An international Non Governmental Organisation (NGO) based in Abuja, the Africa Nations Development Programme (ANDP), has embarked on the construction of a N7 billion city for the less privileged in Ebonyi.
The project is sited at Uburu, Ohaozara Local Governments area of Ebonyi.
The Tide sources reports that when completed, the city had the capacity for 5,000 units of modern two-bedroom houses, schools, police stations, markets, and hospitals among others.
The Director-General of ANDP in Africa, Dr Samson Omojuyigbe, at the groundbreaking on Saturday evening at Uburu, noted that the project was aimed at giving hope to the most vulnerable segment of our society.
According to him, the vulnerable are affected on all sides by the harsh economic situation.
“This is important to us because the project is one of our efforts to ensure the practical fulfillment of the dream of the ANDP in providing relief for the suffering people of Africa.
“I feel particularly happy that Ebonyi has become one of the leading states to benefit from the project presently after overtaking two other states hitherto in the run for the project.
“I therefore congratulate the government and good people of Ebonyi as a member of the frontline states to proudly benefit first.
“The most gratifying issue is that the state government would not make any contribution toward the project but would provide lands and the enabling environment to achieve its success,” he said.
Gov. David Umahi in his remarks said that land owners in Ebonyi would henceforth become equity owners of the investments from local and foreign investors sited on their lands.
According to him, the government in adhering to democratic tenets will not dispossess its people of their lands as they are enjoined to offer lands for joint participation in agricultural enhancement and other economic ventures.
“We have concluded arrangements with Chinese investors to invest in any local government area (LGA) that would provide between 5, 000 and 10, 000 hectares of land for agriculture and other economic ventures.
“We would be approaching the state House of Assembly to enact a law that would ensure that no land will be allotted to investors without the active participation of the owners in its usage,” he said.
Umahi remarked that the desired rate of development would not be achieved in the state if the people hold firm to their lands as the government and investors would not construct on the air.
He thanked the ANDP for undertaking the project in the state, noting that he was fascinated when informed of the success of such project in Calabar, Cross River and other states in the country.
Mr Benjamin Eze, the Country Director of the ANDP, noted that it was an offshoot of the World Nations Development Programme Initiative which undertakes programmes and projects to enhance the lives of the less privileged in the society.
“The Ebonyi government would invest no funds into the project which involves 5, 000 detached bedroom bungalows with facilities such as roads, electricity, schools, police posts and other security installations, hospitals, fire stations, among others,” he said.
Mr Samuel Okoronkwo, the state Commissioner for Local Government and Chieftaincy Matters denied allegations that the land on which the projects would be sited was being disputed by a prominent indigene of the area.
Currency Outside Banks Rises 4% To N2.29trn …As Credit To Govt Hits N32.5trn
Currency Outside Banks (CoB) rose Month-on-Month (MoM) by N90 billion or 4.09 percent to N2.29 trillion in August from N2.2 trillion in July 2023.
It has been on the increase since March, reflecting the impact of the implementation of the Supreme Court order that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.
The Central Bank of Nigeria (CBN) Money and Credit data for August also showed that Currency-In-Circulation, CIC, stood at N2.66 trillion, representing a 2.7 percent rise from N2.59 trillion in July 2023.
Recall that the implementation of the Naira redesign and withdrawal of old banknotes by CBN sucked in about N1.81 trillion from CoB while crashing Currency-in-Circulation to N1.4 trillion in January 2023.
Meanwhile, Banks’ credit to the Government rose MoM by 0.62 percent from N32.5 trillion in August to N32.3 trillion in July.
Data from the CBN Money and Credit Statistics showed that credit to the private sector also rose by 1.1 percent to N54.7 trillion from N54.1 trillion.
This resulted in a 0.92 percent rise in Net domestic credit to N87.3 trillion in August from N86.5 trillion in July.
Cardoso Focuses On Monetary Policies To Save Naira
The new Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has disclosed that he and his team will focus solely on monetary policies to strengthen the Naira.
To achieve this, he explained, they will have to abandon some of the policies of the estwhile CBN, Godwin Emefiele, and his team that has warranted the rising inflation in the country.
Cardoso stated this during his screening by the National Assembly, and confirmation as the CBN Governor on Tuesday..
