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Youth Council Blames Emefiele For Naira Fall

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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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Stakeholders Harp On Collection Of PVCs …As Okrika Hosts GDI Sensitisation Rally

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The Grassroot Development Initiative (GDI), has tasked eligible voters in Okrika Local Government Area of Rivers State to focus efforts at the collection of their Permanent Voters’ Cards (PVCs) to enable them actively participate in the 2023 elections.
The stakeholders gave the charge, last Wednesday, during a PVC sensitisation rally at Okochiri.
Thousands of dignitaries from far and near Okrika Kingdom stormed the ancient town for the sensitisation programme.
In a brief speech, the state Chairman of PDP, Amb Desmond Akawor, reminded GDI and PDP members and supporters to intensify mobilisation and enlightenment of the electorate on the need to arm themselves with their PVCs to enable them exercise their franchise during the forthcoming elections.
Also speaking, two chieftains of the PDP, Dr Sampson Parker, and Hon Ibibia Walter, assured that Okrikans were already energised to ensure that their votes count during the 2023 elections by registering and collecting their PVCs.
They urged those who were yet to collect their PVCCs to do so without further delay.
In his remarks, President-General of GDI, Hon. Bright Amaewhule, said the political pressure group embarked on the sensitisation programme with the aim of ensuring that no eligible voter in the state was left behind in efforts to elect acceptable leaders into the Executive and all Legislative offices in 2023.
Amaewhule challenged all those who were yet to collect their PVCs to rush to the nearby Independent National Electoral Commission office or PVC Collection Centre to pick up their PVCs, and get ready to do themselves proud by exercising their franchise come 2023 elections.
Among the dignitaries were the Rivers State Chairman of the Inter-Party Advisory Council (IPAC), Amb Desmond Akawor; some members of the Peoples Democratic Party (PDP), including the Deputy Chairman, Chukwuemeka Aaron; and the state Secretary, Dr Benibo George; who were there on solidarity.
There were also past and present LGA chairmen, serving and former lawmakers and commissioners in the state, party stalwarts and leaders, including Dr Sampson Parker, Hon. Ibibia Walter, and former NUPENG National Chairman, Comrade Igwe Achese, among others.
The event featured ward-by-ward gyration by GDI members in Okrika and solidarity speeches from GDI stakeholders in the area.
They all advised those who have already registered during the just concluded continuous voter registration exercise to ensure collection of their PVCs.

By: Nelson Chukwudi

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Nwanosike Reprimands Abati Over Diatribe On Wike

