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CBN Governor Blames  Nigeria’s Current Economic Woes to COVID-19 

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By Tony Obiechina, Abuja

The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso has linked the country’s current economic challenges to the lingering impacts of the COVID-19 pandemic.

The Governor who stated this in his keynote address at the launch of the book “Cowries to Cash ” and lecture held in Abuja on Tuesday, also blamed the situation on the ongoing Russian-Ukraine war.

Represented by the CBN Director of Banking Supervision, Mr.

Mustapha Haruna, the governor noted that the Cowries to Cash transformation has been deepened by the implementation of the cashless policy.

According to him, the book would eloquently capture the evolutionary journey in the history of the CBN particularly with regards to the phenomenal transformation of the Nigerian payment system in the last two or three decades.

“One of our strategic priorities in this effort is to foster financial inclusion and I’m very sure you will also relate to the progress we have made based on the current numbers.

“We have financial inclusion in the neighbourhood of about 64 per cent. Over 64 percent of Nigerians have access to formal financial services. Our vision is to push the boundaries to over 95 per cent and we are well on course, in achieving that objective”, Cardoso stated.

He assured that the CBN would continue to collaborate with the key stakeholders, particularly the fiscal authorities to ensure that it addressed a number of the essential issues and challenges currently facing the country

In his remarks, Special Adviser to the President on Economic Matters, Dr Tope Fasua, disclosed that President Tinubu’s administration is working on policies that will strengthen the Naira.

While positing that the fall in the value of the currency of a country is a sign of conquest, he said “When you want to destroy a country, destroy its currency first.”

He cautioned Nigerians who are hoarding foreign currencies with the hope that the local currency would continue to fall, warning that the policies of the government would shock them.

Fasua who represented the Vice President, Kashim Shettima, at the event said: “For those who are speculating and praying and wishing that the currency would become nonsense, I believe that the policies are being rolled out by the central bank and the government that I serve, led by the President, will shock some of them.

“You need to listen to the agenda, the man himself (Tinubu) and you will see that the level at which he is thinking is far ahead of most of us.

“You know; he has some very great ideas coming up. Some of them are what you’ve seen reversing the fall in the value of the naira, but he has also challenged us to review forward many of the targets, for example, the idea that Nigeria’s economy will get to a trillion dollars. He wants to achieve it by 2026.

“Some people thought that the naira would continue to lose value. Of course, we can already see what’s going on and who knows, maybe the Naira will strengthen even further to maybe something 500 or 600. I’m beginning to see some of those.”

He said there was going to be some tectonic reorganization of the banking sector to make the naira more stable and stronger.

“If you want to position your exports properly, you have to be strategic, even in terms of the value of your currency. So you’re going to see all of these, including efforts from the fiscal side.

“We have patriots running the economy right now. And naysayers have to be very, very afraid,” Fasua said.

Speaking on the essence of the book, the author and the Executive Director of Asher Global Treasures, Princess Iphie, emphasised the need to preserve the evolution of money and its history in Nigeria.

Iphie said: “If you don’t know what yesterday was and you don’t know what today is, definitely you will not know what tomorrow will be. So we started from Cowries to Manillas and then other ones before we started with the exchange of goods and then this is where we are right now — the technological age and loads of innovation.”

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Herdsmen Kill Pregnant Woman, 10 Others in Benue

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From Attah Ede, Makurdi

Suspected armed herdsmen again reportedly killed a pregnant woman, 10 other persons during attack on Akilo community in Usha council ward in Agatu West of Agatu Local Government Area (LGA) of Benue State.

It was gathered that the victims were killed in their homes by the marauders who invaded  the community at about 3:30pm on Sunday.

The caretaker chairman of Agatu LGA, Mr.

Yakubu Ochepo, who confirmed the killings, said that “11 people  were killed.

Ochepo said of the number of  deaths recorded, seven corpses have been recovered.

According to him, A pregnant woman corpse, an elderly man and that of five youths have been recovered, adding  that the community members were able to achieve this through the  aid of soldiers and Air force personnel deployed to the area.

“Soldiers and Air Force went there yesterday (Sunday), to recover the corpses. There were gunshots and they were running away only to regroup again.

“I’m in Makurdi now to report to Operations Whirl Stroke. We need more hands. We hear they captured some alive and threw some into the river but we are still waiting for more reports from the area.

“We have not been able to recover the remaining four corpses yet,” he explained.

Ochepo appealed to both the state and Federal Governments to take drastic action towards ending the carnage by deploying more security personnel to Agatu to check the activities of the killer herdsmen in the LGA.

When contacted, the Benue State Command Police Public Relations Officer, Catherine Anene said she was yet to get information about the fresh attack in Agatu.

It would be recalled that three farmers were reportedly killed by gunmen suspected to be herdsmen at Ogbaulu community in Agatu LGA.

 The victims were working on their farms when the herders came to slaughter them.

Similarly, on April  9, 15 persons were killed after suspected herders attacked same Ogbaulu community.

