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High Cost Of Food Living: Solution Is In Sight, CBN, Ministers Assure

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The Minister of Finance, Mr Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, have assured Nigerians that the high cost of living being witnessed by Nigerians is currently being addressed.
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, Chairman, Federal Inland Revenue Service, Zacch Adedeji, joined the ministers to allay the fear of Nigerians about the current inflation.
They all spoke when they appeared at the sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living at a Plenary in Abuja, yesterday..
Speaking, Edun, who is also the coordinating minister of the economy, said “Where we are as a nation is a much better place than we were in on May 29, 2023.”
He added that Nigeria as a country was on the road to economic disaster by way of subsidy on fuel, adding that it was expected that there would be challenges as a result of subsidy removal.
Edun said that inflation had increased and the cost of living had spiked, but stated that President Bola Tinubu was committed to protecting the poorest and the vulnerable.
“As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living.
“Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector.”
According to him, there is a need to tackle inflation because full inflation accounts for 33 percent of the consumer price index.
He said there was a need to return to production, adding that industry, however, required energy to function optimally and that President Nola Tinubu was also committed to using state power to subdue vested interest in the oil sector.
On his part, Bagudu said the president was committed to national development, adding that the President reckoned with the challenges of the living conditions of the people.
“What is happening in our country is obvious to someone visiting a construction site; we are very clear that we are on the right path and the challenges of the moment are being tackled.
“We are getting support from international partners, and they are all acknowledging the commendable steps that the president is taking.
“We have seen investments in the rail sector, the NNLG, and we assure you that we will overcome the challenges of the moment and sustain the economic growth as promised by the President,” he said.
In a related development, Cardoso expressed confidence that positive outcomes from the administration of Tinubu were already emerging and would further emerge in the near future.
“The concern as per the cost of living is genuine, and the urgency of the matter is not lost on us at the CBN, and we are working tirelessly to bring up a lasting solution”, he assured.
He said inflation was expected to decline in 2024, adding that this would be aided by improved agricultural productivity.
He said that the challenges of the exchange rate had been tackled, adding that they were fueled by speculation, increased forex demand, increased capital outflow, excess liquidity, and increased demand, among others.
He noted that the CBN was addressing the forex demand by clearing forex operations and adjusting the remuneration standard deposit, among others.
Speaking, the FIRS boss, Mr Adedeji, said the service was not a revenue-generating agency but a revenue-collection agency, adding that the agency was doing a lot to increase the nation’s revenue base.
According to him, the target for 2023 revenue was N10 trillion, and we achieved N12.3 trillion because of the decision taken by the president.
Adedeji said the president took the decision to rectify the distortion in the economic parameters and remove the fuel subsidy.
According to him, we have overperformance from VAT collection and company income tax. We have the target of collecting N19.2 trillion in 2024.
The chairman added that the N19.2 trillion target was based on the fact that it would not collect new taxes but bring more people into the tax rate.
He said less than 60 companies, as of today, contribute less than 60 percent to the nation’s company income tax.
Meanwhile, the Deputy Speaker, Benjamin Kalu, said it was imperative to recognize the urgency and importance of the agenda before it.
He said, “We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.
“In the face of global economic shifts and domestic challenges, it is clear that robust reform measures are not just beneficial but imperative.
“We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians”
He said the reform should not only address immediate needs but also lay a resilient and dynamic framework that would adapt to future challenges and opportunities.
According to him, these measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian.

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Microsoft Nigeria Not Shutting Down, Presidency Replies Obi

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The Senior Special Assistant on Media and Publicity to President Bola Tinubu, Temitope Ajayi, has refuted media reports claiming the shut down of the Lagos office of Microsoft’s Africa Development Centre.
While noting that the shutdown was an “incorrect media report,” Ajayi said the organisation was “re-aligning roles” within its business, while “few roles will certainly be impacted.”
He stated this yesterday on his X handle @TheTope_Ajayi.
Tweeting, the presidential aide also faulted the tweet made late Wednesday on the same subject by the 2023 Labour Party presidential candidate, Peter Obi, labelling it a “naked dance.”
Obi had lamented the announcement on the shutdown, saying it “underscores the urgent need for comprehensive economic reforms in Nigeria.”
Obi’s tweet partly read, “The recent announcement of Microsoft Nigeria to its workers about shutting down its innovation centre in Lagos and cutting 200 jobs is deeply troubling. It underscores the urgent need for comprehensive economic reforms in Nigeria.
“This further highlights the challenges and broader issues plaguing the Nigerian economy. The closure of Microsoft’s innovation centre represents yet another significant setback for Nigeria’s aspirations to become a hub for technology and innovation in Africa.”
The former Anambra State Governor tweeted that the shutdown “raises serious concerns” about Nigeria’s “business environment for investors.”
Reacting to this, Ajayi noted, “The story that Microsoft is shutting down Nigeria office is not true. Africa Development Centre is just a department within Microsoft business in Nigeria. Contrary to incorrect media reports and Peter Obi’s naked dance, the Africa Development Centre is also not shutting down.
“Microsoft, like any other organisation, is only re-aligning roles within the business, and few roles will certainly be impacted. Affected staff, which are less than 30, will be asked to apply for new roles within Microsoft – a standard practice within the organisation.”
The presidential aide added that employees “who can’t find new roles in other departments or those who want to seek new opportunities outside the system will be asked to go. The situation at Microsoft is not anywhere near the impression of the ‘earthquake’ that Peter Obi sensationally described.”

