THE Nigeria Labour Congress, NLC, yesterday asked President Bola Tinubu’s administration to stop the blame game, reverse his policies that have caused hardship to Nigerians and engage in meaningful dialogue with relevant stakeholders.

Similarly, the Presidential Candidate of the Labour Party, LP, in the 2023 poll, Mr. Peter Obi, said the nationwide protests, which ended on Saturday, were a call on Nigeria’s leaders to reflect deeply on the growing poverty in the country and take steps to address it. 

Former National Vice Chairman, North-West, of the ruling All Progressives Congress, APC, Salihu Lukman, spoke in the same vein, describing the nationwide protests against hunger and bad governance as sufficient grounds for impeachment of the President and some state governors.

The NLC also alleged that since President Tinubu took over the reins of power, he had engaged in harassment and intimidation of labour leaders, adding that the recent invasion of its headquarters was to provoke the labour movement.

These, among others, were contained in a communique issued at the end of the emergency National Executive Council, NEC, meeting of the NLC held at the weekend.

In the communique, by NLC President Mr. Joe Ajaero, NEC reaffirmed the Congress’ commitment to defending the rights and welfare of Nigerian workers, saying it would not hesitate to take all necessary actions to ensure their safety and well-being.

Labour communique

The communique read: “The National Executive Council, NEC, of the Nigeria Labour Congress, NLC, convened an emergency meeting on Saturday, August 10, 2024, to address the invasion of the NLC National headquarters by security apparatchik of the Federal Government.

“An invasion of the national secretariat immediately after the holding of the NEC’s emergency meeting of 7th to discuss the welfare of workers and Nigerians in the midst of the #EndbadGovernance Protest in which far reaching decisions were taken was considered deeply worrisome.

“This unprecedented action by government has raised serious concerns about the safety and security of Nigerian workers, as well as protection of trade union rights as enshrined in ILO Conventions 87 and 98, and the Constitution of the Federal Republic of Nigeria.

“The NEC-in-session observed that since the current administration took office, there has been a pattern of intimidation, brutality, and deceit against the Nigeria Labour Congress, NLC, and Nigerian people.

“The government’s actions began with the President’s May 29, 2023, statement declaring the removal of subsidy, followed by efforts to suppress NLC’s opposition through threats, divisive propaganda, and unfulfilled promises to alleviate the country’s hardships. It has been a trail of systematic intimidation and violence against trade unions and their leaders.

“The National Executive Council, NEC, of the NLC recalled several instances of violence, including the brutal abduction and assault of the NLC President and other leaders in Owerri, Imo State, and the failure to prosecute the perpetrators.

“The government has also used legal injunctions, military force, and police intimidation to obstruct the NLC’s constitutional activities, including peaceful protests by affiliate unions, SSANU and NASU. The NEC condemned the criminalization of dissenting views, noting that some labour leaders are still detained because of the protests.

“Additionally, NEC highlighted the recent invasion of NLC headquarters, following a biased letter from the Registrar of Trade Unions, as part of a coordinated attack to silence the NLC, which has become the last stronghold of popular voice in Nigeria.”

The communique further stated that after extensive deliberations, the NEC-in-session, demanded safety and security guarantees.

It stated further: “The NEC calls on the government to guarantee the safety and security of all Nigerian workers, trade unions, and the NLC and TUC to operate freely in the country without fear of harm or violence.

“The NLC was not part of the recent democratic protests, which were a response to widespread hardship in the country. We demand that government withdraws its agents from all premises they have illegally occupied, particularly the headquarters of the National Union of Road Transport Workers, NURTW, in Abuja and Road Transport Employers Association of Nigeria, RTEAN, in Lagos.”

It also rejected Police explanation for the invasion of its headquarters.

“The NEC-in-session rejects outrightly the explanation offered by the Police as a reason for the invasion. It described it as rather an afterthought and an attempt to cover the hidden motives behind such action as it raises more questions than answers. It therefore demands clear explanation from Government as quick as possible,” it said.

On the end to violence and harassment of protesters, the NLC stated: “The NEC once again condemns the killing of innocent protesters who were peacefully expressing their grievances against the harsh policies of the government.

“We demand an immediate cessation of these attacks and call on the government to declare a National Day of Mourning for those who lost their lives and properties during the protests. Additionally, all security agencies responsible for these tragic deaths must be held accountable, especially the Police.”

It also called for the immediate release of detainees and trade unionists arrested either in their homes or relaxation joints, saying “This is the only way the government can show good faith and begin the healing of the nation.”

On harassment of those holding opposing ideologies, the NLC condemned plans to frame up innocent citizens on trumped-up charges.

It said: “We must understand that this is not the first protest in Nigeria and would not be the last. NEC wonders why this administration is criminalizing protest and has renewed clamp down on Marxists, socialists and those who hold different shades of leftist ideologies as if courting a neoliberal dictatorship.

“NEC calls on government to convene an inclusive stakeholders’ conclave to discuss pressing issues confronting Nigeria and chart a path forward that addresses root causes of the current unrest—hunger, poverty, inflation, insecurity and widespread dissatisfaction with government policies.

“NEC calls on government to stop the blame game and instead, engage in meaningful dialogue with all stakeholders to find lasting solutions to the nation’s challenges.

