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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
OGUN INVESTS OVER ₦2.25 BILLION TO BOOST AQUACULTURE
Ogun State Governor, Prince Dapo Abiodun disclosed that his administration has invested over N2.25Billion with the support from relevant partners to promote aquaculture, towards ensuring food security, job creation, and sustainable livelihood.
Governor Abiodun made this known during the official flag off of Fish Harvest at Ijako-Ota in the Ado-Odo/Ota Local Government Area of the State, adding that his administration was reducing undue dependence on imports and positioning the State as a leader in inland aquaculture.
Represented by his Deputy Engr. Noimot Salako-Oyedele, the states helmsman noted that the event was not just about harvesting fish, rather it was about celebrating real cultivation and people-focused progress in the state, appreciating the World Bank and the OGSTEP team for their continued support as well as commitment towards improving the livelihood of its citizenry.
“Ogun State Economic Transformation Project (OGSTEP) was developed to strengthen our economy through strategic investments in agriculture. In aquaculture alone, we have supported over 3,400 fish farmers across the State. Each farmer received 72 bags of high-quality feed, with the government subsidising 30 percent of the cost. In total, more than 179,000 bags have been distributed, representing an investment of around ₦2.25 billion”, he noted
Abiodun stressed that agriculture was a serious economic enterprise, noting that his administration remains committed to scaling the cluster model across the State, continue to provide access to finance, inputs, infrastructure, markets, and technology, all in bid to make Ogun State the preferred destination for agribusiness in Nigeria.
He charged the Ministry of Agriculture to fast-track the development of the proposed Processing Zone in the area, as the process would further increase value and reduce post-harvest losses.
Speaking, Chief Economic Adviser and the Commissioner for Finance/Chairman Project Steering committee OGSTEP, Mr. Dapo Okubadejo, represented by the Commissioner for Budget and Planning/Chairman Project Technical Committee OGSTEP, Mr. Olaolu Olabimtan, stated that the programme underscores the importance of agriculture, especially Aquaculture, saying it would not only help to boost food production but serve as a reservoir for fish farmers in Igidaduro Abule Ewipe fish farm as well as create more jobs for youths.
He also reiterated the State Government’s commitment in supporting agricultural initiatives and partner relevant stakeholders with a view to growing the State economy through food production as well as create more job opportunities for youths.
Earlier, Commissioner for Agriculture and Food Security, Hon. Bolu Owotomo, said the programme had impacted over 3000 farmers in the State, with a cluster of over 700 fish farmers, noting that the country import about 55 percent of fishes while Ogun State produced 40,000 tonnes as against the demand of over 100, 000, revealing that the present administration led by Prince Dapo Abiodun had invested nothing less than 5.4billion to support different initiatives in agriculture.
Responding, the Project Coordinator OGSTEP, Mrs. Mosun Owo-Odusi noted that the flag-off of the fish harvest was not just a celebration of hard work but a testimony to what could be achieved when the right structures are in place describing the successes recorded as largely due to the unwavering support received from the Ogun State Government and other stakeholders
Representing the Olota of Ota, Oba Prof. Abdulkabir Obalanlege, the Onibudo of Ibudo, Oba Dr. Odutola Adewunmi, commended the State Government for his strides in agriculture and other sectors, saying it shows his commitment to good governance.
In his remarks, the Cluster Chairman, Mr. Ebenezer Jinadu, expressed appreciation to the State Government and the OGSTEP team for the laudable initiative, saying before the programme, most fish farmers have closed businesses but the intervention had helped to resuscitate their businesses, while seeking more government support in building processing centers.
The Chairman ACDC, Mr. Atiba Johnson as well as three other beneficiaries also took turns in appreciating the government for the initiatives while asking for further intervention on the access road.
Ogun Set to Host Most Ambitious National Sports Festival Yet – NSC Chairman*
_as NSC Affirms State’s Readiness Ahead of Gateway Games 2024_
The National Sports Commission (NSC) has officially confirmed that Ogun State is fully prepared to host the 22nd edition of the National Sports Festival, following a comprehensive inspection tour of competition venues, logistics hubs, and athlete accommodations across the state.
Led by NSC Chairman Mallam Shehu Dikko, the Commission’s delegation visited key facilities including the MKO Abiola International Stadium, Alake Sports Centre, Remo Stars Sports Complex, and Babcock University, which will serve as the athletes’ village for the Festival.
The Gateway Games 2024, scheduled to run from May 16 to 30, will bring together thousands of athletes and officials from across Nigeria, competing in more than 32 disciplines, making it one of the largest and most inclusive editions in the Festival’s history.
Speaking after the tour, NSC Chairman Mallam Shehu Dikko expressed deep confidence in Ogun’s capacity to deliver a landmark event. According to him, “What I have seen here in Ogun is more than infrastructure. It is intent readiness, and ambition. Ogun is set to deliver a brilliant National Sports Festival that will raise the bar and define the standard for future games across Nigeria.”
Reaffirming the state’s commitment, Governor Dapo Abiodun assured the Commission and the Nigerian people of Ogun’s readiness to deliver a historic Games. “We consider it an honour and a responsibility to host this historic Festival. Every facility, every logistic, every detail has been prepared to showcase the best of Ogun and the promise of Nigeria. The Gateway Games will be a model of what’s possible when states align with national vision,” the Governor said.
As the lead agency for sports governance in Nigeria, the National Sports Commission continues to play a central role in coordinating nationwide sports development delivery, enforcing standards, and deepening synergy across all tiers of government. The success of the Gateway Games will serve as a blueprint for future sports development initiatives under the Renewed Hope Agenda of the Tinubu administration.
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