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Professor Of Economics Warns FG Against Devaluation Of Naira

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A university don, Prof. DavId Osikhena Umoru, has called on the Federal Government to put an end to the devaluation of Naira in the country.

Prof.Umoru made the call while delivering the 4th Inagural Lecture of Edo State University, Uzairue on Wednesday.

The lecture series was titled “Devaluation of Naira, Shocks, and Realities: Evidence Disciplining Strength

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Umoru, a professor of Applied Monetary and Financial Economics in the department of Art, Management and Social Sciences, Edo university Uzairue, said there has to be production for export before contemplating devaluing the Naira.

He said Nigerian government must put an end to Naira devaluation which, according to him, is anchored on the fact that the Naira exchange rate management is not a topic of probability.

READ ALSO: Convocation: Obaseki Offers Edo Varsity Best Graduands Automatic Employment

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According to him, the IMF and the World Bank ought to be cognisant of the fact that the economics that underlie the empiricism of Naira exchange rates in relation to foreign currencies, interprets the fact that economic growth and development of Nigeria is being shortchanged so shamefully that the Naira is valueless as the only medium of exchange in our possession.

“There has to be production for export before contemplating devaluing Naira, hence, the Nigerian government must disagree with the conditionalities of the IMF authorities and insists on non devaluation of the Naira.

“The central monetary authority must not forget that the exchange rate is basically a price and in view of the collapse of oil price at the global market; auxiliary devaluation of the Naira would only lower the purchasing power of the final consumers and afterwards exacerbate economic life of Nigerians,” Umoru said.

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He noted that the Nigerian economy is fiscally overriding not withstanding money being an integral part of all macroeconomic variables.

He added that inconsistent macroeconomic policies are detriment to the real effective Naira-Dollar exchange rate and to employment generation.

He urged the Central Bank of Nigeria to ensure that fiscal and monetary policies do cooperate rather than entering into a conflict with each other in the short run.

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“Nigerian political forces, illicit forex traders and collaborators with foreign interest would not totally give way to market forces when it comes to Naira/Dollar exchange rate determination as they continually hype the market by manipulating the parallel rate.

“I have regard for the totality of the prevailing macroeconomic and financial outlooks of the Nigerian economy. And this has made me to foresee a Nigerian state of affairs where the Naira would be exchanged at N2000 for one US Dollar.

“Should the apex monetary authority with all his enabling laws fail to defeat the unlawful activities of currency traders who gather effortlessly to cause forex scarcity in the country.

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READ ALSO: Edo Varsity, Uzairue Floats Campus Radio Station

“To save the value of the Naira, the Federal Government has to tenaciously work against a build up of the underlying fundamentals of the Nigerian economy. This entails managing unfriendly economic indicators in a downward direction.

“This indicators include, inflation rate, interest rate, debt stock and unemployment,” he said.

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The don, however, called on the government to strengthen non oil production and rejuvenate the power sector in order to arrest the ugly Nigerian economic scenario.

“To save the soul of Nigerian economy through the worth of her Naira, Nigeria as a country must strengthen production of non-oil export commodities ranging from agricultural production to industrial production that covers manufacturing, product assembly, conversion of raw materials into components, as well as construction.

“This would broaden the horizon of non-oil export and make Nigeria’s export highly competitive for a devaluation policy to improve the country’s current account trade balance.

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“In this regard, sectoral diversification policies that favour industrialisation, construction activities, solid minerals and agriculture are recommended, this would in addition diversity the Nigerian economy away from oil export,” he said.

Earlier in his welcome address, the Vice-Chancellor of the university, Prof. Emmanuel Aluyor said that university has consistently set the pace in the delivery of quality education with state-of-the-arts educational tools and providing the needed solution in a country whose educational infrastructure has been bedeviled by a plethora problems.

He said the university, as an emerging world-class university in Nigeria has continue to bridge the gap and do all within its capacity to curb education tourism in the country.

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READ ALSO: NAF To Partner Edo Varsity As Institution Celebrates 4th Founder’s Day

The VC reiterated that over the years, the university has attained a pride of place in the comity of Universities in Nigeria and world over.

While congratulating Prof Umoru, the VC described Prof Umoru as a highly experienced economist and scientific researcher whose focus is to find solutions to socio-economic challenges through effective contributions to knowledge, execution of demand-driven, globally competitive researches with relevance to the economic development of nations.

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How To Check 2022 UTME Results -JAMB

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Joint Admissions and Matriculations Board released the results of the 2022 Unified Tertiary Matriculation Examination on Saturday.

Head, Public Affairs and Protocol in JAMB, Dr Fabian Benjamin, advised candidates to send UTMERESULT in one word to 55019 to have their results checked.

In a statement issued in Abuja on Saturday, he stated that JAMB had not uploaded the results on its website, urging candidates to check their results using the SMS code.

