COVER
Economist Tasks CBN on Approach to Forex Challenge
By Tony Obiechina, Abuja
The Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has called on the Central Bank of Nigeria (CBN) to take a comprehensive approach in tackling the current foreign exchange challenges.
Yusuf, an economist, spoke in Lagos against the background of the Federal Government’s plan to officially adopt a N750 to a U.
S. dollar exchange rate for 2024.He acknowledged that the CBN was currently implementing a new market-based approach in managing the foreign exchange market, perceived as more efficient and transparent.
He said that this had led to a weaker Naira currency, but noted that could improve over time.
According to him, the success of this new approach will rely on its ability to attract foreign investment, promote economic growth, and effectively manage inflation.
He, however, said that the government’s decision to officially adopt a new exchange rate of N750 per U. S. dollar for 2024 could have positive and negative consequences for the economy.
According to him, the current exchange rate is more realistic and reflects the true value of the currency, as well as the government’s efforts to eliminate foreign exchange subsidies.
The economist said the development had resulted in increased government revenue, as the conversion of dollar earnings at N750 is more favourable compared to the previous rates.
He explained that the major advantage of the new exchange rate is its positive impact on government revenue.
Yusuf said, “unlike what was used before, the current exchange rate, as its used, is more realistic and reflects the market situation; the true value of the currency of the exchange rate.
“More importantly, the attempt to eliminate the foreign exchange subsidy that has existed before has helped to increase government revenue.
“So, these are some of the major advantages that this new exchange rate will bring to the economy and the governments; there will be major revenue advantages.
“Can you imagine when we were converting our dollar earnings at N450? You can imagine what it was under the previous governments compared to the dollar earnings at N750 to a dollar.
“You can see that the revenue implication is huge. So, there’s a major revenue advantage,’’ he said.
He noted that challenges encountered during previous attempts to manage the exchange rate included corruption and a large difference between the official rate and the parallel market rate.
According to him, such discrepancies create incentives for round-tripping and hinder economic stability.
“The premium between the official rate and the parallel market rate was very high; getting close to almost 100 per cent. You can’t run an economy that way such that you now create incentives for people to now be round tripping.
“So, there’s a major problem of corruption and round tripping that the previous foreign exchange regime created.
`Secondly, it lacked transparency because we didn’t know who was getting what and what the criteria for the allocation was. This eroded public trust and confidence in the financial system, among others.’’
By David Torough, Abuja
Former Vice President Atiku Abubakar has revealed plans for a major political coalition involving the All Progressives Congress (APC), the Peoples Democratic Party (PDP), and the Labour Party (LP) to confront what he described as the ‘incompetent and inefficient’ government of President Bola Tinubu.
Atiku made the announcement, while addressing a delegation of stakeholders from the Kogi East Senatorial Zone, led by former Deputy Governor of Kogi State, Simon Achuba, in Abuja. He said he was deeply concerned over the country’s worsening security crisis, blaming the Tinubu administration for its lack of political will to address the issue.Atiku recounted his experience as Vice President during the early days of the Boko Haram insurgency, highlighting how decisive leadership under his administration had temporarily quelled the threat.He stated, “How can leaders remain indifferent while their citizens are being killed? Such apathy is the height of irresponsibility for any political leader, anywhere.“I hold our current leadership accountable for the widespread insecurity plaguing our nation. There is a lack of political will.“Let me remind you of when Boko Haram first emerged in 2002, during our time in office. The president summoned me and asked, ‘Mr Vice President, what should we do about this?’ It began in Yobe. I advised him to call the service chiefs and set a clear deadline: if they couldn’t quell the insurgency, they should resign.“The president summoned the service chiefs, I was present, and issued firm orders. Within weeks, the insurgents in Yobe were subdued, and the threat did not resurface until after we left office.”Atiku also criticized the government’s under-policing strategy, suggesting that unemployed graduates be recruited into the police force to address the security manpower deficit.“We are under-policed. There are not enough police officers in this country, while many educated individuals remain unemployed. Why not recruit them into the police force?” he asked.He emphasized the need for a united front against the current administration, stating, “We are forming a coalition, all major political parties, including the APC, the PDP, and the Labour Party, are involved. This is the only way forward to confront such an incompetent and inefficient government. I assure you of my understanding and full support.”Simon Achuba, who led the delegation, echoed Atiku’s concerns, lamenting the rampant violence, kidnappings, and destruction of communities in the North.He accused the federal government of failing in its constitutional duty to ensure peace and security, urging northern leaders to step up and foster unity within the region.“Unfortunately, the government is doing little to alleviate this crisis, and it is their responsibility, sir. It is the government’s duty to ensure peace and order in our communities.“Yet, in a situation where the government fails to take adequate action, I believe, we believe, that northern leadership must step up,” Achuba said, calling for internal healing and brotherhood among northerners.
