Connect with us

News

FG Warns Nigerians Travelling To US, UK

Published

on

Minister of Information and Culture, Alhaji Lai Mohammed, has warned Nigerians travelling to the United States, the United Kingdom and some European countries to be wary of thieves targeting their passports, money and other valuables.
He disclosed that there’s an avalanche of reports of theft of valuables, including passports of Nigerians.
“It has come to the attention of the government that Nigerian travellers to the United States and some countries in Europe are having their belongings, especially money and international passports, stolen at an increasingly high rate.
“The most recent victims of this are travellers to the UK, most of whom were dispossessed of their belongings at highbrow shops, particularly in the high street of Oxford.
“We have, therefore, decided to advise Nigerians travelling to Europe and the United States to take extra precaution to avoid being dispossessed of their belongings.
“This is not your typical travel advisory. Issuing such is the prerogative of our embassies/high commissions as well as the Ministry of Foreign Affairs. It is merely a piece of advice to Nigerians who may be visiting the affected parts of the world…”
Meanwhile, former director of the Kenyan anti-corruption agency and Professor of Public Law, Patrick Lumumba, has said African countries must shun politics of the stomach and ethnicity so as to make progress.
He who stated this at the 10th memorial lecture of former Senate leader, Abubakar Saraki, in Abuja, wondered why the 55 African countries cannot feed themselves, after about 60 years of independence.
This is as President Muhammadu Buhari described the late Saraki as a statesman, who contributed to political development of the country, during his time.
Buhari, who was represented by the Borno State Governor, Prof BabaganaZulum, said the former Senate leader “earned the respect of many Nigerians and in particular President MuhammaduBuhari, who has been always showing enormous regard for him, equally our presidential candidate, Ahmed Bola Tinubu, and many others have in many occasions appreciated his contributions to our polity.”
Lumumba, while stating that Africa would not be at ease until Nigeria is at ease, noted that the country ought to be a $4trillion economy, rather than the present $500billion.
“The continent is not at ease because the continent is suffering from a deficit of leadership. As long as Nigeria is not at ease, Africa will never be at ease. If Africa wants to be at ease, Nigeria must be at ease. She is the largest economy in Africa. She has a population of about 200million people. One in every African is a Nigerian. She is represented in every sector.
“If you want the best Engineers, they are Nigerians, if you want the best doctors, they are Nigerians. If you want good lawyers, they are Nigerians, but also if you want Yahoo boys, they are Nigerians. Nigerians are present everywhere in the world.
“Nigeria I am told is a $500billion economy. Never ever be proud of that Nigerians, this is an economy that should be at least a $4trillion GDP. Whenever you reach that level, then I will say that Nigeria is doing the right thing. All the ingredients are there, the question is, why is she not realizing its potentials?”
Lumumba, who spoke on “leadership and followership in Africa” said African countries have outsourced the education of the followers to foreign Non-Governmental Organisation (NGOs) and Community Based Organisations(CBOs). And noted that the implication is that the citizens are “tuned”from outside.
“I am suggesting that Africa is not going to grow as long as you are in position of leadership, and you have perfected the art of appealing to the stomach rather than the minds of the men and women that you lead.
“I am suggesting that Africa is not going to realize her potential as long as we continue to conduct the politics of money and money bags, not the politics of ideas. I am suggesting to you that Africa is never going to realize our potential as long as we are dividing our people along ethnic lines.
“I am suggesting that as long as you were in positions of honour and privilege and you are in the business of dividing our people on the basis of the religion, Africa is not going to realize her potential,” the professor of law stated.
Earlier, the Sultan of Sokoto, SaadAbubakar 111, who was chairman of the occasion, admonished the leaders to be conscious of the fact that there would be a time of reckoning, when they will be required to go account of their stewardship.
The Sultan said: “We are interested in what happens in our country and this is very serious period with politics dominating the space and we are talking about leadership and followership by a distinguish African.
“The topic chosen by the organizers is so apt, and important because we are into political activities and we are looking for leaders to steer the ship of state to an excellent destination, we must look at who a leader should be, what leadership should not be, what we should do as followers to ensure we have a good leader.
“For leaders we want to urge you to always uphold the truth, be honest, be transparent and be accountable because Almighty Allah will ask you.”
Former Senate president, Dr BukolaSaraki, in his welcome address, said if his late father was around, he would have been proud of the bipartisan nature of the gathering.

