The PRP calls on the CBN and the Nigerian Government to rescind the policy and focus on implementing measures that address the citizens’ concerns, including economic growth, job creation, and equitable distribution of resources. The party emphasizes its solidarity with the citizens and its commitment to fighting for a fairer and more prosperous future for all.
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Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty
Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty
Alhaji Atiku Abubakar, the presidential candidate of the Peoples Democratic Party, PDP, in the recently held general election, has berated President Bola Tinubu over the “currency fluctuation and poverty” facing the country.
Atiku, in a statement posted on his X page on Sunday, berated Tinubu for “cluelessness” in solving the “foreign exchange crisis and the problem of economic downturn, among others,” stating that the president has failed to “showcase any concrete policy steps that his administration is taking to contain the crises.”
Atiku further stated that “the wrong policies of the Tinubu administration continue to cause untold pain and distress to the economy.”
His statement reads, “At a meeting called at his instance on Thursday to address the foreign exchange crisis and the problem of economic downturn, among others, Bola Tinubu failed, yet again, to showcase any concrete policy steps that his administration is taking to contain the crises of currency fluctuation and poverty that face the country.
“Rather, he told the country and experts who have been offering ideas on how to resolve the crisis that he and his team should not be distracted and allowed time to continue cooking their cocktail that has brought untold hardship to the people of Nigeria.
“I don’t agree with that. The wrong policies of the Tinubu administration continue to cause untold pain and distress to the economy, and the rest of us cannot keep quiet when the government has demonstrated sufficient poverty of ideas to redeem the situation.
“If the government will not hold on to their usual hubris, there are ways that the country can walk out of the current crisis.
“After a careful assessment of the state of our economy during the twilights of the last administration, I knew full well that the economy of the country was heading for the ditch and came up with several policy prescriptions that would rescue the country from getting into the mess that we are currently in.
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“Those ideas, encapsulated in my policy document titled My Covenant with Nigerians, made the following prescriptions:
“I had signed on to a commitment to reform the operation of the foreign exchange market. Specifically, there was a commitment to eliminate multiple exchange rate windows. The system only served to enrich opportunists, rent-seekers, middlemen, arbitrageurs, and fraudsters.
“A fixed exchange rate system would be out of the question. First, it would not be in line with our philosophy of running an open, private sector-friendly economy.
“Secondly, operating a successful fixed-exchange rate system would require sufficient FX reserves to defend the domestic currency at all times. But as is well known, Nigeria’s major challenge is the persistent FX illiquidity occasioned by limited foreign exchange inflows to the country.
“Without sufficient FX reserves, confidence in the Nigerian economy will remain low, and the naira will remain under pressure.
“The economy will have no firepower to support its currency. Besides, a fixed exchange rate system is akin to running a subsidy regime!
“On the other hand, given Nigeria’s underlying economic conditions, adopting a floating exchange rate system would be an overkill.
“We would have encouraged the Central Bank of Nigeria to adopt a gradualist approach to FX management.
“A managed floating system would have been a preferred option. In simple terms, in such a system, the naira may fluctuate daily, but the CBN will step in to control and stabilize its value.
“Such control will be exercised judiciously and responsibly, especially to curtail speculative activities.”
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Atiku, who gave reasons for the control, noted that “Nigeria has insufficient, unstable, and precarious foreign reserves to support a free-floating rate regime. Nigeria’s reserves did not have enough foreign exchange that could be sold freely at fair market prices during crises.
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Just in: Tinubu lands in Abuja after Netherlands, Saudi trips
Just in: Tinubu lands in Abuja after Netherlands, Saudi trips
President Bola Tinubu has returned to Nigeria after his trips to the Netherlands and Saudi Arabia.
According to the NTA, Tinubu returned on Wednesday.
On April 22, Tinubu left Abuja, the country’s capital, for the Kingdom of The Netherlands on an official visit.
Ajuri Ngelale, presidential spokesperson, said the president was visiting The Netherlands at the invitation of Prime Minister Mark Rutte.
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After the engagements in The Netherlands, Tinubu proceeded to Riyadh in Saudi Arabia to attend a special World Economic Forum (WEF) meeting between April 28 and 29.
Bayo Onanuga, the special adviser on information and strategy to the president, on Tuesday announced that the President and his aides will return on Wednesday in a post on his X handle.
“President Bola Ahmed Tinubu, along with his aides, will return to Nigeria tomorrow from Europe,” Onanuga wrote.
Just in: Tinubu lands in Abuja after Netherlands, Saudi trips
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National clean cooking policy gets FEC approval
National clean cooking policy gets FEC approval
The Federal Executive Council (FEC) has approved the National Clean Cooking Policy to ensure access to clean cooking energy solutions for all Nigerian households and institutions by 2030.
During the policy’s launch, Minister of Environment Balarabe Abbas Lawal affirmed the government’s commitment to supporting policy domestication by implementing key recommendations, as stated by the Nigerian Alliance for Clean Cooking (NACC).
“We will conduct extensive awareness campaigns to highlight the benefits of cleaner cooking solutions. Additionally, we’ll offer technical and business training to enhance the capabilities of local producers and distributors. Fiscal and monetary incentives will also be provided to encourage local manufacturing of clean cooking fuels and technologies,” he elaborated.
Minister of State for Environment, Dr. Iziaq Kunle Salako, emphasized the ministry’s plan to organize regional and state launches to raise awareness about the policy.
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“Effective implementation of the policy relies on states and local governments aligning with its goals,” he emphasized, pledging adequate budgetary allocations from the Federal Ministry of Environment.
Dr. Salisu Dahiru, Director General of the National Council on Climate Change, highlighted the significance of implementing the clean cooking policy in achieving national climate change objectives.
“Development partners have allocated substantial financial resources to support the national clean cooking goal,” he noted.
Ewah Eleri, Chairman of the Board of Trustees of the Nigerian Alliance for Clean Cooking, praised FEC’s approval of the national policy and called for collaboration among government levels, the private sector, civil society organizations, and international development agencies to combat cooking energy poverty and mitigate climate change impacts.
Eleri thanked all partners, particularly the Clean Cooking Alliance and the Heinrich Boell Foundation, for their contributions to policy development.
National clean cooking policy gets FEC approval
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CBN cybersecurity levy will worsen Nigerians’ situation – PRP
CBN cybersecurity levy will worsen Nigerians’ situation – PRP
The Peoples Redemption Party (PRP) has condemned the cybersecurity levy imposed on electronic transfers by the Central Bank of Nigeria (CBN), describing it as ill-timed and insensitive, especially considering the current economic challenges faced by Nigerians due to the Federal Government’s unpopular policies.
The PRP, in a statement signed by its acting national publicity secretary, Comrade Muhammed Ishaq, and made available to WITHIN NIGERIA, called on the CBN to withdraw the policy and implement measures to alleviate the suffering of Nigerians.
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The statement questions the timing of the levy and criticizes the government for collecting money from Nigerians to fund the Office of the National Security Adviser without ensuring transparency or accountability in the utilization of the funds.
The PRP condemns the CBN’s directive and warns that it will further worsen the financial difficulties faced by Nigerian citizens, particularly impacting vulnerable groups such as hardworking individuals, families, and small business owners.
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