Responding to questions from the lawmakers, Cardoso said the CBN is faced with numerous challenges which the team had identified and would address them.
“We have identified issues of corporate governance, diminished institutional autonomy, discontinuity of orthodox policies and foreign currency issues.
“Addressing inflation and price stability is the function of the CBN. We will address the issue of foreign exchange unification. If there is a need for interest rate alignment, we will do it for economic growth”, he stated.
To manage the economic policy, Cardoso said size matters, adding that the CBN team had identified macroeconomic indices and will facilitate new ways to attain $1trillion GDP in eight years.
On inflation, Cardoso said each will be tackled based on their causes.
“If the inflation is on food, we should ramp up production of food. If inflation is on energy, we know the challenges of energy. If you are importing, automatically you are importing inflation”, he said.
On money supply, the apex bank Governor said the way money has gone up in Nigeria, “that, itself, is behind inflation. It is the problem. It is a big problem, but going forward, we will do everything possible to ensure that deficit financing does not bring problems to us.
“These are the assurances I can give you coming from outside because we will maintain a good working relationship to block the excesses we had in the past.
“I believe that the CBN under us will have no choice but to embrace a culture of compliance”, Cardoso said, assuring that they will abide by the CBN Act.
“We will not wait for oversight before we interact with the lawmakers. We will have zero tolerance to abuse of processes. We recognize the fact that we need to work closely with these chambers at the National Assembly to ensure compliance”, he said.
According to him, deficit financing and undue money glut are responsible for 50 per cent of the inflation.
Consequently, he told the Senate that there is a need to stabilise the naira to settle Nigeria’s outstanding debts, stating that the country is only spending money in printing currency rather than bringing in revenues.
According to him, the immediate thing to look out for is to address operational issues, which are the unsettled obligations of the CBN wealth of N4 billion or N7 billion.
He stated that Nigeria will not make progress if it is not able to handle that side of foreign exchange rate.
Cardoso also noted that foreign exchange rate is worrisome, hence Nigeria must have a stable exchange rate.
Also speaking, a Deputy Governor, Philip Ikeazor, said the present CBN is going to strengthen governance and focus on monetary policies and not fiscal policies, noting that the country must decide to support the physical majors of the CBN and ensure that exportation thrive.
“We will think outside the box, tackle inflation and the free flow of naira”, he said.
The Deputy Governors screened and confirmed are on the day were: Emem Usoro, Abdullahi Dattijo, Bala Bello and Philip Ikeazor.
Seme Customs Intercepts 62 African Parrots On- Hawk
The new Controller of Customs, Seme Border Command, Timi Bomodi, has has disclosed that the command seized 69 smuggled birds from smugglers who had moved the birds from Kaduna enrout Benin Republic.
The discovery, according to him , was made while customs operatives at the border were on patrol along Seme– Badagry Expressway, acting on credible intelligence intercepted a Benin Republic-bound luxurious bus from Kaduna State..
Two suspects were arrested in connection with the seizure and six of the birds were reportedly dead, due to poor condition under which they were being moved.
The seizures, according to him, were worth over N6,859,932.
“Upon searching the bus, 51 live Green parrots, five live African Grey Parrots, five dead Green Parrots, one dead African Grey Parrot, and one live hawk in iron nets and a Paper Box were discovered. Six of the birds and two suspects were also arrested in connection with the seizure”, Bomodi said.
The African Parrot have a duty paid value (DPV) N6,859,932 only.
Bomodi condemned the criminal act by some members of the society considering that the trade in endangered wildlife contravenes the Convention on International Trade On Endangered Species (CITES) of Wild Fauna and Flora which is an International Agreement between Governments, of which Nigeria is a signatory
He warned the perpetrators of this illegal trade to “stay out of the Lagos – Abidjan corridor or they will continue to incur heavy losses if they so insist.
“In line with the dictates of the Nigeria Customs Service of promoting inter-agency collaboration and synergy, and considering the nature of the item, the seized Parrot will be handed over to the Nigeria Agricultural Quarantine Service (NAQS), Seme Command.
“Officials of the f National Park Service will be informed of this seizure as it is their responsibility to rehabilitate and protect them from further harm”.
By: Nkpemenyie Mcdominic, Lagos
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