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Tinubu’s Ministers Fault Subsidy Removal, Floating of Naira

Two ministers, on Friday, blamed the current food crisis in the country on the unintended consequences of the two reforms introduced by the Federal government on petrol subsidy and forex.
Minister of Agriculture, Abubakar Kyari, attributed the food shortage in the country to the devaluation of the Naira, which has made the nation’s currency very weak, compared to the CFA franc, the currency used by eight other states in the West Africa sub-region.
Kyari made the disclosure on Friday at the National Assembly in his presentation before the Senate committees on Finance, Appropriation, Banking, Insurance and Other Financial Institutions.
The former acting national chairman of the All Progressives Congress (APC) lamented that the devaluation of the naira had put neighbouring countries at an advantage to buy cheaper farm products from Nigeria which are now consequently smuggled across the border by peasants.
He said: “What we are faced with today is the undocumented export of food to our neighbouring countries. Today, one CFA is N2.50, that is to say, 100 CFA is N2,200. That used to be N400 a few years ago. When you look at our neighbouring countries, all four neighbouring countries around us, the CFA is their currency and because of the devaluation of the naira, our food is the cheapest around the neighbourhood. So, you find a lot of undocumented exports, smuggling across our porous borders to these neighboring countries.”
The minister, who said the Federal government might be compelled to again seal up the borders against the country’s neighbours, expressed concern over unrestrained exportation of certain farm produce by nationals of China, India and Turkey who earned foreign exchange from it while the country earns nothing in return.
He said: “The other angle that we have over the period is the unavailability of foreign exchange. A lot of investors, Indians, Chinese, Turkish, that are operating in this country buy our crops that are sought after outside, like soya beans and buy them at exorbitant prices just to earn foreign exchange. When they go outside there to earn foreign exchange, the worst part is that most of these monies are not repatriated back to us.
“Export is a good thing for us but when you don’t earn the foreign exchange and it is not repatriated back to us, and government doesn’t have any income from it, I am sorry, that is not a good sign.
“So, what we are trying to do here is to ramp up production. I think it is an issue of economics, between supply and demand, but unfortunately we have to see how we can secure food for our 230 million citizens and at the same time if this economic situation continues, then you have to seal up the borders which is against the ECOWAS issue.”
Kyari’s counterpart in the Ministry of Budget and Planning, Atiku Abubakar Bagudu, noted that the removal of fuel subsidy is also affecting planting by farmers.
Bagudu said: “The benefits of fuel subsidy reforms have to be supported by measures that will guarantee food production and stability.
“From our perspectives, particularly from budget and planning, there are places today in about 18 states in the country where you can still plant rice for the dry season farming, including the constituency of the chairman of the national planning in five local governments where, if care is not taken, not for reasons of insecurity, 70 percent of the planting areas might not be cultivated because of fuel cost.
“It is the same thing in a number of places in the constituency of my brother, Senator Adamu Aliero. The balancing of the reforms and ensuring the necessary measures are implemented urgently in order to ensure that we support the reforms is the point made by Senator Aliero. And the commendable act of removing fuel subsidy needs to be supported by measures that support domestic production in order to achieve the full impact.”
As the senators grilled members of the Economic Management Team, they asked the Federal Government to end the pain of Nigerians by applying urgent, workable solutions in its economic recovery policies.
With the inflation rate at 28.92 percent, increased hunger, an exchange rate of about N1,500 to the United States dollar, insecurity and scarcity of food, the lawmakers said President Bola Tinubu and his economic team must respond with measures that would yield faster results.
The team, which was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, appeared before the joint Senate committee co-chaired by senators Sani Musa and Adetokumbo Ashiru.
The governor of the Central Bank of Nigeria (CBN), Mr Yemi Cadoso, was also in attendance.
The senators grilled the ministers for over three hours, seeking explanations for the current economic hardship, particularly inflation, exchange rate crisis, insecurity and food scarcity that have forced Nigerians to start protesting publicly in some states of the federation.
They noted that the sufferings faced by Nigerians have continued to worsen in spite of constant assurances by government that its interventions were yielding fruits.
For instance, Senator Orji Kalu told the team that the manufacturing and agricultural sectors “are practically dead.”
