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Be patient to enjoy economic reform benefits, Tinubu tells Nigerians
Be patient to enjoy economic reform benefits, Tinubu tells Nigerians
President Bola Tinubu said on Monday that despite the hardships caused by the elimination of fuel subsidies and other economic reforms implemented by his administration, Nigerians will soon reap the fruits of their efforts.
Tinubu made the statement during his speech at the 2024 Annual National Management Conference of the Nigerian Institute of Management (Chattered), which was held in Port Harcourt, Rivers State, under the topic ‘Economic Stability and National Security: Contending Issues and the Way Forward’.
The President, who was the event’s Special Guest of Honour and was represented by the Federation’s Head of Service, Didi Esther Walson-Jack, emphasised that the choices were intended to stabilise the poor economy that he inherited.
He stated that in the short time he has been in charge of guiding the nation’s ship, his administration has made major gains in diversifying the economy, including large investments in important sectors such as agriculture, technology, and renewable energy.
He stated, “In the bid to quickly kick-start and stabilise the weak economy that we inherited, we have taken some hard decisions through the economic reforms introduced so far, such as the floating of the naira and the removal of fuel subsidies.
“We recognise the fact that the pains occasioned by these reformative economic policies have been biting hard on the citizenry, but we are convinced that the nation’s economy and the Nigerians will start reaping the benefits of all the sacrifices in no distant time.”
He described the event as a gathering of great minds dedicated to advancing excellent management practices in Nigeria, with a large number of professional managers representing decision-makers in both the public and commercial sectors of the country’s economy.
“Let me begin by expressing my sincere appreciation to the Nigerian Institute of Management for their invaluable contributions to the development of our nation. Your commitment to excellence in management is vital, for it is through good management that we can unlock the full potential of our resources and human capital.
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“The theme of this conference, ‘Economic Stability and National Security: The Contending Issues and the Way Forward’, is apt and relevant towards charting a new course and national rebirth for the country in line with the eight-point agenda of the Federal Government aimed at turning around the economy and making life easier for the citizenry,” Tinubu added.
While recognising that the country is at a crossroads where the relationship between economic health and national security cannot be exaggerated, he stated that these two pillars were inextricably intertwined, saying, “Our strategy must reflect that fact.
“By choosing this theme as the focus of this year’s conference, the Institute has further demonstrated that it is committed to supporting the Federal Government in achieving its drive to reposition and turn around the nation’s economy and set it on the path of real development and progress. You have indeed proven, once again, to be partners in progress with the government.”
He stated that in addition to economic disadvantages, the country suffers a multitude of security concerns, including terrorism, banditry, kidnapping, and communal confrontations, which demand a diversified approach to address them.
“It is imperative that we adopt a multifaceted approach to both economic and security challenges. We must enhance our intelligence capabilities, strengthen community policing, and ensure that our security forces are adequately equipped.
“Moreover, addressing the root causes of insecurity such as poverty, unemployment, and inadequate education is essential to ensuring lasting peace,” Tinubu said.
While praising the NIM’s efforts and support for national development, which he believes the organisation has proved through public policy advocacy and other programs, he urged the institute to increase its presence in public portions of the National Assembly.
“I further challenge the Institute to improve its visibility at public sessions of the National Assembly when bills are being considered so as to make more robust professional management input that will be most relevant in the public domain.
“The Federal Government will appreciate the involvement of the institute in the key function areas of governance where the services of professional bodies are needed.”
Be patient to enjoy economic reform benefits, Tinubu tells Nigerians
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Currency in circulation now N4.8tn – CBN report
Currency in circulation now N4.8tn – CBN report
Currency in circulation has reached an all-time high of N4.8 trillion as of November 2024, recording over seven per cent increase from the previous month.
Also, currency outside banks grew significantly in the same month hitting an all-time high of N4.6 trillion from the N4.2 trillion in the month of October.
These figures were contained in the money and credit supply data from the Central Bank of Nigeria (CBN).
The currency in circulation is the amount of cash–in the form of paper notes or coins–within a country that is physically used to conduct transactions between consumers and businesses.
It represents the money that has been issued by the country’s monetary authority, minus cash that has been removed from the system.
Similarly, currency outside a bank refers to cash held by individuals, businesses and other entities that is not stored in banks.
The currency outside the bank represents about 96 per cent of the currency in circulation.
Nigerians have in recent times been facing acute cash shortage with banks limiting daily withdrawal at Automated Teller Machines (ATMs) to N20,000 irrespective of the number of accounts held by an account owner.
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According to the latest data, the currency in circulation grew by seven per cent to reach 4,878,125.22 from 4,549,217.51 in October.
