Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty – Newstrends
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Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty

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Asiwaju Bola Ahmed Tinubu and Alhaji Atiku Abubakar

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.

“Nigeria is not earning enough US dollars from its sales of crude oil because its production of oil has been declining. And,

“Nigeria is not attracting foreign investment in appreciable quantities.

“These are enough reasons for Nigeria to seek to have greater control of the market, at least in the short to medium term when convergence is expected to be achieved.”

Furthermore, he slammed the president’s FX policy, noting that the policy was hurriedly put together without proper plans and consultations with stakeholders. The government failed to anticipate or downplay the potential and real negative consequences of its actions.”

Reacting to Atiku’s statement, Nwafresh on X noted that Tinubu was ill-prepared to become Nigeria’s president.

He noted that “everybody knows that Tinubu just wants to answer the title President of the Federal Republic of Nigeria’ and that’s all.

“He came with little to nothing in terms of policies or plans. He’ll end up as the worst president in the history of Nigeria.”

For Queen Bee, she stated that “Tinubu is a punishment upon Nigeria.

“The name Tinubu should be the newest addition to the English Lexicon, meaning agony, pain, and suffering.

“It should also mean corruption, crimes, and criminalities.”

Gathy argued that “Tinubu is just there because of entitlement and personal aggrandizement. He has no plans. I hope you (Atiku) and Peter Obi can come together to alleviate our suffering.”

Calling Tinubu’s FX policy “a recipe for disaster,”  Shafii Hamidu noted that the Nigerian leader is “cooking up cocktails of hardship and poverty while telling us to trust the process.”

While Sheikh Abdullah opined that “Tinubu has nothing to offer; his administration is a total failure,” Ukula Titus argued that “Tinubu’s regime will not do anything positive that will favor Nigerians, believe me.

“His 4 years are already a waste. For instance, what was his manifesto? Nothing.

“He said it’s his turn. He wasn’t coming to fix any problems but to add more problems to Nigerians.”

Nigerians blast Tinubu as Atiku berates president over fluctuation of Naira, poverty

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Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

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5 hours ago

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April 27, 2024

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Omoyele Sowore

Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

Omoyele Sowore, a prominent Nigerian activist, has called for the prosecution of the American International School (AIS) in Abuja for alleged money laundering involving former Kogi state governor Yahaya Bello and his former Chief of Staff, Ali Bello.

In a post on X, Sowore alleged that Bello and his aide laundered close to $1 million under the guise of paying “future school fees” for their children at AIS.

He argued that similar to the American justice system, the AIS should face charges instead of simply refunding the money.

He further urged the Economic and Financial Crimes Commission (EFCC) to ensure that the school discloses all such payments made by Politically Exposed Persons (PEPs). Sowore believes that investigating such payments could reveal widespread financial misconduct and calls for AIS to be converted into a public school if found guilty.

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His words: “The American International School @AISAbuja , where fugitive former Kogi state governor Yahaya Bello @OfficialGYBKogi and his former Chief of Staff, Ali Bello, laundered close to $ 1 million in the name of paying “future school fees” of their wards should be charged and prosecuted for money laundering instead of being allowed to refund the money.

“This is the way the American justice system treats such cases on US soil, the @officialEFCC must also ensure the school discloses all such school fees paid by Politically Exposed Persons (PEPs).

“I am sure there are a lot of discoveries that would be uncovered such that the school could be converted to a public school instead of its criminal connivance with financial criminals fleecing the Nigerian public across board, these must necessary apply to these ultra-expensive private schools in Nigeria.”

Yahaya Bello: Prosecute US school over advance tuition fee payments, Sowore tells EFCC

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Why we praised Aviation minister Keyamo after Dana Air incident – Northern group

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5 hours ago

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April 27, 2024

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Minister of Aviation and Aerospace Development, Festus Keyamo

Why we praised Aviation minister Keyamo after Dana Air incident – Northern group

The Coalition of Northern Patriots (CNP) has hailed the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo SAN, for prioritising the safety and well-being of air travellers.

The group stated this in a statement signed by its president Kudu Mohammed in reaction to the suspension of the Air Operator Certificate (AOC) of Dana Airlines.

The Nigeria Civil Aviation Authority (NCAA), on Wednesday, announced the airline’s suspension after its aircraft (MD82 with registration marks 5SN-BKI) skidded off the Murtala Muhammed Airport, Lagos runway.

In reaction, Mohammed said Keyamo is restoring dignity and confidence to the sector with innovative reforms in line with global best practices, always promoting national security interest as a patriot.