Kalu said the “rush for dollar” in Nigeria had reached an embarrassing level where some goods and services were now priced in the United States’ currency in Nigeria.
“The use of dollar in Nigeria should be an abomination. I can see even shops in Abuja advertising their goods in dollars. Are we going to dollarise our economy?
“What are your plans to stop the threat by Nigeria Labour Congress (NLC) to embark on a protest?” he said.
Senator Abdul Ningi observed that Nigerians had heard more speeches and promises from government officials than solutions to their sufferings.
He said: “The rhetoric continues. This is typical of us. The dollar has been criminalised. Most of us in government are involved. And it even starts from the CBN.
“People are stealing this dollar and know nothing will happen to them. This issue of dollar bribe is from top to bottom.”
But the finance minister, Edun, while reassuring the senators that the government’s interventions were yielding results, expressed the sympathy of Tinubu with Nigerians and called for more patience to allow his administration’s measures to mature.
The governor of the CBN, Yemi Cardoso, in his submission, said the apex bank had no magic wand to address the free-fall of the naira, just as he admonished Nigerians to reduce consumption of foreign goods.
He also attributed the high demand for the greenback to medical tourism and high demand for education in foreign lands.
Cardoso reiterated the government’s belief that the inflation rate would drop to around 21.4 percent later in the year.
For the exchange rate crisis, Cardoso said one way the elite could help the government in resolving it was to reduce their appetite for using foreign currencies, especially the dollar.
He disclosed that foreign investors had begun to restore confidence in the economy as a result of the measures introduced, which had seen an inflow of over $1 billion lately.
Cardoso said: “The Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira. Factors contributing to this situation include speculative forex demand, inadequate forex supply, increased capital outflows and excess liquidity.
“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets. This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs and IMTOs, enforcing the Net Open Position limit, Open Market Operations, adjusting the remunerable Standing Deposit Facility cap, among others.
“Distinguished senators, these measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilise the exchange rate, and minimise its pass-through to domestic inflation.
“Indeed, they have already started yielding early results with significant interest from Foreign Portfolio Investors (FPIs) that have already begun to supply the much-needed foreign exchange to the economy.
“For example, upwards of $1 billion in the last few days came in to subscribe to the Nigeria Treasury Bill auction of one trillion naira which saw an over-subscription earlier this week.
“Our measures aimed at improving USD supply into the Nigerian economy have significant potential in taming the volatility of the exchange rates. However, for these measures to be sustainable, we must, as a country, moderate our demand for FX.
“It is also clear that the task of stabilising the exchange rate, while an official mandate of the CBN, would necessitate efforts beyond the bank itself. It will also include actions by corporates and individuals to reduce our frequent demand for the dollar for business and personal needs.”
When asked to tell Nigerians when the exchange rate would stabilise or drop significantly, the governor replied that he did not know.
“Our measures on exchange rate, well, we don’t know when it will go down, but can I assure you that as the measures kick in, rates will go down ultimately?
“We have to moderate our demand for FX as well,” Cardoso added.
Source: Eyewitness
Featured
Glo Partners Samsung to Offer Customers the Exclusive Galaxy S-25

Digital solutions company, Globacom, has teamed up with Samsung, world’s leading manufacturer of electronic devices, to bring a new offer to Glo subscribers. This tantalising deal allows Glo customers to pre-order the highly sought-after Samsung Galaxy S-25 smartphone and enjoy unique benefits.
Samsung Electronics unveiled its newest flagship smartphones: the Galaxy S25 series which comes with cutting-edge advancements in artificial intelligence (AI) and was designed to elevate user experience and set new standards in the industry on January 22, 2025.
The pre-ordering exercise kicked off on January 22 and closes on February 18, 2025 at Gloworld shops across the country. It gives customers the opportunity to select from the Galaxy S25 lineup, including the S25 Ultra, the top-tier and most sophisticated model, as well as the S25+ and the standard S25. They, however, come with different processors and storage options.
Customers who pre-order the Galaxy S25 or S25+ will receive complimentary gifts, including a Buds FE, a suit cover, and Samsung Care, while those opting for the Galaxy S25 Ultra, will receive a free Buds 3, a standing grip case, and Samsung Care.