Continue Reading

News

Tinubu Lauds Dangote’s Diesel Price Cut, Foresees Economic Relief

Published

on

President Bola Tinubu, yesterday, applauded Dangote Oil and Gas Limited for reducing the price of Automotive Gas Oil, also known as diesel, from N1,650 to N1,000 per litre.
The Dangote Group recently reviewed downwards the gantry price of AGO from N1,650 to N1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of N30 per litre for an offtake of five million litres and above
Tinubu described the move as an “enterprising feat” and said, “The price review represents a 60 per cent drop, which will, in no small measure, impact the prices of sundry goods and services.”
In a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, Tinubu affirmed that Nigerians and domestic businesses are the nation’s surest transport and security to economic prosperity.
The statement is titled ‘President Tinubu commends Dangote Group over new gantry price of diesel.’
Tinubu also noted the Federal Government’s 20 per cent stake in Dangote Refinery, saying such partnerships between public and private entities are essential to advancing the country’s overall well-being.
Therefore, he called on Nigerians and businesses to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.
This statement comes precisely a week after Dangote met President Tinubu in Lagos, where he said Nigerians should expect a drop in inflation given the cut in diesel pump prices.
“In our refinery, we have started selling diesel at about ¦ 1,200 for ¦ 1,650 and I’m sure as we go along…this can help to bring inflation down immediately,” Dangote told journalists after he paid homage to President Bola Tinubu at the latter’s residence to mark Eid-el-Fitr.
The businessman said his petroleum refinery had been selling diesel at N1,200 per litre, compared to the previous price of N1,650–N1,700.
He expressed hopes that Nigeria’s economy will improve, as the naira has made some gains in the foreign exchange market, dropping from N1,900/$ to the current level of N1,250 – N1,300.
Dangote said this rise in value has sparked a gradual drop in the price of locally-produced goods, such as flour, as businesses are paying less for diesel. Therefore, he asserted that the reduced fuel costs would drive down inflation in the coming months.
“I believe that we are on the right track. I believe Nigerians have been patient and I also believe that a lot of goodies will now come through.
“There’s quite a lot of improvement because, if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ¦ 1,900.
“But right now, we’re back to almost ¦ 1,250, ¦ 1,300, which is a good reprieve. Quite a lot of commodities went up.
“When you go to the market, for example, something that we produce locally, like flour, people will charge you more. Why? Because they’re paying very high prices on diesel,” he explained.
He argued that the reduced diesel price would have “a lot of impact” on local businesses.
“Going forward, even though the crude prices are going up, I believe people will not get it much higher than what it is today, N1,200.
“It might be even a little bit lower, but that can help quite a lot because if you are transporting locally-produced goods and you were paying N1,650, now you are spending two-thirds of that amount, N1,200. It’s a lot of difference. People don’t know.
“This can help bring inflation down immediately. And I’m sure when the inflation figures are out for the next month, you’ll see that there’s quite a lot of improvement in the inflation rate, one step at a time. And I’m sure the government is working around the clock to ensure things get much better,” Dangote added.
He also urged captains of industry to partner with the government to improve the lives of citizens.
“You can’t clap with one hand,” said the businessman, adding, “So, both the entrepreneurs and the government need to clap together and make sure that it is in the best interest of everybody.”

