News

Youth Council Blames Emefiele For Naira Fall

Published

4 years ago

August 1, 2022

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

Amend Constitution To Accommodate State Police, Tinubu Tells Senators

Published

28 minutes ago

February 27, 2026

The Tide

President Bola Tinubu has appealed to the leadership of the 10th Senate to amend the constitution to provide a legal framework for the establishment of State Police to tackle insecurity nationwide.

President Tinubu made the appeal during an interfaith breakfast with senators at the Presidential Villa in Abuja, yesterday.

The president said that the creation of State Police has become urgent to address Nigeria’s evolving security challenges, strengthen grassroots policing, and enhance states’ capacity to respond swiftly to threats within their jurisdictions.

He noted that a decentralised policing structure would complement existing federal security architecture and promote intelligence-led, community-focused law enforcement.

“We are facing terrorism, banditry, and insurgency. But we will never fail to make a right response to this cause. What I will ask for tonight is for you (Senators) to start thinking how best to amend the constitution to incorporate the State Police for us to secure our country, take over our forests from marauders, and free our children from fear,” he said.

The president commended the cordial relationship between the Executive and the Senate, saying that unity is needed to defeat terrorism and banditry in the country.

“It is a good thing that we are working in harmony, we are looking forward to a country that evolves, a country that takes care of its citizens and protects all.

Tinubu thanked the Senate for its unflinching support towards achieving various economic reforms of his administration, especially the fuel subsidy removal and tax reform policy.

“I have a lot of credit for bold reforms. Without your collaboration and inspiration, those reforms would not be possible. We are reformists together. What we gave up and what we stopped is monumental corruption in the subsidy system. We don’t want to participate in monumental corruption and arbitrage foreign exchange.

You don’t have to chase me for dollars; you could see what Nigeria is today. You should be proud, and I am glad you are. What we are enjoying is a stable economy, and prosperity is beckoning us. We need to work hard, and this attendance means a lot to me,” the president said.

President of the Senate, Godswill Akpabio, commended the president for hosting the leadership of the Senate to the Interfaith breaking of fast.

He commended President Tinubu for providing the visionary leadership the nation needs at this critical time, stating that the administration’s bold reforms have now brought more revenue to governors at the sub-national level for the development of critical infrastructure.

The Senate President prayed for the administration, and for the nation’s peace and prosperity.

News

We’ve Made Significant Strides In Health Sector -Fubara

Published

34 minutes ago

February 27, 2026

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has declared that his administration has made significant strides in the health sector in the past two and a half years.

Fubara, who stated this on Tuesday at the Government House, Port Harcourt, listed some of his notable achievements to include the revamping of health facilities, the establishment of the health insurance scheme and the employment of over 2,000 health workers to boost the manpower and efficiency of the sector.

The governor further disclosed that the administration has revived and expanded several abandoned health facilities, including the Zonal Hospitals in Bori, Omoku, Ahoada, and Degema.

He explained that the Ahoada Zonal Hospital is a 105-bed secondary facility that has capacity to cater for the health needs of the people in its catchment area.

In addition to the Zonal Hospitals, Fubara stated that his administration has also paid very close attention to the Primary Healthcare Centres across the state to ensure that citizens of Rivers State, especially those in the rural areas, have easy access to healthcare within their communities.

According to him, the administration approved the remodeling of 153 primary healthcare centers across the State to ensure their functionality.

“As an administration, we are very passionate about the health of every citizen and resident of Rivers State. When we realised that many people have been under stress as a result of economic hardship, we decided to introduce mental health services at the primary healthcare level. We are not just catering for those down with the common diseases such as malaria fever, we want to ensure that our people get the right attention to their mental health at the right time.

“At the tertiary level, we have also revamped the Intensive Care Unit of the Rivers State University Teaching Hospital and provided it with modern equipment, including monitors, ventilators, and scanners. Most of these innovations are massive and unprecedented,” he said.

