding €1,000 to a local charity with potential links to terrorism. These transactions, along with others for luxury goods and escort services, raised red flags,” the newsletter stated.

The NFIU urged law enforcement agencies to investigate transactions by individuals linked to known terrorists or financiers; unauthorised tax collection or forced donations in terrorism-prone areas and Bureau de Change operators facilitating transfers within suspected networks.

Other areas the unit wants security agencies to beam their searchlights are multiple cash deposits in bank accounts; Point of Sale operators receiving large deposits followed by cash withdrawals; money transfers from Nigeria to high-risk countries; recruitment of individuals to open multiple bank accounts; and financial transfers to charities linked to terrorism.

A former Minister of Communication, Adebayo Shittu, has called on the Federal Government led by President Bola Tinubu to negotiate with bandits to offer them a hopeful future.

Shittu, who appeared on Channels Television Politics Today, emphasized that many of these bandits are capable individuals the government should consider keeping.

The former minister highlighted the significance of adopting a nonviolent approach to addressing banditry, which would yield fruitful outcomes.

“If I am in a position, it is not too late to use non-kinetic measures in negotiating with bandits, giving them a promising future. Let us retain them. Many of them are very intelligent, many of them are able-bodied,” Shittu said.

Naija News reports that the former minister expressed concern over the large number of children not attending school in Northern Nigeria, stating that it contributes to the rise of banditry in the country.

Shiitu’s statement coincides with a recent call by controversial Islamic cleric Sheikh Ahmad Gumi, who urged the Federal Government to engage in negotiations with bandits.

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Gumi also advised against following the approach of former President Muhammadu Buhari, who refused to negotiate with bandits.

Governor Dauda Lawal of Zamfara has said the state has now become the epicentre of banditry in the North and in the country at large.

The governor said the rising insecurity in his state may consume the northern part of the country if not urgently addressed.

He stated these in a chat with State House correspondents on Tuesday after a meeting with President Bola Tinubu at the Presidential Villa in Abuja.

He said the President is pleased with the discussion they had and the government is looking for more military personnel as well as the equipment for them to be able to function effectively and take care of the security situation.

Lawal said: “There have been several attacks in some of the local government communities. I feel as a responsible governor, I should make this known to Mr. President, who is pleased with the discussion we had and we are looking for more military personnel as well as the equipment for them to be able to function effectively and take care of the security situation.

“Zamfara has become the centre of banditry as we speak today, and if nothing is done in Zamfara state, I don’t think we will be able to solve the situation in the entire northern Nigeria.”

Lawal confirmed that the abducted Kuriga schoolchildren and a few other victims of banditry were rescued in Zamfara.

The governor added that the situation has spurred the state to be more proactive in changing the narratives.

He said: “Most of the guys or the girls kidnapped in Kaduna state, ended up in Zamfara state, that is not good for us, and therefore we’re doing everything to change the narratives and that is one of the reasons I came to see the president today.

“That is why I am here today I have informed Mr. President and I have his assurance that something drastic will be done to take care of the situation as soon as possible.

“As you are fully aware, governors don’t have control over the military and the police. It is the responsibility of the federal government.

“Therefore, at any point, we need to inform Mr. President so that we can get his blessing either to direct them or to do something else that will help them take care of that situation.”

The senator representing Bayelsa Central Senatorial District, Konbowei Benson, was arraigned before the FCT High Court in Abuja on Tuesday for allegedly forging exemption certificate of the National Youth Service Corps (NYSC).

Mr Benson, a member of the Peoples Democratic Party (PDP), was arraigned on a three-count charge for acting contrary to provisions of Penal Code Act, forgery of the NYSC exemption certificate and submitting the forged certificate to secure admission into the School of Postgraduate Studies of the Imo State University, Owerri.

In February, the Inspector General of Police, Kayode Egbetokun, instituted a forgery suit against the lawmaker.

In the suit marked: CR/028/2023, the IGP specifically accused the senator of forging a document titled ‘Certificate of Exemption’ with number 000256454 and dated 4 July 2008.

Mr Benson was subsequently charged to court and was to be arraigned on 12 February at the FCT High Court in Abuja, but his absence, due to ill health, stalled the arraignment.

The senator’s counsel, Gordy Uche, a Senior Advocate of Nigeria (SAN), told the court on that day that his client was “medically indisposed” and submitted a medical report to substantiate his claim.

