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Don Blames Inflation On CBN’s Monetary Policy

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A lecturer at the Rivers State University (RSU), Port Harcourt, Professor Adolphus Joseph Toby, has blamed Monitary policies of the Central Bank of Nigeria (CBN) for the high inflation rate in the country .
Toby, a Professor of Banking and Corporate Finance at the State-owned University, urged the CBN to change its modus operandi in other to curtail the current 20 percent inflation rate.
He noted that the country was facing “serious banking crises and needs council of regulators in the sector instead of a single regulator as currently being practised”.
Prof. Toby, a former Dean, Faculty of Management Sciences, RSU, made these assertions while presenting his Inaugural Lecture on the topic, “Eating Well And Sleeping Well In Fragile Financial Markets: The Banking Trilemma And Corporate Finance Puzzles, during the 81st inaugural lectures of the Institution held at the Senate building in Port Harcourt, midweek.
He said the lecture was intended to show how the policy actions of the Central Bank and the banking institutions affect the depositors, small firms, rural financial sector, and the economy at large.
“In our context, financial markets are fragile when defaults maximise and welfare minimises in response to a shock or crisis. Over the year, our financial markets have been characterised by heightened vulnerability due to defaults or outbreak of financial disorder.
“We can achieve a zero free distress banks in the country through a comprehensive monitory policy. The CBN must be proactive in their actions and not to wait on when things have gone worst with the banks”, while recommending what he called “Toby ‘s Nigerian Banking Soundness model”.
According to him, “in terms of liquidity and profitability, the banks eat well and sleep well, while the depositors are not eaing well and sleeping well”.
He, therefore, urged that the Federal Government, through the CBN, to “come out with a policy that banks leaves parts of their profits with the depositors.
Toby recommended, among other things, that the CBN should inform representatives of the vulnurable sectors on the monetary policy and collaborate with the academia on policy formulation .
Earlier in his address of welcome, the Vice Chancellor of the university, Prof Nlerum S. Okogbule, commended the inaugural lecturer for his mastery and intellectual capacity, describing him as “a truely breed academic”.
He noted that inaugural lectures afford the university the opportunity to “project itself to the wilder society through its various research works that would aid in policy making.”

By: Akujobi Amadi

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Rivers

NYSC Boss Charges Corps Members On Host Communities Development

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The Rivers State Coordinator, National Youth Service Corps (NYSC), George Mfongang, has charged Corps members serving in the State to ensure landmark improvement of the organisation of their primary assignment.
Giving the charge at the closing ceremony of the 2022 Batch C, Stream 1 Orientation Course Exercise in Port Harcourt, Mfongang urged them “to impact positively not only in the organisation, but also the lives of the people of the State”.
Mfongang, who noted the roles of corps members in places of primary assignments, said such roles would be adjudged right when they positively impact on the lives of their host communities.
According to him, the corps members imbibed and exhibited the spirit of patriotism, resilience and hardwork during the 3-Weeks course exercise and stressed the need for sustainability “to make landmark improvements in the lives of the good people of Rivers State”.
While reminding the corps members of the Oath of Allegiance they swore to in camp, Mfongang insisted that they integrate with their host communities as well as respect the culture of the people to ensure a hitch-free service year.
The State NYSC Coordinator stressed the need for corps members to keep to the rules and regulations of workplaces and remain ever guided by the provisions of the NYSC Act and Bye-laws.
“I charge you all to strive to meet up with the expectations of Nigerians in your places of primary assignments”, he stated.
Mfongang further charged the corps members to perform their duties with utmost diligence, in line with global best practices.

By: Lady Godknows Ogbulu

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Health Experts Urge Parents To Vaccinate Children Against Rotavirus

