Connect with us

News

Experts Seek Effective Fiscal-Monetary Policy To Tackle Recession

Published

on

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.

Continue Reading

News

Group Doles out N13m To Market Women In Isiama 

Published

on

The peaceful Town of Isiama in Andoni Local Government Area of Rivers State was at the weekend agog with activities following the donation of over N13million to market women by Engr. Justus Ngerebara in partnership with Fast Track Development Initiatives, a non-governmental organization, as part of its first phase empowerment programme.
According to Justus Ngerebara, who is also the Executive Director of the organization, the women, numbering 108, will receive various sums based on their business proposal.
He stated that the organization will carry out an annual review of the performances of the beneficiaries, with a view to rewarding those who put the money into good use.
According to him, the initiative was a collaborative effort between himself and his wife, Dr. Unyime Ngerebara, in partnership with Fast Track Development Initiative (FDI), an organization committed to youth capacity building and community development.
He said the family believe deeply in the transformative power of women’s empowerment as a catalyst for economic growth, especially in rural communities.
“As the saying goes, when you empower a woman, you empower a community. This truth resonate strongly with us, knowing that empowered women uplift households and inspire generational change”, he stated.
Ngerebara described the programme as the beginning of more things to come and urged the beneficiaries to view the gesture “as a reflection of our deep love for the community and our commitment to easing the burdens of economic hardship.
“We encourage you to invest wisely, channel these resources into your business not frivolities.
“We will continue to follow up with each participant to monitor progress and Offer guidance.
“It is our goal to see thriving business, creative solutions to households hunger and a ripple effect of prosperity through Isiama.
“We also call on the men to stand beside their spouses, offering support and encouragement to ensure these resources are maximized for growth”, he said.
In an interview, Ngerebara said the second phase of the empowerment programme will start very soon, stressing that since inception the organization has done so much for the community.
He listed some of the programmes carried out by the group in the community to include the installation of solar powered lights, and solar powered water.
While declaring the event open, a former coymmissioner for Works in Rivers State, Engr. Sampson Ngerebara, described the event as the first of its kind in the community.
Engr. Ngerebara said the programme will go a long way to improve the conditions of not only the beneficiaries, but also the entire Isiama Community.
He also charged them against wasting the resources on frivolities, adding that their success will attract more of such empowerment programme to Isiama community
Giving a brief talk on women empowerment, a lecturer at the Ignatius Ajuru University of Education, Dr. Awajimogobo Felix MacLean, warned the beneficiaries to justify the effort of the donor by avoiding wastages.
Dr. MacLean also urged them to be consistent in their line of business as well as avoid unnecessary competition.
She also stressed the need for them to network among themselves, while working out ways of helping the community to develop.
Guest of Honour at the occasion, Professor Uriah Oboada Alafonye, said Engr Justus Ngerebara, the initiator of the programme, has set a standard for present and future generations of leaders both in the community and the rest of Andoni to follow.
Prof Alafonye who is of the department of Arts Education, Ignatius Ajuru University of Education, also appealed to the beneficiaries to seize the opportunity provided by the programme to reduce poverty in the community.
Speaking, one of the beneficiaries, Mrs. Hebron Mercy Fyneface, a crayfish seller and an interior designer, said it was the first time she was receiving such gesture from any organization or government.
She thanked Engr Justus Ngerebara for remembering the women of Isiama and urged others to emulate him.
By: John Bibor
Continue Reading