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Dep Gov, Others Eulogise Blessing Ahiazu At 70

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Rivers State Deputy Governor Professor Mrs Ngozi Odu was among friends and well-wishers who came out to celebrate Professor Blessing Ahiazu as she turned 70.
In what would best be described as a captivating send off for a woman who spent the better part of her life in the academia, colleagues, friends, church members and a host of dignitaries converged at her residence for a warm reception.
Speaking at the event, the deputy governor of Rivers state, Prof. Ngozi Nma Odu said the celebrant is a selfless contributor to humanity, and not just the academic environment.
“Having worked closely with her over the years, while she’s celebrating 70 today, I’ll add one and half to that one, yet I call her Sister Bless. She is worthy of emulation and congratulations are in order”, she said.
Laying emphasis on the words of the Deputy Governor, the Vice chancellor of Rivers State University, Prof. Nlerum Sunday Okogbule, described Prof. Blessing as a first class academic and dogged fighter, adding that her contributions to the university development would be indelible in the sands of time.
“Being the first professor of Rivers State Library, I am proud of her virtues.
“Having worked for 44 years and served under 6 vice chancellors without query, is commendable” he said.
Eulogising her prowess, other speakers from the university Department of Library Science spoke highly of her readiness and availability to service.
Speaking about the celebration, Prof. Blessing said that the university moulded her into the dynamic woman everyone was celebrating.
She advised those in the system and those who wished to go in to be diligent in carrying out their duties.
“Those still serving should defer gratification and work first, gratification will come later. And those who seek to go in, when they go in, they should focus on the job. Greed is a killer. Quick fix is not the best attitude in life. Slow and steady, they say wins the race. And with the backing of God, they will make it”, she said.
One of the highlights of the ceremony was the lunching of her second autobiography titled “Seven Decades of Rainbow Path”
Joining a host of dignitaries and egg heads at the occasion to pay tribute and lunch the book, Professor Emeritus, and former Vice Chancellor of the then Rivers state university of Science and Technology (UniTech), Prof. Simon Achinewhu, said that the realisation that the celebrant had played her part in the Department of Library Science was soul lifting.
He prayed that she would live to see the goodness of God accomplished in her life.
Giving a review of the book, the author said, having worked in the university for over 44 years, the university environment moulded her into the woman she had become. Stating clearly, she said the book is written for her children and grandchildren
”I have sat down to write about myself. The good side and the not-so-good side of the story.
“The challenges and the exploits . So that on that last day, my children will pick it up and extract what they want and add what they will like to add and that becomes the biography of their mother.”
The author further stated that the book would encourage younger ones to learn diligence to be able to succeed in life.

John Bibor

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Methodist Church Lauds Fubara Over Peaceful Disposition

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The Methodist Church of Nigeria Diocese of Gokana, in Mogho Circuit, has commended the Rivers State Governor, Sir Siminialayi Fubara, for his peaceful disposition and creation of harmonious environment for co-existence of various ethnic groups in the State.
This was contained a communique issued at the end of their 12th synod in Mogho, and signed by Very Rev. Baridam N. C. Jason and Rt. Rev. Joseph P. Bel- Aanen, Synod secretary and Diocesan Bishop respectively.
The Synod which was attended by a large number of delegates had the theme, “ARISE AND BUILD” which was taken from the book of Nehemiah 2:18.
The church noted with pain the unbearable and excruciating suffering of people across Nigeria, mainly caused by the sudden and unplanned removal of fuel subsidy coupled with the steady decline in the value of the naira against the dollar which has triggered unprecedented rise in the cost of living generally.
“The Federal Government of Nigeria should rather focus on long-term sustainable measures in addressing the numerous challenges facing the country instead of its short-term plans of using palliatives to stop hunger and suffering in the land.
“As Church we decried the incessant callous invasion and continuous destruction of lives and properties by Boko Haram, armed bandits and Fulani herdsmen in different parts of the country.
“We equally condemn in strong terms the recent invasion of Agbeta Community in Eleme Local Government Area of Rivers State by Fulani herdsmen who not only abducted children and raped women, also destroyed farm produce worth millions of naira with their cattle, thereby causing hunger and hardship in the area,” they said.
They further used the forum to condemn in strong terms the institution of same sex marriage and transgender practices by some religious organizations in some parts of the world and called on religious and non-governmental organizations to brace up and be united in the fight against the twin sexual perversions of same sex marriage and transgender practices in Nigeria.

Tonye Orabere

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