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Emefiele-Led CBN policies killing Nigeria’s Economy, Sack Him Now – Youth Council Tells Buhari

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CBN Governor, Emefiele Swims In Fresh Crisis

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.

 

 

Emefiele-Led CBN policies killing Nigeria’s Economy, Sack Him Now - Youth Council Tells Buhari

 

 

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

Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Why NLC Rejected The New Petrol Pump Price

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BREAKING! 48 Hours To Election, All Labour Party State Chairmen Rejects Peter Obi

Why NLC Rejected The New Petrol Pump Price

 

 

 

Sadly, the Nigeria Labour Congress (NLC) has rejected the new pump price of petrol fixed by the Nigerian National Petroleum Corporation Limited (NNPCL).

 

 

 

Why NLC Rejected The New Petrol Pump Price

 

It was reported that the oil firm has directed its outlets nationwide to sell fuel between N480 and N570 per litre.

 

 

 

 

Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd, had said the price adjustment was made in line with “market realities”.

 

 

 

 

But NLC President, Comrade Joe Ajaero, who briefed journalists at Labour House, Abuja, on Wednesday, said the congress would not accept that.

 

 

 

 

 

He added that the fixing of prices is not what the government could do unilaterally.

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Aare Adetola Emmanuelking, wife celebrates Prince Dapo Abiodun at 63, Second Term in Office as Governor of Ogun state

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Aare Adetola Emmanuelking, wife celebrates Prince Dapo Abiodun at 63, Second Term in Office as Governor of Ogun state

Aare Adetola Emmanuelking, wife celebrates Prince Dapo Abiodun at 63, Second Term in Office as Governor of Ogun state

By Solanke Ayomideji Taiwo

 

 

 

The Group Managing Director GMD of Adron Homes and Properties, Aare Adetola Olaniyi and Yeye Aderonke Emmanuelking have celebrated Prince Dapo Abiodun mfr CON on the occasion of his 63rd anniversary and swearing-in as the executive governor of Ogun state for the second term.

 

 

 

 

 

According to Aare Adetola Emmanuelking, Prince Adedapo Abiodun, the Executive Governor of Ogun State is one man with exact definition of grace judging from his humble beginning and subsequent movement on the ladder of life, as well as his political expedition since the early 90s.

 

 

Aare Adetola Emmanuelking, wife celebrates Prince Dapo Abiodun at 63, Second Term in Office as Governor of Ogun state

 

 

 

DA, as he is fondly called in the political parlance, has been consistently focused on the ultimate goal of impacting humanity positively and making indelible footprint in the sand of time; the consciousness that informed his zeal to lead his people and change the old order of ineptitude and arrogance in power.

 

 

 

Aare Adetola Olaniyi Emmanuelking said the elegant movement of Prince Dapo Abiodun was apparently visible as a product of grace in his private business where he rose to the apogee of his career. The murky water of politics almost derailed the smoothness of the movement, but for the superior power of his ‘grace’. Abiodun weathered the storm of the turbulent political atmosphere without blemish, to the chagrin of many pundits and keen observers.

 

 

 

That the Governor of Ogun State has gradually and steadily become a political juggernaut of note in the State and Nigeria at large is inchoate, Dapo Abiodun by his innate culture of humility, simplicity, calmness, consistency and shrewdness has retired former demagogues and semi-gods in the political space of Ogun.

 

 

 

 

Abiodun’s revolutionary philosophy in politics and governance will remain a reference point in the political history of the State, as his style of leadership worthy of emulation even for his contemporaries and coming generations of politicians across Nigeria.

 

 

 

 

They both prayed for long life and more strength for Prince Dapo Abiodun to paddle the canoe of Ogun state to a greater height.

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Abiodun meets Ogun workers, reiterates administration’s commitment to their welfare

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Abiodun meets Ogun workers, reiterates administration’s commitment to their welfare

 

 

The Ogun State governor, Dapo Abiodun, on Tuesday, reiterated his administration’s commitment to the welfare of workers in the service of the state, declaring the welfare would be part of the major priorities in the next of four years.

 

 

 

 

Abiodun made this known during an interaction with workers at his Oke-Mosan, Abeokuta office, where he also commended the state work force for its unalloyed support.

 

 

 

 

He added that his administration in the second term would also look for ways to continue to improve the lot of the public servants so that they can continue to be more efficient and professional in the discharge of their duties.

 

 

 

 

“I want to pledge to you that I will continue to look for ways and means to improve you so that you will continue to be more intellectually and professionally built, so that you can hold your own anywhere you go in the world.

 

 

 

 

“I also want to pledge that this next four years, your welfare will be one of my priorities, the things that I have been working on over the past few months by the grace of God will come to fruition in the next few weeks; they are some of the things we’ve been discussing. To the promises I have made to you, you will see changes very soon,” he said.

 

 

 

 

Abiodun, while thanking the public servants in the state for their support towards the successful implementation of the ISEYA Agenda of his administration in the first term, noted that the success recorded was as a result of the cordial relationship between the public service and the political office holders.

 

 

 

 

 

“I want to thank you for your support and collaboration, it is me and you, this is our government, the success recorded in the last term was because of you. More successes we are going to record this time and it is going to be because of you and I together,” Abiodun added.

 

 

 

 

 

 

The state helmsman while charging the Permanent Secretaries in the state public service who are Accounting Officers in their various ministries that would hold the fort until the appointment of new Special Advisers and Commissioners, said that he has no doubt in their ability to do a perfect job.

 

 

 

 

” I am going to need all the support and cooperation I can get from you Permanent Secretaries, you are the Accounting Officers of your various ministries, pending the time that we appoint advisers and commissioners, I want to enjoin you to please hold unto your ministries and be very accountable. I do not have a doubt that I will not find anyone of you wanting in your various responsibilities, you are all very experienced and you are the best of the civil service,” he said.

 

 

 

 

 

Abiodun, however, assured the people of the state that his administration in the second term would ensure the commencement of dry port in Kajola, Ogun Central Senatorial District of the state, adding that the commencement of the port which would have all the facilities needed, would not only make the state a place to be for investors, but would have an impact on the ease of doing business in the state.

 

 

 

 

 

 

The Governor who also assured that his administration would continue to build more affordable housing units for the use of public servants, submitted that “We will continue to build until we ensure that every desirous civil servant that wants a house will have a roof over his head as a landlord, not as a tenant”.

 

 

 

 

 

Earlier in his remark, the Head of Service; Kola Fagbohun, who congratulated the governor on his successful inauguration for a second term, assured him that public servants in the state would continue to add more value towards the actualization of the ISEYA Agenda of his administration.

 

Abiodun meets Ogun workers, reiterates administration's commitment to their welfare

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