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Nigerians languish in poverty as inflation rises unfettered under Tinubu

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Nigeria is grappling with persistent and soaring inflation rates, causing distress among its citizens. President Bola Ahmed Tinubu’s six-month reign has been marked by hardships, Naira depreciation, and escalating insecurity, pushing the nation to a critical point.

In December, the inflation rate reached 28.92%, the highest in 27 years, up from 28.20% in November, as reported by the National Bureau of Statistics. Food inflation, a significant component of the inflation basket, rose to 33.93% in December.

The consequences are evident in the escalating cost of living for Nigerians, leading to a decline in purchasing power. President Tinubu, despite urging patience, faces mounting skepticism from the populace as prices for essential goods like rice, beans, groundnut oil, bread, and eggs have surged significantly.

The World Bank reported that accelerated inflation in the first five months of 2023 pushed 24 million Nigerians into poverty. The country’s economic challenges are exacerbated by a total debt stock of N87.91 trillion ($114.35 billion) in September 2023.

President Tinubu’s policies, including fuel subsidy removal and Naira devaluation, have yet to provide relief for the majority of Nigerians. However, these policies have generated increased revenue for the government, with the federation account witnessing substantial growth in the latter half of 2023.

Economists and experts highlight the complexity of Nigeria’s inflation, attributing it to cost-push factors like the depreciated Naira and rising production costs. They emphasize the need for intentional policies addressing production costs, fuel prices, and subsidies on farm inputs to mitigate the inflationary challenges.

In response to the rising inflation, suggestions include government intervention through price controls on essential goods, enhancing productivity and efficiency, addressing inflation and currency devaluation, promoting competition, investing in agriculture, expanding social safety nets, improving infrastructure, and increasing access to credit.

Despite the challenges, some foresee potential relief in the second half of 2024 through emergency policies on agriculture, initiatives to overcome the scarcity of the US dollar, and the anticipated impact of Dangote and Port Harcourt refineries on strengthening the Naira. However, successful implementation of these measures remains crucial for a meaningful impact on inflation.

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BVN, NIN requirement: CBN keeps mum as deadline expires

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The Central Bank of Nigeria has kept mum as the deadline for banks to restrict customers’ accounts without a Bank Verification Number or National Identity Number has expired.

DAILY POST recalls that CBN, in a notice on December 1 last year, signed by the Director of Payments System Management Department, Chibuzo Efobi and Director of Financial Policy and Regulation Department, Haruna Mustapha, asked banks to restrict tier-1 accounts or wallets without NIN or BVN.

“For all existing Tier-1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied.

“Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’, and no further transactions will be permitted. The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024”, the statement partly reads.

However, CBN acting spokesperson, Hakama Sidi has yet to respond to calls from DAILY POST on Friday over the fate of banks’ customers without NIN or BVN.

Meanwhile, in a telephone interview with DAILY POST, the President of the Bank Customers Association of Nigeria, Dr Uju Ogubunka, appealed to CBN for a deadline extension.

According to him, though many accounts have NIN or BVN, there are still many without the requirement.

“At this point, the best thing for CBN to do is extend the deadline for bank customers to have their NIN or BVN”, he told DAILY POST.

A source who preferred anonymity in a tier-1 bank told DAILY POST that no customer account had been restricted owing to the NIN or BVN requirement.

“At the moment, no customers’ accounts have been restricted. Customers in the last three days have trooped in to update their account”, he said.

DAILY POST reported that bank customers were in a last-minute rush to meet the NIN and BVN requirement deadlines as they besieged their respective banks.

CREDIT: DAILY POST

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Gov Mbah signs New Enugu City, ENSIEC bills into law

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On Friday, Governor Peter Mbah of Enugu State officially approved the New Enugu City Development Agency Bill, the Enugu State Geographical Information System Service Bill, and the Enugu State Independent Electoral Commission (ENSIC) Amendment Bill, turning them into law. The signing ceremony, witnessed by Enugu State House of Assembly Speaker Uchenna Ugwu at the Government House in Enugu, marked significant steps in the state’s governance.

Governor Mbah clarified the purposes of these laws during the signing event. He highlighted that the New Enugu City Development Agency Law grants administrative authority to oversee the development of a new city master plan, aimed at accommodating both present and future generations. The Enugu State Geographical Information System Service Law, on the other hand, focuses on automating and digitizing processes for service delivery, beginning with land-related matters.

Regarding the ENSIEC Amendment Law, Governor Mbah noted its alignment with constitutional amendments concerning electoral bodies, ensuring compliance with the evolving legal framework.

Explaining the rationale behind the New Enugu City Development Agency, Mbah emphasized the government’s forward-thinking approach to governance, addressing the need for urban expansion to accommodate the growing population. He underscored the significance of having a master plan for future generations to prevent urban congestion.

Furthermore, Mbah elaborated on the Enugu State Geographical Information System Service, emphasizing its role in fulfilling the administration’s promise to streamline land administration processes and provide efficient services. He highlighted the agency’s mandate to manage property information systems and facilitate digital platforms for accessing services and making payments.

Governor Mbah expressed gratitude to the State House of Assembly for their support and swift passage of these executive bills, acknowledging the importance of collaboration in driving the state’s development agenda forward. He emphasized that progress and success hinge on the collective efforts of all stakeholders, including the legislature.

In conclusion, Governor Mbah affirmed his administration’s commitment to fulfilling its promises and leveraging legislative support to enhance governance and service delivery in Enugu State.

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Tinubu’s presidency not by chance – Shettima

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Vice President Kashim Shettima asserts that Asiwaju Bola Tinubu’s rise to the presidency is not coincidental but a divine blessing due to the sincerity of his character. Shettima made these remarks during a courtesy visit by the Nigerian Christian Pilgrim Commission (NCPC) delegation at the Presidential Villa in Abuja on Friday.

“The path leading to Tinubu’s presidency wasn’t accidental. He is known for his consistent sacrifices for the nation’s welfare. His success is viewed as a divine reward for his genuine intentions,” Shettima stated.

He stressed the importance of leaders fostering unity, highlighting Tinubu’s significant role in offering an alternative political platform within Nigeria’s system.

“Tinubu has made sacrifices and facilitated unity. He provided a haven for those facing political persecution and offered an alternative platform when others struggled for recognition,” Shettima elaborated.

Shettima urged Nigerians to be patient with Tinubu’s leadership, emphasizing that his presidency is not a coincidence but a deliberate journey towards national success.

He also charged the newly appointed NCPC Board to demonstrate unwavering commitment to their duties and reminded them of the importance of religious dedication in addressing national challenges.

“All of you were selected based on your religious commitment. We cannot overlook the issues within our system. It’s essential for all of us to strive for positive change to achieve the Nigeria we envision,” he concluded.

Previously, Bishop Stephen Adegbite, the Executive Secretary of NCPC, expressed gratitude to President Tinubu for the opportunity to serve on the board and praised Vice President Shettima’s outstanding leadership, citing his support for the Church and peace efforts in Borno State.

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