“This invasion is another attempt at intimidation, thus may be a clear indication of the desperation within government to silence dissent through force. NEC warns that peace without justice is transient and unsustainable.

“NEC urges the President to take decisive action by addressing the systemic issues of profligacy, waste, and mismanagement that have exacerbated the suffering of Nigerian people.

“The government must listen to the voices of reason, embrace truth, and pursue a holistic overhaul of its policies. This includes distancing itself from divisive rhetoric and instead promoting national unity and restructuring.”

While demanding an immediate apology from the government, NLC stated: “NEC consequently demands apology from the Police and the Federal Government on this unwarranted invasion and desecration of the headquarters of Nigeria Labour Congress, NLC.”

The NEC-in-session directed the leadership to hold a press conference soonest to addres
s all the issues, while also calling for a forensic security audit of NLC headquarters.
“To this end, NEC-in-session sets up necessary machinery to conduct a forensic audit of the national headquarters to ascertain its safety and continued suitability for the use of workers.

“Until this is done, NEC directs temporary cessation of use of the headquarters to mitigate every unforeseen disaster that may have been intended.

“However, NEC believes that the invasion by the Police is a deliberate provocation by government and as such, will not allow itself to act out of anger but to exercise caution for the greater sake of our nation.

“NEC reaffirms NLC’s commitment to defending the rights and welfare of Nigerian workers and will not hesitate to take all necessary actions to ensure their safety and well-being.”

Protests call for leadership action against growing poverty — Obi

Also yesterday Mr. Peter Obi, said the nationwide #EndBadGovernance protests which ended on Saturday, was a call on Nigeria leaders to reflect deeply on the growing poverty in the country and take steps to address it.

Writing on his X handle yesterday, the LP flagbearer said: “With the #EndBadGovernance protests officially concluded yesterday, I want to once again express my deepest condolences to all who have lost their lives, including the security personnel, during these protests.

“These individuals gave their lives while advocating better governance in our nation. I extend my heartfelt sympathies to all the families who have suffered losses in this struggle. We all share in your grief, as we work together for the betterment of our country.

“May we all find the strength to endure this irreplaceable loss. To those who are wounded and recovering in hospitals and at home, know that our thoughts and prayers are with you for a swift recovery. Your sacrifices for our nation’s cause are deeply appreciated.

“I also want to take this moment to urge all leaders to reflect on the cries of the suffering people and address their legitimate demands. It is crucial for us, the leaders, to urgently address issues that sparked and fueled these protests.’’

Hunger protests, enough grounds to impeach Tinubu, govs —Lukman

Also, Salihu Lukman has described the recent nationwide protests against hunger and bad governance as sufficient grounds for the impeachment of President Bola Tinubu and some state governors.

In a statement in Abuja yesterday, Lukman said due to the mishandling of the protests by the Tinubu administration, there was information suggesting that the organizers had announced October 1 as the date for the resumption of the protests.

He said a situation where the government resorted to cheap campaign of blackmails with the argument of opposition sponsoring the protests should simply be ignored.

“In any event, it is legitimate for the opposition to start working for the defeat of a ruling party once they are unable to justify the confidence of the electorate.

“In fact, ideally, if democratic structures of the country were functionally working, such as political parties and the National Assembly, with what is going on in the country, President Tinubu and many state governors are candidates for immediate impeachment.

“The comatose reality, which has reduced the National Assembly to a rubber stamp, with political parties that are nothing more than leprous fingers, is responsible for the current high levels of frustration and desperation of Nigerians to register their anger through protests.

‘’Combined with a reality where INEC seems to be unwilling to discharge its statutory responsibility of registering new parties that could produce veritable options for legitimate leadership contests in the country, all hopes of democratic change of leadership in the country are fading away,” Lukman declared.

He said with governments at all levels failing to engage the organizers, practically underestimating the capacity of the organizers to mobilize for the protests, ordinary citizens were left at the mercy of angry Nigerians.

According to him, the trigger for Nigeria’s current situation is the withdrawal of subsidy on petroleum products and floating of the exchange rate of the naira against other international currencies.

He said: “For an import-dependent economy, it is predictable that the two policies will produce inflationary pressure.

“Unfortunately, so far, the government of President Bola Tinubu is unable to produce any clear definitive policy response to the situation. All citizens hear government say is calling on citizens to be patient without outlining how long it will take for the harsh reality to abate.

“Meanwhile, daily, Nigerians confront challenges of hunger and threats to daily survival. Many citizens die prematurely on account of hunger and preventable diseases.

‘’While acknowledging government’s explanations about how bad the economy has been mismanaged by previous administrations, it must be stressed that being an elected government, Nigerian political leaders should be more responsive.

‘’The minimum should be to acknowledge the reality facing citizens and demonstrate some measure of compassion and seek to ameliorate the harsh conditions facing citizens by relaxing some of these policies.

‘’Instead, painfully, elected leaders, including President Tinubu, are grandstanding, behaving basically as colonial overloads who have conquered Nigerians. With a conquest mentality, our leaders have proceeded to demobilize virtually all political structures in the country such that today Nigeria has earned the bad reputation of being a democracy without any functional political party.

‘’All the registered political parties are nothing but legal entities that only present candidates for elections. Partly, because of that reality, there is none of the parties that is able to recruit the leaders of the #EndBadGovernance protest or at least publicly join the protest.

