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Youth Council Blames Emefiele For Naira Fall
The National Youth Council of Nigeria (NYCN) has blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira.
The Naira had within last week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.
Emefiele had alleged that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors, including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, and reduction in foreign direct investments.
Reacting, President of the NYCN, Comrade Solomon Adodo, said that the CBN Governor’s explanation for the free-fall of the Naira was disingenuous and unpatriotic.
The group accused Eme?ele of completely failing to concentrate on his core mandate of price stability as the apex bank’s governor.
It pointed out that with inflation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN Governor should be held responsible for deepening poverty in the country, accusing him of working at cross-purposes with President Muhammadu Buhari’s objective of reducing poverty and growing the economy.
The statement reads: “We are all witness to the fact that from August 2020 to July 2022, the o?cial exchange rate has moved from N381 to N415/$, representing only a nine percent increase. However, the parallel market has moved from N470 to N710 within the same period representing a 51 percent increase and a record 71 percent arbitrage with the o?cial exchange rate creating a huge incentive for round-tripping, price gouging, sharp market practices, and in?ation.
“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.
“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ con?dence to restore production and reap the bene?ts of today’s improved oil prices.
“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Eme?ele.
“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in signi?cant crude oil output losses of over 600, 000 barrels per day.
“We ?nd it curious that the apex governor seems to be unaware of the insecurity and huge oil theft in the Niger Delta which have continued to challenge the country’s oil production and the oil industry and gas industry in general. At present, there are massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass, and Forcados.
“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity losses translating to over $64 million per day, and a monumental impact of about $2 billion per month.
“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations a?ecting the economy. These a?ect the NNPC’s remittances to the Federation Account.
“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.
“Apart from government decision to defer the implementation of PMS deregulation, the subsidy pro?le is signi?cantly in?uenced by CBN foreign exchange management.
“It is, however, worth noting that the NNPC has recorded signi?cant gains on production ramp-up including attaining ‘?rst oil’ production from the Anyala – Madu Fields and most recently Ikike ?elds which cumulatively boost national oil production by almost 80, 000 barrels per day.
“Furthermore, NNPC’s e?orts towards attaining additional combined production of over 100, 000 barrels from ?elds like Obodo, Utapate etc has never abated despite the global setback recorded as a result of the e?ects of COVID-19 pandemic.
“History shows that Mr. Eme?ele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism ?nancing as well as politicians.
“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the ?ag carrier of the United Arab Emirates (UAE), has reduced its ?ight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue”.
Calling for the CBN Governor’s sack, the group added that Emefiele is clearly a bad workman who blames every other person for his inability to deliver.
“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Eme?ele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.
“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eeme?ele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-de?ned periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank,” it said.
NYCN further expressed optimism that the NNPC’s transitioning into a limited liability entity, in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays, as the company is now exempted from TSA, among others.
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Senate Holds Emergency Meeting ‘Morrow
The Senate has announced that it will hold an emergency plenary sitting tomorrow (Tuesday).
The announcement was made yesterday in a statement signed by the Clerk of the Senate, Emmanuel Odo, who said all senators have been requested to attend.
“The President of the Senate, Godswill Akpabio, has directed the reconvening of plenary for an emergency sitting on Tuesday, February 10th, 2026,” the statement read.
The session is scheduled to commence at 12 noon.
This comes just days after the Senate passed the amendment bill on February 4, but voted down Clause 60(3), which would have required presiding officers to electronically transmit results from polling units directly to the Independent National Electoral Commission’s Result Viewing portal in real time.
The rejected clause aimed to make the process mandatory.
The lawmaker replaced it with the current discretionary “transfer” of results, which allows electronic transmission only after votes are counted and publicly announced at polling units.
Civil society groups and opposition figures in the country have condemned the Senate’s decision, labelling it a setback for Nigeria’s democratic progress.
Senate President Akpabio has, however, defended the Senate’s actions, insisting during a public event that the Senate did not reject electronic transmission and vowing not to be intimidated.
Tomorrow’s emergency sitting could see the Senate reconsider the rejected amendment amid public outcry and potential legal challenges from figures such as lawyer Femi Falana, with possible implications for Nigeria’s democratic processes and the balance between incumbency protections and verifiable voting technology.
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Probe Senate Over Electoral Act, Tax Laws, SERAP Tells CCB
The Socio-Economic Rights and Accountability Project (SERAP) has petitioned the Code of Conduct Bureau (CCB) to investigate members of the Senate and other public officers over alleged irregularities in the passage of the Electoral Act Amendment Bill and the Tax Reform Laws.
According to a statement issued yesterday by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation is seeking a prompt, thorough, and effective probe into claims that some senators removed provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary, despite a majority having voted for their inclusion and without any debate on the proposed removal.
“According to our information, certain members of the Senate allegedly removed the provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary after the majority of the senators had voted for the inclusion of the provisions and without any debate on the proposed removal of the said provisions,” SERAP said.
The organisation also requested the CCB to investigate alterations in the Tax Reform Bills, which reportedly led to discrepancies between the harmonised versions passed by the National Assembly and the copies signed into law and gazetted by the Federal Government.
“Similarly, the National Assembly recently alleged that there are unlawful alterations and some material differences between the tax reform bills passed by the legislative body and the tax reform laws gazetted by the Federal Government.
“A Sokoto lawmaker, Abdussamad Dasuki, raised the issue under a matter of privilege, drawing the attention of the House to the alleged discrepancies between the harmonised versions of the tax reform bills passed by both chambers of the National Assembly and the copies gazetted by the Federal Government.
“The lawmakers said the alterations contained in the gazetted copies did not receive legislative approval. These alleged unlawful alterations raise questions over the legality and legitimacy of both the law-making processes and the versions of the tax laws circulated by the Federal Ministry of Information,” the petition added.