News

Fubara’s Return Excites NCSU … As Hope Rises For Civil Servants 

Published

on

The umbrella body of civil servants in Rivers State, the Nigeria Civil Service Union(NCSU) has expressed delight over the lifting of emergency rule in the State and the return to office of Governor Siminalayi Fubara, his deputy, Prof Ngozi Nma Odu and members of the State House of Assembly, saying, the development portends good omen for workers, the people and the State.
The Rivers State Chairman of NCSU, Comrade Chukwuka Richman Osumah, who gave the indication in an interview in Port Harcourt, said the return of the Governor to office portends good omen and better days for civil servants in particular, stressing that the union heartily welcomes the Governor back to office, to resume his good works in the State, after six months of the emergency rule, as well as his deputy and members of the House of Assembly.
He noted that civil servants in the State are not only elated over the development but are also full of hope that the Governor would start from where he stopped in attending to their welfare needs.
He contended that the political crisis that recently engulfed the State and the six-month emergency rule had for over one year pulled the State backwards, but expressed delight that a permanent solution has been found to stem further political upheavals in the State, and thanked President Bola Ahmed Tinubu for making this possible; the Minister of the Federal Capital Territory and leader of the State, Chief Nyesom Wike; Governor Fubara; Speaker of the State House of Assembly, Rt Hon Martin Amaewhule; members of the House; and other stakeholders for agreeing to amicably resolve all contending issues.
The labour leader said this is the right time for all political gladiators in the State to bury the hatchet, work together and embrace peace and genuine reconciliation in the overall interest of the State.
He described as too hasty the resolution of the House, mandating the Governor to present a supplementary budget to it, and pleaded with members of the House to be calm, to tread with caution, and harmoniously work with the Governor.
He said the return of democratic governance in the State would fast-track progress and development in the State, and enjoined the people of the State, particularly civil servants to continue to give their support and cooperation to the Fubara administration.
Osumah expressed optimism that Governor Fubara would give prompt attention to challenges facing civil servants in the State, being a former civil servant himself, stressing that the workers truly have hope, now that the Governor has returned to office, and knowing the kind of Governor he is.
According to him, he is going to look into the controversial and contentious contributory pension scheme; rehabilitation of the State Secretariat Complex; recruitment into the state civil service; extension of service and retirement years for civil servants; provision of vehicles to industrial unions; as well as provision of befitting staff quarters for civil servants; among others.
Continue Reading

News

NDDC Organizes ADR Capacity Building for Staff

Published

on

The Niger Delta Development Commission (NDDC) has organized a one-day sensitization program for its personnel on Alternative Dispute Resolution (ADR) approaches to promote workplace compliance on transparency and due process.
The workshop, themed “Promoting Transparency and Due Process in the Workplace using ADR Approaches in Building a Culture of Accountability and Integrity,” aimed to equip staff with the skills to resolve disputes effectively.
Declaring the event open on thursday in port Harcourt,The NDDC Managing Director/Chief Executive Officer, Dr. Samuel Ogbuku, emphasized the importance of using ADR mechanisms to resolve conflicts in the workplace.
Dr. Ogbuku  represented by his chief of staff,Rev Omeya Oworibo,noted that ADR approaches can encourage a culture of honesty, fairness, transparency, trust, and reduce conflicts among staff, ultimately promoting efficiency and productivity.
He averred that those disputes and quarrels if not proper resolved can derail the vision and objectives of the commission to the people, noting that the commission must as a team and unity as service provider in order to render a profitable service delivery to the people.
 “ADR approach will encourage culture of honesty,fairness, transparency ,trust  and reduce back bitting and the workforce, noting that such tendency would in turns promote efficiency and increase results in workplace.
 when integrity and honesty becomes the operandi of an organisation and employees begins to trust that their matters will be handled with fairness it will breed team work and increase in productivity.”he stated
He commended the department of DCR for organising the workshop and urged the participants to make good use of the opportunity and imbibe the culture of tolerance, integrity and teamwork in workplace.
Also speaking,the NDDC acting director of DCR ,Mr Godwin Ayewumi Ogedegbe noted that the theme of the captures the core of what the commission seeks to achieve a workplace where every action is expected to be guided by openness, fairness, and a steadfastness commitment to due process, where conflicts are not merely resolved, but prevented through structured,principled processes , and where accountability and integrity are not aspirational ideals but every day practice.
In his  keynote presentation on the theme “workplace Ethics and alternative Dispute Resolution Correlation,
Prof. Sylvester Odion Akhaine of the Department of Political Science, University of Lagos, delivered a keynote presentation on “Workplace Ethics and Alternative Dispute Resolution Correlation.” He stressed the importance of due process, transparency, integrity, and accountability in the workplace, noting that these values are essential for productivity and organizational goals.
The workshop aimed to promote a culture of accountability and integrity in the NDDC workplace. By equipping staff with ADR skills and promoting transparency and due process, the commission can build a more efficient and productive work environment.
By: Akujobi Amadi
Continue Reading

Trending