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Experts Seek Effective Fiscal-Monetary Policy To Tackle Recession

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Some economists in the North-East have urged the Federal Government to formulate effective fiscal and monetary policies to prevent Nigeria from sliding into recession.
The experts including academics and financial analysts said the measure was imperative towards building a vibrant economy and sustain the gains recorded in the agriculture sector which enabled the country to withstand current global recession.
The experts spoke while responding to a survey by The Tide source on global economic recession in Bauchi, Damaturu, Gombe, Maiduguri and Yola.
Recession is a period of persistent economic downturn or low level of productivity.
Dr Binta Yahaya, an economist in Damaturu, Yobe, said several factors indicated that the world is sliding into recession.
She said, “in the UK and the U.S., rapid decline in productivity and high inflation rates have been reported.
“In Nigeria, there is too much money in circulation with low productivity level.
“Inflation is characterised by low per capita Gross Domestic Product (GDP). The GDP drops for two consecutive quarters and may last for about 10 months”.
She suggested that fiscal and monetary policies which might not have immediate benefits must be formulated to control recession.
The expert said such policies and plans must envisage natural disasters such as floods and pandemics, adding that over reliance on importation must be checked.
Yahaya noted that failure to properly manage recession would lead to low wages, high unemployment rate and borrowing.
“If you look at the current debt profile and ratio in the country, it is alarming and can lead to more recessions in the future,” she warned.
Yahaya, however, noted that all economies experience recession from time to time, but what matters is the ability to adapt through effective plans and policies.
Prof. Ibrahim Hassan, Department of Economics, Modibbo Adama University (MAU), said the Russia-Ukraine war subjected many countries to recession.
According to him, the disruption in the global food and energy supply chain, low production and the loss of investors’ confidence exposed many economies to recession.
He noted that investors were withdrawing their potfolios due to the crisis which negatively affected world economy.
“In this country; we are battling with inflation which has to do with dwindling oil revenue and lack of stable prices in the international oil market.
“Presently; there is crisis in currency market and it is responsible for the hike in prices of food commodities,” he said, stressing that proactive measures are necessary to guard against plunging the country into recession.
He urged government to improve oil and energy supply to meet increasing demands, encourage productivity and boost its revenue base.
Also, Jorome Jaimu, a lecturer, Department of Economies, Adamawa State Polytechnic, Yola, said the redesigning of the Naira note would affect the economy and escalate pressure on the Foreign Exchange (FOREX) in the country.
“This will not be good for the economy of the country at the moment.
“However, people are bringing out hoarded Naira notes printed since 2015. So, in other away it is going to help the economy,”
Similarly, Alhaji Babagana, a Senior Lecturer, Borno State University, Maiduguri, opined that insecurity and oil vandalism posed serious threat to sustainable economic growth in the country.
The trend, he said, resulted to comatose economy and investment constrained, low productivity unemployment and poverty.
The don listed inflation; rising energy costs, FOREX scarcity, and Naira depreciation as factors bleeding the Nigerian economy.
In the same vein, Mr Usman Dutse, Dean, School of Business, Federal Polytechnic, Bauchi, said the trend exposed Nigeria’s economy to frigile condition as major economic indicators showed negative signs.
“Unemployment rate has increased to about 33.3 per cent and inflationary rate 20.7 per cent with N41 trillion debt profile.
“Poverty level has increased between 43 and 46 per cent and Naira is trading N850 to a dollar at parallel market.
“The cost of living has gone up and cost of production is also high,” he said.
To salvage the situation, Dutse advocated a consistent economic policies, reforms and plans by the government.
“All these things are happening because of the persistent neglect or lack of consistency in implementation of policies.
“There should be serious reform and attitudinal change from individuals, organisations and government agencies,” he said.
Corroborating the stance, Dr Mustapha Kabara, a Lecturer, Department of Economics and Development Studies, Federal University Kashere (FUK), Gombe, advocated austerity measures to cut domestic spending and ensure policy continuity to avert recession in the country.
This, he said, are part of the short term measures to improve the economy by ensuring effective control of the government’s spending.
According to him, with the dwindling income as a result of the different factors affecting oil production, it became imperative for the government to take adequate financial measures to avert recession.
“It is also imperative for the government to ensure harmonisation of fiscal and monetary policies.
“Unfortunately, what we have is a vibrant and strong monetary policy but the fiscal policy is not working.
“Government should come up with a good synergy between monetary and fiscal policy so that the policy will be able to touch positively the demand and the supply side,” he said.
In the long run, Kabara said as the country prepares for election, it was desirable to ensure continuation of good policies of the incumbent administration for sustainable social and economic development.
“Inherited policy that are good can be fine-tune but not to be discarded as creating new ones is not healthy for the country, especially in an emerging economy like ours”.
He, therefore, suggested implementation of consistent policies, reforms and plans by the government.
For his part, Dr Abdulmajid Jamal, observed that Nigeria is moving towards self sustained economy in terms of food production.
According to him, with the country moving towards self-sufficiency in food production, it wasn’t going into recession anytime soon.
Jamal, who is a Chief Lecturer, Economic Department, School of General Studies, Abubakar Tatari Ali Polytechnic (ATAP), Bauchi, decried heavy dependence of the country on importation of many items.
He said: “We are lucky becasue food is excluded from our importation. In most cases, we only import few things in food items.
“The major import that consumes our money was rice and now the economy is producing enough for local consumption. The import is far less even though it’s through smuggling.
“So, the country is moving towards self sustained economy in terms of food production but in terms of other things, we are not.
“We are moving towards food sufficiency but if care is not taken, we will lose that because the farmers are now heavily in use of herbicides, insecticides and chemicals”.
He noted that heavy application of chemicals would deteriorate soil fertility and make it barren not to produce effectively.
The practice, he said, contributed to global warming, devastating effects on the ecosystem and low production output.
He further attributed the inflation in the country to importation of raw materials for manufacturing industries due to high FOREX.