‘’Although individuals such as Alhaji Atiku Abubakar and Mr. Peter Obi have declared support for the protest, they were unable to contract any strong relationship with the protest organisers.

“So long as political leaders and political parties in the country will be unable to contract strong relationships with veritable and energetic constituencies such as the #EndBadGovernance protest organizers, Nigeria’s democracy is imperilled,’’ he declared.

[Vanguard]

“Rights are only worth having if they are occasionally boisterous, often inconvenient and frequently tiresome.” Inigo Bing, The Ten Legal Cases That Made Modern Britain, 169 (2022)

To initiate the mating, the Chief Judge relocated to the office of the Minister with the judges of the court where they proudly put their assets on display for the edification of the Minister. At the meeting, he reminded the Minister that “as a judiciary we are part of the government and we expect that we should be able to do things that should make government work….”

The Chief Judge was desperate to let the Minister know how ready he was to consummate this relationship. To ensure that he got fullest Ministerial attentions, the Chief Judge made it known that he had instructed the Administrative Judges in charge of the various judicial divisions of the FCT High Court that all cases involving the Federal Capital Territory “would only be assigned by the Chief Judge.”

The following quarter, when the FCT High Court went into the market for judicial appointments, they allocated one out of the twelve new vacancies on offer to the FCT Minister, to which he promptly deputed his sister-in-law. As the new judges got inaugurated in July 2024, the Minister quickly announced that the judges in the FCT the proud beneficiaries of new housing development. The relationship between the Chief Judge and the Minister had moved from intent to intercourse.

Things were going so well between the two institutional lovers that it was clear neither of them would knowingly allow any interloper to get in the way of their romance. When the #EndBadGovernanceInNigeria organisers threatened to intrude into this by making Abuja and the FCT a major theatre of their protest, it was time for the lovers to prove their commitment to one another.

On 31 July, the day before the scheduled commencement of the protest, most people turned in early in anticipation of the disruptions from what promised to be the mother of all protests. Even judicial business was not left out of the sense of apprehension.

It was in this uncertainty that the Minister of the FCT decided to prove to the world the depth of the intimacy between him and the Chief Judge of the FCT. On 31 July, he initiated proceedings without notice to the defendants (ex parte) asking the court of the Chief Judge to kettle within the confines of the Moshood Abiola Stadium any wannabe protesters who showed up in the FCT.

This was a poorly rationalised decision, suggesting an executive loss of nerve for many reasons.

First, the Moshood Abiola Stadium is at the neck of a funnel into the city from both southern Nigeria and from the international airport. It was not difficult to see that any significant demonstration would constitute an obstruction to in-coming traffic, if not a risk to travelers. One conclusion from the proposal contained in the filing by the FCT Minister was that the FCT administration had decided to pass the most substantial burden of any risks from the protest to travelers into and out of the FCT, effectively making them expendable.

Second, in addition to making certain segments expendable, the FCT Administration simultaneously also chose to indicate in this proposal that they were not amenable to according any bandwidth to the protesters’ discontent. Banishing them to the vicinity of the Moshood Abiola Stadium was designed precisely to signal this.

Third, the kind of order that the Minister sought from the FCT High Court was a profound safety risk to both potential protesters and law enforcement officers, whom it required to enforce the cordon. This kind of policing arrangement had been considered and found unlawful in places with more capable policing, including in England.

Fourth, this was shameless evidence of an irresponsible FCT Administration. A more responsible administration could easily have designated the stadium as a viewing centre for the Olympic Games and invited the excluded youth of the FCT to a different experience of what’s possible when government cares.

Even more curious than the nature of the orders that the Minister sought was the identity of the parties against whom he sought them. Omoyele Sowore, the lead defendant, was in New Jersey in the USA. Another leading defendant was called “Persons Unknown.”

Now, a basic rule of civil proceedings is that cases can only be instituted against natural or legal persons. “Persons Unknown”, like spirits or ghosts, does not have capacity to sue or be sued. This does not ordinarily require any particular depth of legal skill or insight to figure out except, of course, before an FCT High Court caught in the throes of deep judicial passion with the FCT Minister.

In this particular case of the suit against “Persons Unknown”, the FCT Minister retained the services of two Senior Advocates of Nigeria, SANs. Fittingly for a regime whose agents had expended their bigoted propaganda to demonise the Igbo nation over the protest, it seemed appropriate that the judge whom the Chief Judge of the FCT High Court found to assign the case to was known as Chinedu Oriji. From its Igbo language origins, the name roughly translates into “God guides the eating of the yam.”

With little ado, this yam-eating court quickly granted all the orders sought, including “an order restraining the 1^st-5^th defendants from gathering or parading themselves along any roadway, street, offices and or public premises/property within the FCT between 1^st-10^th August 2024 or any other day thereafter pending the hearing and determination of” this case. Instead, the Court required all intending protesters from anywhere within the 7,315 km² of the FCT to converge at the Stadium at the entrance into the city where they would be confined by an armed security cordon thrown at the instigation of the FCT Minister and backed by the order from the  judge called Oriji.

Even before the Court rose for the day, the order was already in the public domain blaring from all government media. It read uncannily as if the order had been granted even before the case was filed. When the Chief Judge of the FCT High Court promised to “do things that should make government work”, he meant just that.