Continue Reading

News

Court Halts Amaewhule-Led Assembly From Extending LG Officials’ Tenure

Published

on

The Rivers State High Court sitting in Port Harcourt has issued an interim injunction directing the maintenance of status quo ante belum following the move by the Martin Amaewhule-led Assembly in Rivers State to extend the tenure of the elected local government councils’ officials.
The Amaewhule-led Assembly, which is loyal to the Minister of Federal Capital Territory, Nyesom Wike, had amended the Local Government Law Number 5 of 2018 and other related matters.
Amaewhule, explained that the amendments of Section 9(2), (3) and (4)of the Principal Law was to empower the House of Assembly via a resolution to extend the tenure of elected chairmen and councilors, where it is considered impracticable to hold local government elections before the expiration of their three years in office.
But the court asked all the parties to maintain the status quo ante belum pending the hearing and determination of motion on notice for the interlocutory injunction.
The court presided over by G.N. Okonkwo also ordered that the claimant/applicant would enter into an undertaking to indemnify the defendants in the sum of N5million should the substantive case turned out to be frivolous.
The court fixed April 22, 2024 to hear the motion on notice for interlocutory injunction.
Okonkwo also issued an order of substituted service of the motion on notice for interlocutory injunction, originating summons and other subsequent processes on the defendants.
The orders were made following a suit filed by Executive Chairman, Opobo-Nkoro, Enyiada Cooky-Gam; Bonny, Anengi Claude-Wilcox; and five other elected council officials challenging the decision of the Amaewhule-led House of Assembly to extend the tenure of local government areas.
Also named as defendants in the suit are the Governor of Rivers State, the Government of Rivers State and the Attorney-General of Rivers State.
The claimants/applicants are praying the court for a declaration that under section 9(1) of the Rivers State Local Government Amendment Law number 5 of 2018 the tenure of office of the chairmen and members of the 23 local government councils of Rivers State is three years
A declaration that the tenure of office of the elected chairmen and members of the local government areas would expire on the 17th of June 2024 having commenced on the 18th of June 2021 when they were sworn in.
A declaration that the defendants cannot in any manner or form extend the tenure of office of the chairmen and members of the local government areas after the expiration of their tenure.
An order of perpetual injunction restraining the defendants from extending the tenure of office of the chairmen and members of the local government areas.
An order of perpetual injunction restraining the 28th, 29th and 30th defendants (the Governor, the Government House and the Attorney-General) from giving effects to any purported extension of the tenure of the chairmen and members of the local government areas.
They also prayed for an order of interlocutory injunction directing all the defendants to maintain the status quo by not elongating the three-year tenure of the chairmen and councilors.
The claimants further sought an order of interlocutory injunction restraining the defendants from extending the tenures of the chairmen and the councilors.

Continue Reading

News

Nigeria’s Inflation Rate’ll Drop To 23% By 2025 -IMF

Published

on

In a recent release of its Global Economic Outlook at the International Monetary Fund/World Bank Spring Meetings in Washington D.C., on Tuesday, the IMF provided projections for Nigeria’s economy, indicating a significant shift in inflation rates.
Division Chief of the IMF Research Department, Daniel Leigh, highlighted the impact of Nigeria’s economic reforms, including exchange rate adjustments, which have led to a surge in inflation rate to 33.2 percent in March.
Nigeria’s inflation rate rose to 33.2 percent according to recent data released by the National Bureau of Statistics.
Also, the food inflation rate increased to over 40 per cent in the first quarter of 2024.
Leigh stated, “We see inflation declining to 23 per cent next year and then 18 percent in 2026.”
This is however different from the fund’s prediction of a new single-digit (15.5 per cent ) inflation rate for 2025 which it predicted last year.
He further elaborated on Nigeria’s economic growth, which is expected to rise from 2.9 percent last year to 3.3 percent this year, attributing this expansion to the recovery in the oil sector, improved security, and advancements in agriculture due to better weather conditions and the introduction of dry season farming.
The IMF official also noted a broad-based increase in Nigeria’s financial and IT sectors.
“Inflation has increased, reflecting the reforms, the exchange rate, and its pass-through into other goods from imports to other goods,” Leigh explained.
He added that the IMF revised its inflation projection for the current year to 26 percent but emphasised that tight monetary policies and significant interest rate increases during February and March are expected to curb inflation.
An official of the IMF Research Department, Pierre Olivier Gourinchas commented on the global economic landscape, mentioning that oil prices have risen partly due to geopolitical tensions, and services inflation remains high in many countries.
Despite Nigeria’s inflation target of six to nine percent being missed for over a decade, Gourinchas stressed that bringing inflation back to target should be the priority.
He warned of the risks posed by geo-economic fragmentation to global growth prospects and the need for careful calibration of monetary policy.
“Trade linkages are changing, and while some economies could benefit from the reconfiguration of global supply chains, the overall impact may be a loss of efficiency, reducing global economic resilience,” Gourinchas said.
He also emphasised the importance of preserving the improvements in monetary, fiscal, and financial policy frameworks, particularly for emerging market economies, to maintain a resilient global financial system and prevent a permanent resurgence in inflation.

Continue Reading

Trending