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PRESIDENT BUHARI

Nigeria honors Queen Elizabeth, to fly flags at half-mast from September 11 to 12

by Radarr Africa September 10, 2022

written by Radarr Africa

In a bid to honour Queen Elizabeth II who passed away on Thursday this week at the age of 96, the Nigerian Government has ordered that all flags in the country and diplomatic missions be flown at half mast from September 11 to 12.

This was disclosed in a statement by Nigeria’s Minister of Interior, Rauf Aregbesola on Friday

The Federal Government has ordered that all flags in the country and missions abroad be flown at half-mast on Sept. 11 and Sept. 12, to honour the death of Queen Elizabeth II, Aregbesola said.

“We commiserate with the government and the people of UK and all the affected people of the Commonwealth and the global community.

“The Queen is dead, long live the King,” he added.

President Buhari also satated that the story of modern Nigeria will never be complete without a chapter on the late queen. In statement he said,“My family and I, and the more than 200 million Nigerians, have learned with immense sadness of the passing of Queen Elizabeth II and the end of her unique and wonderful 70-year reign. She was the only British Sovereign known to 90 percent of our population.

“Our thoughts and sincere condolences are with the Royal Family, the people of the United Kingdom, and the entire Commonwealth, as we join the entire world in mourning this loss.

“The story of modern Nigeria will never be complete without a chapter on Queen Elizabeth ll, a towering global personality and an outstanding leader. She dedicated her life to making her nation, the Commonwealth and the entire world a better place. I welcome the ascension of His Majesty King Charles III to the throne, in line with tradition, and pray that his reign will witness continuing robust relations between our two nations.”

The late queen’s son, Prince Charles has since been announced as her successor and becomes King Charles III, the new head of House Windsor.

September 10, 2022 0 comment

Economy Western Africa

President Buhari speaks on Nigeria’ fuel subsidy

by Radarr Africa June 22, 2022

written by Radarr Africa

President Muhammadu Buhari has risen to the defense 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 dialled down

What President Buhari is saying

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.

ALSO READ: NCC signs PPP agreement with its consultant 3R Ltd for revenue assurance solutions.

“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.”

The president said Emefiele is following an alternative economic model, which Nigeria should be free to adopt.

He said, “Instead, the governor is following an alternative economic model that puts people at the heart of policy. Nigeria should be free to choose its development model and how to construct our economy, so it functions for Nigerians.”

What you should know

Nigeria’s inflation rose to its highest level in 11 months, rising from 16.82% recorded in April 2022 to 17.71%. This is according to the recently released Consumer Price Index report, released by the National Bureau of Statistics (NBS).
The food index rose by 19.5% year-on-year in May 2022, representing a 1.13% points uptick compared to 18.37% recorded in the previous month and 2.78% decline compared to the corresponding period of 2021 (22.28%).
The exchange rate at the parallel market remained stable on Monday growing slightly stronger, having closed at N606/$1, from N607/$1 recorded as of the close of trading activities last week on Friday. This is according to information from BDC operators.
The World Bank has stated that the CBN’s multiple exchange rates, trade restrictions, and the financing of the public deficit continue to damage the business environment
The World 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 dialled down
Further, Nigeria’s external reserves are expected to decline as the Central Bank of Nigeria (CBN) is expected to clear $1.7 billion worth of FX backlog and FX forward contracts to foreigners by the end-October 2022.

Source: Nairametrics

June 22, 2022 0 comment

Africa Politics

Intrigues as ministers develop cold feet over resignation

by Radarr Africa May 14, 2022

written by Radarr Africa

Sources at the presidency disclosed that nine of the ministers were hoping to hang on to their positions, until the president dropped the bombshell directing them to resign by Monday.

Even after President Muhammadu Buhari held a valedictory session on Friday for 10 ministers who had declared interest in elective offices, some of them are still scheming to hang on to their offices, PREMIUM TIMES’ can authoritatively report.

