society
Emefiele-Led CBN policies killing Nigeria’s Economy, Sack Him Now – Youth Council Tells Buhari
Emefiele-Led CBN policies killing Nigeria’s Economy, Sack Him Now – Youth Council Tells Buhari
Sahara Weekly Reports That Youth Council To #Buhari: #Emefiele-Led CBN Policies Killing Nigeria’s Economy, Sack Him Now – —The National Youth Council of Nigeria (NYCN) has blamed the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele’s poor economic management policies for the recent free-fall of the Naira.
The Naira within the week depreciated to an all-time low of N730 to a U.S dollar at the parallel market.
President of the NYCN, Comrade Solomon Adodo, stressed that statements credited to the CBN Governor alleging that the current free-fall of the Naira against other major currencies was as a result of the non-remittances of dollars to the foreign reserve by the NNPC Ltd, without highlighting the reality of the causative oil and non-oil related factors including a drop in Nigeria’s crude oil production, growing petrol subsidy, an unsustainable dual exchange rate system, reduction in foreign direct investments and growing dependence on importation across many sectors of the economy as disingenuous and unpatriotic.
The group flayed Emefiele for completely failing to concentrate on his core mandate of price stability as the apex bank’s governor, pointing out that with inflation at about 19 percent and the exchange rate nearing N800 to a dollar, the CBN Governor should be held responsible for deepening poverty in the country as he continues to work at cross-purposes at President Muhammadu Buhari’s objective of reducing poverty and growing the economy.
The statement reads: “We are all witness to the fact that from August 2020 to July 2022, the official exchange rate has moved from N381 to N415/$, representing only a nine percent increase. However, the parallel market has moved from N470 to N710 within the same period representing a 51 percent increase and a record 71 percent arbitrage with the official exchange rate creating a huge incentive for round-tripping, price gouging, sharp market practices, and inflation.
“The NYCN is therefore shocked by the comment of the Governor associating the free-fall of the parallel market rates to NNPC, even though it is purely a monetary policy issue and outside the purview of the NNPC.
“As a youth group, we have noted that the inability of the CBN to promptly release Joint Venture (JV) cash call funding from the Treasury Single Account (TSA) even when the Nigeria National Petroleum Company (NNPC) Ltd had adequate cash cover, leading to the loss of JV Partners’ confidence to restore production and reap the benefits of today’s improved oil prices.
“We are in the know that for over three months now, dollar-denominated cash call payments amounting to over $400 million, properly processed, are yet to be paid by the CBN under Mr. Emefiele.
“The combined impact of CBN’s inability to promptly release JV cash call to restore production, the increasing losses due to crude oil theft, and production deferments has culminated in significant crude oil output losses of over 600, 000 barrels per day.
“We find it curious that the apex governor seems to be unaware of the insecurity and huge oil theft in the Niger Delta which have continued to challenge the country’s oil production and the oil industry and gas industry in general. At present, there are massive losses and declaration of force majeure across the country’s major onshore production export facilities of Bonny, Brass, and Forcados.
“At the current year-to-date average crude oil price of $107 per barrel, Nigeria is counting opportunity losses translating to over $64 million per day, and a monumental impact of about $2 billion per month.
“We are taken aback that Mr. Governor is feigning ignorance that the country’s rising petrol subsidy cost, as well as the rising cost of external debt servicing, are all obligations affecting the economy. These affect the NNPC’s remittances to the Federation Account.
“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.
“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management.
“From January to June 2022, the cost of PMS subsidy has reached N2.2 trillion and it is estimated that the full-year subsidy bill may hit N5 trillion and N6 trillion in 2023.
“Apart from government decision to defer the implementation of PMS deregulation, the subsidy profile is significantly influenced by CBN foreign exchange management.
“It is however worth noting that the NNPC has recorded significant gains on production ramp-up including attaining ‘first oil’ production from the Anyala – Madu Fields and most recently Ikike fields which cumulatively boost national oil production by almost 80, 000 barrels per day.
“Furthermore, NNPC’s efforts towards attaining additional combined production of over 100, 000 barrels from fields like Obodo, Utapate etc has never abated despite the global setback recorded as a result of the effects of COVID-19 pandemic.
“History shows that Mr. Emefiele is at sea on addressing monetary policy issues. We recall that in 2021, the CBN governor blamed Aboki FX for the depreciation of the Naira. He would later blame members of the Association Bureau De Change, which led to the stoppage of dollar sales to the group. At another time, he blamed the Naira’s depreciation on activities of money laundering, terrorism financing as well as politicians.
“Furthermore, Nigerians are bearing the brunt of the inaction of the CBN Governor as the Emirates Airlines, the flag carrier of the United Arab Emirates (UAE), has reduced its flight operations to Nigeria over the inability of the CBN to repatriate about $85 million in revenue.
“Was the failure to repatriate Emirates funds also caused by the NNPC?
“The International Air Transport Association (IATA) had said Nigeria was withholding revenue worth about $450 million earned by foreign airlines operating in the country. Emirates said the planned reductions in its operations in Nigeria would take effect from August 15, 2022.
“And in a manner that fits his erratic policy, he has at present shifted all blames to the NNPC. This is clearly a case of a bad workman who blames every other person for his inability to deliver. To us at the NYCN, Emefiele is tired and should be sacked by President Buhari.
“From all indications since his failed presidential bid as well as his rejection by the All Progressives Congress, a partisan Emefiele has been doing all to rubbish the achievements of President Muhammadu Buhari and this should no longer be permitted.
