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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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ECOWAS Court Orders Nigeria to Pay N52m compensation to Rivers, Lagos Evictees

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The ECOWAS Court has ordered Nigeria to pay two million Naira compensation each to 26 people who were forcibly evicted from various communities in Lagos and Rivers between 2004 and 2013.

The Tide source reports that the applicants, Mr Edwin Lenyie and 25 others had filed the suit No: ECW/CCJ/APP/34/17), seeking the enforcement of their fundamental human rights.

They also prayed the court to compel the Nigerian government to pay them compensation for forcefully evicting them from their communities without prior notice, compensation, or alternative shelter, rendering them homeless.

Delivering judgment yesterday, the court held that the Nigerian government failed in its responsibility to ensure access to legal remedies for the victims.

According to the community court, the action of the Nigerian government was in violation of Article 7 of the African Charter on Human and People’s Rights.

It held that the Applicants’ rights under Article 7 of the African Charter on Human and Peoples’ Rights (ACHPR), which guarantees the right to a fair trial and access to justice, were violated.

The court said that the hearings on the matter, which were held by the National Human Rights Commission (NHRC) “were never concluded, and no alternative means of redress were provided for them.”

“Inspite of initial hearings by the National Human Rights Commission (NHRC) in 2014, the proceedings were suspended indefinitely, leaving the Applicants without legal recourse,” the court said.

The court further dismissed Nigeria’s objections that the Applicants should have pursued their claims in Nigerian courts and on jurisdiction, saying it had the locus standi to entertain the case.

It further struck out the NHRC as a respondent in the case, and ordered that the Federal Government must bear full responsibility for the actions of its agencies.

The three-member panel of the court which has Justices Ricardo Gonçalves (presiding); Sengu Koroma (judge rapporteur); and Gberi-Bè Ouattara (member) held that the compensation/reparation would ensure that justice is served the victims.

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RSG Moves To Boost Immunization, Commissions Solarized Cold Room, Vehicles

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As part of efforts to ensure efficient immunization and vaccine efficacy, the Rivers state Government has commissioned a solarised walk-in cold room for vaccine preservation and vaccine vial crusher.

 

Also commissioned were nine operational Hilux vehicles and ten motorcycles for disease surveillance across some local government areas in the state.

 

Rivers Deputy Governor, Professor Ngozi Odu, who commissioned the facilities at the Rivers State Primary Healthcare Management Board premises in Port Harcourt, said the development marks a significant milestone in the government’s unwavering commitment to the health care and wellbeing of Rivers people.

 

The Deputy Governor said that with the ceremony, the state government is not only inaugurating the equipment but also strengthening the foundation of the health care delivery system

 

She said: “Today marks a significant milestone in our unwavering commitment to the health and wellbeing of our people.

 

“As we commission the solarised work in cold room to the surveillance motorcycles, we are not only inaugurating the equipment, we are strengthening the foundation of our health care delivery system.’

 

Professor Odu further said the installation of the cold room also represents the government’s dedication to maintaining vaccine efficacy as well as ensuring that every child and citizen receives life savings immunization.

 

According to her, the commissioned Hilux vehicles and motorcycles for disease surveillance also demonstrate the government’s proactive stance in safeguarding health facilities across the local government areas.

 

She said the present administration, under the leadership of Governor Siminalayi Fubara, has consistently prioritised health care infrastructure in the local government areas.

 

Professor Odu commended the United Nations Children Funds (UNICEF), the World Health Organization WHO, and others for their immense support.

 

In her remarks, Rivers Commissioner for Health, Dr. Adaeze Oreh, who spoke through her Permanent Secretary, Dr. Comfort Mekele Igwe said the commissioning would greatly enhance vaccine storage, handling, and distribution and underscores the government’s commitment to improve the efficiency, effectiveness, and sustainability of the Primary Healthcare System

 

Also speaking, the Executive Secretary of the Rivers State Primary Health Care Management Board (RSPHCMB), Professor Kinikanwo Green, said the commissioning is to strengthen health care delivery system in the state.

 

Green described the solarised walk-in cold room as one of the best in the country, stressing that it would take care of all vaccines.

 

He also explained that the vehicles will help health officers, especially in the rural areas to ensure proper supervision of immunisation as well as easy dispatches of vaccines to its destination.

 

According to the Executive Secretary, the situation will also enable the state to achieve universal health coverage

 

Speaking in similar vein, the chairman of RSPHCMB, Professor Blessing Jaja, said the board will continue to deliver on it core mandate and commended Governor Fubara for ensuring regular subvention as well promotion of its staff.

 

In their separate speeches, representatives of the World Health Organization (WHO), Dr Kolude Oluwafunmilola, and Dr Anselem Audu of UNICEF said the ceremony represents Rivers state’s commitment to quality health care.

 

They also commended the government for its efforts in advancing immunization in the state and assured of their continuous collaborations.

 

John Bibor

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Fubara Tasks New Surveyor-General On Professionalism  …Says Appointment Based On Merit

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Rivers State Governor, Sir Siminalayi Fubara, has urged the Surveyor-General of the State to work differently with professionalism, diligence and integrity, and ensure that every tenable, pragmatic module is deplored to enhance effective delivery of his duties and responsibilities.

 

Governor Fubara gave the charge shortly after swearing in Surveyor Peter Ogolo as the Surveyor-General of the State and Permanent Secretary of the Survey Department at Government House in Port Harcourt, last Tuesday.

 

The Governor described Surveyor Ogolo as a long serving public officer who ranks high among his peers, and has contributed immensely to the establishment of most development roadmaps for the State, stressing that his appointment was based purely on merit.

 

He said, “If you go into the history of how the then Greater Port Harcourt Development Authority was established, if you go into the history of other developments in this State, if you check the survey plans, you will see that Ogolo was the one who signed virtually all those things.

 

“This appointment is not because he is from Opobo. He is the most senior, most qualified, and even the one who interviewed the person he is succeeding now. The records are there with the Civil Service Commission.”

 

Governor Fubara stated: “So, I don’t need to give you any charge. You are already there. You know what the office entails. You just read your oath of office: do what is right. It is not about the faces you are going to see, do what is right. Be professional, defend and protect the interest of the State. I wish you all the best. God will guide you.”

 

Governor Fubara recalled the challenges that Surveyor Ogolo encountered that would have ended his career quite early but quickly added that because he listened to wise counsel, he is now celebrating being the Surveyor-General of the State.

 

He explained,  “But something happened in the course of his service. He was between losing his job or fighting for his life. He came to me, and I advised him: why don’t you leave, maybe, wait to fight another day.

 

“And that is why today he is alive to be the Surveyor-General. If he had stood to fight, that he is the most senior, that he is the most qualified, he wouldn’t have been here today,” he stated.

 

He advised the new Surveyor-General to serve the State selflessly and honestly, with abiding integrity, so that posterity will remember his legacies forever.

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