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A health specialist, Immunization, UNICEF, Abuja, Dr Patrick Akor, has called on parents to vaccinate their children against Rotavirus disease.
Rotavirus is a highly contagious disease among infants, and major cause of childhood morbidity and mortality.
Dr. Akor, who was speaking at a press briefing on diarrheal diseases caused by Rotavirus at the Rivers State Primary Healthcare Management Board (RSPHCMB) in Port Harcourt, yesterday, also disclosed that the disease is a key cause of malnutrition among infants.
“Rotavirus disease is a highly contagious virus that causes severe diarrhea amongst infants and children all over the world.
“It is the leading cause of childhood morbidity and mortality in developing countries and an important cause of malnutrition.
“Diarrhea accounts for 15% of under-5 mortality in Nigeria, with a prevalence rate of 18.8%. On average, over 200,000 children under the age of five die annually from diarrhea disease”, he said.
Akor, who represented the UNICEF Chief of Health, Dr Eduardo Caledes, at the briefing, further stated that majority of Rotavirus infections occur in infancy.
“In Nigeria, more than 50% of hospitalisations result from Rotavirus infection, and 77% of these Rotavirus hospitalisations occurred in infants (children under the age of one year), which is also consistent with the age epidemiology on deaths from diarrhea diseases”, he stated.
Rotavirus, he continued, “is spread mainly by faeco-oral transmission and characterised by diarrhea, vomiting, fever, and severe dehydration, which may lead to death.
“Modelling studies estimate that over 600,000 deaths between 2018-2027 can be prevented by the introduction of the Rotavirus vaccines.”
He disclosed that “UNICEF is supporting Nigeria for the procurement and supply of the Rotavirus vaccines with a total of 19 million doses of Rotavirus vaccines, which will be expected in the country before the end of the year”.
The UNICEF immunization Health Chief assured that the vaccines would be administered to children in accordance with Nigeria’s immunization schedules at 6 weeks,10 weeks and 14 weeks of age, and to other children less than one year of age.
“I would like to encourage parents and guardians to take their children to the nearest health facility for vaccination of the Rotavirus vaccines and other antigens”, he said.
Also speaking, the Deputy Programme Manager, National Emergency Routine Immunization Coordination Centre, National Primary Healthcare Development Agency, Dr. Ahmed-Rufai Garba, said Rotavirus is documented to be responsible for more than 25% of all diarrhea diseases.
“The number of deaths in under-5 children is really scary, but today, the Nigerian Government is providing the vaccines free for every child that’s eligible to access it”, he said.
On his part, the Rivers State Immunization Officer, Dr. Joseph Inwon Urang, stated that the Rotavirus vaccines are available in all primary and tertiary healthcare facilities that conduct immunization in Rivers State.
“The approach we’re using is Fixed Post Approach, where people come to access the vaccine.
“Immediately after the routine immunization intensification, we’ll add the Rotavirus vaccines as part of our routine immunization”, he said.

By: Sogbeba Dokubo

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NDBDA MD Tasks Staff On Productivity

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The Managing Director of the Niger Delta Basin Development Authority (NDBDA), Engr. Mark Daso Derefaka, has called on staff of the Authority to brace-up for the challenges of repositioning the Authority on the path of increased productivity.
Derefaka said this in a welcome address at the opening ceremony of the 56th FMWR/All River Basin Trade Group meeting in Port Harcourt.
He said the Authority has braved the odds and established No.1 Songhai farm in each of the senatorial districts, making eight so far established within the Authority’s catchment areas.
“We have started PPP arrangements with external bodies to implement our projects in various states of the region .
“As a partially commercialised RBDA, we need to think outside the box to meet-up the task ahead”, he said.
Also speaking, the Chairman, Federal Ministry of Water Resources/River Basin Development Authority’s Trade Group, Comrade Mudi Olayinka Raji, said “the union will not antagonise any management, and we have not positioned ourselves as a pressure group, but rather as a partner in progress”.
According to him, in most cases, their intentions are misunderstood.
“Our congress strongly believe that our progress and wellbeing is in the development of our various River Basin Authorities. This has left us with no other choice than to give our maximum support to the managing directors and the management as a whole”, he said.
He said further that the union is determined to achieve a better salary for its members..
Earlier in her welcome adress, the Niger Basin Development Authority Chairman, National Union of Agriculture and Allied Employees, Mrs Ifiemi Ikpaikpa, said the event provides the union another opportunity to re-evaluate the progress the agency has made in the actualisation of goverment’s set objectives, project the way foreward, and further equip staff with the necessary tools to promote industrial harmony .
She also said the union has grown in leaps and bounds as the leadership strongly believe that dialogue, negotiation, and collective bargaining are the hallmarks of a labour Union in a present day industrial relations compliant environment.
“The Union leadership under my watch has surpassed the benchmarks we set for ourselves as excellent.
“Our results speaks volumes for us, such that even in the eyes of the storm, we have kept our peace and so our focus did not shift”, she said.
Mrs Ikpaikpa also charged the management of Various River Basin Development Authorities to undertake critical assesment of the needs of their catchment areas during planning.
“Funds earmarked for projects and other development initiatives should be judiciously used for massive turnaround of facilities in our host communities”she said.
She commended members for their support so far, and also solicited their sustained cooperation to management to enable it achieve set objectives.
Highpoint of the event was the presentation of awards to some distinguish personalities .

By: John Bibor

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