In this case, however, it was doubtful whether the court was in fact making the government work or exposing it instead to irredeemable odium. A proposition more suited to the mass slaughter of protesters would have been hard to invent. If the protesters had not defied the order in the full majesty of its impracticality, it would have been easy for the government to claim that any number of them trampled to death thereby were unknown. The perpetrators would have been unknown too. That would have been fitting for a protest whose leaders the government had judicially designated as “Persons Unknown.”

All that would have been both foreseeable and yet judicially authored. A court alive to its duties would have spotted this and saved itself and its executive suitors the embarrassment of issuing such an order. The only thing that mattered in this case, however, was how the FCT High Court could prove to the FCT Minister its rampant capacity for heedless intercourse with the executive. In this case, it was spared by the resilience of citizens. Providence, surely, will not always this gladly suffer the excesses of judicial prostitution. The morale of this tale is simple –  there must be more dignified ways to eat the judicial yam.

A lawyer and a teacher, Odinkalu can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

President Bola Tinubu has sworn in Esther Walson-Jack as head of the service (HoS) of the federation.

She was sworn in before the commencement of the Federal Executive Council (FEC) meeting on Monday.

In a statement on July 17, Ajuri Ngelale, the presidential spokesperson, said her appointment will take effect on August 14.

Ngelale said Folasade Yemi-Esan, the outgoing HoS, will retire from the civil service on August 13.

“Walson-Jack was appointed as Federal Permanent Secretary in 2017 and has served in several ministries,” the statement reads.

“The new appointee will take over from the incumbent Head of the Civil Service of the Federation, Dr. Folasade Yemi-Esan, CFR, who is due to retire on August 13, 2024.

“President Tinubu, while thanking the outgoing Head of Service for her stewardship, tasks the incoming Head of Service to discharge her duties with innovative flair, integrity, and stringent adherence to the extant rules and regulations of the Civil Service of the Federation.”

Walson-Jack holds a Bachelor of Law degree from the University of Lagos and was called to the bar in 1987.

Before joining the federal civil service, she was the solicitor-general of Bayelsa and also served as the permanent secretary of the state ministry of justice.

[TheCable]

“There in front of the Tabernacle, Solomon went up to the bronze altar in the LORD’s presence and sacrificed a thousand burnt offerings on it. That night God appeared to Solomon in a dream and said, ‘What do you want? Ask, and I will give it to you!” 2 Chronicles 1:6-7

Sacrifice! You cannot effectively serve or relate to God without living a life of sacrifice. Sacrifice is defined as the offering of something precious to a god, the giving up of something of great value to oneself for a special purpose or to benefit somebody else, and also personally, deliberately, denying yourself pleasures, comfort, rights and privileges to achieve a purpose or a goal. If we would start from the first, it’s an established fact that humans cannot have any fellowship with spirits or the spirit world without sacrifices. And these come in form of altars, worship, dedication, devotion, offerings, etc. Whether it is the worship of God the creator of the universe or the worship of Satan and his host of demons, it is the same. You must be ready and willing to live a life of sacrifice to maintain the relationship. Sacrifice gives you access to the spirit world. It gives you access to the supernatural. It gives you spiritual privileges. Sorry, here, we will not be able to discuss this practice in the satanic kingdom. We’ve already done that adequately in my books Power of Midnight Prayer and Breaking Generational Curses: Claiming Your Freedom by Gabriel Agbo.

Now, from the beginning, God related to man through sacrifices. After giving man the freedom to eat every fruit in the Garden of Eden, he went ahead to warn him not to touch or eat the fruit from the tree of the knowledge of good and evil. Yes, the fruit looked good and delicious but God told him, “Don’t touch it!” That was expected to be a mark of consecration, self-denial, sacrifice, but man fail woefully here. Look at Cain and Abel, it was the sacrifice they both performed to God that brought their problem. Abel’s sacrifice was accepted while Cain’s was rejected. Now, fast forward to Abraham, when God decided to make a covenant with Abraham, affirming his promises of protection, generational blessings and a son to him, he initiated a very powerful sacrifice to seal the promises. I see your own promises will be sealed today in Jesus’ name! Listen, “Then the LORD told him, ‘Bring me a three-year-old heifer, a three-year-old female goat, a three-year-old ram, a turtledove, and a young pigeon. Abram took all these and killed them. He cut each one down the middle and laid the halves side by side. He did not however divide the birds in half. Some vultures came down to eat the carcasses, but Abram chased them away. That evening, as the sun was going down, Abram fell into deep sleep. He saw a terrifying vision of darkness and horror. Then the LORD told Abram… ” Genesis15:9-17

After the sacrifice the Almighty came down in a very powerful way and made a generational covenant with Abraham. Abraham saw a mysterious smoking fire pot and a flaming torch pass between the halves of those mutilated animals. God was receiving the offering and was speaking out very power promises to Abraham, to his children and many generations to come. In fact, He was also telling him what will happen in the next four hundred years! My God! Sacrifices are very powerful. They move the hand of the supernatural. They access the inaccessible and break the unbreakable. What are you sacrificing to your God? I see God starting something new with you today. Get my book / audiobook Power of sacrifice by Gabriel Agbo immediately. You can find it in all major world languages. This message is changing your life forever! We will continue next week. God bless!