The Senate had denied removing the provisions on electronic transmission of election results, saying it only removed the term “real time” from the sentence, citing judicial concerns.
Similarly, the National Assembly had initiated investigations into the alleged discrepancies in the tax bill and released a “certified” version of the Acts to address the contradictions. The law took effect on January 1, 2026.
SERAP said the petition is submitted under paragraphs 1 and 9 of the Code of Conduct for Public Officers contained in the Fifth Schedule, Part 1 of the 1999 Constitution (as amended), and sections 5 and 13 of the Code of Conduct Bureau and Tribunal Act.
It alleged that the processes leading to the passage of the Electoral Act Amendment Bill and the signing of the Tax Reform Laws were marked by alterations to bill provisions without debate and due process of law, as well as alterations to the Tax Reform Bill without the approval of the National Assembly.
“The petition raises issues of conflict of interest, abuse of office, non-disclosure of interests, lack of due process, and erosion of the Code of Conduct for Public Officers in the exercise of legislative power.
“There are also allegations that certain amendments may have been removed or introduced to the Electoral Act Amendment Bill and the Tax Reform Laws to serve private or political interests rather than the public interest,” the petition reads.
Citing the Constitution, SERAP noted that public officers must not place themselves in situations where personal interests conflict with official duties.
Specifically, the organisation asked the Bureau to formally register the petition and “promptly, thoroughly, transparently, and effectively investigate the conduct of the lawmakers and officers of the executive branch allegedly involved;
“Examine whether inducements, benefits, or promises were offered or received in connection with those acts;
“Examine whether the alleged cumulative conduct of lawmakers and officers of the executive branch amounted to abuse of legislative power, conflict of interest, and breach of due process, contrary to the Code of Conduct for Public Officers;
“Refer any substantiated violations to the Code of Conduct Tribunal; and
“Take all necessary steps to uphold the principle that public office is a public trust.”
The petition requested that the Bureau consider the complaint within seven days, warning that legal action could follow if there is no response.
Dated February 7, 2026, the petition was signed by Oluwadare and sent to the Chairman of the Code of Conduct Bureau, Mr Abdullahi Bello.
News
Red Cross Unveils New Generation Of Humanitarians In PH
The Nigerian Red Cross Society (NRCS), Rivers State Branch, has expanded its humanitarian footprint in Rivers State with the formal inauguration of student volunteers at Command Children School (CCS), Bori Camp, Port Harcourt, marking a significant step in promoting humanitarian values among young Nigerians.
The ceremony, which took place at the school premises, officially admitted CCS students into the Nigerian Red Cross Society.
The Rivers State Branch Representative of the Red Cross Society, Mr Noah Idegbesor, disclosed this in his opening remarks at the occasion.
In a symbolic display, the students marched to the flag stand alongside members of the high table and the Branch Representative, where the Red Cross flag was hoisted, signifying the school’s full induction into the Nigerian Red Cross Society.
With the flag raised, CCS was formally declared a member institution of the NRCS.
As part of the inauguration, a certificate of affiliation was presented to the school by the Nigerian Red Cross Society and received on behalf of the school by the Head Teacher, Mrs Onwuzuruigbo Taiwo.
Speaking as Chairman of the occasion, the Acting Director, Nigerian Army 6 Division Education Services, Port Harcourt, Lt. Col. A. Sadiq, described the event as very unique and significant.
Represented by Staff Sergeant Arisa Eberechi, the Director assured of the support of his team in ensuring success of the endeavour.
Also speaking, the Chairman of the Parents Teachers Association (PTA) of the school, Mr Zuru Daniel, said the establishment of the Red Cross unit in the school was a welcome development and assured of the support of the body to ensure its sustainability.
The event also featured a parade by the volunteers, freewill donations from dignitaries and parents in attendance, underscoring community support for the humanitarian initiative.
Speaking earlier, the Head Teacher, Mrs Onwuzuruigbo Taiwo, described the inauguration as an emotional and fulfilling moment.
“It was awesome. We thought it would not be possible, but today it was glorious,” she said.
Taiwo explained that the school’s participation in the Red Cross Society began when management decided to introduce clubs and societies.
“I told my assistant that I wanted the Red Cross to be one of them. The Red Cross signifies many things; it is service to humanity,” she added.
Also, the Assistant Head Teacher, Mrs Bawo Agbana, expressed appreciation to dignitaries, officials of the Nigerian Red Cross Society and parents for their support and presence.
The Assistant Head Teacher (Administration) described the programme as overwhelming and exciting, expressing gratitude to God for its success.
She said the school’s decision to embrace the Red Cross Society was driven by the need to instill values of love, kindness and service in children from an early age.
“Our impression of the Red Cross is being good to people, showing love and kindness. As the children grow, we want to build the spirit of humanity in them so they can show love and care in school, their communities and Nigeria at large,” she said, adding that early training was crucial given current challenges in the country.
She also delivered the closing remark, after which a photo session was held with the newly inaugurated student volunteers.
Other dignitaries at the occasion include Chairman, Python Officers’ Mess, 6 Division, Port Harcourt, Chief Dan Harrison, and the Sualla 1 of Adagbabiri Kingdom, Chief Col. K. Agbana (Rtd.),
Speaking in an interview at the event, 10-year-old primary five pupil, Precious Ote, said she volunteered to join the Red Cross Society because of her desire to help and care for people.
Similarly, 11-year-old Eno Marvellous of Primary Four expressed excitement at becoming a member of the Red Cross Society, noting that her hope is “to save” lives.
The inauguration highlights ongoing efforts by the Nigerian Red Cross Society to nurture a culture of volunteerism, compassion and humanitarian service among schoolchildren in Port Harcourt and beyond.
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