POLITICS
NEC advocates legislative reform for national competitiveness
The National Economic Council (NEC) has emphasised the need for a national legislative reform agenda for national competitiveness.
Mr Olusola Abiola, Director Information, Office of the Vice President, made this known in a statement issue at the end of 135th meeting of NEC, chaired by the Vice President, Kashim Shettima, in Abuja on Thursday.
He said that it was essential that nigeria resolves the legislative binding constraints to national competitiveness.
“The National Economic Summit Group (NESG), through our partnership with the National Assembly and the Nigerian Bar Association, has identified over 115 legislations that hindered growth in the last few years, 10 legislations have been passed, including the cama 2020 and the pia 2021.
”He said that NEC commended NESG for its presentation, especially on pragmatic roadmaps for tackling current economic challenges.
“It was noted that the recommendations contained in the NESG’s roadmap needs to be reviewed to align with existing economic agenda at the national and sub-national levels for pragmatic purposes.
“Investment inflows have dwindled since 2019, likewise the country’s investment/GDP ratio; Crude Oil exports and refined petroleum products imports dominate Nigeria’s trade structure.
“Nigeria’s Naira position against major trading currencies deteriorated. Weak forex supply and heightened demand for imports remains core drivers of exchange rate instability.
“Market volatility persists despite recent forex alignment, driven by pressure on forex demand that widens the gap between official and parallel market rates due to inadequate supply and speculative tendencies.
“External reserves remain under pressure as external reserves fell by 8.3 per cent from N37.1 billion in January 2023 to N33.9 billion in July 2023.”
POLITICS
Assembly Passes Edo N675bn 2025 Budget for Assent
The Edo House of Assembly on Monday passed the state 2025 budget of N675 billion for assent.
The passage followed the adoption of the report of the House Committee on Budget and Project Monitoring at plenary in Benin.
Presenting the report, the chairman of the committee, Sunday Fada, (PDP Esan Central) said the budget was made up of N225 billion recurrent expenditure and N451 billion capital expenditure.
Fada noted that the committee came up with the increase in the budgetary allocation to enable the governor carry out his five points agenda in the state.
The House at the committee of Supply, considered the budget clause by clause and subsequently, approved the increase from N605.
7 billion to N675 billion.The Speaker, Blessing Agbebaku, thereafter directed Mr Yahaya Omogbai, the clerk of the house to forward clean copies of the budget to the governor for his assent. (NAN)
POLITICS
Poverty, Behind Deadly Stampedes Across Nigeria, says Falana
By Mike Odiakose, Abuja
Human rights lawyer, Femi Falana, SAN, on Sunday attributed the deadly stampede that claimedmore than 105 lives in stampedes during food and cash distribution events to “poverty-induced neoliberal economic policies” and “criminal negligence.
”In a statement released on Sunday, Falana, who chairs the Alliance on Surviving COVID-19 and Beyond ASCAB, demanded justice for victims of the tragic events, saying, “These tragic events are a national shame, the victims were not just statistics but human beings driven to desperation by systemic poverty and the gross incompetence of those entrusted with their safety.
”On December 21, 12 people died and 32 others were injured in Okija, Anambra State, during a scramble for rice distributed by a philanthropist.
On the same day, a stampede at Holy Trinity Catholic Church in Maitama, Abuja, resulted in the deaths of 10 individuals, including children, as over 3,000 people jostled for palliatives.
Just two days prior, on December 19, 35 children lost their lives in a stampede at a Christmas funfair at an Islamic High School, Basorun. in Ibadan, Oyo State.
“The loss of these innocent lives is heart-wrenching,” Falana lamented.
“It underscores the indignity that poverty imposes on our people.”
Falana also criticized the elite for their treatment of the poor during such events, stating, “No member of the elite invites others to lunch by throwing the food,” and condemned what he termed “class prejudice” in the distribution of humanitarian aid.
He also announced plans to mobilize lawyers to pursue civil suits against the organizers of these events.
“We will ensure survivors and families of the deceased are adequately compensated,” Falana affirmed. “Those responsible for these avoidable tragedies must be held accountable.”
POLITICS
2025 budget: LP Chieftain Lauds Tinubu for Diving Priority to Security, Others
Dr Ayo Olorunfemi, National Deputy Chairman of the Labour Party (LP) ,has commended President Bola Tinubu for giving priority to security and other key sectors in the 2025 Appropriation Bill .
Olorunfemi gave the commendation while speaking with newsmeon Thursday in Lagos.
NAN reports that the President had on Wednesday presented the N47.
9 trillion 2025 Appropriation Bill , christened “Budget of Restoration, Securing Peace and Rebuilding Prosperity” , to a joint session of the National Assembly .The President listed highlights of the 2025 budget allocations to include: defense and security: N4.91 trillion; infrastructure: N4.06 trillion; Health: N2.
48 trillion and Education: N3.52 trillion.Reacting , Olorunfemi described security as an enabler of development.
He called on the President to ensure proper implementation ,saying budgets had always been well-crafted but usually lacked monitoring and implementation.
“There is nothing that can happen if there is no security. This is good if the budget is properly utilised for the purpose.
“Our problem is not about policies and budgets, it is about monitoring and implementation.
“There is nothing wrong in bringing a budget proposal forward in terms of expectation, what we want to do, how we want to do it, and how much we want to spend.
“Now, the most important thing is the implementation,, budgets in Nigeria have always been properly crafted,” the LP boss said.
Olorunfemi called on the President to build strong institutions to prevent sabotaging of his policies.
“If this government wants to do anything, it must wake up to the responsibility of monitoring policies and ensure severe penalty for anyone who attempts to sabotage such policies.
“We need institutions that no one will be able to interfere with. We must allow these institutions to work, that is what we expect.
“Once we have strong institutions, most of our problems are solved,” he said.
He also called on the President to take steps to address the problems experienced by Nigerians in the banking sector.
Olorunfemi decried the inability of many Nigerians to get cash at bank’s Automated Teller Machines and the high charges paid to get cash from Point of Sales (POS) operators.
The LP boss also urged the President to devise ways of ending multiple taxations and high fuel price, describing them as major causes of hardship .
Recalled that the President said that the budget was a demonstration of government’s commitment to stabilising the economy, improving lives and repositioning the country for greater performance.
He also said the budget sought to consolidate the key policies instituted to restructure the economy, boost human capital development, increase the volume of trade and investments and bolster oil and gas production. (NAN)