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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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Fubara Reaffirms Commitment To Peace, Unity And Development As Rivers State Marks 59TH Anniversary

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Governor of Rivers State, His Excellency, Sir Siminalayi Fubara, has reaffirmed the unwavering commitment of his administration to peace, unity, security, and inclusive development as Rivers State marks its 59th anniversary.

In a goodwill message issued on Wednesday to commemorate the anniversary, Governor Fubara stated that despite the challenges faced over the years, the people of Rivers State have continued to demonstrate resilience, strength, and an enduring spirit of unity that has sustained the state since its creation.

The Governor noted that the strong bond of brotherhood among the various ethnic nationalities of the state, including the Ijaw, Ikwerre, Ogoni, Etche, Ekpeye, Andoni, Kalabari, and others, remains one of Rivers State’s greatest strengths and a critical foundation for peace, stability, and progress.

He further observed that Rivers State has remained a major driver of Nigeria’s economy for decades, not only because of its abundant oil and gas resources, but also because of the exceptional contributions of its people across diverse sectors including academia, jurisprudence, business, entertainment, public service, and sports.

Governor Fubara assured the people that his administration will continue to prioritize policies and programmes that promote peace, protect lives and property, and expand development across all parts of the state. He emphasized that governance must be people centered and impactful, with equal attention given to every Local Government Area of the state.

The Governor also paid tribute to the elders and founding leaders of the state for preserving the spirit of unity and coexistence over the years, while urging the youths to remain hopeful, responsible, and actively committed to building a greater Rivers State through innovation, hard work, and patriotism.

He equally acknowledged the invaluable role of women in strengthening families, communities, and society, describing them as indispensable partners in the continued growth and stability of the state.

Governor Fubara called on all Rivers people to use the occasion of the anniversary as a moment of reflection and renewed commitment to peaceful coexistence, mutual respect, dialogue, and collective progress, stressing that the unity and future of Rivers State must always rise above personal interests and political differences.

Rivers State was created on May 27, 1967, when the administration of General Yakubu Gowon (Rtd.) created twelve states out of the former four regions of Nigeria, with Rivers State carved out of the defunct Eastern Region.

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APC Presidential Primary: Fubara Commends Process, As Tinubu Sweeps Poll In Rivers

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Rivers State Governor, Sir Siminalayi Fubara, has commended the leadership of the All Progressives Congress (APC) in Rivers State over the outcome of last Saturday’s presidential primary election that saw President Bola Ahmed Tinubu sweeping the poll with a total of 280,082 votes.

Fubara, who served as the State Collation Officer for the primary election, said that  while the APC had a total of 297,068 registered members, the number of those accredited  for the election was  280,082.

According to him, all those accredited for the election,  cast their ballot for Tinubu, leaving Stanley Osifo,  his only opponent, with no votes.

Fubara expressed delight at the peaceful and seamless process which he said was as a result of good planning by the party.

“I feel that this process has recorded one of the most organised outings of our great  party in  recent times. The only reason it came out this way has to do with good planning. In all, I want to say that I’m really impressed with the process.

“So, I can say here that having taken time to go through the figures diligently, I, Siminalayi Fubara, who is standing as the State Collation  Officer, hereby certify that the information contained in my own spreadsheet represents the true, correct and accurate record of the summary of results from the 23 LGAs of Rivers State,” he said.

The governor said that  while it was evident that President Tinubu defeated his opponent in the primary election in  the State, the report would be sent to the APC headquarters in Abuja where the results will be formally declared.

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Ogoni cleanup: Minister Calls For more support from private sector

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The Federal Government has called for increased private sector participation and donor funding to sustain ongoing gains in the Ogoni environmental restoration project under the Hydrocarbon Pollution Remediation Project.

Speaking at a conference on donor facilitation and diplomatic support for HYPREP in Abuja, yesterday,  the Minister of Environment, Balarabe Lawal, stressed that the Ogoni cleanup programme was designed as a long-term intervention requiring sustained funding, technical support, and international cooperation.

“The project is supposed to be a lifespan project. We must move towards achieving its main aim, which is environmental restoration and sustainable development,” he added.

Lawal acknowledged the contributions of the United Nations Environment Programme, describing its assessment as the scientific foundation of the ongoing remediation efforts in Ogoni land.

“We are all here because of that UNEP report. It provided the scientific foundation for what has become one of the world’s most ambitious environmental remediation programmes,” he said.

According to him, hundreds of hectares of hydrocarbon-polluted land have been remediated, while additional sites are currently undergoing cleanup operations.

“We have remediated hundreds of hectares of polluted land, and more sites are still being worked on. Water schemes have also been delivered to affected communities,” he stated.

He added that ecosystem restoration, livelihood support programmes, and healthcare projects were ongoing across affected communities.

“Body health facilities are being constructed, livelihood programmes are empowering thousands, and we are also restoring access to safe drinking water because the first victim of pollution is water,” he said.

The minister also disclosed that the Centre of Excellence for Environmental Restoration was nearing completion, describing it as a major milestone in the project.

“If you go there, you will see one of the biggest edifices being constructed under HYPREP. It will serve as a postgraduate and research institute for environmental remediation,” Lawal said.

Despite the progress, he warned that funding challenges remain a major threat to sustaining the project.

“While substantial progress has been made, the journey is not yet complete. The implementation of UNEP recommendations requires long-term commitment and sustained financial and technical support,” he said.

Lawal therefore, appealed to development partners, donor agencies, international financial institutions, foundations, and private sector players to scale up their support.

“We need your support—financial, technical, scientific, and strategic. No organisation or government can do it alone,” he said.

He further described the Ogoni cleanup as a global model for environmental recovery, climate resilience, and international cooperation.

“The restoration of Ogoni land is not merely a Nigerian undertaking; it is a global model. Its success will show what is possible when governments, communities, and partners work together,” he added.

Also speaking, the Chairman of the Board of Trustees of the Ogoni Trust Fund, Emmanuel Deeyah, said the conference was organised to attract financial, technical, and institutional support for the cleanup exercise.

“We are looking for resources, financial support, expertise, partnership, and collaboration. Government cannot do everything alone,” he said.

Deeyah said the agitation for environmental justice in Ogoni dated back to 1991 when residents drew global attention to the environmental degradation caused by oil exploration activities.

“We farm in Ogoni land and we also fish, but our waters were polluted and the land could no longer support farming activities,” he said.

He explained that the UNEP report recommended that oil companies should contribute $1bn every five years for 30 years to support the remediation programme.

“We have done 10 years now and we have not even received the full $1bn that was supposed to be contributed. The refineries and local operators have not contributed a dime,” he stated.

Last week,  the Hydrocarbon Pollution Remediation Project announced the closure of 30 contaminated sites in Ogoniland, Rivers State, while investigations have commenced on 18 high-risk polluted locations in residential communities.

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