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

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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.

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“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.

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“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.

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“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.

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“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.

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“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.”

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JUST IN: 36 Speakers Back State Police

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Speakers of the 36 Houses of Assembly in Nigeria on Thursday expressed support for the National Assembly’s ongoing efforts to alter the 1999 constitution to create state policing in the country.

The Speakers made their resolution known at the end of their meeting in Abuja.

The Senate and House of Representatives are currently working to amend various constitutional provisions, including those regarding state police, financial autonomy for local government, fiscal federalism, and mayoral status for the FCT.

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READ ALSO: Military Declares Nigerien Terrorist Wanted For Zamfara Killings

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Military Declares Nigerien Terrorist Wanted For Zamfara Killings

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The Defence Headquarters on Thursday declared wanted, a terrorist leader, Halilu Buzu, from Buzu in the Republic of Niger.

Buzu who resides in Shinkafi LGA of Zamfara State, operates an illegal gold mine in Zamfara and is a prominent cattle rustler and arms supplier.

Major General Edward Buba, the Director Defence Media Operation disclosed the development on Thursday during a bi-weekly media briefing on military operations conducted in the country during the past week.

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Buba said, “Troops are actively fighting in various theatres of operation across the country and are focussed on destroying both the military capability as well as the will to fight off the terrorists and their cohorts across the country.

“Accordingly, troops are hunting senior terrorist leadership that is of operational importance in terms of coordination of the terrorist attacks against troops and citizens. Troops are also hunting those that are of symbolic value including all those declared wanted.

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“Troops are in hunt of one, Halilu Buzu, a terrorist leader that hails from Buzu in the Republic of Niger. He settled in Subbubu Forest and lives in Shinkafi LGA of Zamfara State. His camp and illegal gold mine are located at Kawayi in Anka LGA of Zamfara State, where he has a lot of boys working for him.

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“Halilu is also a prominent cattle rustler and illegal gold miner. Last week, his boys killed 19 villagers at Farar Kasa. He is a High-Value Target and therefore declared wanted. Meanwhile, he is one of several others that we would be declaring wanted.

“Additionally, Halilu is a major arms supplier, trusted by arms dealers for supplying arms from Libya. When troops close in on him, he moves across the border into the Republic of Niger for refuge. At this time, we are through appropriate channels calling on the Nigerian authorities to apprehend and hold him accountable for his atrocities.

“These categories of terrorists are relentlessly targeted by troops, such that we will be able to strike them out and take them off the battlefield as soon as possible. It is clear that the fate of the terrorists perpetrating insecurity in our nation will be violent and short. Troops will stop at nothing to take them out of the battlefield.”

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The DMO further announced that soldiers fighting the counter-insurgency war and carrying out other security operations across the country, killed 227 terrorists, bandits, kidnappers, oil thieves, and other criminals in the past week. Additionally, they arrested 529 criminals, rescued 253 kidnapped hostages, and recovered numerous weapons.

Buba said, “During the period under review, troops discovered and destroyed 18 dugout pits, 34 boats, five drums, four receivers, four reservoirs, and 97 storage tanks. Other items recovered include 198 cooking ovens, nine vehicles, three pumping machines, two speedboats, one outboard engine, and 57 illegal refining sites. He added that troops also recovered 1,442,700 litres of stolen crude oil and 154,650 litres of illegally refined AGO.”

On the breakdown of the weapons recovered, he aded that, “they included 89 AK47 rifles, 40 locally fabricated guns, 59 dane guns, two pump action guns, eight locally fabricated pistols, 6 x 36 hand grenades, three IEDs, one RPG 7 tube, one RPG 7 charger, 4 AGL rounds, one barrel of QJC Gun, one barrel of PKT with receiver, one barrel of Dushka Gun, 250kg bombs used by NATO and Eastern Bloc aircraft, and one MRAP.”

He further noted that troops prevented oil thefts amounting to over N1.3 billion in the Niger Delta region.

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He also revealed that in the course of the operations, troops recovered 231 assorted weapons and 6,441 assorted ammunition.

Buba emphasized that troops are actively fighting in various theatres of operation across the country and are focused on destroying terrorists’ military capabilities.

Buba concluded by stating that troops are relentless in their pursuit of terrorists and criminals, determined to take them off the battlefield and bring an end to their atrocities. He commended the troops for their dedication and sacrifice in ensuring the safety and security of the nation.

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Ministry Pushes For Walking, Cycling As Safe Means Of Transportation

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The Permanent Secretary, Ministry of Transportation, Olorunola Olufemi, has emphasised the need for sustainable, safe, and efficient transport modes in response to rapid urbanisation and population growth.

Olufemi highlighted walking and cycling as key components of a healthier and more sustainable urban transport system.

The permanent secretary stated this at a two-day capacity building programme ‘Safer Roads for Pedestrians and Cyclists in Nigeria’ in Abuja, on Thursday.

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Olufemi, who was represented by the Deputy Director, of Road Transport and Mass Transit Administration of the Ministry, Akhidenor Cynthia, pointed out that Nigerian cities were predominantly characterised by informal transport systems, which have significant negative impacts on residents’ health, socio-economic status, and the environment.

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The permanent secretary, who spoke on the theme ‘Walking and Cycling as tools for unlocking sustainable mobility and development in Nigerian cities‘ stressed the the need to create safer roads for pedestrians and cyclists to improve overall well-being and urban harmony.

He said, “The rapid population growth urbanisation with limited provision of quality transport system to meet the growing need makes it imperative to adopt more sustainable safe and efficient modes of transport which walking and cycling symbolise.

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“Our city’s transport landscape is largely dominated by transport informalities with attendant externalities that impact the health, socio-economic and environmental wellbeing of residents.

“Today, we come together with a shared purpose to create a future where our roads are safer for pedestrians and cyclists, ensuring their wellbeing and promoting a sense of harmony in our country.”

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He added that the ministry as the lead government agency, has been at the forefront of promoting sustainable transport and implementing various industry reforms.

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He introduced the project as part of the efforts by the FG which is aimed to integrate walking and cycling into urban mobility plans.

The organiser of the programme, Chief Executive Officer, of Ochenuell Mobility, Emmanuel John, highlighted the long-standing neglect of cycling as a means of transport due to inadequate attention and development.

John emphasised that the lack of proper infrastructure, limited policy initiatives, and insufficient public awareness have left many people feeling unsafe about cycling on roads.

To address these issues, he said the NGO was introducing a draft for a national cycling policy.

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He said, “Generally, cycling has not received the desired attention over the years. For that reason, people seldom use it as a means of transport.

“However, due to the lack of infrastructure, limited policy development, lack of knowledge and public awareness, many people are afraid of cycling on the road because they feel it is unsafe.

“The lack of safety is a function of infrastructure, poor policy implementation, and a poor regulatory enforcement system that will ensure your safety.

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“In the course of this programme, we are presenting a draft of the national cycling policy to stakeholders. On June 3, we will present a second draft during a larger stakeholders meeting.”

The project is being carried out as a collaboration between seven Nigerian organisations in collaboration with the United Nations Habitat and the UN Road Safety Trust Fund.

The Nigerian Stakeholders include the Ministry of Transportation, Ministry of Health, Federal Road Safety Corps, Africa Urban Cycling Organisation, Transportation Growth Initiative, Greenlight Initiative, Driving School Association of Nigeria, and Ochenuell Mobility.

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