The president held the session for ministers who had picked the expression of interest and nomination forms to participate in the primaries of the All Progressives Congress (APC).

According to the Minister of Information and Culture, Lai Mihamned, the outgoing ministers that attended the session were Rotimi Amaechi (Transportation), Chris Ngige (Labour and Employment), Godswill Akpabio (Niger Delta Affairs), Ogbonnaya Onu (Science and Technological Innovation), Timipre Sylva State for Petroleum Resources), Tayo Alasoadura (State for Niger Delta Affairs), Pauline Tallen (Women Affairs), Uche Ogar (State for Mines and Steel Development), Abubakar Malami (Attorney General of the Federation and Minister of Justice) and Emeka Nwajuba (State for Education), who was absent but with a permission.

At the time of that event, only three of the ministers had submitted their letters of resignation.

Six of the ministers had declared interest in the presidential race, two in governorship races and two in senatorial races.

However, hours after the valedictory session, Mr Ngige issued a statement to announce his withdrawal from the presidential race and his intention to remain in his position as Minister of Labour and Employment.
In the letter, Mr Ngige said: “Today, 13th May, 2022, I had an audience with the President, Muhammadu Buhari as a follow up to the one I earlier had with him on 11th May, 2022.
“Having also consulted widely with my family, constituents, supporters and well-wishers, it is my pleasure to announce the withdrawal of my interest and earlier decision to contest the office of the President in the 2023 general elections.

“As a result of this, will NOT be participating in any of the internal party processes of the said election, starting with the primary. took this momentous decision firstly in the overall interest of the nation, in order to enable me concentrate on my job, and assist the President and the Government, whether the difficult last lap, in the life of the administration and secondly for other family reasons.

“I have since communicated this decision to the President and the Secretary to the Government of the Federation.”

Also, Mr Malami, who earlier on Friday had tweeted that he had submitted his resignation letter, later deleted the tweet, sparking speculations that he had withdrawn the letter.

Sources at the presidency disclosed that nine of the ministers were hoping to hang on to their positions, until the president dropped the bombshell directing them to resign by Monday.

According to the sources, the president was aware of their reluctance to leave and had for over a week blocked them from seeing him. The sources all asked not to be identified because of the sensitive nature of the issue.

“It is unlikely that the president will allow them back, not even Ngige who has issued a public statement on his withdrawal from the presidential race,” one of the sources said, adding, “They are just wasting their time.

“The president knew they wanted to have their cake and eat it so he waited for them to commit themselves by picking the nomination forms before asking them to leave.

“Only the Minister of State for Education, Nwajiuba, resigned on his own volition. All the others planned to keep their positions. They were relying on the provision of the Constitution which requires political appointees to leave about three months to the elections.

“The president initially gave them until Monday to resign but shocked them again by summoning them to the valedictory session on Friday, even though only a few of them had submitted their resignation letters by then.”

According to the sources, the president invited only the Minister of Information and Culture, Lai Mohammed, to the ceremony, apart from the departing ministers.

At the valedictory session on Friday, Mr. Buhari said he would be quick in appointing replacements for the departing ministers who he wished good luck in their political ambitions.

As of Friday night, sources said Mr Malami had not turned in his letter of resignation, even though he is considered favourite to pick the APC governorship ticket in Kebbi.

The former minister ignited consternation across the country after it was reported that he donated 30 Mercedes and Toyota Prado SUVs to APC officials and statutory delegates in the state.

Mr Malami had been pursuing the removal of Section 64(12) of the Electoral Act 2022 which requires political appointees to resign before they can participate as delegates or candidates in party primaries.

After a high court in Umuahia, Abia State declared the section unconstitutional, Mr Malami said he would immediately expunge it before gazzetting the Act.

However, the National Assembly appealed the judgement, following which the Court of Appeal nullified it, although it also agreed that the section is unconstitutional.

Source: Premium Times

May 14, 2022 0 comment