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Nigerians criticize Seyi Tinubu for advocating endurance amid economic challenges

Tosin Ranks
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Nigerians criticize Seyi Tinubu for advocating endurance amid economic challenges

Mr. Seyi Tinubu, the eldest son of President Bola Tinubu, urged Nigerians to be patient with his father’s administration amid challenging economic times, following protests in Ibadan and a lone protest in Uyo.

 

Despite criticism of President Tinubu’s economic reforms causing instability,

Seyi reiterated his father’s call for endurance and expressed confidence that the current generation would reap benefits from the hardships.

However, his message faced backlash, with some questioning his opulent lifestyle while advocating sacrifice.

Former Vice President Atiku Abubakar also criticized Tinubu’s economic policies, advocating for a managed-floating system instead of a rapid exchange rate unification.

The Presidency, in response, disagreed with Atiku’s proposal, citing past issues with a similar approach.

A lion fatally injures a veterinary worker at OAU while being fed

Tosin Ranks
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A lion fatally injures a veterinary worker at OAU while being fed

The head of the Zoological Garden at Obafemi Awolowo University, Ile-Ife, Osun State, Mr. Olabode Olawuyi, met a tragic end as he was fatally attacked by a lion while feeding the animals in their enclosure.

The university’s management, led by Vice Chancellor Prof. Simeon Bamire, promptly halted their meeting to assess the situation.

Despite efforts from staff to rescue Olawuyi, the lion inflicted severe injuries, leading to his untimely death.

 

The university, deeply saddened by the incident, has euthanized the aggressive lion.

 

An investigation has been initiated, and condolences have been extended to the bereaved family.

The Federal Government initiates disbursement of salaries previously withheld from ASUU

Tosin Ranks
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0
The Federal Government initiates disbursement of salaries previously withheld from ASUU

The Federal Government has initiated the disbursement of previously withheld salaries for academics affiliated with the Academic Staff Union of Universities,

Multiple credible sources within the academic sector in Abuja confirmed this development on Monday.

Prof. Gbolahan Bolarin, the ASUU chairperson at the Federal University of Technology, Minna, verified the information, stating, “Yes, it is true. Payment has started rolling in.”

In October 2023, President Bola Tinubu approved the release of four out of eight months’ worth of ASUU withheld salaries.

These salaries were held back during the tenure of former President Muhammadu Buhari, who implemented a ‘No Work, No Pay policy’ in response to a prolonged strike by certain university-based unions in 2022.

Highlighting recent developments, Minister of Education Tahir Mamman disclosed that the government has increased university workers’ salaries by 35 percent.

Furthermore, autonomy has been granted to universities by removing them from the Integrated Payment and Payroll Information System.

Minister Mamman emphasized that universities no longer require a waiver for recruitment and filling vacancies.

These decisions resulted from informal consultations with tertiary institution unions.

Further details will be provided later.

The exchange rate at the parallel market sees the Naira declining to N2,000 per 1£

Tosin Ranks
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0
The exchange rate at the parallel market sees the Naira declining to N2,000 per 1£

Nigeria’s local currency is presently surpassing the 2,000 naira mark against the Great Britain Pound in the parallel market, as confirmed by Malam Ibrahim, a Bureau de Change operator at Wuse Zone 4. He acknowledged the trend, stating,

“Yes, it is true; we are currently selling above N2,000 for the pounds, and this is primarily due to the robust and consistent demand for these currencies.”

Notably, this new exchange rate marks an increase from the N1,930 recorded on Saturday, representing the lowest point in the historical performance of the naira.

Simultaneously, the naira experienced depreciation against the dollar in the parallel forex market, where it unofficially traded at N1,673 compared to N1,670/$ on Friday.

These financial developments persist despite the Central Bank of Nigeria’s implementation of various policies aimed at reinforcing the foreign exchange supply.

One recent policy involves halting international oil companies in Nigeria from immediately remitting 100 per cent of their forex proceeds to their parent companies abroad.

Market analysts attribute this recent decline to a consistent surge in demand for dollars, evident since the beginning of January.

The heightened demand is primarily driven by businesses actively restocking goods or acquiring raw materials, leading to an increased need for foreign exchange.

Further details will follow.

Oyo’s young residents rally against the exorbitant cost of living

Tosin Ranks
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0
Oyo’s young residents rally against the exorbitant cost of living

In Ibadan, the capital of Oyo State, young protesters took to the streets on Monday, expressing their discontent with the soaring food prices and the overall economic conditions.