Currency in circulation has grown steadily in the outgoing year 2024 with over one trillion naira added to cash in circulation after starting the year with N3.65 trillion in January.
In February, the currency in circulation slightly increased to N3.69 trillion representing an increase of N43 billion or 1.18 per cent from the January figure.
March also saw an appreciable increase to N3.87 trillion while it further increased to N3.92 trillion in the following month of April.
The growth trajectory continued in May with the currency in circulation increasing slightly to N3.97 trillion, an increase of N42 billion or 1.07 per cent while it reached an all-time high of 4.04 trillion, an increase of 2.11 per cent from May.
The July figure also rose marginally with the currency in circulation settling for N4.05 trillion before growing to N4.14 trillion in August and N4.43 trillion in September and N4.5 trillion in October.
In the same vein, currency outside banks grew from N4.2 trillion in October to N4.6 trillion in November, showing increasing preference for other means of storing outside bank deposits.
Economist, Dr. Paul Alaje attributed the development to the expanding money supply, adding, “Money supply is expanding but this may not necessarily be in cash. As it is expanding, it will necessarily induce inflation. But you can’t blame the people. People must look for money. How much was bottled water last year, how much is it today? All of this will induce inflation. If you now ask, what is the cause of inflation? Is it money supply itself or a devaluation policy? It is a devaluation policy. Money supply is an offshoot. So the Central Bank is raising interest rates to actually reduce money supply but the more they try the more money supply expands.”
He stated that the floatation policy of the CBN has created inflation, adding, “It is like chasing one’s tail and I don’t know if you are going to catch it.”
Currency in circulation now N4.8tn – CBN report
News
Tinubu not telling Nigerians the truth, says Sule Lamido
Tinubu not telling Nigerians the truth, says Sule Lamido
President Bola Tinubu has been accused of not being forthright about the true state of Nigeria under his administration.
Former Jigawa State Governor and senior Peoples Democratic Party (PDP) member, Sule Lamido, made the accusation while speaking on the BBC Hausa programme Gane Mini Hanya.
Lamido criticized both Tinubu and former President Muhammadu Buhari for what he described as a lack of transparency in governance.
“Buhari’s and Tinubu’s governments are not being transparent with Nigerians unlike during the time when PDP was in power where everything was transparent and open to all Nigerians,” Lamido said.
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He accused the two administrations of relying on propaganda rather than providing citizens with accurate information.
Lamido also expressed concerns over President Tinubu’s recent loan requests, questioning the logic behind them. “If Nigerians are being told the truth then there is nothing wrong with that, but how would you budget N30tn, generate N50tn and then request loan when you have a surplus of N20tn,” he said, referencing last year’s budget.
He described the situation as “reckless” and “selfish,” adding, “This recklessness and clear-cut selfishness is not done anywhere in the world, but yet you find (some) Nigerians supporting it. Visit social media and see how APC is being criticised, being referred to as calamity, yet you find some protecting it.”
Tinubu not telling Nigerians the truth, says Sule Lamido
News
Nigeria Customs Service begins 2025 recruitment [How to apply]
Nigeria Customs Service begins 2025 recruitment [How to apply]
The Nigeria Customs Service (NCS) has announced the commencement of its recruitment exercise, assuring Nigerians that the process is entirely free and fair.
The agency has cautioned the public to be vigilant against scammers who may attempt to exploit unsuspecting applicants during the recruitment period.
Applications are invited for positions in the Superintendent, Inspector, and Customs Assistant cadres as part of the Service’s plan to recruit 3,927 officers in 2025.
This initiative is aimed at enhancing trade facilitation and supporting Nigeria’s economic recovery efforts.
“Our recruitment is entirely free and fair. At no stage do we charge fees. Anyone requesting payment is a scammer,” the agency emphasized, urging applicants to be wary of fraudulent schemes.
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The NCS outlined eligibility criteria, stating that applicants must be Nigerian citizens by birth, possess a valid National Identification Number (NIN), and have no criminal record or ongoing investigations.
Academic qualifications for the three cadres are as follows:
Superintendent Cadre: A university degree or Higher National Diploma (HND) along with an NYSC discharge or exemption certificate.
Inspectorate Cadre: A National Diploma (ND) or Nigeria Certificate in Education (NCE) from an accredited institution.
Customs Assistant Cadre: At least an O’Level certificate (WAEC or NECO).
In addition to these qualifications, the NCS stressed that all applicants must be physically and mentally fit, providing evidence of medical fitness from a recognized government hospital.
Nigeria Customs Service begins 2025 recruitment [How to apply]
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