 Rev Gabriel Agbo is the author of the books / audiobooks: Power of Midnight Prayer, Receive Your Healing, Breaking Generational Curses: Claiming Your Freedom, Never Again!, I Shall Not Die, Move Forward, Power of Sacrifice and many others. Tel: 08037113283

The Conscience of Yoruba Nation, an affiliate of Afenifere, commends Nigerians, especially the youth, for the peaceful exercise of their right to express their feelings to their governments. We strongly believe that governments at different levels have listened to the aggrieved public and will decisively address their grievances.

We also commend President Bola Ahmed Tinubu, GCFR, for protecting Nigerians’ right to assemble freely and associate with other persons as guaranteed by Section 40 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) before, during and after the protests. This, again, attests President Tinubu’s utmost respect to the core ethos and principles of constitutional democracy.

We, further, commend the security agencies for their professional conduct in the discharge of their duties during the national protest. We, particularly, note their timely response to allegations of use of excessive force and payment of compensation to the family of the individual killed by stray bullets.

We, however, challenge the security agencies to duly investigate all incidents of violence; unearth the masterminds of violent acts and serve them justice for the right to a peaceful protest does not extend to fomenting any form of violence or disruption of public order in any way.

We, therefore, commiserate with families who lost their loved ones in the few unfortunate incidents of violence in some parts of the federation. We pray God Almighty will comfort them all. We also sympathise with those who lost their properties. May God replenish them.

At the inception, the Conscience of Yoruba Nation alongside Afenifere called for restraints. Our position then was premised on a belief that public grievances had been duly registered, clearly heard and loudly vented. We pleaded with the conveners and mobilisers of the nationwide protests to call off the protest in order to foil the plan of rogue political actors to use it to foment violence.

Little did we know then that while our people genuinely sought to exercise their rights peacefully, some wanted to exploit the protest for mischief. The call for military intervention and the hoisting of a foreign flag by some elements in some cities in the North eventually confirmed our fear and suspicion that certain rogue political actors had planned to take advantage of the protests to destabilise a democratically elected government and plunge Nigeria into intractable internal conflicts. But that plan failed!

We, the people of Yoruba Nation, will never accept and will ever resist any thought, plan or attempt to truncate the democratically elected government of President Bola Ahmed Tinubu, GCFR or its subnational entities under any guise. In our history, we have never promoted rebellion of any kind against a constitutional regime and we will never attempt to sponsor such for any reason.  

For the record, the Yoruba, an ethnic nationality of about 50 million, paid heavily for the sustenance of this federation from the unjust imprisonment of the late sage, Chief Obafemi Awolowo, the needless shedding of the blood of Chief S.L. Akintola, the annulment of the mandate, unjust incarceration and unexplained death of Chief M.K.O. Abiola, the winner of the 1993 presidential election and the thousands of our people killed both in war and by cruel herdsmen.

In spite of all these provocations that reached the peak in the past eight years with the gruesome murder of Mrs  Okufunke Olakunrin, the beloved daughter of our revered leader, Chief  Reuben Fasoranti OFR, by some mindless Fulani marauders, we have never called for violent overthrow of any democratically elected government of Nigeria. We have always resisted such and will still resist if it happens.

We condemn in strong terms the subversive act of hoisting of a foreign flag in the North. We see it as an attempt to invite foreign powers to overrun the government of the Federal Republic of Nigeria and threaten the country’s existence. We also note with grave concern that some sections of the North have made threats of secession. We are aware that the security agencies, especially the Department of State Services and Nigeria Police, have started investigating these acts of treasons, and Nigerians are patiently waiting for the outcome of the investigation.  

While the Yoruba have no objection to any part of Nigeria to seek secession, or desire to be ruled by the military and pledge fealty to any foreign power, we advise them to reserve their right to do so till when they opt out of Nigeria. The Yoruba will decide how we chose to be governed in our independent nation if need be.

Abagun Kole Omololu,

Convener, Conscience of Yoruba Nation,

One of the first major policies of President Bola Ahmed Tinubu's regime was the floating of the Naira to unify foreign exchange rates and save Nigeria the billions of dollars previously used to defend the Significant arbitrage between the official exchange rates and the rates in the parallel market, previously existed which many individuals and businesses exploited. Although the policy was implemented with good intentions, it has resulted in the devaluation of the Naira by over 200% and consequences for the Nigerian business environment.

Since equipment, spare parts, raw materials, and other inputs for production are often imported, the devaluation of the Naira has increased the costs of operation for manufacturing companies. These companies are careful not to immediately transfer all these increased costs to consumers to avoid losing patronage. Consequently, they have had to deal with reduced profit margins, and some unethical ones may reduce quality, while others seek ways to cut costs; reducing staff strength is often one of the first measures taken.

Non-manufacturing companies were also impacted, as energy costs soared significantly—at one point, the price of diesel rose to over 1,500 Naira per litre before the Dangote refinery commenced production. Many companies that could not cope with the increased cost of doing business have shut down, while the high capital required to start most businesses has equally become a barrier to entry.

