By Richard Asoge

In anticipation to get the economy fixed for growth and development after some years of cankerworm, corruption and leakages, Nigerians came out putting aside propaganda on Saturday, February 25th, 2023 and voted relatively for the presidential candidate of All Progressive Party (APC), Bola Tinubu. The support he got from the people was not unconnected to the way he had built bridges among people of different culture, religion and ethnic groups, how he remodel Lagos during his tenure as governor between 1999 and 2007 and most importantly, how his political wizardry will turn the fortune of the country for good if eventually elected president.

The declaration of ‘subsidy is gone’ in the inaugural speech on May 29th, 2023 by President Bola Tinubu may be a landmark decision considering what had happened in the past in the oil sector but the policy effect thereafter was weighty. Nobody ever thought it can go so deep and far this way before the desired results will be achieved or that the policy effect will be evaluated after some weeks of implementation to consider initiating another policy to absorb, to some extent, the negative effect of the sudden and total subsidy removal on petrol but this was not really so.

While grappling with the effect of the fuel subsidy removal, within two weeks, unification of exchange rate took its stand. Of course, no right-thinking Nigerian having the knowledge of how very few but connected ones were eaten fat from the common patrimony of the nation which persistently made the foreign reserve to nosedive would oppose the unification of exchange rate. The twin effects of the fuel subsidy removal and exchange rate unification with insecurity without another policy measure within three or six months to crowd-out these effects brought us to this ugly situation we find ourself today.

MORE FROM THE AUTHOR: Inflation: Where Are We Going From Here? [OPINION]

We have never had it so high and rapid as far as inflation is concerned in the last 28years. Going by what National Bureau of Statistics published for May 2024 (year on year basis), inflation is 33.95 percent. Breaking it down further into components, food was the most dreaded among them with 40.66 percent on a year on year basis. Agricultural produce is fast declining as a result of insecurity in the hinterland and tropical forests. To make things worse, the current generation of youth do not see faming as a vocation worthy of practicing but spending productive hours on social media.

There is a strong connection between diet and illness. The more nutritious your food is, the higher the immune system to resist any sickness. The current outbreak of cholera in most of the states is traceable to consumption of junks. Average income of individual is far below what can keep life together. Naira has lost its purchasing power and has led many to consume half rotten if not totally rotten foods. Hunger reflects on the faces of individual with no end in sight. An hungry man is an angry man, goes an African proverb. Poverty is getting wider. Only God knows the current position Nigeria occupies among hunger nations. In 2023 it ranked 109 of the 125 selected countries with 28.3percent in the hunger index.

One of the things highlighted to bring relieve to commuters was conversion of vehicles to Compressed Natural Gas (CNG) type. How many vehicles have been successfully converted to CNG? and what is the ratio to the population of vehicles? One year has gone now with no significant success in the conversion ratio to the 2027 target.

MORE FROM THE AUTHOR: 2024 Budget: What Average Nigerian Wants?

Before oil dominated the structure of Nigeria economy, internal factors determined prices of goods and services and not external factors like exchange rate. Recently, crypto currency and related activities joined the external factors. The more an economy is linked to foreign transaction for survival, the higher the risk politically, socially and economically. Believing and placing our local goods and services above foreign ones is a sure cure.

To fight hunger and bring down the foods’ prices, real action of all is needed. Ministry of Agriculture or Departments related to agriculture across the tiers of government must practice agriculture in full scale. Local government, been the closest to the people, must practice farming as their leading business ventures. For those that may not have land to practice, it is not bad to have memorandum of understanding with the neighboring local government or state. In year 2016, Lagos State followed that path during the tenure of Akinwumi Ambode as governor by having an arrangement with Kebbi State under the leadership of Atiku Bagudu in the production of rice branded as ‘Lake Rice’. Other states or entity can copy such model and fine tune it if needed and bring something good out of it. No state is idle without having comparative advantage in one area over others. Continuity of policy is our greatest enemy. Lake Rice production only lasted for six years and nothing of such is heard thereafter.

Now that the revenue of various tiers of government has substantially increased, it shouldn’t be an avenue for political office holders to increase their entitlements at the expense of majority whose activities generated the revenue but opportunity to close deficit gaps of basic infrastructure. This takes me to the new minimum wage being negotiated between Federal Government and Nigeria Labour Congress with other concerned parties. N62,000 been offered as minimum wage by Federal Government or N100,000 been canvassed for by many analysts shouldn’t be the primary concern of most Nigerians but the sustainability and the value of every naira in the market place. if N100,000 or more is sealed and gazette today as new minimum wage but only to realize after two months that $1 goes for N4,000 and every other price of local items assumes exponential rise including items that do not have any foreign input, will it make economic sense? Definitely, none. Another negotiation may not come up until five years. This is why price stability should be a serious concern.

Hope of average Nigerian is renewed when there is food on the table and price stability is ensured.

Richard Asoge
08081492614
chards001@gmail.com

The Federal Capital Territory (FCT), Police Command has refuted report that Martins Vincent Otse popularly known as Verydarkman has been arrest.

The police said he was only invited for questioning on the allegations of cyber stalking, cyber bullying and defamation of character.

A statement issued on Sunday, June 30, by the FCT Police Public Relations Officer, SP Josephine Adeh said Verydarkman has since been released after voluntarily giving his statement on the allegations.

READ: Police Rearrest Controversial Social Media Influencer, VeryDarkMan

Adeh said: “Contrary to the news making the rounds about the alleged arrest of Martins Vincent Otse popularly known as Verydarkman or VDM by the police, the FCT police command wishes to clarify that Verydarkman was not arrested by the police but was only invited for questioning on the allegations of cyber stalking, cyber bullying and defamation of character.