“My lord, the defendant is medically indisposed and cannot be in court. He is on a drip. I pray the court for an adjournment. I promise to provide him at the next proceedings,” the counsel pleaded.

At the resumed proceeding on Tuesday, Mr Benson and his counsel were present.

Count one of the charges against the senator was that he acted contrary to the provisions of sections 366,156 and 158 of the Penal Code Act CAP 532 Laws of the Federation of Nigeria 1990 and was liable to punishment under Section 364 of the same Act.

Other charges are “That you, Benson Friday Konbowei, sometime in March 2014 within the jurisdiction of the High Court of the Federal Capital Territory fraudulently used as genuine a certain document to wit: Certificate of Exemption Number 000256454 dated 4th of July 2008 signed by the Director-General, NYSC, Directorate Headquarters, Abuja to the Independent National Electoral Commission to contest election into the Bayelsa State House of Assembly in 2015 election, which you won and represented Southern Ijaw Constituency IV and the Bayelsa Central Senatorial District National Assembly election conducted on February 25, 2023, which you won and currently a senator of the Federal Republic of Nigeria.

“And you also submitted four copies of the same forged NYSC certificate to gain admission into the School of Postgraduate Studies of the Imo State University, Owerri, which you then knew to be a forged document and you submitted four copies of the forged Certificate of Exemption Number 000256454 dated July 4, 2008, as a compulsory requirement to the School of Postgraduate Studies of the Imo State

University Owerri, which is a compulsory requirement to get admission into the school of postgraduate studies to study.”

Mr Benson, however, pleaded not guilty to all the charges when they were read to him.

The trial judge, Christopher Oba, adjourned the case till 28 March for the commencement of trial.

The Nigerian Presidency emphasized the administration’s resolve to address the country’s infrastructural deficit on Tuesday, urging citizens to play their part in national development beyond relying solely on prayers.

During an appearance on Channels Television’s “Politics Today,” the Special Assistant to the President on Public Affairs, Aliyu Audu, highlighted the necessity of practical efforts over divine intervention in overcoming Nigeria’s numerous challenges.

Audu criticized the previous failures to save and prepare for the future, despite warnings from economic experts.

Naija News reports that he stressed the importance of collective action in national development, stating, “Nigeria works when Nigerians work. Prayers don’t fix problems. It takes time. We need to get used to that. It is not magic.”

This call follows President Bola Tinubu’s approval of the Renewed Hope Infrastructure Development Fund, a strategic initiative aimed at driving infrastructure development across critical sectors such as agriculture, transportation, ports, aviation, energy, healthcare, and education.

The fund is designed to foster economic growth, local value addition, job creation, technological innovation, and increased exports.

The Renewed Hope Infrastructure Development Fund plans to adopt various investment strategies, including direct project financing through budget allocations, public-private partnerships, collaborations with multilateral development institutions, and equity investments.

This multifaceted approach aims to ensure comprehensive and sustainable infrastructure development across the nation.

Controversial Islamic scholar, Sheikh Ahmad Gumi, has said there was “no cause for alarm” after he was invited by the security agents on Monday over the nation’s insecurity, especially banditry in the North.

The Kaduna-based cleric said he had a fruitful discussion with Nigerian security agents who invited him over security issues.

Recall that the Minister of Information and National Orientation, Mohammed Idris, had on Monday told reporters at the State House, Abuja, that Gumi had been invited by the security agencies.

Reacting to the invitation, Gumi issued a statement on his Facebook page that there was no animosity in the meeting with the security agents, but respect.

“Last night I got many frantic calls from well-wishers and journalists about a news item that I was interviewed by security. There is no cause for alarm,” Gumi wrote.

“Yes, we had a productive interaction on how to curb banditry as we are all trying -each in his sphere – to tackle the monster bedevilling the nation. There was no animosity but courtesy and full of respect.

“We all need as a nation to unite and work in synergy to achieve an everlasting peace. Thank you for your concern. May Allah continue to protect us all from all evil. Amin.”

Gumi has appeared as a controversial personality following his disposition in persuading the federal government to have negotiations with the bandits terrorising the North West of the country.

The scholar had said many times that the government should give amnesty to bandits so that they can drop their arms, as it was done by former President Musa Yar’Adua to the former militants in Niger-Delta.

While Nigerians decried the worsening insecurity in the North in which bandits kidnap women and children for ransom, Gumi said negotiating with bandits is the solution to the problem.

