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The current currency crisis is not a Nigerian phenomenon, Governor Ambode tells Nigerians 

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 According to press release by Lagos State Ministry of Information and Strategy, Lagos State Governor, Ambode stated that market forces should determine exchange rate and that the current currency crisis is not a Nigerian phenomenon 

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The Governor of Lagos State, Mr. Akinwunmi Ambode has said that for a virile economy, the naira exchange rate must be allowed to respond to other macroeconomic changes in the economy.

He stated this at the weekend while delivering his keynote address at the Nigerian Economic Outlook 2016 organised by the Net-Works Business Club, an exclusive Christian Business Club promoted by Redeem Christian Church of God (City of David Parish) with the aim of providing a platform to empower people towards the realization of their business potentials. 

The Governor, who was represented as the Special Guest at the forum by the Commissioner for Economic Planning & Budget, Mr. Akinyemi Ashade, expressed confidence in the regime of President Buhari to combat the fiscal failures of the past administration, which, he said, was responsible for the economy downturn we are experiencing following the crash in the price of crude oil – our major source of revenue.

He, however, noted that the current policies must be time bound and give way for a more sustainable exchange rate policy that will bring confidence back to the system, stressing that any attempt to manage the exchange rates will create further distortions in the system which is akin to solving one problem while creating others in the process.

Ambode urged the Central Bank to listen to the various calls by well meaning Nigerians by clarifying its long term strategy for market determined exchange rate policy which he said are genuine and should be addressed as soon as possible.

The Governor insist that, contrary to general belief, the current currency crisis is not a Nigerian phenomenon as all developing countries whose growth in the last decade was hinged on commodity boom are going through same problem which include exchange rate depreciation; rising unemployment and shrinking GDP.

He, however, express his cautious optimism that oil prices will rebound in the medium term as it is not in the interest of most countries for oil prices to fall indefinitely, noting that with rapid decline in exchange rates, some countries that are oil importers are now realizing that falling oil prices have not paid off as expected.

While commending the Federal Government for towing the line of Lagos State in making efforts to increase its Internally Generated Revenue, Ambode emphasised that the most important lesson that must be learnt from the fallen oil prices is the need to diversify our economy by looking inward.

He averred that the solid minerals sector is acknowledged as a viable alternative to oil and gas for foreign exchange earnings, adding that the National Bureau of Statistics has made us to understand that the contribution of Solid Minerals to the IGR which stood at 1% in 2014 has the potential of increasing to 10% by 2020.

 AO/TMS/FO

Politics

Enugu LGA chairman appoints aides on garden egg, pepper, yam

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Eric Odo, chairman of Igbo Etiti LGA of Enugu state, has appointed Ezeugwu Ogbonna as senior special assistant on agriculture (yam and pepper).

The appointment is contained in a letter dated November 1 and addressed to Ogbonna.

“I am pleased to inform you that the executive chairman Igbo Etiti LGA has approved your appointment as senior special assistant to the local government chairman on agriculture (yam and pepper),” the letter reads.

“You should report to the executive chairman Igbo Etiti LGA, Ogbede, for briefing and deployment.

“It is pertinent to note that this is not a career civil service appointment but a temporary appointment which you hold at the pleasure of the executive chairman of Igbo Etiti LGA.”

Odo also appointed Nwodo Ugonna as special adviser on garden egg and pepper.

The council chairman did not outline the specific duties of the appointees.

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Politics

Ondo guber: Obi, NLC ruined my chances of winning, says LP candidate

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Ayodele Olorunfemi, candidate of the Labour Party (LP) in the Ondo governorship election, says Peter Obi and the Nigeria Labour Congress (NLC) ruined his chances of winning.

On Sunday, the Independent National Electoral Commission (INEC) declared Lucky Aiyedatiwa, candidate of the All Progressives Congress (APC), as winner of the poll.

The governor secured 366,781 votes in all 18 LGAs to defeat his closest rival Agboola Ajayi, candidate of the Peoples Democratic Party (PDP), who polled 117,845 votes.

The LP candidate secured 1,162 votes, finishing fifth from bottom in the 17-candidate off-cycle election.

On the eve of the election, INEC substituted Olusola Ebiseni with Olorunfemi.

On September 27, the federal high court in Abuja directed INEC to recognise Ebiseni as the LP candidate.

The party appealed the ruling, and the appellate court struck out the earlier judgment for lack of jurisdiction.

The umpire said it had restored Olorunfemi’s name as the LP candidate in line with the court judgment.

“The commission was yesterday 14th November 2024 served with the certified true copy (CTC) of the judgment of the court of appeal which set aside the judgment of the federal high court (FHC), Abuja division,” the statement reads.

“In obedience to the court order, the commission has restored Olorunfemi Ayodele Festus, whose name was first published as the Labour Party candidate for the 2024 Ondo state governorship election, and uploaded the same to our website for public information.”

In the buildup to the election, Obi endorsed Ebiseni and described him as “someone who believes in a Nigeria rooted in fairness, equity, and justice”.

“It is this conviction that propelled me to travel by road to Ondo state yesterday to campaign alongside our Labour Party Governorship Candidate, Hon. Sola Ebiseni — a candidate I believe possesses the competence and capacity to govern the State effectively,” Obi said.

‘THEY SCUTTLED MY ASPIRATION’

Speaking with PUNCH, Olorunfemi alleged that Obi and NLC sabotaged his governorship bid.

He admitted that his last-minute campaign was poorly organised and ineffectual.

“My campaign for the election was neither here nor there. I have Peter Obi and the NLC to thank for that. They have scuttled my aspirations and chances to win this Ondo election,” Olorunfemi said.

“These people spoilt things for us with that PDP reject they wanted to force on the party. Their insistence on having Ebiseni on the ballot ruined everything for me.

“They just capitalised on the crisis between the Labour Party and the Nigeria Labour Congress to create problems.

“Can you imagine that Ebiseni wrote a letter to the court in my name without my knowledge, saying I have withdrawn from the race? They cannot exclude me from such a position.”

Olorunfemi admitted that he knew his chances of winning were slim after his reinstatement, adding that he is determined to “get his pound of flesh”.

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Politics

‘He wanted me to succeed him’ — Aiyedatiwa dedicates victory to Akeredolu

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Lucky Aiyedatiwa, Ondo state governor-elect, says he wishes Rotimi Akeredolu, his late principal, was alive to witness his victory.

Aiyedatiwa, the incumbent governor of Ondo, secured victory in all 18 LGAs, garnering 366,781 votes to defeat his closest rival, Agboola Ajayi of the Peoples Democratic Party (PDP), who polled 117,845 votes.

Aiyedatiwa took over the leadership of the state after Akeredolu died from protracted prostate cancer in 2023.

Speaking in an interview on Channels Television after his victory, Aiyedatiwa said Akeredolu wanted him as his successor.

“How I wish he was present in that banquet hall when I was declared in the company of other brother governors. That would have been really good, but God knows better,” he said.

“It is so sad and painful that he didn’t live to see the manifestation of what he himself spoke about. I do refer to him sometimes as the man who saw tomorrow.

“He knew that I was going to succeed him as governor. He knew because he wanted me to and was ready to give me the full backing.”

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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