Connect with us

NEWS

CPPE Projects Positive Inflation Outlook for 2025

Published

on

Share

The Centre for the Promotion of Private Enterprises (CPPE) says the country’s inflation outlook for 2025 promises to be positive.

The CPPE Chief Executive Officer, Dr Muda Yusuf, said this while reacting to the December inflation figure released by the National Bureau of Statistics on Wednesday which stood at 34.

80 per cent.

The increase in the December headline inflation was marginal at 0.20 per cent compared with November inflation figures of 34.60 per cent.

The hike was primarily driven by the increased demand for goods and services to celebrate the festive season.

Yusuf, however, hinged his projected positive inflation metrics on sustained moderation in exchange rate volatility and improvement in foreign reserves.

He added that the prospects of easing geopolitical tensions with the inception of Donald Trump’s presidency in few days time would  positively impact inflation rate.

He, however, urged the Central Bank of Nigeria to pause on monetary policy tightening and interest rate hikes to ensure further moderation in inflammatory pressures.

This, Yusuf said, would reduce business operating costs.

He also advocated a reduction in fiscal risks to macroeconomic stability through a reduction in fiscal deficit and deceleration in public debt growth.

“Inflationary pressures continue to be a troubling feature of the Nigerian economy as reflected in the December inflation numbers.

“CPPE is worried about the current fixation of the National Assembly on revenue, especially the arbitrary revenue targets for Ministries, Departments and Agencies (MDAs).

“Excessive pressure on MDAs to boost revenue and increase Internally Generated Revenue has profound inflationary implications,” he said.

Yusuf noted that in reality, such pressures were invariably transmitted to investors in form of higher fees, levies, penalties, import duties and  regulatory charges, among others.

These outcomes, he said, were in conflict with government aspirations to boost investment, curb inflation and create jobs.

He noted that revenue targets should be based on empirical studies, absorptive capacity of the economy and due consideration of the wider economic implications.

“Obsession with revenue would hurt investments, worsen inflationary pressures, aggravate poverty and impede economic growth.

“There should be a careful balance act between revenue growth aspirations, desire to boost investment and commitment to moderate inflation,” he said.(NAN)

NEWS

‎FG Imposes 7-year Ban on New Federal Tertiary Institutions 

Published

on

Share

The Federal Executive Council (FEC) has approved a seven-year moratorium on the establishment of new federal tertiary institutions.

‎Dr Tunji Alausa, Minister of Education  announced the approval, after Wednesday’s FEC meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.

‎He explained the ban applies to all federal universities, polytechnics, and colleges of education.

According to Alausa, the decision aims to address systemic decay caused by unregulated expansion.

‎”What we are witnessing today is duplication of new federal tertiary institutions, a significant reduction in the current capacity of each institution, and degradation of both physical infrastructure and manpower.

‎“If we do not act decisively, it will lead to marked declines in educational quality and undermine the international respect that Nigerian graduates command.”

‎“We are doing this to further halt decays in tertiary institutions which may in future affect the quality of education and consequently cause unemployment of graduates from some of these institutions.”

‎Alausa noted Nigeria currently has 72 federal universities, 108 state universities, and 159 private universities with similar trends in polytechnics and colleges of education.

‎He pointed to a growing mismatch between the number of institutions and available student enrollment.

‎He cited a northern university with fewer than 800 students but over 1,200 staff, calling it unsustainable.

‎The minister described the moratorium as a bold corrective measure by the Tinubu administration.

‎He said the government would now focus on upgrading existing institutions, improving infrastructure, boosting manpower, and increasing capacity.

‎“We need to improve the quality of our education system and increase the carrying capacity of our current institutions so that Nigerian graduates can maintain and enhance the respect they enjoy globally.”

‎The minister however announced that the Council approved 9 new private universities out of the 79 active requests pending applications.

‎”Several of these applications have been in the pipeline for over six years, with investors having already built campuses and invested billions of Naira,” he explained.

‎“Due to inefficiencies within the NUC, approvals were delayed. We have since introduced reforms to streamline these processes, and today’s approvals are a result of clearing this backlog.”

‎(NAN)

Continue Reading

Foreign News

CAF Sanctions Kenya Again over Crowd Trouble

Published

on

Share

The Confederation of African Football (CAF) has sanctioned African Nations Championship (CHAN) co-host, Kenya, for the second time in as many weeks over security breaches.

In a statement made available on Monday evening, the continental governing body said that it has limited entry to the 48,000-seat Moi International Sports Centre.

It also said that, known as Kasarani Stadium, can accommodate 27,000 fans for Sunday’s Group A match between Kenya and Zambia.

CAF said only electronic ticket holders would be allowed into the stadium, with thermal tickets prohibited.

The governing body warned that Kenya’s matches could be relocated from Kasarani Stadium if organisers fail to prevent further breaches.

“We trust these measures will be applied swiftly to protect competition’s integrity, ensure fan safety, and uphold confidence in Kenya’s commitment to the tournament,” CAF said.

The sanctions follow incidents on Aug. 10 when Kenya defeated two-time winner Morocco 1-0 in spite of playing the entire second half with 10 men.

The win put Kenya top of Group A with seven points.

The debutants would reach the quarterfinals with at least a draw against winless Zambia.

Last week, Kenya’s football federation was fined nearly 20,000 U.S. dollars for security lapses during the team’s 1-0 win over DR Congo in the tournament opener on Aug. 3.

