Economy

Arewa group tells Buhari how to tackle insecurity in Nigeria

Published

4 years ago

July 2, 2019

Eric

President Muhammadu Buhari has been urged to properly appraise the security operation in the country with a view to arresting the security challenges.

To be able to win the war against terrorism, armed banditry and kidnapping, there is the need to review the country’s security architecture.

Making the call in Kaduna State at a two-day Northern Nigeria Security Conference, organized by Arewa Research and Development Project, ZARDP, its Convener, Dr. Usman Bugaje, said the Buhari administration’s approach to the security challenges leave much to be desired.

Dr Bugaje said: “What is happening in Nigeria today in terms of security is known to everybody. A lot of killings and atrocities are under-reported. We have a situation where things were deteriorating and still deteriorating and every move by the security agency is not translating to positive results.

“It becomes necessary, therefore, to re-examine the situation and explore the community approach. We want to see what community can do so that we can come together and salvage this country.

“We have brought experts, even though many of them have retired from security forces, so they can bring their expertise and see how the communities can complement the efforts of the security agencies.

“Now, we are not here to blame any particular person. And in this two-day security conference, we did underscore a few points of action. There is the need to take this issue of security very seriously with all responsibility. There should be no room for politics or joke here.

“Secondly, I did say that a citizen will have a responsibility to participate and to show when the government is not delivering, even if it is under dictatorship or in the circumstance that we are.”

He opined, “So, we want people who are holding government’s positions from the lowest up to the President to understand that what they have been doing on security is not working. This is because, it is the citizens who can tell you whether what you are doing is working or not.

“The third point we are considering is the fact that citizens seem to have lost their courage to tell the truth. But this is important in our kind of setting because we are not sure if the President is getting the truth. We want to make sure those that are making policies and strategies are listening to the truth. It is important that whatever we see to be truth we say it.”

Comrade Issa Aremu, a member of National Executive Committee (NEC) of the Nigeria Labour Congress, NLC, observed that regardless of efforts of the security agencies, Nigeria would keep wallowing in crises, if the population growth rate continues to be higher than the country’s economic growth rate.

Aremu said, “Regardless of the efforts of the security agencies, Nigeria will continue to have crises, if the country’s population growth rate continues to be higher than economic growth rate.

“Regardless of whether we armed the security agencies to combat the security challenges, if the number of unemployed youths continues to increase more than that of the security operatives, there is bound to be problem.”

One of the speakers, Abubakar Sadiq Muhammed, said the present blanket approach employed by security forces to tackle insecurity cannot give the results the country needs.

“If you go to Zamfara, economy is in serious crisis. People are no longer going to farm and towns have been abandoned. There is large movement of people from the area they were engaging in farming activities to area where they don’t do anything to become internally displaced persons.

“Sometimes, we demonstrate our lack of capability to deal with the situation we found ourselves. If care is not taken, these criminals will overrun the security – God forbid, and that was why I said we have to look at our security architecture in this country seriously,” Muhammed said.

Economy

Hardship: Labour Begins Strike, Vows to Ground Economy

Published

2 weeks ago

September 5, 2023

Eric

The Nigeria Labour Congress has vowed to ground the economy as it says the stage is set for a two-day nationwide warning strike in response to the severe economic hardships plaguing the nation on the aftermath of subsidy removal by the Federal Government.

This move has garnered widespread support from key stakeholders, including the banking sector, civil society organisations, and workers’ unions, as they unite to address the growing economic crisis in the country.

The National Union of Banks, Insurance and Financial Institutions Employees, the umbrella organisation representing workers in the banking and insurance industry, on Monday vowed to take part in the strike, effectively shutting down financial activities across Nigeria.

A statement signed by the General Secretary of NUBIFIE, Mr Mohammed Sheikh, underscored the importance of their participation in the two-day warning strike by the NLC, citing the need to draw the government’s attention to the dire economic situation faced by Nigerians.

The leadership of NUBIFIE has issued a notice that all banks will be shut down on Tuesday, 5 and Wednesday, 6 September 2023, in line with the NLC two-day strike directive.

“The directives are imperative to get the needed attention of the government and to warn it against interfering in the internal affairs of unions instead of addressing the punishing economic circumstances we find ourselves in,” the statement emphasised.

Speaking with The PUNCH, the Senior Deputy General Secretary of NUBIFIE, Mr. Aboderin Olusola, reiterated their commitment to the NLC’s cause, stressing the necessity of solidarity among industrial unions during these trying times.

Olusola said, “It was NLC’s directive to all the industrial unions and NUBIFIE didn’t have any option than to issue that circular to all our members and management of banks and insurance companies in Nigeria.”

Joining the chorus of concern, the United Action Front of Civil Society has thrown its full support behind the NLC’s two-day warning strike.

In a statement signed by the Head of the National Coordinating Centre for the United Action Front of Civil Society, Wale Okunniyi, the organisation expressed outrage over the hardship inflicted on Nigerians by the government’s decision to remove fuel subsidies and subsequently raise the price of premium motor spirit.

The Maritime Workers Union of Nigeria has backed the Nigerian Labour Congress to embark on the two-day warning strike.

This was contained in a letter on Monday titled, ‘Compliance to the Nigerian Labour Congress directive on a nationwide two-day warning strike’, signed by the Head of Media, MWUN, John Ikemefuna.