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Senate Holds Emergency Meeting ‘Morrow

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The Senate has announced that it will hold an emergency plenary sitting tomorrow (Tuesday).

The announcement was made yesterday in a statement signed by the Clerk of the Senate, Emmanuel Odo, who said all senators have been requested to attend.

“The President of the Senate, Godswill Akpabio, has directed the reconvening of plenary for an emergency sitting on Tuesday, February 10th, 2026,” the statement read.

The session is scheduled to commence at 12 noon.

This comes just days after the Senate passed the amendment bill on February 4, but voted down Clause 60(3), which would have required presiding officers to electronically transmit results from polling units directly to the Independent National Electoral Commission’s Result Viewing portal in real time.

The rejected clause aimed to make the process mandatory.

The lawmaker replaced it with the current discretionary “transfer” of results, which allows electronic transmission only after votes are counted and publicly announced at polling units.

Civil society groups and opposition figures in the country have condemned the Senate’s decision, labelling it a setback for Nigeria’s democratic progress.

Senate President Akpabio has, however, defended the Senate’s actions, insisting during a public event that the Senate did not reject electronic transmission and vowing not to be intimidated.

Tomorrow’s emergency sitting could see the Senate reconsider the rejected amendment amid public outcry and potential legal challenges from figures such as lawyer Femi Falana, with possible implications for Nigeria’s democratic processes and the balance between incumbency protections and verifiable voting technology.

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Probe Senate Over Electoral Act, Tax Laws, SERAP Tells CCB

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The Socio-Economic Rights and Accountability Project (SERAP) has petitioned the Code of Conduct Bureau (CCB) to investigate members of the Senate and other public officers over alleged irregularities in the passage of the Electoral Act Amendment Bill and the Tax Reform Laws.

According to a statement issued yesterday by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation is seeking a prompt, thorough, and effective probe into claims that some senators removed provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary, despite a majority having voted for their inclusion and without any debate on the proposed removal.

“According to our information, certain members of the Senate allegedly removed the provisions on electronic transmission of election results from the Electoral Act Amendment Bill during plenary after the majority of the senators had voted for the inclusion of the provisions and without any debate on the proposed removal of the said provisions,” SERAP said.

The organisation also requested the CCB to investigate alterations in the Tax Reform Bills, which reportedly led to discrepancies between the harmonised versions passed by the National Assembly and the copies signed into law and gazetted by the Federal Government.

“Similarly, the National Assembly recently alleged that there are unlawful alterations and some material differences between the tax reform bills passed by the legislative body and the tax reform laws gazetted by the Federal Government.

“A Sokoto lawmaker, Abdussamad Dasuki, raised the issue under a matter of privilege, drawing the attention of the House to the alleged discrepancies between the harmonised versions of the tax reform bills passed by both chambers of the National Assembly and the copies gazetted by the Federal Government.

“The lawmakers said the alterations contained in the gazetted copies did not receive legislative approval. These alleged unlawful alterations raise questions over the legality and legitimacy of both the law-making processes and the versions of the tax laws circulated by the Federal Ministry of Information,” the petition added.

The Senate had denied removing the provisions on electronic transmission of election results, saying it only removed the term “real time” from the sentence, citing judicial concerns.

Similarly, the National Assembly had initiated investigations into the alleged discrepancies in the tax bill and released a “certified” version of the Acts to address the contradictions. The law took effect on January 1, 2026.

SERAP said the petition is submitted under paragraphs 1 and 9 of the Code of Conduct for Public Officers contained in the Fifth Schedule, Part 1 of the 1999 Constitution (as amended), and sections 5 and 13 of the Code of Conduct Bureau and Tribunal Act.

It alleged that the processes leading to the passage of the Electoral Act Amendment Bill and the signing of the Tax Reform Laws were marked by alterations to bill provisions without debate and due process of law, as well as alterations to the Tax Reform Bill without the approval of the National Assembly.

