Connect with us

News

Centre Advises Tinubu on How to Tame Soaring Inflation

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed

Published

on

21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed

By: Zagazola Makama

At least twenty-one passengers were rescued unhurt following coordinated attacks by armed bandits on multiple vehicles along Kogi State highways on Thursday, while two security personnel were confirmed dead during the ensuing rescue operations.

Sources reported that about 100 armed bandits attacked a Toyota Siena with registration number YAB 968 AX traveling from Oshogbo to Kaduna, a Toyota Hiace bus (7BGT-78LG) conveying passengers from Owo, Ondo State to Abuja.

Another Toyota Hiace (GKP 178 XA) from Abuja to Ekiti State, a Toyota Carina (JMU 648 AA) from Lokoja to Kabba, a Dangote truck transporting 900 bags of cement, and a J5 bus (FTA 313 XV) carrying bags of pepper from Kano to Lagos.

The attacks occurred around 2:00 p.m., leaving passengers vulnerable to abduction.

A joint rescue operation involving the 12 Brigade of the Nigerian Army, Quick Response Units (QRU), Nigeria Security and Civil Defence Corps vigilantes, local hunters, and other security operatives swiftly engaged the bandits in a gun duel.

The operation successfully secured the release of 21 passengers, including men, women, and infants. Rescued passengers include Moses Oladimeji, Adele Jacob, Obed Onche, Babayemi Ajayi, Funmilayo Ajayi, Samuel Olawoyin, Samuel Job, Jemima Joseph, Nanko Joseph, Enenche Paulina, Bright Enenche, Rachael Enenche, Deborah Enenche (9 days old), Bukola Clement, Toyin Clement, Glory Clement, Faith Clement, Peter Olawale, and the drivers of the Dangote truck and J5 bus.

Tragically, one soldier attached to the Oshokoshoko sector and one vigilante from Odoape lost their lives during the exchange of fire. Their identities are yet to be confirmed.

Rescue operations are ongoing to track down any remaining abducted victims and apprehend the perpetrators.

Communities along the highways remain on high alert following the attacks, highlighting the continued threat of organized banditry in Kogi State.

The operation demonstrates the effectiveness of coordinated efforts between military, vigilante, and local security forces in responding to large-scale armed bandit attacks, although the loss of personnel underscores the dangers faced by security operatives during such missions.

21 passengers rescued by troops as bandits attack multiple vehicles on Kogi highways, 2 security personnel killed

Continue Reading

News

Kogi communities reeling as fleeing bandits from Kwara kill four

Published

on

Kogi communities reeling as fleeing bandits from Kwara kill four

By: Zagazola Makama

Residents of several Kogi State communities are counting their losses after fleeing armed bandits from Kwara State, displaced by ongoing military clearance operations, stormed the area on Thursday morning, leaving four men dead.

According to local sources, the attackers, travelling on motorcycles, entered Kogi through bush paths from Patigi in Kwara State and moved through Bunu and Kiri communities, firing indiscriminately.

The victims included Dare Olorunfemi, 34, of Ihale community; John (surname unknown), 33, of Taki area; Abdul Siworo, 33, of Ike area; and Oladele Samuel, 25, of Ayetoro-Kiri community.

Eyewitnesses reported that the bandits, heavily armed and in large numbers, continued towards the Kakanda/Ankumi forest in Obajana, Lokoja Local Government Area, leaving the communities in shock and fear.

intelligence sources suggesting that the attackers have taken refuge around Masalacin Boka area.

Residents described the tension as “palpable,” urging urgent intervention to dislodge the bandits before they consolidate in the forests.

The incident illustrated the ripple effect of security operations in neighbouring states, as armed groups displaced by military offensives migrate and wreak havoc on adjacent communities, threatening livelihoods and local stability.

Efforts to safeguard the affected communities and prevent further attacks are ongoing by security forces.

Kogi communities reeling as fleeing bandits from Kwara kill four

Continue Reading

News

Police arrested four suspected kidnappers arrested, identified accomplices

Published

on

Police arrested four suspected kidnappers arrested, identified accomplices

By: Zagazola Makama

The Police have reportedly arrested four suspected kidnappers and their informants following the abduction of ten persons between Koso Likoro and Soba villages in Mashegu Local Government Area, Niger State.

Sources said the suspects were traced to a hideout around Ibbi Forest, where a joint operation led to the arrest of Sanda Dan, Mallam Wantau, and Atiku.

During interrogation, the suspects reportedly confessed and implicated Buba Maiyara, Mantile Alh Majo, and Bilya Musa Baushe, all from Koso village, as their accomplices.

In a subsequent operation, Manu Malami Shehu Maiyara was also arrested and admitted that his son, Buba Maiyara, together with his associates, were responsible for the abductions and cattle rustling in the area.

Sources said that the case remains under investigation.

Police arrested four suspected kidnappers arrested, identified accomplices

Continue Reading

Trending

Verified by MonsterInsights