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OPINION: Is This The Renewed Hope Nigerians Subscribed To?

Published

2 days ago

July 1, 2024

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

Headline

Obasanjo Visits South-East Govs, Moves For Nnamdi Kanu’s Release

Published

7 hours ago

July 2, 2024

Editor

The South East Governors, on Tuesday, hosted former President Olusegun Obasanjo who paid the governors a solidarity visit while they decided to meet President Bola Tinubu to press for the release of the leader of the Indigenous People of Biafra, IPOB, Mazi Nnamdi Kanu.

Addressing the media, after over seven hours of marathon meeting, the Governors of the region who were all in attendance also set up a burial committee by Former Senate President, Anyim, Pius Anyim, for the late minister of Science and Technology, Dr Ogbonnaya Onu.

According to the Chairman of the South East Governors Forum and Governor of Imo state, Senator Hope Uzodinma, “The Forum commiserates with the family of Ebonyi, Abia, Imo and indeed the entire South East region and entire the family of Ogbonnaya Onu on the demise of His Excellency Dr Ogbonnaya Onu.

“The Forum received a delegation of the former President, Olusegun Obasanjo, Chief Emeka Anyaoku and His Royal Majesty Igwe Alfred Nnaemeka Achebe, who came on a solidarity visit to this Forum.

“The Forum deliberated on the reviewed report of the South East security and economic summit held in Owerri Imo state on the 28 September 2023 and agreed to implement the aspect of the report about security and economic integration of the South East region and affirmed its desire to put actionable plan on the key issues agreed.

“The Forum resolved to visit Mr. President to discuss all pressing issues concerning the South East region. The Forum also deliberated and resolved to interface with the Federal Government to secure the release of Mazi Nnamdi Kanu.”

Other members of the Ogbonnaya Onu burial committee included the former Governor of Rivers State, Chibuike Amechi who serves as the Secretary of the committee, and other Igbo leaders drawn from the Igbo-speaking states.

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Protest, Unrest Looms As BEDC Disconnects UNIBEN From National Grid

Published

8 hours ago

July 2, 2024

Editor

Students and staff of the University of Benin, UNIBEN, are sitting on the edge of provocation that could lead to unrest and strike over power outage in the school which has been on for over a month now.

The issue has now been compounded as the Benin Electricity Distribution Company, BEDC Plc, the power distribution company in Edo State, servicing the school, last week formally disconnected the school from its services as a result of non-payment of bills.

The reason behind the electricity crisis is attributed to the recent increase in electricity tariff for some categories of consumers as approved by the Nigerian Electricity Regulatory Commission (NERC ) which reportedly shot up the university’s monthly electricity bill from N80 million to over N250 million.

The non-availability of electricity on the campus is putting a strain on the students and staff as they, including lecturers, have resorted to using solar powered facilities including lights in their offices with others using generators.

The health centre at the Ugbowo campus is worst hit as health officials don’t have access to light from 10 pm when the three hours the school put on its generating set is exhausted daily and at times, workers on night duty use torchlights.

Strategic offices including the secretariat of the Academic Staff Union of Universities (ASUU) run on generators and there is no substantive Students Union Government (SUG) since the union was disbanded after some of its officials invaded the Senior Staff Quarters when a governorship candidate was their guest, an action that was seen as an affront on the management and staff of the university by the students.

The students are at the mercy of the management of the school as at now.

The BEDC disconnected the university from its services following their inability to reach agreement over the contentious electricity billing.

The obvious implication is that staff cannot deliver on their work 100 percent “because it is only the administrative block that the generator can power throughout working hours” and the students cannot have a conducive environment to learn.

When contacted, the Head, Branding and Corporate Communications of BEDC, Mrs. Evelyn Gbiwen, attributed the increase in energy tariff to the directive of the NERC. “The new tariff system determines what ‘Band A’ customers would pay, there is nothing deliberate about any customer.

“It is a general policy that when customers don’t pay their bills, they will be disconnected. And it is when such a customer pays his bills that he would be reconnected,” she added.

The Public Relations Officer of the University, Mrs Beneditta Ehanire, when contacted said “Management is bending backwards really but will continue to sue for patience because everyone is tensed. Yesterday, a tanker was engaged to supply water to a hostel that had a water challenge.”

The statement the University issued a few weeks ago said the University paid the over eighty million Naira monthly bill up till April, 2024 in the two campuses of Ugbowo and Ekehuan.

“The delay to Pay the May bill is as a result of the disputed astronomically increased bill of over two hundred and fifty million naira, monthly, thrust on the University by BEDC.

“Despite the challenges, Management of the University has gone the length to ensure that students do not suffer unduly by providing generator light to all the hostels between the hours of 6am to 7am and 7pm to 10pm daily.

“Management appeals once again to staff and students to be patient and to demonstrate understanding of the situation as it is also exploring alternative power sources including solar energy.”

Headline

JUST IN: South-East Governors To Meet Nigerian Govt Over Nnamdi Kanu

Published

9 hours ago

July 2, 2024

Editor

South-East governors, on Tuesday, announced that they will interface with the federal government for the release of Mazi Nnamdi Kanu.

This formed part of the communiqué issued after a meeting of the Forum in Enugu.

At the meeting, which also had other stakeholders in attendance, were governors Hope Uzodinma, Dr. Alex Otti, Prof. Chukwuma Soludo, Rt. Hon. Francis Nwifuru of Imo, Abia, Anambra and Ebonyi states, respectively, as well as the host, Governor Peter Mbah of Enugu State.

The communiqué reads,

“The Forum commiserated with Government and people of Abia State, Ebonyi State, Imo State, South East, Nigeria and Chief Ogbonnaya Onu’s Family on the demise of His Excellency, Dr. Ogbonnaya Onu.

“The Forum received the delegation of the Former President Chief Olusegun Obasanjo, GCFR, Chief Emeka Anyaoku, GCON, and His Royal Majesty Igwe Nnaemeka Achebe, CFR, Obi of Onitsha who came on a solidarity visit to the Forum.

“The Forum deliberated on the reviewed report of the South East Security and economic Summit held in Owerri on the 28th September, 2023 and agreed to implement the aspects of the report pertaining to security and economic integration and affirmed its desire to put actionable plans on the key issues agreed.

“The Forum resolved to visit Mr. President to discuss pressing issues concerning the South East Region.

“The Forum also resolved to interface with the Federal Government to secure the release of Mr. Nnamdi Kanu.”