News

Obaseki Decries Persistent Inflation, Dollarization Of Nigeria’s Economy, Urges Urgent Economic Policy Review, Others

Published

2 years ago

November 19, 2023

Secretary to the Delta State Government, Dr. Kingsley Emu; MD/CEO, Sewa Resource Enterprise, Mrs. Angela Jide-Jones; Delta State Governor, Sheriff Oborevwori; his Ed0 State counterpart, Mr. Governor Obaseki, and Delta State Deputy Governor, Monday Onyeme, at the Delta State Executive Retreat 2023, held in Asaba, Delta State.

Governor Godwin Obaseki of Edo State has decried the surge in inflation and the dollarization of the nation’s economy.

Obaseki spoke while delivering his keynote address at the Delta State Executive Retreat 2023 with the theme, “Delivering the M.O.R.E Agenda for advancing Delta: Strategy and Enablers,” held in Asaba, Delta State.

According to Obaseki, “Everything we do today is based on the dollar exchange rate, and it’s like most of our existence depends on what we import. Imagine a Country of 200 million people that has to depend on an external economy.

“We spend about $40 billion a year in this country and you would expect that it should be enough for any country to develop but no, today, we earn less but our demand for foreign exchange is more.

“We spend about $2 billion paying school fees abroad, $3 million for healthcare treatment abroad, about $500 million buying milk and milk products, and about $10 billion importing food. We no longer earn dollars as we used to but the dollars keep going up. We will deal with inflation for a long time.”

The governor who emphasised the need for deliberate steps to change the narrative, said, “Four years ago, it was a different world, a different country, and a different Delta State but things are different today regarding how we handle our development because COVID-19 has changed our thinking. Nobody envisaged that there would be a pandemic that will put the world on a standstill. So, it’s not advisable to continue to adopt the same method.

“The implication is that leaders across the world pumped money into the economy to keep the economy moving and this led to global inflation which we never had in many decades and centuries.

“States, and local governments all go and collect salaries and spend more than they earn from oil. They just collect money from Abuja to just share and no country develops like that.

“The Federal Government has the responsibility of monitoring and fiscal policy. They can go the extra mile of printing money and spending what is not there. The Federal Government over the decade has perfected that and it got to a crisis point in the last administration in Nigeria.

“The nation has to deal with unprecedented levels of inflation. Inflation in Nigeria has gone up to almost 30 percent today. Who can borrow money and pay interest of 30 percent? It’s not possible. If you are not giving me 30 percent of my money, I am actually losing money. Can an economy operate like this at 30 percent? Who can borrow at 30 percent to do business and make a profit? It’s not possible.

“By the time a State borrows at 30 percent, will it be able to pay back? It will spend most of its resources paying debt. What is frightening and worrisome is that we depend so much on dollars for our existence. The exchange rate is all we focus on. In Nigeria, we focus on the exchange rate instead of worrying about the interest rate because everything we do today is centered on the dollars.”

In his address, the governor of Delta State, Sheriff Oborevwori thanked Governor Godwin Obaseki for the insight, noting, “We are proud to have you in our midst as we consider it very important for you to participate and share your experience of over seven years as governor of Edo State.”

News

Tinubu Approves Portfolios For 5 NCDC Executive Directors

Published

10 hours ago

September 15, 2025

Editor

President Bola Tinubu has approved portfolios for five executive directors on the board of the North Central Development Commission (NCDC).

Mr Segun Imohiosen, Director, Information and Public Relations, Office of the Secretary to the Government of the Federation (SGF), made the announcement in a statement issued on Monday in Abuja.

The appointees and their portfolios are: Hajiya Biliquis Jumoke- Administration and Human Resources, Mrs Aisha Rufai Ibrahim-Commercial and Industrial Development.

Others are, Mr James Abel Uloko-Corporate Services, Prof. Muhammad Bashar-Finance and Atika Ajanah-Projects.

The president urged the executive directors to work closely with the governing board of the commission to promote and coordinate sustainable development of the North-Central geopolitical zone.”

News

Court Orders Arrest Of 2 Lawyers Over Alleged Forgery, Impersonation

Published

11 hours ago

September 15, 2025

Editor

A High Court of the Federal Capital Territory, FCT, sitting at Apo, on Monday, issued a bench warrant against two lawyers charged with forgery and impersonation.

