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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

I cannot support Peter Obi again, says Doyin Okupe

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Doyin Okupe, former director-general of the Labour Party (LP) presidential campaign in 2023, says he “cannot support” Peter Obi again.

Okupe spoke on Monday during an interview with Seun Okinbaloye on Channels Television’s Politics Today.

He was reacting to a viral clip of Obi commenting on how the country’s economic situation offers little succour to people in the south-west despite President Bola Tinubu being from the zone.

“Let us talk about what is happening today. Rice is about N100,000. We are not even sure where we are going to be. ‘It’s our turn’, ‘he is a Yoruba man’ — ask the people in Ogun, here is there any place you people buy bread cheaper?” Obi said in the viral clip.

The video generated mixed reactions on social media, with some supporting Obi’s comments while others criticised him.

Adding his voice to the criticism, Okupe described the former LP presidential candidate’s remark as an “insult” to people in the south-west.

He said Obi’s statement publicly brought down south-west people even though “eminent Yoruba people” supported him during his presidential bid in 2023.

“When Obi made that statement, it insulted us. I am a Yoruba man; I left everything and followed Obi.

“For the first time, Obasanjo left his circle of influence and deviated to support Obi,” Okupe said.

“I do not regret supporting Peter Obi. But now I cannot do it again. The reason why I did it was because we agreed that a southern president must emerge.

“I was approached that if a southern president must emerge, which zone must it come to? I said the south-east.

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Politics

APC wins ALL 18 seats in Cross River LG elections

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The All Progressives Congress (APC) has won all 18 chairmanship positions in the Cross River LG elections held on Saturday.

Ekong Boco, chairman of the Cross River State Electoral Commission (CRSEC) and the election’s returning officer, announced the results on Sunday at the commission’s headquarters in Calabar.

The APC won in Abi, Odukpani, Bakassi, Akpabuyo, Ogoja, Akamkpa, Bekwarra, Etung, Biase, Boki, Calabar Municipality, Obubra, Yakurr, Yala, Obanliku, Obudu, Ikom, and Calabar south LGAs.

The chairman of CRSEC issued certificates of return to the elected chairpersons.

Bassey Otu, the governor of Cross River, commended the winners, describing the elections as peaceful.

The governor expressed optimism that the new LG leaders would align with the state’s “people-first” agenda.

“We have a well-defined vision for the state, and we believe the new leadership at the local government level would understand that they must align with the state government’s agenda and exhibit unwavering dedication to realising good governance,” he said.

Nine opposition parties, including the Peoples Democratic Party (PDP) and Labour Party (LP), participated in the elections but did not field candidates across all 196 local council wards in the state’s 18 LGAs.

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Politics

‘There is no longer a place for her’ — Onanuga says Betta Edu won’t be returning to Tinubu’s cabinet

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Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, says Betta Edu has now left the federal cabinet for good.

Edu was minister of humanitarian affairs.

Onanuga spoke on Sunday during an interview with Channels Television.

On January 8, Tinubu suspended Edu after a memo surfaced wherein she asked Oluwatoyin Madein, accountant-general of the federation, to transfer N585 million to a private account.

The president also asked the Economic and Financial Crimes Commission (EFCC) to investigate the financial transactions of the humanitarian ministry.

After she was suspended, the former minister was grilled at the EFCC headquarters in Abuja.

Subsequently, the president suspended all programmes administered by the National Social Investment Programmes Agency (NSIPA) for six weeks, as part of the probe into alleged malfeasance in the management of the agency and its activities.

In April, the EFCC said it recovered N30 billion following investigation into the ministry’s activities, adding that 50 bank accounts were under probe.

There were appeals from certain quarters for the president to reconsider and recall Edu.

Although Edu vanished from public glare, she sent a condolence message to victims of the Jos building collapse in July using the ministry’s letterhead.

Last Wednesday, the president named Nentawe Yilwatda as Edu’s replacement during a cabinet reshuffle.

‘SHE’S GONE’

Onanuga was asked if Edu remains a minister since she was only suspended by the president.

The presidential aide said Edu is no longer a minister and that her portfolio has been handed to someone else.

“Betta Edu is gone. She was suspended in January, and this is October. She is gone. Her position has been taken over by somebody else… that is the man from Plateau state (Yilwatda),” he said.

“As far as this government is concerned, there is no longer a place for her in that cabinet.”

Asked about the outcome of the investigation on Edu, Onanuga said the EFCC is yet to make the details public.

“The EFCC has not shared whatever they have, but if you go by what the president has done, it shows that maybe the EFCC has submitted something that actually justifies that suspension,” he added.

“If we follow what the president has done, it means EFCC has revealed something that has formed the basis of the president’s action.”

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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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