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

Published

3 weeks ago

November 19, 2023

Editor

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

World Anti-Corruption Day: Group Decries DSS Impunity, Govt’s Borrowing Habit

Published

13 mins ago

December 11, 2023

Editor

The Foundation for Environmental Rights, Advocacy, and Development, FENRAD, has raised concerns about the impunity of the Department of State Security, DSS, and its disregard for the rule of law in the last eight years.

FENRAD’s executive director, Nelson Nnanna Nwafor, made the observation in Umuahia on Monday on the occasion of the 2023 World Anti-Corruption Day.

According to him, how DSS personnel go about re-arresting people freed by the court has been worrisome.

“Most lamentable is that in the last eight years, the state security service has become an agent of lawlessness. We have witnessed attempts to rearrest someone the court had freed right there inside the courtroom or also instances of inter-agency rivalry,” he said.

The group also condemned the purchase of N160 million worth of vehicles for 469 lawmakers and the purchase of a yacht by the Federal Government. It also decried the nation’s habit of borrowing money to fund its budget and turning around to mismanage such funds on frivolities, to the detriment of poor Nigerians.

The group further cited contradictory judgements from courts in post-election cases as another worrying trend in the country.

FENRAD noted that for corruption to be defeated in Nigeria, the federal and state governments must be genuinely resolved to fight the monster.

News

NECO Awards Scholarships To Best Performing Candidates In 2022, 2023 Exams

Published

38 mins ago

December 11, 2023

Editor

The National Examinations Council, NECO, has awarded scholarships to a total of 14 best performing candidates in the 2022 and 2023 examinations at all levels across the country.

The Registrar/ CEO of NECO, Prof Dantani Ibrahim Wushishi made the disclosure during the Council’s Productivity Award ceremony held in Minna, Niger State.

According to him, the best performing male and female candidates in SSCE 2022 are Asiru Ahmed Opeyemi from Crescent International High School, Sango-Ota, Ogun State, and Obidibo Chioma Blessing.

Okafor Chima Christian from Saint Paul Academy, Jos, and Benson Ifebube Chelsea, from Renaissance Garden Secondary School, Ago-Okota, Lagos, are the best performing students for the 2023.

In the Basic Education Certificate Examination category, for 2022, Akintola Samuel Oluwadaresimi of Apostolic Church College, Sango, Ibadan, and Onochie Chiamada Francis of Igbenedion Educational Centre, Benin, topped the chart as the best performing students while Ekwueme Ikechukwu Excellent from Kimota Science College, Gboko, and Owuye Faheeza Oluwakemi of Maryland Comprehensive School (Junior), Lagos, emerged the best in 2023.

Similarly, the best performing candidates for the National Common Entrance Examination are Bokare Lemuel Ogheneyobre of Kingskidies Nursery and Primary School, Warri, and Chika Ugu Anastasia from Nana Primary School, Warri.

Winners in the gifted children category include Njoku Obinna Adrian of Rosai Kid Montessori School, New Owerri, and Anikwu Princess Kamsiyochukwu from Springfield Academy, Awka.

Also, some staff of the Council, who distinguished themselves in their various areas of duty, were also honoured and given awards by the organization.

News

144, 910 Cases Pending Before Federal High Court In New Legal Year

Published

43 mins ago

December 11, 2023

Editor

The Chief Judge of the Federal High Court of Nigeria, Justice John Tsoho has revealed that a total of 144, 910 cases are pending before the court in new legal year.

The Court in the last legal year had 15, 025 cases filed before it by litigants out of which 12, 870 were effectively disposed off leaving a balance of 2, 155 suits.

At the opening of the legal year of the Court in Abuja on Monday, the Chief Judge explained that the court carried over 142, 755 cases from 2021 to the 2022 legal year, adding that in the 2023 legal year, 15, 025 fresh cases were filed by various categories of litigants.

He noted that the Court would be going into the new legal year with the 144, 910 suits but expressed optimism that judges would rise up to the challenge of disposing the cases as quickly as possible.

The breakdown of the carried over cases showed that 42, 784 are civil cases, 36, 061 criminal matters, 41, 447 are motions while 24, 618 are fundamental rights enforcement suits.

Justice Tsoho who put the current number of judges on the bench of the Court at 95, thanked them for the speedy manner pre-election cases of the 2023 general elections were handled within the time allowed by law.

“We must dispense justice with integrity and without bias, we must display utmost competence and courage as well as dispose cases speedily.

“The Federal High Court will surely rise to the challenges of the future with the same tenacity and commitment that have defined its path thus far,” he said.