Lagos-Calabar coastal highway: FG’s actions deepening poverty, hunger — Obi
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The presidential candidate of Labour Party, LP, in the 2023 general elections, Mr. Peter Obi, has observed with horror the ongoing demolition of businesses along the Lagos corridor of the Lagos-Calabar coastal highway, with its attendant job losses.
He expressed sadness that the demolition was being carried out at a time Nigerians were reeling under the yoke of poverty and hunger as a result of the poor policies and implementation by President Bola Tinubu’s administration.
Obi, who stated this in a series of tweets on his X handle yesterday, said: “Contrary to the dictates of reason and the necessity for compassion in the pursuit of public policy, the federal government has kicked off the controversial Lagos-Calabar coastal highway.
“The outcry against this project has been overwhelming because it contrasts with the prevailing situation in the country at this time.
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Nigeria Needs A Composite Government
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Sam Nda-Isaiah, the Founding Chairman of LEADERSHIP, fondly called Uncle Sam, would have been 62 today, May 1. As his family, friends and indeed, the entire LEADERSHIP family mark his 62nd posthumous birthday, we share with our readers, one of his numerous commentaries on Nigeria as published on his column, The Last Word in March 2009.
Last week, I raised the alarm that the naira had precipitously fallen to N163 to a dollar. I also discussed the danger that portends for an import-dependent country like Nigeria. But I figured I was addressing leaders who didn’t care. And the situation responded appropriately. By Thursday morning, it had become N172 to a dollar; and, by the evening of the same day, the dollar was selling for NI75. It was at that point that I lost count. Because the dollar was scarce last week, it was difficult to keep up with the free fall of the naira. In some places, the dollar had spot prices.
What that clearly meant was that, last week, most Nigerian businessmen could not plan. Some of those who depended on importation had to put on hold further business transaction until things got clearer. While all that happened, the storm of inflation was gathering.
The repercussion of the ongoing foreign exchange crisis will be felt for a very long time to come. But the problem is that there appears to be no light at the end of the tunnel. This tunnel, sadly, looks like an abyss. Some speculators have even envisaged that the naira would depreciate to as low as a N200 to a dollar.
But there’s another bad piece of news. Last week also, President Umaru Yar’Adua finally unveiled his economic plan, which is clearly an unmitigated disaster for the people of Nigeria. The government finally went for total deregulation. This comes at a time the parents and godfathers of deregulation themselves in the capitals of Europe and the United States are holding back or tampering with their own unrestrained belief in the principles of capitalism. The week that Yar’ Adua announced his own total deregulation magic was the same week that the United States government nationalised Citibank. Before then, the new government in the United States had hinted that, because of the crisis in their economy, the government would now be involved in more regulation. Ditto for the governments in the United Kingdom, France and most of Europe.
Privatise NNPC To Raise $20-$30bn Revenue, Moghalu Tells FG
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Former deputy governor of the Central Bank of Nigeria (CBN) Prof. Kingsley Moghalu has urged the federal government to privatise the Nigerian National Petroleum Company Limited (NNPCL) to raise about $20 to $30 billion to jumpstart the economy.
Moghalu, in a series of tweets on his X handle, also asked the Yemi Cardoso-led management of the apex bank to focus on price stability rather than seeking to do what he described as falsely strengthening of the naira against the dollar.
Moghalu said the Naira tanking back down to the N1,400 to $1 demonstrated what some people had been saying.
“Seeking a ‘falsely strong’ currency when the fundamentals are out of whack is shadow chasing. The focus should be on the stability of the exchange rate, not a populist exchange rate and premature declarations of ‘best performing currency’.
“Privatise @nnpclimited and raise at $20-$30 billion from an IPO. Or go for a “whale” of a $20-30 billion bailout from @IMFNews (nothing less), with forensic oversight of the money and how it is spent,” he said.
Moghalu stated that the federal government needs the new money to reposition the economy, adding “all these trickle-down” borrowing of $1 billion, $2 billion won’t hack it”.
Reacting to the steady fall of the naira to about N1,400/$ after it had hit a seven-month high of N1,000/$ barely two weeks ago, Moghalu, in a series of tweets on X on Monday, stated that “the focus should be on the stability of the exchange rate, not a populist exchange rate”.
“Reports that there are now multiple exchange rates to BDCs, Customs, and NAFEX are also worrying,” he added.
Nigeria’s VAT collection, lowest in Africa —Speaker Abbas
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Speaker of the House of Representatives, Abbas Tajudeen, has decried that Nigeria’s efficiency in collecting Value Added Tax, VAT, was the lowest among its African peers, indicating significant inefficiencies in its tax system.
He, therefore, expressed the readiness of the 10th House to aid the economic policies and programmes of President Bola Ahmed Tinubu’s administration.
This, Speaker Abbas noted, includes engagement with stakeholders on laws governing finance, tax, and oil sub-sectors of the economy, with the aim of causing positive reforms.
He stated this in Abuja yesterday while delivering his keynote address at the opening of a two-day retreat for members of the House.