By Eze Okechukwu, Abuja
Senate President, Godswill Akpabio has said that Nigeria was long overdue for a national census, adding that the exercise would assist the country in national planning.Akpabio made the remarks while playing host to members and management of the National Population Commission(NPC) who visited him in his office to update him on the preparation for the next Census for the country.
Akpabio told his guests: “I don’t want to call it a national disgrace but can I say it’s a national embarrassment that even Nigerians who go outside to represent us in different fora do not know the number of Nigerians. ”Sometimes you will go to some places and they will say 250 million Nigerians. At another place, they will say you people are over 270 million. Some African countries think we are over 300 million.”If you go to places where they are holding retreat now, they are now shrinking from 250 million to 220 million. I think it’s time to bring that confusion to an end.”Any country that fails to know its population has already started to fail in its planning. You cannot truly plan for the future if you don’t know the number of mouths you want to feed. You do not know the number of children that you want to put in schools. You can’t know the number of classroom blocks you will build.”We must plan. Any country that does not plan for its future has already accepted failure. We will be failing the future generation of Nigerians if we do not begin to plan for the future and start the planning of this Census. This Census is important so that we know how many people we are planning for.”Akpabio assured members of the NPC that the National Assembly would support the Commission to succeed.”It is very important that we support you. The National Assembly will support you to succeed. I have no doubt, with the calibre of men and women that I have seen here, that the task that Mr President has given to you, once the proclamation is done, you will rise to the occasion. And I know that the National Assembly, the Senate in particular, will stand by you all the way,” he said.Earlier, the NPC chairman, Nasir Isa Kwarra who led the delegation said the visit was to keep the Senate President abreast of the stage of preparation and seek continued support of the National Assembly for the next Census.”We cannot conduct this Census without your support. So we will continue to count on your support and we want to make Nigerians proud by conducting a very thorough Census that will yield a lot of data that will assist in planning policy formulation and tracking our development,” Kwarra said.
By David Torough, Abuja
Former Governor of Jigawa State, Alhaji Sule Lamido has called on President Bola Tinubu to show courage by closing the chapter of June 12 once and for all.According to him, the payment of the N45 billion debt owed to the family of the late presumed winner of the June 12, 1993, presidential election, Chief Moshood Kashimawo Olawale (MKO) Abiola, would serve as a symbolic and moral closure to the June 12 struggle and Abiola’s unjust treatment following the annulment of the election, widely believed to have been won by the late business mogul.
The former Minister of Foreign Affairs made the call while delivering his closing remarks at the launch of his autobiography, “Being True to Myself,” held yesterday in Abuja.“When (General) Murtala (Muhammed) died, Abiola came in with a claim that he was owed, I think, about N45bn for contracts executed by International Telephone and Telecommunication for the Ministry of Communications. The military high command at that time said no.“He went around the Emirs in the North to lobby, and the Emirs asked that they (the military) should please pay the money. They (the military) said they annulled the June 12 elections because if they made him President, he would take his money, and the country would become bankrupt. Those who were close to Abacha should know this because Abacha was then one of the big shots; they were all aware.”“Before I end my remarks, I want to appeal to President Tinubu to finally close the chapter of June 12. In his book, General Ibrahim Babangida acknowledged that Abiola won the election. When I visited him, he also confirmed that Abiola is owed N45 billion. He was doubly punished: first, denied the presidency; second, denied what is owed to him.”Lamido urged the Minister of Information and National Orientation, Muhammad Idris Malagi, who represented President Tinubu at the event, to deliver the message to the President.“Please tell the President to pay the Abiola family the N45 billion. Once this is done, the June 12 chapter will be closed. It is very important,” he stated.
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