The National Agency for the Prohibition of Trafficking in Persons (NAPTIP) has raised an alarm.

NAPTIP some suspected human traffickers lure Nigerians with fake jobs in Ghana, Ivory Coast, and other countries in West Africa.

The Agency explained that the suspected traffickers exploit coordinated global brand trademarks and present unrealistic oil and gas job offers to traffic youths and other groups of people to neighbouring countries in the region for various forms of exploitation.

NAPTIP said victims are enticed with promises of monthly incomes of $900 under the guise of lucrative employment opportunities in gold mining and oil companies.

According to the agency, the victims are trafficked through the waterways of Ode Jetty in Lagos en route to Benin Republic and other parts of the West African region

It added that some victims are also trafficked through the land routes.

The Director-General of NAPTIP, Prof Fatima Waziri-Azi, revealed this at the Agency’s Headquarters in Abuja while discussing emerging trends in human trafficking for the year 2024.

Giving details of how the traffickers operate, Waziri-Azi in a statement in Abuja by the Communication Officer of NAPTIP, Adekoye Vincent stated: “NAPTIP has uncovered a new ploy by some suspected human traffickers who are exploiting coordinated global brand trademarks and offering unrealistic Oil and Gas job offers to traffic unsuspecting youths and other classes of people to neighbouring West African countries for various forms of exploitation.

“In recent times, NAPTIP has redoubled its efforts through enhanced partnership, collaboration, diligent prosecution, and extensive awareness campaigns aimed at bolstering its operations, resulting in a significant increase in convictions of human traffickers.

"As part of our comprehensive enlightenment strategies to equip Nigerians with timely and accurate information to reduce their vulnerability, we have received reports indicating that traffickers have adopted new tactics to lure unsuspecting victims, predominantly to Ghana, Cote d’Ivoire, Liberia, and other West African nations.”

Waziri–Azi added: “Under the guise of lucrative employment opportunities in gold mining and oil companies, victims are enticed with promises of monthly incomes as high as $900.00, which, as always, are blatant lies.”

“Victims are often instructed to bring up to N850,000 for documentation and other logistical expenses. Upon arrival at their destination, traffickers confiscate this money, along with the victims’ phones and other personal belongings.”

On the category of people targetted, she said: “The targeted demographic includes male and female victims aged between 15 and 35 years old.

“They are typically trafficked through the waterways of Ode Jetty in Lagos en route to Benin Republic and other parts of the West African region. Some victims are also trafficked via land routes.”

Prof. Waziri-Azi while calling on Nigerians to be careful, stated: “I urge you to exercise caution, ask questions, and seek a second opinion before accepting any tempting offers. Do not allow desperation to cloud your judgment.”

She expressed NAPTIP’s commitment to combating human trafficking and protecting the rights and dignity of all Nigerians.

Former Niger State Governor, Babangida Aliyu, has rejected claims that Nigeria is the poorest country in the world.

Aliyu noted that Nigeria has so many negative narratives attached to it and if they are not stopped it would infringe on the positive things the country plans on doing.

Aliyu shared his concerns at the National Spokespersons Summit organised by the Nigerian Institute of Public Relations on Tuesday in Abuja.

He stated that his country home in Nupe land has no street beggars, adding that Nigerians at the sublevel still have strong values.

He queried the value system in the country asking if it’s “true that we never had value as a country? We might have had values as a community, maybe as a tribe to say.

“Honestly, I can tell you this from Niger State, I have not seen a beggar from the Nupe speaking area of Niger State, a beggar sitting on the street begging ditto Yoruba.

“So you see, it means that at the sublevel, we have some values but that has not transcended to be a national value. Sometimes, we say we have values for the respect of elders, values for honesty and co. If we have values for honesty, we will not be where we are as a country today.”

Speaking further, the former governor insisted that Nigeria is not world’s poverty capital, adding that the country has only failed to properly harness its wealth for the benefit of all.

“Is it true that we are the capital of poverty? I don’t think so.

“I think what we have been doing was not harnessing our wealth properly to the extent that people can see. That is why I don’t blame anyone who goes to mortgage his four years for N200 or for two years for a sachet of indomie.

“Why? Because many of our elected leaders never go back or even if they do they only go to show off.

“Some people say give me, I won’t see you again. This narrative says we must find a way to make it and the only way to make it is to force those elected people to go back to their constituencies,” he added