In the latest case, CAF cited major lapses, including stadium gates and restricted service areas being overrun by ticketless spectators and holders of government-distributed physical tickets.

It also accused security personnel of losing control at exit points and allowing breaches of the perimeter fence that enabled thousands of ticketless fans to enter.

CAF had expressed alarm over the use of tear gas and flash grenades, reports of live ammunition fired near spectators and staff, and violent incidents such as stone-throwing at security personnel.

It also cited unsafe vehicle movement in spectator areas, inadequate police response, and the lack of medical incident reports in spite of injuries being reported.

Organisers were further criticised for insufficient communication tools and the absence of CCTV coverage at critical entry points.

Continue Reading

Education

Varsity Don Advocates Establishment of National Bureau for Ethnic Relations, Inter-Group Unity

Published

on

Share

By David Torough, Abuja

A university scholar, Prof. Uji Wilfred of the Department of History and International Studies, Federal University of Lafia, has called on the Federal Government to establish a National Bureau for Ethnic Relations to strengthen inter-group unity and address the deep-seated ethnic tensions in Nigeria, particularly in the North Central region.

Prof.

Wilfred, in a paper drawing from years of research, argued that the six states of the North Central—Kwara, Niger, Kogi, Benue, Plateau, and Nasarawa share long-standing historical, cultural, and economic ties that have been eroded by arbitrary state boundaries and ethnic politics.

According to him, pre-colonial North Central Nigeria was home to a rich mix of ethnic groups—including Nupe, Gwari, Gbagi, Eggon, Igala, Idoma, Jukun, Alago, Tiv, Birom, Tarok, Angas, among others, who coexisted through indigenous peace mechanisms.

These communities, he noted, were amalgamated by British colonial authorities under the Northern Region, first headquartered in Lokoja before being moved to Kaduna.

He stressed that state creation, which was intended to promote minority inclusion, has in some cases fueled exclusionary politics and ethnic tensions. “It is historically misleading,” Wilfred stated, “to regard certain ethnic nationalities as mere tenant settlers in states where they have deep indigenous roots.”

The don warned that such narratives have been exploited by political elites for land grabbing, ethnic cleansing, and violent conflicts, undermining security in the sub-region.

He likened Nigeria’s ethnic question to America’s historic “race question” and urged the adoption of structures similar to the Freedmen’s Bureau, which addressed racial inequality in post-emancipation America through affirmative action and equitable representation.

Wilfred acknowledged the recent creation of the North Central Development Commission by President Bola Tinubu as a step in the right direction, but said its mandate may not be sufficient to address ethnic relations.

He urged the federal government to either expand the commission’s role or create a dedicated Bureau for Ethnic Relations in all six geo-political zones to foster reconciliation, equality, and sustainable development.

Quoting African-American scholar W.E.B. Du Bois, Prof. Wilfred concluded that the challenge of Nigeria in the 21st century is fundamentally one of ethnic relations, which must be addressed with deliberate policies for unity and integration.

Continue Reading

Advertisement

Read Our ePaper

Top Stories

NEWS7 hours ago

‎FG Imposes 7-year Ban on New Federal Tertiary Institutions 

ShareThe Federal Executive Council (FEC) has approved a seven-year moratorium on the establishment of new federal tertiary institutions. ‎Dr Tunji...

Foreign News10 hours ago

CAF Sanctions Kenya Again over Crowd Trouble

ShareThe Confederation of African Football (CAF) has sanctioned African Nations Championship (CHAN) co-host, Kenya, for the second time in as...

Education10 hours ago

Varsity Don Advocates Establishment of National Bureau for Ethnic Relations, Inter-Group Unity

ShareBy David Torough, Abuja A university scholar, Prof. Uji Wilfred of the Department of History and International Studies, Federal University...

Foreign News10 hours ago

Madonna Urges Pope Leo to Visit Gaza

SharePop icon Madonna has made an appeal to Pope Leo XIV, urging him to visit the blockaded Gaza Strip amid...

Foreign News10 hours ago

Putin Bans Foreign-made Clothing for Russian Army From 2026

ShareRussian President Vladimir Putin signed a decree on Monday banning the procurement of foreign-made clothing and related gear for the...

NEWS11 hours ago

Tinubu Initiates First National Industrial Manpower Devt Policy

SharePresident Bola Tinubu on Tuesday announced plans for Nigeria’s first-ever National Industrial Manpower Development Policy. Tinubu, represented by the Vice-President...

Foreign News11 hours ago

Australia PM Says Israel’s Netanyahu ‘In denial’ about Gaza War

ShareAustralia’s prime minister has accused his Israeli counterpart Benjamin Netanyahu of being “in denial” over the consequences of the war...

SPORTS11 hours ago

Tottenham Interested in Crystal Palace’s Eze

ShareTottenham FC are exploring a deal for Crystal Palace and England forward Eberechi Eze. Thomas Frank is looking to bolster...

SPORTS11 hours ago

Liverpool Stepping up bid to Sign Palace’s Guehi

ShareLiverpool are stepping up their attempts to sign Crystal Palace and England center-back Marc Guehi. Palace captain Guehi has a...

BUSINESS11 hours ago

Power Outage Killing Our Businesses, Enugu Residents Cry Out

ShareResidents of Ologo, Coal Camp and Uwani areas of Enugu metropolis have decried persistent power outage in the area spanning...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc