Economy

Osinbajo urges Nigerians to be wary of media reports on security challenges

Published

6 years ago

June 24, 2019

Eric

Vice President Yemi Osinbajo has urged Nigerians in the Diaspora not to rely entirely on social media reports on the security challenges facing the country.

Speaking at a townhall meeting in New York on Sunday evening, Osinbajo said the social media “tends to be hysterical about practically everything”.

The News Agency of Nigeria (NAN) reports that the vice president spoke in response to several questions and comments on the security situation back home.

Many members of the audience had taken turns to express concern about the reported spate of killings and kidnapping back home, and wanted to know what the government is doing to address the situation.

He said, “With respect to general kidnapping which we have seen in parts of the country, again, this is not entirely new.

“In fact, some of the kidnapping stories you read or listen to are simply not true anywhere, some are fuelled by politics.

“There are cases of kidnapping, no question at all about that, but some of the more dramatic stories that you hear are simply not true.

“Every report of kidnapping we receive, we try to verify, and at the end of the day you find out that people just tell all sorts of stories,” he said.

The vice president said the Federal Government was working with the states to check kidnapping where it was actually taking place, using technology to track the perpetrators.

He said the efforts were already yielding results with several arrests made by security agencies in affected areas.

Vice President Yemi Osinbajo speaking at the townhall meeting [NAN]

Osinbajo said the government was capable of addressing the security challenges, assuring Nigerians that the news “will be a lot better very soon”.

Turning to banditry and farmers/herders clashes in the north west and central, the vice president described them as “resource conflicts”.

According to him, banditry especially in Zamfara and Katsina was more of a fight over the control of mining sites by armed groups.

He said the government was taking several measures, including shutting down the mines, to address the problem.

“In the north central, we have the livestock transformation plan to address the farmers/herders conflict.

“Ultimately, it is ranching that will solve the problem because you cannot have people wandering across the the country with their cattle.

“It is not helpful to them, this they know, because ranching is more convenient and profitable.

“So, we are building herd dams in the northern states so that people don’t necessarily come down south in search for water and green pastures for their herds.

“We are also trying to ensure we provide grazing areas before we come to cattle routes,” he added.

Osinbajo said in fairness to herders, the livestock sector had not enjoyed the kind of government’s funding and support accorded farmers over the years.

He stated that there was also need for government’s intervention in livestock, and solicited private sector support and investment in that area.

Economy

IMF Scores Tinubu’s Economic Reforms Below Pass Mark

Published

3 weeks ago

April 20, 2025

Eric

The International Monetary Fund (IMF) says that Nigeria faces significant uncertainty in its economic outlook despite wide-ranging reforms.

It, however, noted that the gains are yet to benefit all Nigerians with poverty and food insecurity remaining high.

Concluding its 2025 Article IV Consultations with Nigeria’s public policy executives during the week, IMF’s team, led by Axel Schimmelpfennig, its mission chief for Nigeria, acknowledged that Nigeria has taken important steps to stabilize the economy, enhance resilience, and support growth.

The IMF team had met with Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Minister of Agriculture and Food Security, Abubakar Kyari, Central Bank of Nigeria Governor, Yemi Cardoso, senior government and central bank officials, the Ministry of Environment, the private sector, academia, labour unions, and civil society.

Although the IMF representatives said these reforms have put Nigeria in a better position to navigate the external environment, the macroeconomic outlook remains marked by significant uncertainty.

They said that the elevated global risk sentiment and lower oil prices would impact the Nigerian economy.

They, therefore, recommended that macroeconomic policies need to further strengthen buffers and resilience, reduce inflation, and support private sector-led growth.

The final report of the consultations stated: “The Nigerian authorities have taken important steps to stabilize the economy, enhance resilience, and support growth.

‘‘The financing of the fiscal deficit by the central bank has ceased, costly fuel subsidies were removed, and the functioning of the foreign exchange market has improved.

‘‘Gains have yet to benefit all Nigerians as poverty and food insecurity remain high.

‘‘The outlook is marked by significant uncertainty. Elevated global risk sentiment and lower oil prices impact the Nigerian economy.

‘‘The reforms since 2023 have put the Nigerian economy in a better position to navigate this external environment. ‘‘Looking ahead, macroeconomic policies need to further strengthen buffers and resilience, while creating enabling conditions for private sector-led growth.

“The authorities communicated to the mission that they will implement the 2025 budget in a manner that is responsive to the decline in international oil prices. A neutral fiscal stance would support monetary policy to bring down inflation.

‘‘To safeguard key spending priorities, it is imperative that fiscal savings from the fuel subsidy removal are channeled to the budget.

‘‘In particular, adjustments should protect critical, growth-enhancing investment, while accelerating and broadening the delivery of cash transfers under the World Bank-supported program to provide relief to those experiencing food insecurity.

“A tight monetary policy stance is required to firmly guide inflation down. The Monetary Policy Committee’s data-dependent approach has served Nigeria well and will help navigate elevated macroeconomic uncertainty.

‘‘Announcing a disinflation path to serve as an intermediate target can help anchor inflation expectations.”

Economy

My Policy on Fuel Subsidy Removal Yielding Results, Says Tinubu

Published

2 months ago

March 11, 2025

Eric

President Bola Tinubu has declared that his fuel subsidy removal policy is yielding the desired results, pointing out that prices are gradually declining.

The President also asserted that investors are increasingly showing interest in the Nigerian economy, a development he attributed to the removal of fuel subsidies, a policy introduced on 29th May 2023.

Tinubu made these remarks on Monday while inaugurating the National Youth Council at the Presidential Villa, Abuja.

Addressing the youths, Tinubu emphasised that while politicians will always be politicians, true leadership is about fostering development that benefits future generations.

He urged Nigerian youths to take advantage of the opportunities being created by the government, particularly in the ICT sector, to contribute to national development.

Tinubu said: “I have listened to you. Today is not for long speeches. I just want to reassure you that you are the hope of this country. Everything rests on your shoulders. Every decision I have taken is about you and the future.

“When we removed the fuel subsidy, we were securing a future for generations yet unborn. Where is the investment? Where is the infrastructure? When you hear many professionals say they want to ‘JAPA’, it is because prosperity is not widespread at home. If we create opportunities and empower our people, they will have no reason to leave.

“This is your country to develop, build, and prosper in. The government is fully committed to you. Take this seriously. You can criticise politicians all you want, but ultimately, politics is about development and securing a future for the next generation.

“At the beginning, it seemed uncertain, difficult, and even hopeless. It felt like drawing water from a dry well. But today, the economy is turning a corner. Prices are falling, confidence in our economy is improving, and investors are showing interest. Technology is advancing, and you have opportunities before you.”

The President reminded the youths that they have a crucial role in advancing the nation’s development.

“It is all in your hands. My role is to help navigate, push, and implement key programmes to clear the path for you. But it is up to you to seize the moment. Look me in the eye and tell me what you think—whether it is right or wrong—and offer suggestions. We will consider them as long as they contribute to the prosperity of this country.

“I assure you that we will do everything possible to make Nigeria a better place for you, but we cannot do it alone. You represent over 60 per cent of our population. You are the heartbeat of our nation, and I hope you take this opportunity very seriously,” he said.

Economy

Naira Gains over Dollar for Three Straight Days in Parallel FX Market

Published

3 months ago

February 15, 2025

Eric

The Naira recorded three consecutive days of appreciation against the dollar in the parallel foreign exchange market, ending the week on a high note on Friday.

According to Abubakar Alhasan, a Bureau de Change operator in Wuse Zone 4, Abuja, the Naira strengthened to N1,565 per dollar on Friday, up from N1,570 on Thursday.

On a day-to-day basis, the Naira gained N5 against the dollar compared to the N1,570 traded on Thursday.

In the last three days, the Naira has gained N15 against the dollar in the black market.

In contrast, in the official market, the Naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.

The apex bank’s exchange rate data showed that the Naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.

Overall, exchange rate movements across FX markets showed that the Naira ended the week with mixed sentiments of losses and gains against other foreign currencies.