“The petition raises issues of conflict of interest, abuse of office, non-disclosure of interests, lack of due process, and erosion of the Code of Conduct for Public Officers in the exercise of legislative power.

“There are also allegations that certain amendments may have been removed or introduced to the Electoral Act Amendment Bill and the Tax Reform Laws to serve private or political interests rather than the public interest,” the petition reads.

Citing the Constitution, SERAP noted that public officers must not place themselves in situations where personal interests conflict with official duties.

Specifically, the organisation asked the Bureau to formally register the petition and “promptly, thoroughly, transparently, and effectively investigate the conduct of the lawmakers and officers of the executive branch allegedly involved;

“Examine whether inducements, benefits, or promises were offered or received in connection with those acts;

“Examine whether the alleged cumulative conduct of lawmakers and officers of the executive branch amounted to abuse of legislative power, conflict of interest, and breach of due process, contrary to the Code of Conduct for Public Officers;

“Refer any substantiated violations to the Code of Conduct Tribunal; and

“Take all necessary steps to uphold the principle that public office is a public trust.”

The petition requested that the Bureau consider the complaint within seven days, warning that legal action could follow if there is no response.

Dated February 7, 2026, the petition was signed by Oluwadare and sent to the Chairman of the Code of Conduct Bureau, Mr Abdullahi Bello.

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Red Cross Unveils New Generation Of Humanitarians In PH

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The Nigerian Red Cross Society (NRCS), Rivers State Branch, has expanded its humanitarian footprint in Rivers State with the formal inauguration of student volunteers at Command Children School (CCS), Bori Camp, Port Harcourt, marking a significant step in promoting humanitarian values among young Nigerians.

The ceremony, which took place at the school premises, officially admitted CCS students into the Nigerian Red Cross Society.

The Rivers State Branch Representative of the Red Cross Society, Mr Noah Idegbesor, disclosed this in his opening remarks at the occasion.

In a symbolic display, the students marched to the flag stand alongside members of the high table and the Branch Representative, where the Red Cross flag was hoisted, signifying the school’s full induction into the Nigerian Red Cross Society.

With the flag raised, CCS was formally declared a member institution of the NRCS.

As part of the inauguration, a certificate of affiliation was presented to the school by the Nigerian Red Cross Society and received on behalf of the school by the Head Teacher, Mrs Onwuzuruigbo Taiwo.

Speaking as Chairman of the occasion, the Acting Director, Nigerian Army 6 Division Education Services, Port Harcourt, Lt. Col. A. Sadiq, described the event as very unique and significant.

Represented by Staff Sergeant Arisa Eberechi, the Director assured of the support of his team in ensuring success of the endeavour.

Also speaking,  the Chairman of the Parents Teachers Association (PTA) of the school, Mr Zuru Daniel, said the establishment of the Red Cross unit in the school was a welcome development and assured of the support of the body to ensure its sustainability.

The event also featured a parade by the volunteers, freewill donations from dignitaries and parents in attendance, underscoring community support for the humanitarian initiative.

Speaking earlier, the Head Teacher, Mrs Onwuzuruigbo Taiwo, described the inauguration as an emotional and fulfilling moment.

“It was awesome. We thought it would not be possible, but today it was glorious,” she said.

Taiwo explained that the school’s participation in the Red Cross Society began when management decided to introduce clubs and societies.

“I told my assistant that I wanted the Red Cross to be one of them. The Red Cross signifies many things; it is service to humanity,” she added.

Also, the Assistant Head Teacher, Mrs Bawo Agbana, expressed appreciation to dignitaries, officials of the Nigerian Red Cross Society and parents for their support and presence.

The Assistant Head Teacher (Administration) described the programme as overwhelming and exciting, expressing gratitude to God for its success.

She said the school’s decision to embrace the Red Cross Society was driven by the need to instill values of love, kindness and service in children from an early age.

“Our impression of the Red Cross is being good to people, showing love and kindness. As the children grow, we want to build the spirit of humanity in them so they can show love and care in school, their communities and Nigeria at large,” she said, adding that early training was crucial given current challenges in the country.

She also delivered the closing remark, after which a photo session was held with the newly inaugurated student volunteers.

Other dignitaries at the occasion include Chairman, Python Officers’ Mess, 6 Division, Port Harcourt, Chief Dan Harrison, and the Sualla 1 of Adagbabiri Kingdom, Chief Col. K. Agbana (Rtd.),

Speaking in an interview at the event, 10-year-old primary five pupil, Precious Ote, said she volunteered to join the Red Cross Society because of her desire to help and care for people.

Similarly, 11-year-old Eno Marvellous of Primary Four expressed excitement at becoming a member of the Red Cross Society, noting that her hope is “to save” lives.

The inauguration highlights ongoing efforts by the Nigerian Red Cross Society to nurture a culture of volunteerism, compassion and humanitarian service among schoolchildren in Port Harcourt and beyond.

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