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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
MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
CELEBRATING PRESIDENT BOLA TINUBU
The President/Commander in Chief of the Armed Forces of the Federal Republic of Nigeria, His Excellency, Bola Tinubu, has been announced “MAN OF THE YEAR” by THISDAY Newspapers and ARISE News Board of Editors.
The prestigious recognition reaffirmed Mr. President’s exemplary leadership, visionary thinking, and unwavering commitment to transforming the country amid mounting economic and security challenges.
The awards organisers also noted that the President has marched on with courage and determination to change Nigeria for the better, and proven to be a leader who is driven more by convictions and taken decisions which are in the best interest of the nation.
To commemorate this milestone, THISDAY is unveiling a Special Edition on Monday, January 27, 2025, to afford the President’s
aides, friends, well-wishers, and associates the opportunity to share in the joy and pride that the award brings to Mr. President through placement of Congratulatory/Goodwill messages to honour the awardee among other award recipients.
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MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
Nigeria Commiserates with Türkiye Over Devastating Fire Incident
By: Michael Mike
Nigerian government has commiserated with the government and people of Türkiye over the fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort that resulted in the death of 66 persons injured over 50 others.
The condolence message was contained in a statement signed by the acting spokesperson of the federal ministry of foreign affairs, Kimiebi Ebienfa.
The statement read: “The Federal Republic of Nigeria wishes to express deep condolence to the Government and People of the Republic of Turkiye over the unfortunate fire incident at the Grand Kartal Hotel in the Kartalkaya Ski Resort.
“The fire, which claimed the lives of 66 persons and injured over 50 others in Bolu Province in Northwestern Turkiye, was reported to have started in the early hours of Tuesday 21st January 2025.
“The Federal Government of Nigeria sympathizes with the Government of the Republic of Turkiye and the families of the victims of the fire incident, and also wishes a speedy recovery of the injured.”
Nigeria Commiserates with Türkiye Over Devastating Fire Incident
Yobe’s Commitment To Agric. Development very Impressive -Islamic Development Bank
By: Mamman Mohammed
The Islamic Development Bank has expressed satisfaction with the preparedness of Yobe state government to partner the bank for an agricultural project.
Mr. Javed khan, Senior Agriculture Specialist of the Bank stated this at a courtesy call on Governor Mai Mala Buni CON, at the Government House, Damaturu.
Khan said the commitment of Yobe state government to meeting its obligations is quite impressive and encouraging.
Khan who led a team from the bank on assessment tour of the state to see for itself the documents developed and the preparations on ground for the project, said the team was convinced with government’s committment to the project.
“We were initially discouraged not to come to Yobe state citing insecurity but, we insisted on coming and are impressed with the peace and security, and the government’s commitment to the project.
“We are working towards a target in the next three months for the state to obtain approval from the bank for the project.
“The working synergy between our team and your team suggests that we will achieve our target within the stipulated time frame” Khan said.
Responding, Governor Buni commended the Bank for not listening to the enemies of progress of the state.
“l am glad you did not listen to them, some of whom have never been anywhere close to Yobe state but giving stories about what they don’t know.
“You are now here and you have seen things for yourselves and can tell the story better. We are ready for this partnership using agriculture to drive the economy of our state and the people.
“All the 17 local government areas in the state are now accessible and the people can access their farms and make this proposed project successful” Buni said.
The Governor explained the importance of agriculture to the people, adding “this project would guarantee food security and economic prosperity in our post insurgency recovery programme.
“The resilience exhibited by our people in embracing agriculture being their major preoccupation to rebuild their lives after the protracted insecurity is very encouraging and need to be supported” he said.
The Governor re-ephasized the readiness of his administration to partner the bank to make agricultural development in the state a huge success story.
Yobe’s Commitment To Agric. Development very Impressive -Islamic Development Bank
MAN OF THE YEAR Award By THISDAY Newspapers/ARISE Media Group
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Nigeria Commiserates with Türkiye Over Devastating Fire Incident
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