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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.
News
No Aso Rock Kitchen Staff Attempt To Poison Tinubu –Presidency
The Presidency has dismissed circulating social media reports alleging that kitchen staff at the Aso Rock Presidential Villa were arrested over an alleged plot to poison President Bola Tinubu.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, made the clarification yesterday on his official X account where he shared a video of the report and categorically denied it.
The video purportedly shows activity at the presidential villa, accompanied by a voiceover reporting the incident.
The video claimed, “Today we examine reports surrounding the shocking arrest of a presidential chef over an alleged plot to poison President Bola Ahmed Tinubu, an incident that has prompted swift intervention by a special police squad and triggered heightened security measures within the presidential environment.
“According to preliminary information from security sources, the arrest followed intelligence alerts suggesting suspicious activities connected to food preparation procedures within restricted areas linked to presidential operations.
“Authorities moved quickly after receiving credible reports that indicated a possible threat to the safety of the president, leading to a coordinated investigation involving specialised security personnel tasked with protecting national leadership.
The video added, Officials emphasized that the operation was carried out professionally and discreetly to avoid public panic while ensuring that all potential risks were neutralised.
“The suspect, identified as a member of kitchen staff attached to presidential services, was reportedly taken into custody for questioning as investigators began examining evidence and verifying claims connected to the alleged poisoning attempt.
“Security agencies have urged the public to remain calm, stressing that the investigation remains ongoing and that allegations do not automatically imply guilt until due process.”
However, Onanuga dismissed the report as baseless fake news.
He wrote, “No Aso Rock kitchen staff arrested. No Aso Rock kitchen staff attempted to poison President Tinubu. Please ignore this fake news being disseminated by this video.”
As of the time of going to the Press authorities have not provided further details on the origin of the misleading video or potential motives behind its circulation.
News
US, China Clash As Iran TV Confirms Supreme Leader Ayatollah’s Death
Iranian state television yesterday confirmed the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, without referring to a massive US and Israeli attack on his residence.
A presenter on state television announced Khamenei’s death at 5:00 am (0130 GMT), as the channel broadcast archive images with a black banner as a sign of mourning.
Khamenei, 86, had been Iran’s supreme leader since 1989.
US President, Donald Trump, had on Saturday said that Khamenei had been killed in air strikes, though there has been no confirmation from Tehran.
“Khamenei, one of the most evil people in History, is dead,” Trump said on his Truth Social network.
“This is not only Justice for the people of Iran, but for all Great Americans, and those people from many Countries throughout the World, that have been killed or mutilated by Khamenei and his gang of bloodthirsty THUGS.”
Trump said the Iranian leader had been “unable to avoid our Intelligence and Highly Sophisticated Tracking Systems.”
The US President said the death of Khamenei gave Iranians their “greatest chance” to “take back their country.”
“We are hearing that many of their IRGC, Military, and other Security and Police Forces no longer want to fight and are looking for Immunity from us.
“As I said last night, Now they can have immunity, later they only get death! Hopefully, the IRGC and Police will peacefully merge with the Iranian patriots and work together as a unit to bring back the country to the greatness it deserves.
“That process should soon start in that, not only the death of Khamenei but the country has been, in only one day, very much destroyed and, even, obliterated.
“The heavy and pinpoint bombing, however, will continue, uninterrupted throughout the week or, as long as necessary to achieve our objective of peace throughout the Middle East and, indeed, the world!” Trump posted.
However, China has strongly condemned the attack and killing of Iran’s supreme leader.
A Chinese foreign ministry spokesperson condemned the killing yesterday when asked to comment on the death of Iran’s Supreme Leader in the military strikes launched by the United States and Israel on Saturday in Tehran.
The attack and killing of Iran’s supreme leader is a grave violation of Iran’s sovereignty and security, said the spokesperson, adding that it tramples on the purposes and principles of the UN Charter and basic norms in international relations.
China urges for an immediate stop to the military operations, no further escalation of the tense situation and joint effort to maintain peace and stability in the Middle East and the world at large, the spokesperson added.
News
Banigo Harps On Importance Of Nurturing Girl-Child …Says Everyone Is A Leader On His Own Right
The Senator representing Rivers West Senatorial District, Ipalibo Harry Banigo, has urged Nigerians, particularly women, to recognise that leadership exists at every level of society and that everyone is a leader within their own space.
Banigo made this call in Port Harcourt at the weekend during her Induction/Decoration as an AWLO Life Patroness, Unveiling of AWLO’s 2026 Magazine and Relaunch of the Rivers State Chapter.
Speaking with newsmen after the induction, the former Rivers State Deputy Governor emphasised the importance of nurturing and mentoring young girls, warning that neglecting the girl-child comes with far-reaching consequences for society.
According to her, investing in the growth and development of young girls is crucial to building a responsible and progressive nation.
“Well, everybody, to be honest with you, is a leader in their own space. If you lose your girlhood, you have lost your life. That is why it is important to catch them young,” she said.
“All my life, I have worked with young women because I believe that as we mentor them, they are meant to learn from us for the fulfilment of their God-given purpose,” she added.
The lawmaker further stressed the need for urgent and deliberate steps to ensure women are not left behind in national development, noting that any neglect of women ultimately affects the entire system and the larger society.
She highlighted education, healthcare, and skills acquisition as critical areas of focus, while calling for sustained efforts to keep girls in school and enable them to advance as far as their abilities permit.
Banigo also underscored the need for improved healthcare facilities to prevent maternal mortality and deaths from preventable diseases, while also advocating for vocational training and skill development opportunities for girl child.
According to her, raising responsible girls ultimately leads to building responsible adults and, by extension, a stronger and more purposeful society.
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