On staff welfare, Fubara also disclosed that he approved the promotions for over 400 staff of the Rivers State University Teaching Hospital and recruited an additional 500 staff.

In the same vein, the governor said the number of scholarships for indigenes of Rivers State studying at the PAMO University of Medical Sciences has been increased from one hundred 100 to 150 under his watch.

News

APC Unveils Committees For 2026 National Convention …As Fubara Assists In Election Appeal Committee

Published

34 minutes ago

February 27, 2026

The Tide

The All Progressives Congress (APC) has announced the composition of sub-committees for its 2026 National Convention, setting the stage for what it described as a transparent, credible and well-coordinated exercise.

This was contained in a statement signed by its National Publicity Secretary, Felix Morka, and obtained by The Tide, yesterday.

The party said the committees would drive critical operational, administrative, electoral, logistics, security and programme components to ensure a seamless convention.

To oversee the screening of aspirants, the party appointed Ekiti State Governor, Abiodun Abayomi Oyebanji, as Chairman of the Aspirants’ Screening Committee, alongside Kogi State Governor, Usman Ododo, as Co-Chairman, and former Senate President, Ken Nnamani, as Vice Chairman.

For the Screening Appeal Committee, Jigawa State Governor, Umar Namadi, will serve as Chairman, with Ebonyi State Governor, Francis Nwifuru, as Co-Chairman and APC former National Chairman, Abdullahi Umar Ganduje, as Vice Chairman.

The Election Committee will be chaired by former Katsina State Governor, Aminu Bello Masari, while former Senate President, Anyim Pius Anyim, will serve as Co-Chairman. Kaduna State Governor, Uba Sani, and Edo State Governor, Monday Okpebholo, are Vice Chairmen.

Governor Agbu Kefas will head the Election Appeal Committee, assisted by Rivers State Governor, Siminalayi Fubara, as Co-Chairman and Kano State Governor, Abba Kabir Yusuf, as Vice Chairman.

The Venue Committee will be chaired by Ogun State Governor, Dapo Abiodun, with Sokoto State Governor, Ahmed Aliyu, as Co-Chairman. Minister of Works, David Umahi, and former Plateau State Governor, Simon Bako Lalong, will serve as Vice Chairmen.

On security arrangements, retired Chief of Defence Staff, Christopher Gwabin Musa, will chair the Security Committee, alongside Bayelsa State Governor, Douye Diri, as Co-Chairman and National Security Adviser, Nuhu Ribadu, as Vice Chairman.

The Finance Committee will be led by Imo State Governor, Hope Uzodimma, with Lagos State Governor, Babajide Sanwo-Olu, as Co-Chairman and Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, as Vice Chairman.

For media engagement, Yobe State Governor, Mai Mala Buni, will chair the Media and Publicity Committee, supported by Minister of Information and National Orientation, Muhammed Idris Malagi, and Senator I. D. Gyang.

The Ceremonial, Programme and Events Committee will be chaired by Senate President, Godswill Akpabio, with Speaker of the House of Representatives, Tajudeen Abbas, as Co-Chairman and Secretary to the Government of the Federation, George Akume, as Vice Chairman.

Other key committees include Delegates’ Accreditation chaired by Borno State Governor, Babagana Zulum; Protocol led by Cross River State Governor, Bassey Otu; Accommodation and Transportation chaired by David Umahi; Entertainment and Welfare headed by Delta State Governor, Sheriff Oborevwori; Convention Legacy and Rapporteur chaired by Kwara State Governor, AbdulRahman AbdulRazaq; Legal Advisory led by Attorney-General of the Federation, Lateef Fagbemi; Medical and Emergency Response chaired by Kebbi State Governor, Nasir Idris; and Secretariat/Technical Support headed by Hon. Mustapha Dawaki Bala.

The party through the statement, urged all committee members to discharge their duties diligently and in strict compliance with its constitution and approved guidelines, reaffirming its commitment to strengthening internal democracy and consolidating its progressive ideals through a credible 2026 National Convention.