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President Buhari explains why Nigeria has not removed fuel subsidy

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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.”

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NAFDAC raids Abuja supermarkets, confiscates counterfeit products worth N50m

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Operatives of the National Agency for Food and Drug Administration and Control (NAFDAC) on Thursday raided Sahad store, a popular supermarket in Abuja, for selling some counterfeit products.

The agency also raided H-Medix outlets located in Wuse 2, Gwarinpa, and Utako market, in the nation’s capital.

Speaking with journalists during the exercise, Embugushiki-Musa Godiya, the NAFDAC head of investigation and enforcement in Abuja, said the team had also raided markets in Nyanya and Mararaba axis on Tuesday.

He said the team equally raided Wuse market on Wednesday and seized goods worth millions of naira.

Godiya said the three-day operation was carried out based on intelligent reports the agency gathered from well-meaning Nigerians.

“We have been able to successfully recover some of the counterfeit products, and evacuate them for destruction. Our concern is one of the products, purported to be Nivea NAFDAC regulated product, but it is not,” NAN quoted him as saying.

“The most shocking to me is that such substandard Nivea cream and other cosmetics are even more expensive than the ones approved by NAFDAC. This is criminal.

“The market value of what we have seen so far for drug hawking is N5 million, and for the NIVEA products, other cosmetics and other products, including Jik bleach, Harpic toilet cleaner and Airwick room freshener, all counterfeit in large quantity, valued at N45 million.

“The total value of all the goods seized during the operation is N50 million.”

He said the agency has zero tolerance for compromised standards, adding that “NAFDAC will arrest whosoever is involved in this crime”.

“NAFDAC enforcement will make sure it gets to the root of the syndicate that imports these products,” he said.

He called on Nigerians to be careful with the kind of products they buy, and always watch out for the NAFDAC registration number before they buy.

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NIS places Yahaya Bello on watchlist as IGP withdraws officers attached to him

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The Nigeria Immigration Service (NIS) has placed Yahaya Bello, former governor of Kogi, on a watchlist.

The police headquarters in Abuja has also “ordered the withdrawal of all men attached to his excellency Alhaji Yahaya Bello, former executive governor of Kogi state”.

Bello was declared wanted by the Economic and Financial Crimes Commission (EFCC) on April 18 after his absence from the federal high court in Abuja “stalled his arraignment”.

The anti-graft agency alleges that Bello, alongside Alli Bello, chief of staff to Usman Ododo, governor of Kogi; and one Daudu Suleiman, diverted about N80.2 billion belonging to the Kogi government.

In a statement signed by DS Umar, assistant comptroller of immigration, on behalf of Kemi Nandap, comptroller-general of the NIS, the agency said “the above named person has been placed on watch list”.

“The subject is being prosecuted for breach of trust and money laundering. If seen at any entry or exit point, he should be arrested and referred to the Director of Investigation for further action,” the statement reads.

On April 17, the EFCC ended its siege on Bello’s residence in Abuja after Usman Ododo, governor of Kogi, arrived at the house and was later seen leaving with his predecessor.

Lateef Fagbemi, attorney-general of the federation (AGF), has warned against obstructing the EFCC “in the discharge of its duty”.

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Kenya’s Defence Chief, Francis Ogolla killed in helicopter crash

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Francis Ogolla, Kenyan chief of defence forces, and nine members of the military have died in a helicopter crash in the western part of the country.

President William Ruto announced the tragic incident in a press briefing on Thursday.

Ruto said the crash happened on Thursday afternoon shortly after take-off, noting that two people survived the incident.

The Star, a local media, quoted witnesses as saying the chopper burst into flames after crashing.

Ruto said he was deeply saddened by the incident and announced that a team of investigators had been dispatched to the site of the crash to determine the cause of the accident.

The president said Ogolla had departed Nairobi, Kenya’s capital city, to visit troops in the North Rift region of the country and to inspect ongoing school renovations.

“For me, as the commander in chief of the Kenya defence forces, it is a tragic moment for the Kenya defence forces fraternity and it is a most unfortunate day for the nation at large,” he said.

“Our motherland has lost one of her most valiant generals. We have also lost gallant officers, servicemen, and women.

“The demise of General Ogolla is a painful loss to me, and certainly, the sorrow we all feel about his passing is shared by all the people of Kenya.”

Ogolla, who was previously the head of the Kenyan Air Force, before rising to deputy military chief, was promoted by Ruto on April 28, 2023, to head the military.

The late defence chief joined the Kenya forces in 1984, where he trained as a fighter pilot with the United States Air Force.

He was also an instructor pilot at the Kenya Air Force (KAF).

Ruto declared three days of national mourning beginning on Friday.

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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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