It was gathered that the attackers conducted relentless attacks on the area for two weeks, invading  all the villages the area.

The Chairman of Agatu listed some of the communities currently  under siege by armed herders in Agatu LGA as: Olegomakwu, Onahe, Ocholonya, Okokolo, Ugboju, Olegobidu, Odugbeho, Odejo, Ogbaulu, Imwenyi, Adana, Ologba-Gishu, Iwarri, Ejima-gope, Ejima-gochi, Ikpele and Okpokpolo.

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Why Obi Visited Atiku, PDP Bigwigs One Year after Elections

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Fifteen months after the 2023 general elections, the Labour Party (LP) presidential candidate, Peter Obi yesterday visited former Vice President and Peoples Democratic Party (PDP) presidential candidate, Atiku Abubakar in his house in Abuja.

Obi also met with former Governor of Jigawa State Sule Lamido and former Senate President Bukola Saraki in Abuja.

This is the first meeting of the former Anambra State governor would meet with his former political allies after he defected from the PDP to LP in May 2022.

Sources said more meetings are expected to take place soon.

This is coming on the heels of claims by Atiku’s media aide, Paul Ibe that Obi was frustrated out of PDP by the Minister of the Federal Capital Territory (FCT), Nyesom Wike because of the latter’s political ambition.

Ibe made this claim when he featured on the popular online political platform, Mic On Podcast, on Saturday.

Ibe denied that the former VP orchestrated the split.

The Chief Spokesman of Obi’s Presidential Campaign Organisation, Yunusa Tanko explained that the closed-door meeting with the PDP bigwigs bothered on discussions on how to rescue the soul of Nigeria from the clutch of the ruling All Progressives Congress.

He said, “I’m not privy to their meetings. But what you see are some of the long discussions we have had a long time ago. It is part of the discussions and efforts to battle for the soul of Nigeria.

“It is not a surprising thing for Obi to meet some of his political allies to discuss the situation of the country. That is the few I can say for now.”

On the chances of Obi returning to the PDP or the possibility of a merger between the Labour Party and the PDP, Tanko said such talks would only remain in the realm of speculations.

“Well, not really. Those are the permutations of individuals. I don’t want to dwell on that.

“But this is still an ongoing discussion. His destination will reveal itself later. Some of these discussions [Obi returning to PDP] are offshoots of what has been happening since the last election.

“We need to wait and see how these discussions pan out. Let’s hope they bring a positive outcome in the long run,” he said.

An official statement released by Obi’s media team entitled State of the Nation and Plight of the Poor: Obi Visits Atiku, Saraki and Lamido corroborated Tanko’s earlier sentiment that Obi is determined to engage virtually all his political allies on the need to wrest power from the ruling APC.

The statement read, “The 2023 Presidential flag bearer of the Labour Party, Peter Obi has continued to live up to his expressed commitment to the peace and progress of the nation.

“His abiding devotion is to the emergence of a Nigeria that works for all its people and where the people are quickly pulled out of poverty.

“Worried about the state of the nation and the increasing uncertainty in the living conditions of the poor and underprivileged, Obi in Abuja on Monday visited some top Nigerians, among whom are Former Vice President, and PDP Presidential Candidate in the 2023 election, Atiku Abubakar, the former Senate President Senator Bukola Saraki and the former Governor of Jigawa state, Alhaji Sule Lamido.

“At the centre of discussion during each of these visits was the state of the nation and how to reduce the suffering of all Nigerians irrespective of class and location.“In particular, the desperate condition of the downtrodden in our midst was highlighted. Of particular interest and emphasis in these discussions was the worrisome situation in the Northern parts of the country.”

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Tinubu Directs Mandatory Procurement of CNG-powered Vehicles

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Lubem Myaornyi, Abuja

President Bola Tinubu has directed the mandatory procurement of Compressed Natural Gas (CNG) powered vehicles by all government ministries, departments, and agencies.

This, Tinubu said is in line with his commitment to ensure energy security, drive utility, and cut high fuel costs.

Addressing members of the Federal Executive Council (FEC) at the State House yesterday, the President affirmed, “there is no turning back in the energy reforms initiated by his administration.

His directive was also in furtherance of Nigeria’s effort to transition to cleaner energy as CNG-enabled vehicles have been adjudged to produce lower emissions, even as they present a more affordable alternative for Nigerian energy consumers.

“This nation will not progress forward if we continue to dance on the same spot. We have the will to drive the implementation of CNG adoption across the country, and we must set the example as public officials in leading the way to that prosperous future that we are working to achieve for our people. It starts with us, and in seeing that we are serious, Nigerians will follow our lead,” the President stated.

Tinubu directed the rejection of all memos brought by members of FEC seeking the purchase of traditional petrol-dependent vehicles, tasking the affected members of the council to go back and diligently seek value-driven procurements of CNG-compliant vehicles.

The President said he remains committed to effectively harnessing the nation’s gas potential, alleviating the burden of high transportation costs on the masses while enhancing the standard of living of all Nigerians.

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