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President Buhari explains why Nigeria has not removed fuel subsidy
President Muhammadu Buhari has risen to the defence of the Central Bank of Nigeria’s monetary policy actions despite the inflation rate at 17.7% and the Naira continuing to plunge in the black market.
The president disclosed this in an interview with Bloomberg, where he expressed confidence in the apex bank’s ability to tackle Nigeria’s economic problems and also gave a reason for not removing fuel subsidy as earlier planned.
This comes after the World Bank released a report stating that the multiple exchange rates, trade restrictions, and the financing of the public deficit continue to damage the business environment. The Bank also, stated that the CBN’s low-interest loans undermines commercial banks that lend on a risk-adjusted pricing basis and needs to be dialed down.
When asked why he refused to heeded the call by the World Bank and IMF to remove the fuel subsidy and to unify the exchange rate. President Muhammadu Buhari said “most western countries are today implementing fuel subsidies. Why would we remove ours now? What is good for the goose is good for the gander!”
“What our western allies are learning the hard way is what looks good on paper and the human consequences are two different things. My government set in motion plans to remove the subsidy late last year. After further consultation with stakeholders, and as events unfolded this year, such a move became increasingly untenable. Boosting internal production for refined products shall also help,” he added
The president showed optimism around forthcoming projects and stated that Nigeria’s exchange rate was able to handle shocks.
He said “Capacity is due to step up markedly later this year and next, as private players and modular refineries (Dangote Refinery, BUA Group Refinery, Waltersmith Refinery) come on board. The exchange rate is still susceptible to external shocks that can suddenly and severely affect Nigerian citizens. As we step up domestic production – both in fuel (enabled by PIA) and food (agricultural policies) – the inflationary threat shall diminish, and we can move toward unification.”
When asked if he was concerned about the debate around the central bank’s independence following the governor showing interest in running for president. he said, “The CBN governor is appointed by the President. But this appointment is subject to confirmation by the Nigerian Senate. Ultimately, it will be for the CBN’s board of directors to determine whether a CBN governor’s actions have fallen foul of the laws in place to ensure he can most effectively carry out his duties.
“But there is a subtext to the accusations. Because the governor follows a model outside of the economic orthodoxy, he is labelled political. But the orthodoxy has proved wrong time and again.”
News
Cross-River workers embark on warning strike over non-implementation of minimum wage
Civil servants in Cross River state have commenced a strike over the non-implementation of the new minimum wage.
The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had slated November 25 and 26 for the warning strike.
They warned that the industrial action would be followed by a total strike should the government fail to do the needful before December 1.
Bassey Otu, governor of Cross River, appealed to the unions to shelve the plan and “support the government in its quest to improve the lot of our people”.
The governor made the appeal at the 5th edition of the state solemn assembly at U.J. Esuene Stadium in Calabar.
Otu said his administration is committed to the welfare of workers.
“I appeal to the leadership of organised labour and all affiliates of the NLC and TUC to suspend their planned strike,” he had said.
“I enjoin them to support the government in the quest to improve the lot of our people.”
On July 29, 2024, President Bola Tinubu signed the minimum wage bill into law. The legislation increased the country’s minimum wage from N30,000 to N70,000.
On November 11, NLC announced November 30 as the deadline for all state governments to implement the new minimum wage.
The union ordered its members to embark on an indefinite strike in states where the new minimum wage is yet to be implemented.
However, several states have begun implementation of the new wage.
News
Driver escapes death as 40ft container falls on car in Lagos
A yet-to-be-identified driver luckily escaped death on Monday morning when a 40-foot-laden container fell onto a Toyota Camry, with registration number LSR 293 HJ, at Mile 2, en route to Apapa Ports, Lagos.
The accident, according to an eyewitness, happened at about 8 a.m.
Fortunately, the driver of the car was rescued by the prompt intervention and coordinated response of the Lagos State Traffic Management Authority (LASTMA) and other emergency services, including the Federal Road Safety Corps (FRSC) and the Lagos State Emergency Management Agency (LASEMA).
The victim received immediate medical attention after being rushed to the hospital by the joint rescue team.
Security during the operation was effectively maintained by officers from the Kirikiri Police Division, who ensured a secure and orderly environment for the emergency responders.
Following the rescue, the Toyota Camry was successfully removed from beneath the container.
As of 9.30 am, efforts to evacuate the fallen container were in full swing, while LASTMA officers managed the scene to ease traffic congestion and restore normalcy.
The General Manager of LASTMA, Mr Olalekan Bakare-Oki, reiterated the critical importance of proper container securing by truck drivers and owners.
He stressed that negligence in this regard endangers lives and property, urging strict compliance with road safety protocols to avert such catastrophic occurrences.
“LASTMA remains unwavering in its commitment to ensuring the safety and efficiency of Lagos roadways and continues to work collaboratively with relevant stakeholders to uphold traffic laws and enhance public safety,” Bakare-Oki stated.
News
Lagos state government removes illegal shop extensions blocking drainage channels in Lagos Island
The Lagos State government has cleared illegal shop extensions obstructing drainage systems and a government-provided water tap in Lagos Island.
The exercise was conducted by the Lagos State Building Control Agency (LASBCA), led by its General Manager, Arc. Gbolahan Oki.
This was disclosed in a statement issued by Adu Ademuyiwa, Director of Public Affairs at LASBCA, via the agency’s official X (formerly Twitter) account on Sunday.
The enforcement operation focused on Idi-Oluwo Street, where shop extensions had blocked critical drainage channels and access to potable water, leaving the community without essential resources.
Arc. Gbolahan Oki highlighted the adverse impacts of these illegal structures on residents, noting that several shop owners had constructed extensions over public drains and a government-provided water tap, causing significant disruptions to the area.
“In a proactive effort to ensure public safety, orderliness, and the smooth flow of traffic, the Lagos State Building Control Agency (LASBCA) has taken decisive action by removing illegal shop extensions obstructing drainage systems and community water supplies along Idi-Oluwo Street, Lagos Island.
“Leading the LASBCA Enforcement Team, the General Manager, Arc. Gbolahan Oki, highlighted the adverse impacts of these illegal structures on residents. He noted that several shop owners had built extensions over public drains and water tap, causing significant disruptions,” the statement read in part.
The statement revealed that one of the removed extensions had blocked access to a government-provided water tap, cutting off the entire community’s supply of potable water. The swift removal of these illegal structures restored water access to the affected area.
Arc. Gbolahan Oki emphasized the need for residents to respect public infrastructure and take collective responsibility for preserving community resources.
Furthermore, the statement noted that Arc. Gbolahan Oki issued a one-week ultimatum to traders at Idi-Oluwo, directing them to address the identified violations or face stringent legal consequences.
At Mankanra Market, the LASBCA team uncovered several environmental infractions, including shanties obstructing walkways, which compromised the market’s functionality and safety.
Additionally, the statement highlighted that Hon. Princess Lara Oyekan-Olumegbon, representing Lagos Island Constituency 1 in the Lagos State House of Assembly, praised LASBCA’s proactive efforts.
She urged market leaders to ensure their members adhere to state regulations on sanitation and structural integrity, warning that defaulters would face penalties as prescribed by law.
The LASBCA team also visited Bombata Market, where Arc. Oki advised market leaders to prioritize cleanliness and foster an orderly trading environment.
He assured them of a follow-up inspection within three months to confirm compliance with required standards and maintain the improvements.
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