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He said, “To check the 2022 UTME result, all a candidate needs to do is to simply send UTMERESULT to 55019 using the same phone number that he or she used for registration.

“The result will be sent as a response to the candidate’s text message. This is the only process of checking the 2022 UTME results for now as the board has not uploaded it on its website for obvious reasons.

READ ALSO: JAMB Releases 2022 UTME Results

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“In addition, candidates are forewarned that they would, as usual, receive all kinds of messages from desperate fraudsters on how to check their results different from the aforementioned one.

“Hence, JAMB urges all candidates to ignore all such messages on how to check their 2022 UTME results as they are all products of deceit aimed at misleading them.”

Benjamin stressed that JAMB adopted the user-friendly and simplified process of checking UTME results through the use of SMS to adhere to the ease of doing business protocol of the government.

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He added that the process was simplified to preclude the unconscionable exploitation of candidates by shylock business centres and cyber cafes which often took advantage of hapless candidates.

The 2022 UTME began on May 6 and would end on May 16.

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JAMB Releases 2022 UTME Results

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The Joint Admissions and Matriculation Board has released results of the just concluded 2022 Unified Tertiary Matriculation Examination.

The examination body, which also outlined the process to check the results, made this known in a statement signed by its Head, Public Affairs and Protocol, Fabian Benjamin, on Saturday in Abuja.

The statement made available to The PUNCH read: “To check the 2022 Unified Tertiary Matriculation Examination result, all a candidate needs to do is to simply send UTMERESULT to 55019 using the same phone number that he/she had used for registration and the result would be returned as a text message.

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“This is the only process of checking the 2022 UTME results for now as the Board has not uploaded it on its website for obvious reasons.

“In addition, candidates are forewarned that they would, as usual, receive all kinds of messages from desperate fraudsters on how to check their results different from the aforementioned one. Hence, the Board urges all candidates to ignore all such messages on how to check their 2022 UTME results as they are all products of deceit aimed at misleading them.

“The Board, in line with its desire to adhere to the ease of doing business protocol of the government, has emplaced this user-friendly and simplified process of checking UTME results.

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READ ALSO: 2022 UTME: One Killed As Gunmen Attack JAMB Officials In Lagos

“Furthermore, this simplified process would also serve to preclude the unconscionable exploitation of candidates by shylock business centres and cybercafés, which often take advantage of hapless candidates.

“The 2022 UTME began on Friday, 6th May, 2022 and ended on Friday 13th May, 2022.”

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Our Affiliation With ATBU Is To Increase Youths’ Access To Education – Rector

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Our Reporter, Bauchi

The Rector, Federal Polytechnic Bauchi, Arch. Sanusi Gumau, said that the institution’s affiliation with Abubakar Tafawa Balewa University (ATBU), Bauchi, to run some degree programmes was to increase youths’ access to quality education in the state.

The Rector stated this in Bauchi on Friday, during the matriculation of the newly admitted degree students for the 2021/2022 academic year.

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According to him, presently, the polytechnic entered a nine degree programmes with the university, five of which he said were under the School of environmental while the remaining four were under engineering.

He listed the programmes under the School of environmental to include; Architectural Technology, Building Technology, Quantity Survey and Technology, Survey and Geo-Informatics and Estate Management.

Gumau explained that the programmes under engineering are Agriculture and Bio- environmental, Electrical and Electronics, Civil Engineering and Mechanical Engineering.

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This affiliation with respect to this federal polytechnic and Abubakar Tafawa Balewa University is done specifically to give more avenues for our youth’s teeming population in order to have access to education for those who have the basic requirements.

“This is the fundamental reason why we have this synergy between the university and us.

“In order to give room for our students who are Polytechnic graduates to further their education, we also have affiliation with the Nigerian Defence Academy, Kaduna in the engineering programme.

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“With this kind of affiliation, you can give an avenue for a teeming population to get quality education. I am happy with this kind of synergy,” he said.

READ ALSO: Research: Experts Seek Improved Funding Of  Monotechnic, Polytechnic Libraries

The Rector reminded the students that they would only graduate if they are found worthy in character and learning, hoping for them to be good ambassadors of the university.

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Also speaking, the Vice Chancellor, ATBU, Prof. Muhammad AbdulAzeez warned the students that the institution has zero tolerance to all kinds of vices.

Represented by Prof. Mansur Malumfashi, Chairman, Central Screening Committee, ATBU, the Rector said “anti-social behaviors such as cultism, examination mal-practice, sexual harassment, drug abuse, among others are not only frowned at but prohibited.

Our duty here is not only to give you access to knowledge, but also to help in molding your character so that you become responsible citizens of our nation.

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“Those who are too arrogant to conform will be shown the way out, because ATBU and Federal Polytechnic share things in common”.

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