Gathered around the Mokola area, they brandished placards with messages like ‘End food hike and inflation,’ ‘The poor are starving,’ and ‘Tinubu, don’t forget your promises.’

Chanting grievances through songs, the demonstrators were met by armed policemen.

An anonymous protester emphasized the widespread impact, stating, “This problem affects everyone, and every Nigerian must stand for their right to collectively combat the high cost of living. We can’t afford three square meals.

Sections 39 and 40 of the country’s constitution empower every Nigerian to organize peaceful assemblies and address economic hardships.

Expect protests from various angles; it’s not just about me but all Nigerians. We must unite to restore normalcy.”

Another protester, Barakat, expressed the escalating hunger, saying, “Everything is spiraling out of control.

We can’t even manage two square meals.

We voted for Tinubu to correct Buhari’s mistakes, but the problem has escalated beyond control now.”

In Niger State, both youths and women took to the streets, blocking the Minna-Bida Road at Kpakungu Roundabout to protest the perceived hardship under the Bola Tinubu government.

The economic strain intensified after President Tinubu removed the fuel subsidy on May 29, 2023.

The influx of foreign capital into the banking industry experiences a decline, reaching $832 million, as per the report

Tosin Ranks
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0
The influx of foreign capital into the banking industry experiences a decline, reaching $832 million, as per the report

In 2023, Nigeria’s banking sector experienced a notable decline in foreign capital inflow, receiving approximately $832.64 million, marking a 60 percent decrease from the previous year.

The National Bureau of Statistics’ latest capital importation report reveals a detailed analysis, highlighting the first quarter as the peak period with an influx of $304.56 million, followed by the fourth quarter contributing $283.30 million, representing 26.03 percent of the total capital importation for that period.

Quarterly breakdown shows the second quarter receiving $194.58 million, while the third quarter underperformed with only $50.20 million in foreign capital.

CitiBank Nigeria Limited led in attracting foreign capital throughout the year, amassing over $1.03 billion, with the highest inflow occurring in the first quarter ($424.13 million).

Stanbic IBTC Bank followed closely with $919.32 million, reaching its peak in the fourth quarter, and First Bank of Nigeria secured $447.69 million, achieving its highest inflow in the second quarter.

Despite the banking sector’s diminished performance in 2023 compared to the previous year, it remained a significant recipient of foreign capital.

Oluseye Olusoga, CEO of Parthian Partners, emphasized the pivotal role of financial services in the economy, stating that the inflow signifies the potential for the banking sector to provide essential liquidity.

Looking optimistically, he anticipates the flow of foreign funds to eventually reach the manufacturing sector.

For the fourth quarter, total capital importation into Nigeria reached $1.09 billion, a 2.62 percent increase from Q4 2022.

Other investments, including trade credits, loans, currency deposits, and claims, dominated with 54.64 percent ($594 million), followed by portfolio investment at 28.46 percent ($309 million) and foreign direct investment at 16.90 percent ($183.97 million).

The production/manufacturing sector emerged as the leading recipient of foreign capital in Q4 2023, securing $450.11 million, constituting 41.35 percent of the total capital imported.

The banking sector followed at $283.30 million (26.03 percent), and financing at $135 million (12.46 percent).

The majority of capital inflows originated from the United Kingdom, Mauritius, and the Netherlands.

In terms of destination, Lagos State retained its position as the top choice in Q4 2023, attracting $771 million, followed by Abuja and Rivers State.

Sachet alcohol prohibition raises concerns among manufacturers about potential job losses totaling 5.5 million

Tosin Ranks
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0
Sachet alcohol prohibition raises concerns among manufacturers about potential job losses totaling 5.5 million

The Distillers And Blenders Association Of Nigeria warns of significant consequences if the Federal Government maintains the recent ban on sachet and PET bottle alcohol production and sales, estimating losses exceeding N1.2tn and potential unemployment for 5.5 million workers.

DIBAN, a sub-sector of the Manufacturers Association of Nigeria, expressed its concerns in a letter to President Bola Tinubu, disputing NAFDAC’s justification for the ban and emphasizing the absence of evidence linking alcoholic beverages in sachets and pet bottles to hard drugs.

DIBAN, with a conglomerate membership of over 24 corporate organizations, urges the president to lift the ban and advocates for increased monitoring rather than an outright prohibition to safeguard investments and jobs.