Justice Jude Onwuegbuzie made the arrest order following repeated failure of the defendants- Victor Giwa, and Ibitade Bukola- to appear before the court to enter their plea to the charge that was preferred against them by the Inspector General of Police.

In the charge marked: CR/150/25, the duo were accused of conspiring to forge a legal document purportedly issued by the chambers of a Senior Advocate of Nigeria, SAN, Prof. Awa U. Kalu, with the intent to mislead the Attorney General of the Federation, AGF.

According to the three-count charge, the alleged offence occurred on June 28, 2024.

The prosecution alleged that the defendants forged and signed a letter on the official letterhead of the SAN, requesting the AGF to suspend a scheduled arraignment.

The contentious letter, titled “Urgent and Solemn Appeal to Suspend the Arraignment of Our Colleague Victor Giwa on Charge Number: CR/222/2023”, was allegedly addressed to the AGF.

It allegedly sought intervention of the AGF to halt an arraignment that was scheduled before trial Justice Samira Bature of the high court.

The IGP, in the charge, maintained that the two lawyers committed offences punishable under Section 97, 179 and 364 of the Penal Code Act, 2004.

At the resumed proceeding of the court on Monday, the prosecution counsel, Mr. Eristo Asaph, noted that the defence lawyer told the court that the 1st defendant was bereaved, hence his absence for the scheduled arraignment.

The prosecution counsel further noted that it was on the strength of an application by the defendant that the case was adjourned.

He, therefore, wondered why the duo were also absent in court for the case to proceed.

Responding, the defence counsel, Mr. Ogbu Aboje, told the court that the 1st defendant, Giwa, wrote a letter that was accompanied with a medical report dated September 3, indicating that he had a health challenge he described as “Degenerative disorder of the lumber vertebrae,” in addition to his hypertensive condition.

He added that the 2nd defendant equally went to the hospital on Monday morning to keep to a routine appointment for the immunisation of her daughter.

More so, he drew attention of the court to an application the defendants earlier filed to challenge its jurisdiction to entertain the case.

Dissatisfied with the developments, the prosecution counsel urged the court to issue a warrant for the defendants to be arrested y security agencies and produced for their trial.

In his ruling, Justice Onwuegbuzie held that having listened to both parties, he was minded to accede to the prosecution’s request.

He court stressed that the medical report did indicate that the 1st defendant would not be able to attend court, adding that the 2nd defendant did not adduce any material to justify her absence.

Consequently, relying on the provision of section 266 (2) and 352 of the Administration of Criminal Justice Act (ACJA), Justice Onwuegbuzie issued a bench warrant for the defendants to be arrested and produced before the court on October 8.
(VANGUARD)

News

Community Attributes Access Road To Reduction In Maternal Mortality In Bauchi

Published

14 hours ago

September 15, 2025

Editor

A cross-section of residents in Toro Local Government Area of Bauchi State has attributed the reduction in maternal mortality to the ongoing construction and rehabilitation of the Kirjaule–Lame roads.

Mr. Samila Jauro, who spoke on behalf of the community, made the disclosure during a media tour of ongoing Bauchi State projects in the area.

He explained that in the past, no fewer than 50 pregnant women and their babies had lost their lives due to delays in accessing healthcare caused by the poor condition of roads.

“We have lost many of our pregnant women and their unborn babies in the past because of bad roads.

“But the present administration has changed our lives through its infrastructural development,” Jauro said.

While commending the state government, he appealed for the electrification of Kirjauke community.

“We are grateful for the road project, but we still call on the governor to provide us with electricity.

For the past 18 years, we have had no source of power,” he added.

The Bauchi State Government, through the Ministry of Works, in 2023 awarded a 40.5-kilometer road construction and rehabilitation projects in the aforementioned sites.

Speaking on the progress of the projects, the Site Engineer, Mr. Ado Shehu, said the project had reached 75 percent completion.

“The Kirjaule–Lame and Magama–Gumau roads were awarded at the end of November 2023.

“Some portions are already completed, while others are at the second layer and shoulder stage to ensure a successful outcome.

“The duration of the project according to the contract is 36 months.

” But with 75 percent already completed, the project will be finished ahead of schedule,” he said.