Mohammed said in the aviation business that there is no margin for error. Hence, all protocols must be strictly adhered to, and that is what Keyamo has done.

“The suspension of the operations of Dana Airlines is a welcome development,” the statement said. “As we all know, this is the second time within two years that Dana Air’s AOC has been suspended over safety violations.

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“In 2022, the airline’s operation was halted after the outcome of a financial and economic health audit carried out on the airline by the regulatory authority came out negative.

“This time around, though, thankfully, we have an Aviation Minister whose priority is the safety and well-being of travellers unafraid to make painful decisions for the good of the nation.

“We have a man who never compromises and strongly holds on to his principles. Mr Keyamo has already introduced some innovative reforms in line with global best practices. He has carried out a thorough cleansing of the polluted sector he inherited.

“We, therefore, pass a vote of confidence on his leadership. Of course, we are aware that he is not the most-loved minister due to his transparent and resolute approach.

“However, we want to let Mr Keyamo know that the masses are with him.”

The group, therefore, urged him to remain a fearless advocate of the masses and never to allow himself to be silenced by detractors.

Why we praised Aviation minister Keyamo after Dana Air incident – Northern group

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Fuel scarcity bites harder in Abuja, Ondo, Osun, others

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6 hours ago

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April 27, 2024

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Fuel scarcity bites harder in Abuja, Ondo, Osun, others

There is no succour yet for motorists and other petrol end users despite the Thursday statement by the Nigerian National Petroleum Company Limited (NNPCL) that it had resolved the logistic problems that sparked the supply crisis.

Reports from across the country yesterday showed that many filling stations had no fuel to sell.

Some sold over and above the threshold of N650 per litre while motorists and other buyers besieged the few ones that sold within the range of N600 per litre.

While many petrol stations in Lagos sold fuel at the normal price and queues were not noticeable, it was a different story in the industrial town of Ota, Ogun State where some filling stations hiked their pump price to N799 per litre.

In Abuja, over 80% of the Premium Motor Spirit (PMS) retail outlets shut down their operations yesterday, creating an opportunity for a massive black market around the Federal Capital Territory (FCT).

Although the price remained unchanged at N617 per litre at the Nigerian National Petroleum Company Limited (NNPCL) filling stations while major marketers sold it for between N680 and N690 per litre, some independent marketers vended the product for as high as N750 per litre.

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Black marketers sold one litre for as much as N1,200 to desperate motorists.

Some drivers who ran out of fuel in hot spot were ready to pay N1,300 per litre just to exit the danger zone.

Meanwhile, there was a sign of hope that the situation would improve at weekend as The Nation could see more retail outlets getting opened to customers at 5:45pm.

Many civil servants who had a tough time returning home from work on Thursday did not bother to turn up at their workplace yesterday.

Epileptic fuel supply in Ondo

The epileptic supply of fuel was no better in Ondo State yesterday with many filling stations also shut down.

The price ranged between N600 and N670 in the few filling stations that opened for business.

Chairman of Independent Petroleum Marketers Association of Nigeria (IPMAN) Ore depot, Shina Amoo, said NNPCL was not selling to IPMAN members.

Amoo said IPMAN members had to resort to buying from third parties at high prices.

He said fuel marketers are shutting down operations in the state due to low or non-profit margin.

Long queues   in Enugu

The crisis was characterised by long queues at filling stations in Enugu while the price hovered between N600 and N725 per litre.

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It was N660 in some Total, Enyo, Masters Energy, Rainoil and Northwest filling stations and N660 per liter in NNPC filling stations.

Osun residents, motorists groan as petrol stations hoard fuel

Residents and motorists in Osun State accuse petrol dealers in the state of hoarding and profiteering.

The Nation observed long queues at major marketers petrol stations with price ranging between N625 and N640 per litre.

Independent marketers sold theirs for between N700 and N750.

Human rights activist Comrade Waheed Saka asked the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the State government to check the situation.

A motorist, Saheed Salako, claimed that many of the petrol stations had fuel but refused to sell.

 Crisis worsens in Plateau as a litre goes for N800

Many car owners in Jos, the Plateau State capital have been forced by the hike in fuel price to park their vehicles at home.

A litre sold for between N760 and N800 at some filling stations yesterday.

The NNPCL had attributed the tightness in the supply of PMS currently being experienced in some areas across the country to logistics issues but said the issues “have been resolved.”

It urged Nigerians to “avoid panic buying as there is sufficient product in the country.”

Fuel scarcity bites harder in Abuja, Ondo, Osun, others

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