Business
Recession: Don Tasks FG On Palliative Measures
University teacher, Dr Aminu Usman, has advised the Federal Government to come up with palliative measures as promised to cushion the sufferings being witnessed by Nigerians due to the recession.
Usman, a lecturer in the Department of Economics, Kaduna State University, gave the advice in an interview with newsmen in Abuja on Wednesday.
He said such measures would help to cushion the effect of recession on the poor citizens.
The Federal Government had promised to directly impact on the lives of more than eight million Nigerians in its social investment scheme.
The social investment scheme is meant to provide succour as well as a ready-made palliative to ordinary Nigerians.
The scheme, among others, includes plans to embark on the direct payment of N5,000 monthly stipend to one million extremely poor Nigerians.
”The N5,000 will not do anything, but if we have so many people collecting it, some people will have one or two weeks of improvement in the quality of their lives.
”The government should understand that people want their quality of life to improve and if that is done, they don’t mind who is ruling them.’’
Usman said that there was the need for the government to review the salaries of workers.
He said that salaries would not go anywhere with the present economic recession.
”Look at what is happening now, if you have children in schools and once it is mid semester, you will begin to panic maybe you have not finished paying last semester school fees.
”The salary you are earning in the past two years is the same salary you are earning and everything has doubled in price, the income remains stagnant.
”The biggest challenge is the economy, people don’t care who is leading them so far as they have food on their table. They are fine.
“Some of these things happening now deter economic analysis, why should cooking oil be out of the reach of a common man? The price is twice more than that of vegetable oil,’’ Usman said.
The don, who commended the Federal Government on the Treasury Single Account (TSA) policy, however, said that the policy had constrained the ability of Ministries, Departments, and Agencies (MDAs) to implement projects.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.