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The Chairman of Ikwerre Local Government Area of Rivers State, Engr. Samuel Nwanosike, has reprimanded Dr. Reuben Abati over his diatribe on the Rivers State Governor, Chief Nyesom Wike.
Recall that Abati, an ace journalist and public affairs commentator, had in one of his programmes on Arise TV, took a swipe at the Rivers State governor over his perceived misunderstanding with the Peoples Democratic Party (PDP) presidential candidate, Alhaji Atiku Abubakar, on the choice of his running mate.
Nwanosike, while speaking with newsmen at his office in Isiokpo, last Tuesday, urged Nigerians to disregard the outburst of Dr. Reuben Abati, because, according to him, Abati does not understand the discussion that took place between Governor Nyesom Wike and his team, while advising Abati to properly advice his boss.
According to Nwanosike, “I will advise him to advise his principal properly. A man that won a presidential ticket, and wants to win an election should not send attack dogs to attack those who will gather votes for him.
“In Rivers State, Chief Nyesom Wike is in charge. In South-South, Chief Nyesom Wike is in charge. Chief Nyesom Wike remains the star-man of South-South politics, and we will continue to follow his directions. His leadership quality is okay for us”.
He decried the rate at which men who were meant to be upright and truthful, were attacking and bullying some others because they have easy platforms.
Nwanosike said, “It’s a shame that we have gotten to a level in this country where men who are supposed to say the truth will wake up in the midnight because they have a platform, they have the opportunity, and then, want to bully other Nigerians who are eminently qualified, even more qualified than them, into a position that will suit them”.
He acknowledged that Abati raised some critical issues, but wondered why a first-class material like him has failed to proffer any solution to the issues bedevilling Nigeria.
“Dr. Reuben Abati is or has raised some critical issues. Issue number one is that he started writing and practicing journalism since 1985, and he made a first class in the University of Calabar. It’s a great achievement. But the only problem we have as Nigerians is that all issues, being a first class graduate and writing since 1985, has he produced any result in the Nigerian issues?
“As a first class graduate, he is supposed to be one of Nigeria’s best”, Nwanosike said.
He regretted that Abati bullied former President Goodluck Ebele Jonathan to appoint him as presidential spokesman, but rather worked in connivance with the opposition party to ensure Jonathan’s failure.
“He bullied President Goodluck Jonathan into giving him an appointment as press secretary. Between 2012 and 2013, President Jonathan was considered the best and Nigeria was adjudged one of the fastest growing economies in the world, yet Lai Mohammed came and sold lies to Nigerians not to appreciate the good works of Jonathan, and this Reuben Abati couldn’t do anything to sell the good works of President Goodluck Jonathan because he doesn’t have the capacity.
“In fact, we can accuse Reuben Abati of sabotaging or as one of those who sabotaged the victory of President Goodluck Jonathan. That’s why Jonathan lost that election.
“And today, Reuben Abati’s failure has brought us the destruction of lives and property we have in Nigeria today”, Nwanosike stated.
The Ikwerre Council boss lashed out at Abati for being Atiku Abubakar’s political puppet, and his inability to establish any media outfit, despite his claim of being a media practitioner for over 37 years.
He said, “A man who claims that he has been at the third tier for over 22 years, yet, he cannot tell us of a media investment that he has developed whether it’s a television station of his own or a print media of his own. Rather, what he is doing is to wake up in the morning, wear a suit and tie of his age, seems he is over 60, and come and sit down and churn out lies to Nigerians because his paymaster, Atiku Abubakar, wants to press Nigerians into giving him an opportunity to manage the Nigerian economy because he believes, Atiku Abubakar believes, that being the President of Nigeria is his life ambition”.
Nwanosike noted that what the Rivers State governor said that a leader like Atiku Abubakar, the former Vice President of Nigeria, lied to the Nigerian public about him is factual, saying that one Dr Osina justified Wike’s assertion when he called Alhaji Atiku Abubakar a liar during Dr. Reuben Abati’s Morning Show.
“Governor Nyesom Wike has done well as an Ikwerre man; has done well as a Rivers man; has done well as a South-South man; and represents the image of the South-South people. We are not to talk about age, age is just a number. He has the capacity and competence.
“Chief Nyesom Wike has done well as a chairman of Obio/Akpor Local Government, two-time chairman, built wonderful infrastructures for Obio/Akpor people, and made Obio/Akpor people to understand what dividends of democracy mean, and touched all their wards as a sitting local government chairman.
“He grew to the level of becoming President of Commonwealth Association of Local Government Chairmen. Outside that, Chief Nyesom Wike served in the same administration with Reuben Abati as a minister. He didn’t shop for it”, Nwanosike noted.
He stressed that the legacies of Chief Nyesom Wike as Nigeria’s Junior Minister of Education and even Senior Minister of Education still speak volumes, and remain evergreen, adding that Chief Nyesom Wike has replicated his tremendous achievements in Rivers State.
He urged Nigerians to disregard the outburst of Dr. Reuben Abati because, according to him, he does not understand the discussion that happened between Chief Nyesom Wike and his team, while advising Abati to properly advise his boss.
While digressing, Nwanosike advised the National Chairman of PDP, Senator Iyorcha Ayu, to abide by the party’s Constitution and honourably resign since the presidential candidate of the party is from the same North with him.

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Embrace Exclusive Breastfeeding, Banigo Tasks Nursing Mothers

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Rivers State Deputy Governor, Dr. Ipalibo Harry Banigo, has reiterated the need for nursing mothers to embrace exclusive breastfeeding to facilitate the healthy growth of their babies.
Banigo stated this in her goodwill message in Government House, Port Harcourt, last Wednesday, to commemorate the 2022 World Breast Feeding Week.
According to the public health physician, breast milk remains nature’s food for ensuring the health and quality of life for infants through childhood to adult life.
She said expectant mothers should register at the government health facilities spread across the state for their antenatal visits, delivery, and post-natal services, adding that the Governor, Chief Nyesom Wike-led administration cares about the health of nursing mothers and their babies.
The first week of August each year has been set aside as World Breastfeeding Week, which is an initiative to raise awareness on the benefits of exclusive breast-feeding.
The theme for this year’s celebration is: “Step Up for Breastfeeding: Educate and Support”.

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