“As Nigerians concerned about the future of this country and before Mr. President heeds our clarion call to send Mr. Eemefiele packing from the CBN, we advise that the CBN considers among other options the World Bank’s recommendation of adopting a single market-responsive sustainable exchange rate, improving access to forex through well-defined periodic forex auctions, and signaling a renewed commitment to price stability as a primary goal of the apex bank.
“The NYCN further expresses the optimism that the NNPC’s transitioning into a limited liability entity in line with the provisions of the Petroleum Industry Act (PIA), and its regulation now in line with the provisions of the Companies and Allied Matters Act (CAMA) would help resolve cash call payments delays as the company is now exempted from TSA, among others.
“We also hope that the NNPC Ltd would compete favourably with its peers globally and this in turn would translate to more foreign exchange for the country as well as improved national energy security
society
Opinion: It has become apparent that the forgotten Nollywood actress Doris Ogala is on a path to total destruction …
society
RCCG Pastor Peter Oyediran Conveys a Peaceful Message during the Easter Celebration of Resurrection and Restoration
RCCG Pastor Peter Oyediran Conveys a Peaceful Message during the Easter Celebration of Resurrection and Restoration
~By Oluwaseun Fabiyi
At Jesus House Huntsville, Alabama, USA, the Easter Sunday celebration was filled with love as Resident Pastor Peter Oyediran gave a powerful sermon on ‘He is not here; He has risen!’ drawing from Luke 24:6. “The grave proved incapable of holding Him, and now it similarly cannot hold us. We forego mourning; instead, we dance upon an empty grave. Victory is not expected; it has already been realized. This constitutes Resurrection. This personifies Jesus”.
In his efforts to spread his message to the people of Nigeria and the Christian faithfuls he highlighted the crucial role of peace and unity in fostering a harmonious society and a united country
Pastor Peter Oyediran of RCCG Jesus House Huntsville Alabama USA has sent warm Easter greetings to Christian faithfuls in Nigeria and beyond, emphasizing the importance of peace and unity within the Christian community
As we mark the resurrection of our Lord Jesus Christ, let us ruminate on the triumph of righteousness over wickedness and the gift of eternal life. May this festive occasion bring us nearer to God and to one another, as we uphold the tenets of love, compassion, and kindness that Jesus epitomized
The resurrection of Jesus Christ serves as a potent emblem of hope and renewal, underscoring the notion that even amidst adversity, opportunities for redemption and rejuvenation are always available
As a divinely appointed servant and resident pastor of RCCG Jesus House Huntsville, Alabama, USA, I am inspired by this message of hope and urge all Nigerians to hold on to it. As we celebrate Easter, let us not forget the importance of peace and unity in the country and in every community. Let us unite to create a just, equitable, and thriving society for everyone. May divine blessings be upon us all, and may we emerge more resilient and united than ever
I extend heartfelt greetings to our beloved Daddy GO Adeboye and fellow Pastors working together for the same purpose of kingdom service
May the true spirit of Easter inspire us to serve our local parishes and individual communities within our jurisdictions with unwavering dedication and integrity. May God’s peace be with us all, guiding us by the values of love, compassion, and kindness that Jesus taught us. Happy Easter!
E-Signed:
Oluwaseun Fabiyi
Media aide
*Hope Beyond the Cross: Folusoomosebi Foundation’s Easter Appeal
As Christians around the world commemorate the resurrection of Jesus Christ, the Folusoomosebi Care Foundation has extended warm Easter greetings to all Nigerians, urging reflection on the core values of hope, renewal, compassion, and selfless love that define the season.
In her Easter message, the Foundation’s Executive Director, Mrs Foluso Omoosebi, encouraged individuals and communities to embrace the deeper significance of the occasion—highlighting Easter’s message of enduring faith, resilience, and the triumph of light over darkness.
“Easter is more than a holiday; it is a powerful reminder that after hardship comes victory,” Omoosebi stated. “The resurrection of Christ challenges us to live lives filled with compassion, unity, and purpose.”
She emphasized that this sacred season presents a timely opportunity for healing, reconciliation, and a renewed commitment to collective well-being—especially towards supporting the less privileged and vulnerable.
“As we confront challenges as a nation and as individuals, let this season reignite our faith in a brighter, more inclusive future—one we can build together through acts of kindness, courage, and unwavering trust in God,” she added.
Omoosebi also used the opportunity to recognize the dedication of caregivers, partners, and volunteers who continue to work with the Foundation to improve lives across communities.
She reaffirmed the Folusoomosebi Care Foundation’s enduring commitment to humanitarian service, focusing on health, education, and social empowerment.
The Foundation concluded by wishing Christians and all Nigerians a peaceful and joyful Easter celebration, filled with renewed hope, strength, and love.
#HopeBeyondTheCross #FolusoomosebiCareFoundation #Easter2025 #HealingTogether #CompassionInAction
-
Business6 months agoComprehensive Media Audit Shows Flutterwave, MTN Nigeria, and Bolt Outpacing Competitors in Media Engagement
-
celebrity radar - gossips6 months agoHow Deji Adeyanju Secured The Release Of Speed Darlington
-
Politics7 months agoMy best is yet to come’ As Ambassador Adesina ‘Lanre Ogunsola affirmed at the APC APEX body, Obafemi Owode Local Government
-
Entertainment4 months agoAliu Gafar delivers stellar performance as Esusu in Femi Adebayo’s Seven Doors