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Nigerians will experience more pain before Q1 2024 – Rewane

Nigerians will experience more pain before Q1 2024 – Rewane
Renowned economist Bismarck Rewane says Nigerians will have to endure “more pain” before next year following the removal of fuel subsidy and unification of foreign exchange rates.
He however expressed optimism that Nigeria’s economy should experience growth in the first quarter of 2024.
Rewane, who is chief executive officer of Financial Derivatives, spoke as a guest on Arise News on Saturday.
“The bad news is that there is pain and they will be more pain in the short run. But the good news is that there will be gains in the first quarter of 2024,” he said.
“I used to think that you will get that sooner, but you will need to have your supplementary budget and recycle money into the system.”
President Bola Tinubu in his inaugural speech on May 29 announced the removal of petrol subsidy.
This immediately resulted in a hike in the pump price of petrol.
The price last week surged to N617 per litre in the Federal Capital Territory (FCT) and environs, whilst it moved to N568 a litre in Lagos.
Commenting on the exchange rate, Rewane said, “What system is being used to keep your exchange rate from being misaligned fundamentally, I think that’s the key issue.
“The exchange rate is misaligned because there are certain things that are being done that affect it. For example, you are holding some variables constants while allowing some variables to change.
“In reality, no variable should be constant. Any economist who says a variable is in constant is practising partial equilibrium analysis and it doesn’t work.”
Politics
Updated: Atiku, Obi, El-rufai, others form coalition to unseat Tinubu

Updated: Tinubu reacts as Atiku, Obi, El-Rufai, others form coalition
Former Vice President Atiku Abubakar says he has formed a coalition with some prominent opposition leaders aimed at unseating President Bola Ahmed Tinubu in 2027.
Atiku made the declaration during a press conference in Abuja on Thursday, attended by several opposition politicians, including former key members of the All Progressives Congress who have since defected.
But the Tinubu-led administration has reacted saying the coalition was driven by hate and not genuine.
The event was convened to address President Bola Ahmed Tinubu’s declaration of a state of emergency in Rivers State.
Among those present at the event were the 2023 Labour Party’s presidential candidate, Peter Obi, who was represented by Dr Yunusa Tanko; former Secretary to the Government of the Federation (SGF), Babachir Lawal; and former Governor of Kaduna State, Nasir El-Rufai.
Others are a former governorship aspirant in Ogun State, Segun Sowunmi; former Director General of Progressive Governors Forum (PGF), Dr Salihu Lukman; Alhaji Adamu Maina Waziri, Chief Peter Ameh and Soni Monidafe, among others.
When asked whether the emerging coalition would serve as the main opposition against the APC in the 2027 elections, Atiku said, “Yes, this is the birth of the coalition of opposition ahead of 2027.”
Many are wondering how leaders with differing ideologies, ambitions, and party affiliations can work together.
In his reaction, spokesperson for the Tinubu-led government, Bayo Onanuga, in a statement referred to the Abubakar-led coalition as “the coalition of Tinubu haters.”
“They are not politicians after the public good. It’s all about their self-interest. They are disgruntled. They are a frustrated lot. The leaders are sore losers. The coalition is an amalgam of Tinubu haters. Their agenda is to stop Tinubu,” Onanuga said.
The presidential spokesperson added that Tinubu remained focused on governance and would not be distracted by a coalition of politicians driven by selfish interests.
Politics
Senate, Reps okay President Tinubu’s emergency rule in Rivers State

Senate, Reps okay President Tinubu’s emergency rule in Rivers State
The Senate and the House of Representatives on Thursday separately approved President Bola Tinubu’s proclamation of the state of emergency in Rivers State.
They however mandated a review of the situation at any time, but not later than six months.
The National Assembly also imposed a joint committee of both chambers to oversee the administration of affairs in Rivers State during the emergency period.
The Senate resolved to establish a mediation committee consisting of eminent Nigerians to help resolve the state’s political crisis.
The House of Representatives was the first to approve the declaration of a state of emergency in Rivers.
In a voice vote, the lawmakers backed Tinubu’s decision, two days after the President made the move.
A total of 240 House of Representative members attended the preliminary which was presided over by Speaker Tajudeen Abbas.
While deliberating on the decision, the House made some amendments including that a committee of eminent Nigerians would be set up to mediate on the matter.
They also noted that the National Assembly is empowered to make law for a state where its house of assembly is unable to perform its functions.
This contradicts the Federal Government’s plan for the Federal Executive Council to take up that duty.
On Tuesday, President Tinubu wielded the big stick in Rivers, declaring a state of emergency in the state.
He also suspended Rivers State Governor, Siminalayi Fubara; his deputy, Ngozi Odu, and members of the Rivers State House of Assembly for six months and appointed a sole administrator to take charge of the state.
Legal experts, governors, and prominent Nigerians including Atiku Abubakar, Peter Obi to have condemned the proclamation, demanding a reversal.
However, the Federal Government has doubled down on Tinubu’s decision and argued that it was needed to bring peace to the oil-rich state.
metro
Natasha: Protesters at UN House demands evidence of allegation

Natasha: Protesters at UN House demands evidence of allegation
A civil society organisation, Women for Change Vanguard, yesterday held a peaceful protest at the United Nations House, in Abuja, urging Senator Natasha Akpoti-Uduaghan to provide concrete evidence to prove her sexual harassment allegation against Senate President Godswill Akpabio.
The group, led by Mrs Irene Imoh, expressed concern over the damage that has been caused by ‘unsubstantiated allegations’ against public figures in the country.
Imoh stated that while accountability was critical in cases of sexual harassment, allegations must be thoroughly scrutinised to prevent misuse of such claims.
“We gather here today at the esteemed UN House to express our support for His Excellency, the President of the 10th Senate, Senator Godswill Akpabio. Over the past few weeks, he has faced significant reputational damage due to unsubstantiated allegations of sexual harassment made by his colleague, Senator Natasha Akpoti-Uduaghan.”
She emphasised the importance of providing evidence when making such weighty allegations of sexual harassment, noting that the burden of proof lies with the accuser.
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“It is important to remember that in any allegation of misconduct, the burden of proof lies with the accuser. If Senator Natasha claims to have been a victim of sexual harassment, we urge her to come forth with credible evidence to support her accusations. The gravity of such claims demands accountability.”
The group also warned against the potential misuse of sexual harassment allegations, expressing concerns about the #BelieveAllWomen movement being applied without due process.
“We are particularly troubled by the growing trend of misusing the #BelieveAllWomen mantra, which can inadvertently shield unfounded accusations against men. This is not the first time Senator Natasha has made serious allegations against a prominent figure. Such actions risk becoming a weapon she wields against men in power, undermining the core principles of our fight against sexual violence.”
The Women for Change Vanguard stressed that false or unverified accusations not only harm the accused but also weaken the credibility of real victims of sexual abuse.
The group further stated that their protest was not just about supporting Akpabio but about ensuring that both parties are held accountable.
“Our peaceful protest today is not merely about demanding justice, it is also about holding both parties accountable. Senator Akpabio must have the opportunity to clear his name, while Senator Akpoti-Uduaghan must show evidence that she was sexually abused.”
Chanting solidarity songs, the protesters carried placards with inscriptions, such as, “We believe in actual victims of sexual harassment not people who weaponise it” and “The burden of proof lies with the accuser”, among others.
The protesters, who submitted a petition to the UN were received by the UN Senior Human Rights Advisor, Adwoa Kufuor, who promised to channel their grievances to senior UN officials.
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