The devaluation of the Naira has led to foreign exchange losses for many companies, with some reporting losses in billions of Naira. Small and medium-scale enterprises also suffered losses. Typically, when businesses whose functional currency is the Naira take on credit facilities in foreign currency (loans or goods, services, machinery, spare parts on credit, etc) they face foreign exchange risks, leading to losses whenever the Naira is devalued. The value of foreign exchange obligations in naira terms increases. The losses could be avoided or reduced with appropriate hedging practices. These credit facilities are often attractive due to favourable terms compared to what is obtainable within Nigeria.

When the Naira was floated, its value remained highly volatile for a while making it difficult for businesses to plan appropriately. During this period of instability, many businesses avoided making major investment decisions, awaiting a stable economic environment to avert losses. This resulted in a decrease in foreign direct investment during that period. Worrisome is that in recent weeks, the Naira has once again shown signs of instability, which the government is addressing.

The devaluation of the Naira made Nigerian exports more attractive and competitive, to the advantage of export-oriented businesses. Some argue that this has contributed to food inflation in Nigeria, as people from neighbouring countries increased their demand for foodstuffs from Nigerian farmers, finding them a cheaper option due to the Naira’s devaluation. This reduced food availability in Nigeria which was already grappling with inadequate supply, leading to demand-pull inflation. Government efforts to improve food production in the country are ongoing. It is important to note that the increased cost of food production and transportation also contributed to food inflation.

On the other hand, the devaluation of the Naira has led to lower purchasing power of individuals and a reduction in household consumption. Businesses have seen demand for their goods and services dip, leading to the closure of some of them. To cope, some had to review their prices, reducing their margins to stimulate demand. Many businesses have been unable to cope with the combined effect of increased costs of doing business and decreased sales. Implementation of the new national minimum wage is expected to increase household consumption.

While acknowledging that the floating of the Naira has enormous benefits for the Nigerian economy, including improved transparency in the Nigerian forex market and saving the country billions of dollars previously used to defend the Naira, it may be wise for the government to provide some form of intervention to the manufacturing industry which is a major driver of the economy. This could be in the form of reduced taxes or long-term low-interest loans. The government could also consider using part of the revenue expected from the proposed one-time windfall tax on foreign exchange gains of banks to support Nigerian industries. Furthermore, the government should put all measures in place to ensure the stability of the value Naira to promote investor confidence and prevent businesses from incurring huge forex losses in the future.

The decision taken by Nigeria, under President Bola Ahmed Tinubu’s administration to be floating the naira, allowing its value to be determined by the open market rather than pegging it to another currency or managing it through a fixed exchange rate, is a crucial economic policy choice. For Nigeria, the idea of floating the naira has been discussed and debated for years, with proponents arguing that it could bring about greater economic stability and transparency. However, as Nigeria has taken this significant decision, and is now in it, it is essential to draw lessons from the experience of Zimbabwe, a country that has undergone a turbulent journey with its currency.

Without recourse to denigration, Zimbabwe's economic history is a stark reminder of how currency mismanagement can lead to catastrophic consequences. Once considered one of Africa's most promising economies, Zimbabwe faced hyperinflation in the late 2000s, leading to the abandonment of the Zimbabwean dollar in 2009. The country then adopted a multi-currency system, primarily using the US dollar, in an attempt to stabilize its economy.

However, in 2019, Zimbabwe reintroduced the Zimbabwean dollar, abandoning the multi-currency regime. The reintroduction was accompanied by the floating of the currency, but it quickly became apparent that the move was premature. Without the necessary economic fundamentals in place, the currency's value plummeted, leading to a rapid loss of confidence among both local and international investors. The result was a return to hyperinflation and severe economic instability.

As gathered from literatures and books on Economics, as I am not an Economist, but a Journalist on the Business Desk of a national newspaper, permit me to share the “little knowledge” I gained by virtue of my profession, having had the opportunity of listening and interacting with Economic analysts and observers alike, by opining that Zimbabwe’s experience highlights the importance of having strong economic fundamentals before floating a currency. A country's currency value is not just determined by market forces but also by the underlying strength of its economy. For Nigeria, this means that before considering a float, the government must ensure that the economy is robust, with controlled inflation, a diversified revenue base, and a stable political environment.  This is as a weak economy will likely lead to a rapid depreciation of the currency, exacerbating inflation and worsening economic conditions.

Again, I for the umpteenth time read and heard that building confidence in the financial system is indispensable. The reason for the foregoing cannot be farfetched as confidence is key when floating a currency. It is little wonder that Zimbabwe's reintroduction of the Zimbabwean dollar was met with skepticism, both domestically and internationally, due to the lack of trust in the government's ability to manage the currency effectively. For Nigeria, building and maintaining confidence in the naira will be essential. This can be achieved through transparent and consistent monetary policies, clear communication from the Central Bank, and a commitment to protecting the currency from political interference.

In a similar vein, not a few Economists and Bankers are unanimous in their views that given the president economic predicament that Nigeria is undergoing that foreign exchange reserves matters.  The reason for their views cannot be farfetched as one of the challenges Zimbabwe faced was the depletion of its foreign exchange reserves, which made it difficult to support its currency. For Nigeria, maintaining adequate foreign exchange reserves will be critical as she is at the moment floating her currency. These reserves provide a buffer against speculative attacks on the currency and can be used to stabilize the naira if necessary. Therefore, the Central Bank of Nigeria (CBN) should focus on rebuilding and maintaining healthy reserves before considering a float.