The introduction of the CBN FX gateway by the bank could potentially affect the liquidity of other banks, according to Fitch

Tosin Ranks
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0
The introduction of the CBN FX gateway by the bank could potentially affect the liquidity of other banks, according to Fitch

Fitch Ratings has expressed concerns about the potential negative impact on the liquidity of Nigerian banks due to the Central Bank of Nigeria’s proposed foreign currency gateway bank.

The apex bank’s plan, disclosed by Governor Dr Olayemi Cardoso, aims to address the country’s forex crisis by centralizing correspondent banking activities. Fitch believes these measures may adversely affect the banking sector’s foreign currency liquidity.

Additionally, the recent devaluation of the local currency is expected to result in an accelerated increase in impaired loans within the banking sector.

Fitch also notes that the CBN’s circular prohibiting banks from holding net long foreign currency positions could lead to a further moderate depreciation of the naira, exposing banks’ capital positions to potential risks.

Despite these challenges, the move away from a managed exchange rate regime is seen as beneficial in the long term, though it presents short-term macroeconomic risks, including heightened inflation and potential impacts on economic growth and the banking sector.

As of February 13, the naira experienced a significant devaluation, reaching 1,516/$, reflecting a 40% devaluation since the official market closed at 899/$ at the end of the previous year.

The evolving foreign currency market dynamics, as indicated by Fitch, underscore the need for careful monitoring of economic indicators and potential risks in the financial sector.

Atiku’s proposal is poised to bring Nigeria back to the era of Emefiele, according to the Presidency

Tosin Ranks
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0
Atiku’s proposal is poised to bring Nigeria back to the era of Emefiele, according to the Presidency

The Presidency contends that adopting a controlled floatation of the naira, as suggested by Atiku Abubakar, would mirror the economic approach of the former Central Bank of Nigeria Governor, Godwin Emefiele.

They argue that Emefiele’s policy, involving a monthly expenditure of about $1.5bn to support the naira, led to financial malpractices and adversely affected the economy.

The Special Adviser to the President, Bayo Onanuga, rebuts Atiku’s criticism of President Tinubu’s economic policies, emphasizing that the recent fluctuations in the naira’s value were discussed in the context of food supply during a meeting last Thursday, not as Atiku claimed.

Onanuga asserts that the government’s approach, avoiding interference with the Central Bank and promoting a managed-floating system, contrasts with Atiku’s proposal.

Additionally, Onanuga cites positive results, such as a 66.27% increase in capital inflow recorded in Q4 2023, as evidence of investor confidence in Nigeria under President Tinubu’s administration.

He concludes by asserting that Atiku’s suggested controlled floatation of the naira resembles the policy of Godwin Emefiele and implies that the PDP, which produced Emefiele, bears responsibility for the current financial challenges in Nigeria.

 

Nigeria and Brazil witness a surge in trade volume to $1.6 billion during the AU Summit, marked by discussions between Tinubu and Lula da Silva

Tosin Ranks
-
0
Nigeria and Brazil witness a surge in trade volume to $1.6 billion during the AU Summit, marked by discussions between Tinubu and Lula da Silva

As the ongoing African Union summit gains momentum, President Bola Tinubu and Brazilian President Luiz Inácio Lula da Silva convened in Addis Ababa, Ethiopia, on Sunday.

Ajuri Ngelale, Special Adviser to President Tinubu, highlighted the fruitful discussions, focusing on comprehensively strengthening bilateral ties across various fields.

President Lula da Silva noted the decline in trade volume between Nigeria and Brazil from over $10 billion to $1.6 billion and expressed his determination to fortify bilateral relations.

President Tinubu, underscoring Nigeria’s economic potential, emphasized ongoing reforms, removal of business obstacles, and investments in critical sectors like healthcare, education, and agriculture.

Lula da Silva, recognizing the shared history of Nigeria and Brazil, expressed his commitment to restore strong relations, citing the need for collaboration in academia, culture, commerce, agriculture, industry, and trade.

President Tinubu affirmed Nigeria’s readiness to deepen ties, addressing issues like red tape, corruption, and the implementation of reforms, highlighting parallels between the nations’ progressive legacies.

Both leaders agreed on the necessity of direct air links, forming committees for joint planning and expressing eagerness to capitalize on opportunities for partnership in various sectors.

President Tinubu acknowledged the similarities between Brazil and Nigeria, expressing a commitment to learn from Brazil’s agricultural success and collaborate on mechanizing food production.

The leaders, representing the largest democracies in Africa and South America, agreed to work out the modalities for President Tinubu’s state visit to Brazil, following an invitation extended by President Lula da Silva.

 

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