Globacom is also delighting customers who purchase any model from the Galaxy S25 series with 18GB bonus data for 6 months under smartphone festival data plans, while they can also secure their pre-order at any Gloworld shop with an advance payment of ₦500,000. Pre-ordered phones will be delivered to customers from February 19 onwards.
“We are thrilled to bring this offer to our subscribers, who will enjoy unparalleled benefits, including innovative packaging. This partnership with Samsung reinforces our commitment to providing value-added services that cater to the evolving needs of our customers”.
The company advises other phone lovers who are yet to pre-order the new device to visit any Gloworld outlet close to them and join the list of the new owners of the Samsung S-25 phone before the expiry date.
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Another Gloworld Retail Office Opens in Maiduguri

Technology company, Globacom, on Wednesday opened another Gloworld retail outlet in the Borno State capital, Maiduguri.
The new Gloworld shop is the latest in Globacom’s trademark customer interface shops, and is equipped with the latest technology for fast and efficient customer service and complaints resolution.
According to Mr. Augustine Mamuro, Globacom’s Regional Sales Coordinator, North East, the opening of the centre is in line with its “desire to bring its services closer to the people, create more platforms for customers to have access to Globacom’s wide range of products and services and give them more exciting experience on the network.”
He added that Globacom’s approach to customer service “is one that is underpinned by innovation and total inclusiveness. This is why we are consistently seeking innovative channels to make available our array of services to them”.
Mamuro assured the people of Maiduguri that the office is manned by well-trained, polite and customer-friendly staff who will provide first-class services and attend to customers’ enquiries as well as their service and product needs.
He also said the new shop will offer affordable Glo products, devices, smartphones and accessories, adding, that the people are assured of quick and satisfactory resolutions of all issues ranging from SIM replacement and registration to recovery of over-scratched cards, refill, unblocking of phones and laptop configurations for internet, as well as post paid bill payments and purchase of all Glo and other complementary products”.
The Deputy Governor of Borno State, Alhaji Umar Umar Kadafur, who was the Special Guest at the event, eulogised Globacom for deeming it fit to open a new Gloworld in Maiduguri for the benefit of the people.
He lauded the management of the company for its thoughtfulness in bringing its products and services close to the people of the state.
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I Don’t Belong to Wike’s Camp, Dakuku Peterside Declares

Dakuku Peterside has publicly declared his political leaning in Rivers State, saying he does not belong to the camp of the former governor and current Minister of the Federal Capital Territory (FCT), Nyesom Wike.
Instead, Peterside, a former Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), said he aligns with Wike’s predecessor and estranged former godfather Rotimi Amaechi.
“I am a friend to Rotimi Amaechi,” the former All Progressives Congress (APC) governorship hopeful said on Channels Television’s Politics Today programme on Wednesday.
“I am not on the side of Nyesom Wike,” Peterside submitted, adding that he is also not politically aligned with Governor Siminalayi Fubara.
He, however, said he was ready to provide advice for the incumbent governor on how to move the state forward.
“When Nyesom Wike was governor, recall that I was doing open letters to him consistently, giving him my advice. I did that for some time. If Governor Fubara seeks my advice, of course, I am willing to give that, like many governors,” he said.
Rivers is one of the politically charged states in Nigeria, a situation which could be attributed to the chunk votes and fat purse of the oil-rich state.
Like a coat of many colours, fragmented political camps make up the diverse and intrigue-filled state dominated by pugilists in the APC and the Peoples Democratic Party (PDP) where the incumbent governor belongs.
Leaders of the camps include Wike, a PDP powerbroker and two-term governor of the state from May 2015 to May 2023. Another political gladiator in the state is Amaechi, a former APC presidential hopeful and ex-transport minister who previously governed the state from May 2007 to May 2015.
There are also those loyal to Fubara and former governor Peter Odili; while former PDP National Chairman Uche Secondus; Magnus Abe; and Tonye Cole; amongst others, have their die-hard followers too. For over a decade, political crises have been Siamese to the State with followers of the various camps always at loggerheads.
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