As gathered, there is also the need to manage expectations. The reason for the foregoing cannot be farfetched as the initial period after a currency float can be volatile, with sharp fluctuations in the exchange rate. In Zimbabwe, this volatility led to panic and a loss of confidence. Nigeria must manage expectations by preparing the public and investors for potential short-term instability. This includes setting realistic goals for the currency float and being prepared to intervene if necessary to prevent excessive volatility.

In fact, Zimbabwe's currency crisis was exacerbated by poor policy decisions, including the excessive printing of money and the lack of fiscal discipline. Nigeria must learn from these mistakes by ensuring that its fiscal policies are aligned with its monetary policies. The government should avoid the temptation to finance budget deficits through excessive borrowing or money printing, as this could undermine the success of a currency float.

Again, it is germane to opine that Nigeria's economic landscape is vastly different from Zimbabwe's, but the lessons are still relevant. Nigeria's economy is larger, more diversified, and more integrated into the global financial system. However, it also faces significant challenges, including inflationary pressures, high unemployment, and a reliance on oil exports for foreign exchange earnings. These challenges must be addressed before a successful float of the naira can be attained.

Furthermore, Nigeria's political environment is complex, with various interest groups and regional considerations that could influence the outcome of a currency float. Therefore, as the government floats the naira, it must always be cognizance of the fact that there are risks and benefits therein and with a commitment to managing the process effectively.

As Nigeria insists on floating the naira, it is crucial to look to Zimbabwe as a cautionary tale. While floating a currency can bring about greater economic flexibility and transparency, it is not a decision to be taken lightly. Nigeria must ensure that it has the necessary economic fundamentals in place, build confidence in the financial system, and be prepared to manage the volatility that may arise. By learning from Zimbabwe’s experience, Nigeria can make a more informed decision and potentially avoid the mistakes that led to economic turmoil in its southern neighbor.

As the calendar inches closer to August 12, it is time to celebrate one of Nollywood’s brightest stars, Destiny Etiko. This year, as she marks another milestone, we reflect on her remarkable journey in the film industry, where she has made an indelible mark with her incredible talent and captivating performances.

Destiny Etiko is more than just a name in Nollywood; she is a force to be reckoned with. From the moment she stepped into the limelight, she captured the hearts of audiences with her natural acting skills and undeniable charisma. Over the years, she has continued to evolve, taking on roles that challenge her and showcase her versatility as an actress.

Beyond the screen, Destiny Etiko is a beacon of inspiration for many. Her story is one of determination and hard work. Despite the challenges that come with the entertainment industry, she has remained steadfast in her pursuit of excellence. She has risen above every obstacle, proving that with talent and tenacity, anything is possible. Her success is a testament to her unyielding dedication to her craft and her unwavering belief in herself.

Destiny’s influence extends far beyond Nollywood. She is also a role model for young women across Nigeria and beyond, showing them that it is possible to achieve their dreams regardless of their background. Her philanthropic efforts, particularly in supporting the less privileged, further demonstrate her commitment to giving back to society and making a positive impact in the lives of others.

One of Destiny’s most iconic performances came in the movie “Idemili” (2014), where she portrayed the role of Ekemma, a young woman entangled in the complexities of tradition and modernity. Her performance was nothing short of riveting, earning her widespread recognition and cementing her place in the industry. The movie not only showcased her acting prowess but also highlighted her ability to bring depth and emotion to her characters.

Destiny’s filmography is as diverse as it is impressive. In “My Private Part”, she displayed her talent for drama and suspense, keeping viewers on the edge of their seats with her intense and emotionally charged performance. Then, in “The Return of Ezendiala”, she took on a more traditional role, embodying the cultural richness of Nigeria with grace and authenticity.

Born in Udi, Enugu State, Destiny Etiko has always had a flair for the dramatic. Her journey into the world of acting began at a young age, and it did not take long for her to become a household name. With her debut in 2012, Destiny quickly established herself as a force to be reckoned with, delivering performances that are nothing short of spectacular. From the girl-next-door roles to the fierce and feisty characters, she has shown her versatility and range as an actress, earning her a place among the top stars in Nollywood.

But Destiny is more than just an actress; she is a phenomenon. Her beauty, both inside and out, radiates in every role she takes on. With each movie, she brings a unique blend of grace, strength, and authenticity that resonates deeply with her audience. Whether she’s playing a tragic heroine or a comedic lead, Destiny’s performances are always compelling, leaving viewers spellbound.

Not one to shy away from challenging roles, Destiny also starred in “Fear of a Woman”, where she played a character that was both vulnerable and strong, a testament to her ability to navigate complex narratives with ease. In “Black Xmas”, she proved once again that she could handle any genre thrown her way, bringing both humor and heart to the screen.

Destiny’s commitment to her craft is evident in every project she undertakes. Her dedication to bringing her characters to life has earned her numerous awards and accolades, and more importantly, the admiration of millions of fans across the globe. Whether she’s playing a loving wife, a fierce warrior, or a comedic relief, Destiny brings authenticity and passion to every role.

As we celebrate Destiny Etiko on her upcoming birthday, we acknowledge not just the years she has spent in the industry, but the countless lives she has touched with her performances. Her journey is one of hard work, resilience, and an unwavering love for the art of storytelling.