“He has since been released after voluntarily giving his statement on the allegations.”

The Socio-Economic Rights and Accountability Project has urged the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, “to account for and explain the whereabouts of the over N100 billion ‘dirty and bad notes’ and ‘other large sum of cash awaiting examination’ which are kept in various branches of the CBN.”

In a letter dated June 29, 2024, and signed by its Deputy Director, Kolawole Oluwadare, SERAP said the allegations are documented in the latest annual report recently published by the Auditor-General of the Federation.

The organisation said these allegations by the Auditor-General suggest grave violations of public trust, the provisions of the Nigerian Constitution, the CBN Act, and national and international anti-corruption obligations.

SERAP also asked Cardoso to “explain the whereabouts of the N7.2 billion budgeted for the construction of the CBN Dutse branch in 2010 and the N4.8 billion budgeted for the renovation of the CBN Abeokuta branch in 2009, and to publish the names of the contractors who collected the money but failed to complete the projects.”

SERAP urged the CBN boss “to explain the whereabouts of the allegedly missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016 and to fully recover and remit the public funds to the treasury.”

It also asked him “to refer these grave violations of the Nigerian Constitution 1999 (as amended), the CBN Act and the country’s national and international anti-corruption obligations to appropriate anti-corruption agencies for investigation and prosecution, as appropriate, and the recovery of the public funds.”

READ ALSO::SERAP Sues Tinubu, Demands Details Of Obasanjo, Buhari, Others’ Loans

The letter read in part, “We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.

“Explaining the whereabouts of the missing public funds, publishing the names of those suspected to be responsible and ensuring that they are brought to justice and the full recovery of any missing public funds would serve the public interest and end the impunity of perpetrators.

“According to the recently published 2020 audited report by the Auditor General of the Federation (AGF), the Central Bank of Nigeria (CBN) has since 2017 been keeping over N100 billion ‘dirty and bad notes’, and other large sums of cash awaiting examination in various branches of the CBN.

“The Auditor-General fears that the ‘dirty and bad notes’ initially planned to be destroyed may have been ‘diverted and re-injected into the economy.’

“The CBN in August 2010 also reportedly budgeted N7.2 billion [N7,286,500,476.76] for the construction of the Dutse branch building. The Dutse branch was due to be completed in November 2012 but the contractors have failed to complete the project.

“The Auditor-General is concerned that the project may have been ‘awarded to an incompetent contractor,’ and wants the ‘job completed without further delay.’

READ ALSO: SERAP Gives FG 48-hr Ultimatum To Reverse CBN’s 0.5% Cybersecurity Levy

“The CBN in 2009 reportedly budgeted N4.8 billion [N4,812,608,028.10] for the renovation of the CBN Abeokuta branch. The Abeokuta branch was due to be completed in 2012 but the contractors have failed to complete the project.

“There is no significant renovation work on the site, several years after the proposed completion date. The Auditor-General is concerned that the project may have been ‘awarded to an incompetent contractor,’ and wants the ‘job completed without further delay.’”

SERAP said these violations also reflect a “failure of CBN accountability more generally and are directly linked to the institution’s persistent failure to comply with its Act and to uphold the principles of transparency and accountability.”

It added, “The CBN also reportedly failed to account for the missing outstanding loan of N1.2 billion granted to the Enugu State Government in 2015 and the outstanding loan of N1.9 billion granted to the Anambra State Government between 2015 and 2016. The Auditor-General fears the public funds may have been diverted. He wants the money fully recovered and remitted to the treasury.

“Paragraph 708 of the Financial Regulations 2009 provides that, ‘on no account should payment be made for services not yet performed or for goods not yet supplied.’

“Section 35(2) of the Public Procurement Act 2007 provides that, ‘once a mobilization fee has been paid to any supplier or contractor, no further payment shall be made to the supplier or contractor without an interim performance certificate.

READ ALSO: SERAP Sues 36 Governors, FCT Minister Over FAAC Allocations

“Section 16(6) of the Public Procurement Act states that ‘all bidders shall possess the necessary professional and technical qualifications to carry out particular procurements; the financial capacity and adequate personnel to perform the obligations of the procurement contracts.’”

SERAP asserted that these alleged violations have seriously undermined the ability of the CBN to effectively discharge its statutory functions and the public trust and confidence in the bank.

According to the organisation, the apex bank ought to be committed to transparency and accountability in its operations.

It added, “SERAP notes that Section 15(5) of the Nigerian Constitution requires public institutions to abolish all corrupt practices and abuse of power.” Section 13 of the Constitution imposes a clear responsibility on the CBN to conform to, observe and apply the provisions of Chapter 2 of the Constitution.

“Paragraph 3112(ii) of the Financial Regulations 2009 provides that, “Where a public officer fails to account for government revenue, such officer shall be surcharged for the full amount involved and such officer shall be handed over to either the Economic and Financial Crimes Commission (EFCC) or the Independent Corrupt Practices and Other Related Offences Commission (ICPC).

“Nigeria has made legally binding commitments under the UN Convention against Corruption to ensure accountability in the management of public resources. Articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on the CBN to ensure proper management of public affairs and public funds.

“Nigerians have the right to know the whereabouts of the public funds. Taking the recommended measures would advance the right of Nigerians to restitution, compensation and guarantee of non-repetition.

“The Nigerian Constitution, Freedom of Information Act, and the country’s anti-corruption and human rights obligations rest on the principle that citizens should have access to information regarding their public institutions’ activities.”