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Centre Advises Tinubu on How to Tame Soaring Inflation
Centre Advises Tinubu on How to Tame Soaring Inflation
By: Michael Mike
President Bola Tinubu has been advised to take a holistic approach at taming the soaring inflation in the country
A press statement on Tuesday by the Lead Director of the Centre for Social Justice, Eze Onyekpere said it has become imperative that Nigeria’s economic managers adopt a holistic approach to improving the economy/decelerate inflation.
Among the advised given for a leeway out of the present economic doldrums include “Increased productivity especially in the tradable and export-oriented sectors (including oil and gas as well as removing export trade barriers in the agriculture sector in the short run) can shore up our foreign exchange earnings which will improve the value for the Naira against major international currencies thereby limiting import induced inflation.
“Improving security of lives and property through the right political will that guarantee value for money in the provision of security services in Nigeria. It should be recalled that security has been given the highest budgetary allocations at the federal level in the last ten years. This will also improve agriculture’s contribution to the GDP and food production thereby limiting food inflation which has been the major driver of inflation over the last one year. Improved security will further lead to increased oil and gas production for export and local refining.
“Limit ways and means of funding of the federal budget to the statutory limit of not more than 5 percent of previous years’ actual revenue in accordance with S.38 of the Central Bank of Nigeria’s Act 2007.
“Implement a Nigeria First Local Content Policy in Federal and State Public Procurement to ensure that capital budget implementation do not put undue pressure on the Naira. Rather, capital budget implementation should create jobs, enhance local productivity and grow the economy, and
“Stop denying Nigerians access to their money, vis cash in banks as a means of mopping up what is considered excess liquidity. This is a fundamentally flawed measure for the reduction of inflation.”
Centre for Social Justice noted that rising prices is a symptom of the overall negative macroeconomic fundamentals and strong headwinds besetting the Nigerian economy, adding that beyond inflation, the Naira is losing value, poverty and unemployment is increasing; there have been massive factory closures, increasing insecurity and population growth figures that almost outpaced economic growth.
The Centre said that: “Furthermore, the short term and medium-term impact of economic reform measures (fuel subsidy removal and exchange rate unification) have not been properly articulated. The reforms were not accompanied by an evaluation/projection of their impact on the economy as well as countervailing measures necessary to limit their harsh effects on prices and other macroeconomic indicators.”
Centre Advises Tinubu on How to Tame Soaring Inflation
Bandits kill seven, abduct three in Sabon Birni border attack in Sokoto
By: Zagazola Makama
At least seven persons were killed and three others abducted when armed bandits attacked Kyara village, a remote border community in Sabon Birni Local Government Area of Sokoto State, in the early hours of Thursday.
Sources said the attack occurred at about 4:00 a.m. in the village, which lies close to the Niger Republic border and has no mobile phone network coverage.
The bandits, who were said to be in large numbers and armed with sophisticated weapons, stormed the community, shooting sporadically and causing panic among residents.
During the attack, seven persons were shot dead, while two others sustained gunshot injuries. Three villagers were also kidnapped, and an unspecified number of domestic animals were rustled.
Joint security forces were immediately deployed to the area after the incident was reported. On arrival, they evacuated the corpses and the injured victims to a hospital for autopsy and medical treatment.
Troops have since launched a manhunt for the attackers with a view to rescuing the abducted victims, recovering the rustled livestock and arresting those responsible.
Confidence-building patrols are currently ongoing in and around Kyara village to reassure residents and prevent further attacks.
Bandits kill seven, abduct three in Sabon Birni border attack in Sokoto
Five injured in suspected IED blast on Bukuyum road in Zamfara
By: Zagazola Makama
Five persons have been seriously injured following a suspected improvised explosive device (IED) explosion along the Takalafiya–Gadar Zaima Road in Bukkuyum Local Government Area (LGA) of Zamfara State.
Sources said the incident occurred at about 11:30 a.m. on Thursday when a motorcycle conveying five passengers ran into an explosive device believed to have been planted by armed bandits targeting security patrols in the area.
The device detonated on contact, causing a loud explosion that severely damaged the motorcycle and left all five occupants with serious injuries.
Following the incident, security operatives immediately closed the road to traffic and advised residents to stay away from the area pending a thorough safety assessment.
The injured victims were evacuated to the General Hospital, Gummi, where they are currently receiving medical treatment.
Movement along the Takalafiya–Gadar Zaima axis remains restricted as security agencies continue to monitor the situation and clear the area of any further threats.
Five injured in suspected IED blast on Bukuyum road in Zamfara
Three killed in fatal road accident at gaggaba village in Borno
By: Zagazola Makama
At least three persons were killed in a fatal motor vehicle accident at Gaggaba Village, Fune Local Government Area of Borno State, early Wednesday morning.
Sources said the accident occurred around 1:20 a.m. when a Daf trailer with registration number DAL 964 YY, driven by Mal. Abubakar, 35, of Maiduguri, traveling from Lagos to Maiduguri, was involved in a collision with a Mitsubishi Canter truck, registration XA 437 NNR, driven by Salisu Ibrahim of Dirra Village, Fune LGA.
The Canter reportedly veered at full speed from its lane and rammed into the Daf trailer, causing the trailer driver and two passengers to fall unconscious. They were immediately rushed to General Hospital Damagum, where the driver and two passengers were pronounced dead by medical personnel.
Three killed in fatal road accident at gaggaba village in Borno
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