Business
Afe Babalola to Tinubu: Seek debt relief from international creditors
Afe Babalola to Tinubu: Seek debt relief from international creditors
Founder of Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, has advised President Bola Tinubu to seek debt relief from international creditors.
He stated this call during the 6th Induction Ceremony of 2023 graduating set of College of Medical and Health Sciences, ABUAD, by the Medical and Dental Council of Nigeria (MDCN) in Ado-Ekiti on Sunday.
He said, “Nigeria is one of the heaviest debtors in the world. I have written articles about it. Let us investigate how we came to several trillions of dollars. What do we spend it on? I can assure you, this money is pocketed by those who said they collected it.
“Let us call on Obasanjo again to advise the present government. When we were in serious trouble in the 90s, after he took over, he went round all the creditors and begged them; one, to peg the interest; two, to even reduce the indebtedness and today, we are better for it.
“Unless we do that, this indebtedness will cripple this country and it will lead to anything. I have seen people especially, in the North who are agitating because of the fact that the naira is getting worse; food prices are high; no employment, and those who get it are not paid. Something has to be done about it.”
He urged President Bola Tinubu to adopt former President Obasanjo’s style, by seeking reduction in the interest of the loan and the loan itself.
This according to him will lessen the burden of the loan on the country and bolster its economic growth.
Babalola also condemned the recent killings of two traditional rulers in Ekiti State and hike in food prices, attributing the phenomenon to the ‘worthless’ value of naira currency which has propelled an average Nigerian to succumb to heinous acts and other criminalities in order to make ends meet.
He urged the Federal Government to intensify efforts at tackling insecurity so that farmers could access their farms without fear and enable all Nigerians to be producers of crops by investing in agriculture.
The legal icon also called on the government to increase the salaries of teachers across all the levels of education to bolster their teaching delivery towards achieving and sustaining quality education in the country, as it has been in the 20th century.
His words: “Monarchs are killed; it is an unusual development. So, what is behind all these is the fact that we have no money, our money has no value; our currency is as worthless as toilet paper. Something has to be done about naira and productivity.
“Farmers have left their farms now because of kidnappers, something has to be done about kidnapping and farmers have to be encouraged to go back to their farms.”
The legal luminary urged the inductees not to contribute to the brain drain syndrome adversely affecting medical profession in Nigeria.
At the 6th induction ceremony, no fewer than 12 students of College of Medicine and Health Sciences of ABUAD bagged distinctions as the Medical and Dental Council of Nigeria (MDCN) inducted 161 students of 2023 graduating set.
The students recorded excellence in courses such as Community Medicine, Surgery, Pathology, Pharmacology, Anatomy, Biochemistry, Physiology and Integrated General Medical Courses.
After the physician pledge, the Registrar, MDCN, Dr Tajudeen Sanusi, condemned the trends of japa syndrome and advised the inductees to return to Nigeria if given placements to train outside the country.
Railway
Lagos Rail Mass Transit part of FG free train ride – NRC
Lagos Rail Mass Transit part of FG free train ride – NRC
The Nigerian Railway Corporation (NRC) has disclosed that the Lagos Rail Mass Transit (LRMT) trains are included in the Federal Government’s free train ride initiative for the Christmas and New Year celebrations.
The LRMT, which currently includes the Phase 1 Blue Line Rail and the Phase 1 of the Red Line Rail, operates under the Lagos Metropolitan Area Transport Authority (LAMATA).
This announcement was made by Ben Iloanusi, the Acting Managing Director of the NRC, during an interview on NTA News TV on Friday, following the launch of the initiative earlier that day.
While Iloanusi stated that Phase 1 of both the Blue Line and Red Line Rail projects are part of the program, LAMATA has yet to confirm this inclusion.
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Iloanusi outlined the other routes benefiting from the scheme, which include the Lagos-Ibadan Train Service, Kaduna-Abuja Train Service, Warri-Itakpe Train Service, Port Harcourt-Aba Train Service, and the Bola Ahmed Tinubu Mass Transit in Lagos. Notably, little was previously known about the Bola Ahmed Tinubu Mass Transit service until this disclosure.
“Let me mention the routes where this free train service is happening. We have the Lagos-Ibadan Train Service, we have the Kaduna-Abuja Train Service, we have the Warri-Itakpe Train Service, we have the Lagos Rail Mass Transit trains, we have the Port Harcourt-Aba Train Service, and we have what we call the Bola Ahmed Tinubu Mass Transit, which is also in Lagos,” he stated.
Iloanusi provided operational updates, stating that passengers nationwide can access free tickets online or, for those unable to do so, at train stations where they will be profiled and validated.
He noted that passengers using NRC-managed services (excluding the Lagos Rail Mass Transit) should reserve tickets via the official website, www.nrc.gov.ng, with a valid ID required. He also advised travelers to plan, arrive on time, and bring valid identification.
Lagos Rail Mass Transit part of FG free train ride – NRC
Business
NNPC denies claim of Port Harcourt refinery shutdown
NNPC denies claim of Port Harcourt refinery shutdown
The Nigerian National Petroleum Company Limited (NNPCL) has denied claims in media reports that the newly refurbished Port Harcourt refinery has shut down.
The national oil company denied the claim in a press release issued by its Chief Corporate Communications Officer, Olufemi Soneye, on Saturday.
Soneye said the claim was false and urged Nigerians to disregard it. He stressed that the Port-Harcourt Refinery is fully operational.
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The statement read, “The attention of the Nigerian National Petroleum Company Limited (NNPC Ltd.) has been drawn to reports in a section of the media alleging that the Old Port Harcourt Refinery which was re-streamed two months ago has been shut down.
“We wish to clarify that such reports are totally false as the refinery is fully operational as verified a few days ago by former Group Managing Directors of NNPC.”
He noted that preparation for the day’s loading operation is currently ongoing, and added that claims of the shutdown are “figments of the imagination of those who want to create artificial scarcity and rip-off Nigerians.”
NNPC denies claim of Port Harcourt refinery shutdown
Business
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This move, detailed in a circular dated December 19, 2024, is designed to meet seasonal retail demand for FX during the holiday period.
The circular was signed by T.G. Allu, on behalf of the Acting Director of the Trade and Exchange Department.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
Under the directive, BDCs may purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market.
Transactions to occur at the prevailing NFEM rate
The transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1% spread when pricing FX for retail end-users.
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All transactions conducted under this scheme must be reported to the CBN’s Trade and Exchange Department.
The circular read in part:
“In order to meet expected seasonal demand for foreign exchange, the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
This window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of 1% is allowed on the pricing offered by BDCs to retail end-users.”
The CBN assured the general public that PTA (Personal Travel Allowance) and BTA (Business Travel Allowance) remain available through banks for legitimate travel and business needs.”
These transactions are to be conducted at “market-determined exchange rates” within the NFEM framework.
This initiative reflects the CBN’s strategy to stabilize the FX market and manage seasonal surges in demand.
CBN permits BDCs to buy up to $25,000 FX weekly from NFEM
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