The PUNCH reports that on Friday, the NLC in a communiqué jointly signed by its National President, Joe Ajaero and Secretary, Emmanuel Ugboaja, said it decided to embark on a two-day warning strike following what was described as the failure of the Tinubu-led Federal Government to dialogue and engage stakeholders within the organised labor on efforts to cushion the effects of fuel subsidy removal on Premium Motor Spirit, popularly known as petrol, on the “poor masses”.

The President General of MWUN, Adewale Adeyanju, directed all its affiliates to embark on the two-day nationwide strike.

He said, “This decision is due to the Federal Government’s refusal to engage and reach an agreement with the organized labor on critical issues of the consequences of the unfortunate hike in the price of petrol, which has unleashed massive suffering on Nigerian workers and the generality of the Nigerian citizens.”

“The MWUN as an affiliate of the NLC, is obliged to comply with the directive and has consequently instructed all our members in all ports, jetties, terminals, and oil and gas platforms nationwide to partake on the two days total shut down warning strike as directed by the NLC.”

The Punch

Economy

Naira Continues to Appreciate, Trades for N850/$1 in Parallel Market

Published

1 month ago

August 17, 2023

Eric

The Naira on Wednesday continued its appreciation against the United States dollar on Wednesday, exchanging at N850 per dollar at the close of trading.

The currency appreciated on Tuesday, ending the day at N915 per dollar 24 hours after the Central Bank of Nigeria announced that it was intervening with some measures to curb the fall of the naira. It had earlier traded on Monday at N950 to a dollar.

Bureau de Change operators in Lagos said they bought and sold the naira at N830 to a dollar and N850 to a dollar on Wednesday, adding that demand was lower compared to last week.

However, in Abuja, a BDC operator, Aminu Zakari, said he bought and sold the dollar for N860 per dollar and N845 per dollar. According to him, there has been uncertainty in the parallel segment of the market following the announcement by the CBN.

At the Investor & Exporter forex window, trading commenced at N781.66 to a dollar and reached a high of N799.90 per dollar before closing at N759.86 to a dollar on Wednesday.

Earlier on Tuesday, it closed at N781.30 to a dollar.

Economy

Marketers Propose N720/litre, Suspend Fuel Imports over Forex Crisis

Published

1 month ago

August 14, 2023

Eric

Oil marketers, on Sunday, indicated that the cost of Premium Motor Spirit, popularly called petrol, would rise to between N680/litre and N720/litre in the coming weeks should the dollar continue to trade from N910 to N950 at the parallel market.

They also hinted that dealers seeking to import PMS were being forced to put the plans on hold due to the scarcity of foreign exchange to import the commodity.

The warning came barely one week after the local currency crossed the N900/dollar ceiling, with the naira selling at over 945/dollar at the parallel market on Friday.

Oil dealers said the CBN Importers and Exporters official window for foreign exchange, which boast of a lower exchange rate of about $740/litre, had remained illiquid and unable to provide the $25m to $30m required for the importation of PMS by dealers.

This, they said, had led to the suspension petrol importation by dealers who were initially eager to import the commodity.

Operators told The Punch that the only marketer, Emadeb, who imported the commodity recently, was now finding it tough to recoup its investment due to the depreciation of the naira.

Senior officials of major oil dealers, who spoke to The Punch in separate interviews on Sunday, said PMS price hike was imminent unless the local currency appreciates in the coming weeks.

Leaders of the Major Oil Marketers Association of Nigeria of Nigeria, Independent Petroleum Marketers Association of Nigeria, and Petroleum Products Retail Outlets Owners Association of Nigeria said there was a need for the Federal Government to intervene to address the crisis.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Chinedu Ukadike, explained that the price of petrol was now driven by the fluctuations in forex, hence Nigerians should expect a hike soon.

Asked whether oil marketers were considering an increase in petrol price, he replied, “Once there is a slack in the naira against the dollar, there is going to be an effect. The demand and supply of forex is a key factor. We should also understand that it is not only petroleum products that use forex.

“Other manufacturers who import one thing or the other are also searching for dollars. So, the surge for dollars has continued to increase. So now that the dollar is hitting N910 to N940, and approaching N1,000, you should expect to buy PMS at the rate of N750/litre.

“It is simple mathematics, once the dollar is going up, have it in mind that the prices of petroleum products would definitely increase because the products are dollar-driven.”

Ukadike stated that oil marketers were still sourcing dollars from the parallel market, as the CBN’s Importers and Exporters official window was illiquid.

“Nigerians should brace for a price regime of between N680 to N720 if the exchange rate stays around N910 to N950/$, but the price is going to hit N750 once the dollar rises to N1,000.

“This is because marketers still source dollars from the parallel market, and not only marketers but virtually all importers in Nigeria. There is no subsidy any more on petroleum products, so you expect the cost to fluctuate with the dollars,” he stated.

The IPMAN PRO also stated that the Nigerian National Petroleum Company Limited was still the major importer of petrol into Nigeria, though another importer, Emadeb, imported the commodity recently.

“NNPC is still the major importer for now. One other company, Emadeb, imported products recently, but because this product is being sold in naira, getting back their funds is another issue since the naira keeps depreciating, while PMS imports is in dollars.

“This is why it is often difficult to go back and buy again as an independent importer. That is the problem we are facing,” Ukadike stated.

On when Nigerians would start seeing the price increase, he said, “NNPC is like the sole distributor of petroleum products now, so once you see a change in the price of petrol at their outlets, then other marketers will implement it.”

The Punch