Destiny Etiko, as you turn a year older, we celebrate the incredible woman you are, both on and off the screen. May this new chapter bring you even more success, joy, and opportunities to continue doing what you do best, entertaining and inspiring us all. Happy Birthday in advance!

In the annals of Nigeria’s socio-political history, certain terms have emerged as symbols of the collective frustrations, aspirations, and resilience of its people. Today, as we navigate the turbulent waters of our national life, two phrases stand out, “Zanga Zanga” and “Nigeria Jagajaga”. These expressions encapsulate the prevailing sentiments of chaos, disillusionment, and the enduring quest for good governance that characterize the current era.

The term “Zanga Zanga” is a colloquial expression often used to describe protests, upheavals, and widespread demonstrations. It signifies the raw energy of the masses, particularly the youth, who have taken to the streets in recent years to demand accountability, justice, and a better future. This phrase embodies the spirit of defiance and the refusal to accept the status quo, no matter how entrenched it may be.

“Nigeria Jagajaga,” on the other hand, is a phrase popularized by the legendary Nigerian musician, Eedris Abdulkareem in his 2004 hit song of the same name. The phrase translates loosely to “Nigeria is in disarray” or “Nigeria is messed up,” and it struck a chord with many Nigerians who felt that the country’s potential was being squandered by poor leadership, corruption, and systemic failure. Nearly two decades later, the phrase still resonates, perhaps even more profoundly, as the challenges facing the nation seem to have intensified.

Nigeria’s youth, who make up a significant portion of the population, have grown increasingly disillusioned with the state of the nation. High unemployment rates, poor infrastructure, insecurity, and a lack of opportunities have fueled a sense of hopelessness. However, rather than resigning themselves to a bleak future, many young Nigerians have embraced the spirit of “Zanga Zanga” by taking an active role in demanding change.

From the #EndSARS movement, which called for an end to police brutality, to ongoing protests against bad governance and economic hardship, the youth have shown that they are unwilling to remain silent in the face of injustice. Social media has become a powerful tool in their arsenal, amplifying their voices and connecting them with like-minded individuals across the globe.

The “Zanga Zanga” era is characterized by a heightened awareness of civic rights and responsibilities. It is a time when the youth are not only challenging the old order but also seeking to redefine what it means to be Nigerian in the 21st century. They are demanding transparency, accountability, and a government that truly serves the people.

Despite the vibrant activism of the youth, the phrase “Nigeria Jagajaga” remains a stark reminder of the entrenched issues that continue to plague the country. Corruption remains endemic, with public funds often siphoned off by those in power. Insecurity has reached alarming levels, with insurgencies, banditry, and communal clashes leaving many regions in a state of perpetual fear. The economy, while showing signs of growth, has not translated into tangible benefits for the majority of Nigerians, who continue to struggle with poverty and inflation.

The disarray captured by “Nigeria Jagajaga” is evident in the crumbling infrastructure, inadequate healthcare system, and failing educational institutions. These issues are not new, but they have become more pronounced, leading to a growing sense of despair among the populace.

The juxtaposition of “Zanga Zanga” and “Nigeria Jagajaga” highlights the duality of the current era. On one hand, there is a deep-seated frustration with the state of the nation; on the other, there is an unyielding determination to effect change. This era presents an opportunity to channel the energy of the youth into constructive action that can help address the systemic issues plaguing the country.

For meaningful change to occur, there must be a concerted effort to bridge the gap between the government and the governed. Leaders must be willing to listen to the voices of the people, particularly the youth, and take decisive steps to address their concerns. This includes implementing policies that promote economic growth, create jobs, and ensure security for all Nigerians.

Moreover, the spirit of “Zanga Zanga” must be sustained beyond protests. It must translate into increased political participation, with more young people running for office, voting, and holding their leaders accountable. Civil society organizations and the media also have a crucial role to play in keeping the government in check and advocating for the rights of the people.

Without a doubt, the era of “Zanga Zanga” and “Nigeria Jagajaga” is a defining moment in the nation’s history. It is a time of great challenges but also of great potential. The phrases themselves serve as a call to action, urging every Nigerian to contribute to the rebuilding of the nation. While the road ahead may be difficult, the collective will of the people, especially the youth, can pave the way for a better, and more prosperous Nigeria.

The Nigerian government says it would soon commence disbursement of the N150 billion presidential palliative program to manufacturers and micro, small and medium enterprises.

The Minister of Industry, Trade and Investment, Doris Aniete disclosed this at the weekend in a statement through her spokesperson, Terfa Gyado.

Aniete said over 700,000 applicants have applied for the scheme so far

“Disbursement is yet to start but they are finalising the first batch. To date, about 700,000 applicants have applied,” she said.

She explained that for manufacturers, for loans up to N1 billion, applicants must choose between working capital or asset financing, maintain at least a six-month business/corporate banking relationship, and provide additional documentation as required by the bank.

Recall that in December 2023, the Federal Government unveiled the Presidential Conditional Grant Scheme as part of the Presidential Palliatives Programme to cushion the impact of economic hardship in Nigeria.

The government had dedicated N75 billion to MSMEs and another N75 billion to the manufacturing sector.

However, the Minister had earlier announced a plan to commence disbursement in July 2024.

[DailyPost]