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CBN Says Buhari’s Excessive Overdraft Destroying Economy

By
Bayo Bernard
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CBN Gov Emefiele

By Fola James

The Godwin Emefiele-led Central Bank of Nigerian, CBN  has accused the federal  government  of excessive borrowing from the government owe’new bank.  The apex bank said the Buhari administration has borrowed too much from the bank, through the Ways and Means, W&M, and that the action is frustrating the CBN’s  Monetary policies. The Federal government currently owes the CBN N15.5 trillion, a substantial part of that amount N14.8 trillion has so far been borrowed under the Buhari administration.

According to the CBN Act (as amended ) the federal is allowed to borrow five percent of the previous year’s estimate to finance budget deficit, but such must repaid before the end of the fiscal year, the extant law said. Notedly, the Buhari administration has abused the process, making it the highest CBN’s debtor ever, critics of the government said.

Recall that Rotimi Amaechi, the Minister of Transportation was quoted as saying that President Buhari had  informed his kitchen  cabinet of his government’s resolve to borrow more from the apex bank as soon as he came to office in 2015.

In its report of February 2021, the International Monetary Fund, IMF warned the CBN to stop financing government’s budget deficit. The Fund had  earlier in 2019,  warned that huge fiscal deficits financing  will complicate CBN’s monetary policy.

Also last year, globally respected body Fitch Ratings, warned that federal government’s frequent recourse to the apex bank to borrowing to finance budget deficits put Niger at the risks of macroeconomic instability.

The CBN on its part has refused to own up to the abuse of the W&M overdraft until lately. According to Nairametrics, while responding to a question on its Frequently  Asked Questions page the CBN S said the federal government  has frustrated it’s monetary policy as a result of complete disregard to the limit set by the law on the W&M overdraft.

On whether the federal government’s complete disregard for the CBN Act is having a toll on its monetary policy the apex bank said “Yes when the Federal government exceeds its revenue, the CBN finance government deficit through Ways and Means Advances subject (in some cases) to the limits set in the existing regulations, which are sometimes disregarded by the Federal Government.

“The direct consequences of the central bank’s financing of deficits are distortions or surges in the monetary base, leading to an adverse effect on domestic prices and exchange rates i.e macroeconomic instability because of excess liquidity that has been injected into the economy.”

”The ultimate goals of monetary policy are basically to control inflation, maintain a healthy balance of payment position in order to safeguard the external value of national currency and promote adequate and sustainable level of economic growth and development. These goals are achieved by controlling money supply in order to enhance price stability (low and stable inflation) and economic growth.“

Meanwhile, critics of the Emefiele-led bank said the management  of the bank must have been seriously hit by the slew of criticisms among Nigerians that it is culpable in the Buhari administration’s flagrant abuse of CBN’S Act regarding the W&M window. Therefore, its latest stand on the issue, they insist, may not go without a serious backlash from the presidency.

Last year, a coalition of civil society organisations , CSO  demanded the resignation  of Emefiele as CBN Governor after criticising his monetary policies which they said have impoverished  many Nigerians.

2023 Presidency: Deposed Emir Sanusi Speaks

By
Bayo Bernard
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By James Orji

Deposed Emir of Kano, Sanusi Lamido Sanusi has directed members of the Jam’iyyatu Ansariddeen (Attijaniyya), Nigeria, to obtain their voters card to enable them chose the next president of the country.

He made the comment amidst, President Muhammadu Buhari’s, last week’s admonition that he has given his best to the country, and that age is already weighing on his performance.

Sanusi who is the President General of the group said this in Lokoja, the Kogi state’s capital at an vent to mark the Annual Conference of the 4th Nigeria World Maulid Anniversary, in honour of the Holy Prophet Muhammad, with the theme: ”The Prophetic Solutions To The Questions of Humanity”.

The former Central Bank of Nigeria, CBN Governor who recently had his banishment by the Kano state government overturned by an Abuja high court has debunked initial rumour that he’s interested in the presidency.

Sanusi said the only way to move the country forward at the moment is to elect a competent person as President Muhammadu Buhari’s successor, without consideration  for religion, ethnicity and creed.

The former emir said, ”every member of Attijaniyya from 18 years old and above, male or female, go and get your voters card.

”Allah commands you that you should place trust in the hands of those people who are trustworthy. Now, we are at the time where those who appoint leaders are the people, your vote is your power, you have a responsibility.

”I am not saying you must vote only for members of Attijaniyya, Muslim, or for any political party; you are to vote for every position the best person that is most competent,” he said. If you don’t take this responsibility you have betrayed Islam. We must preserve the unity of this country to ensure self reliant, education peace and unity

”We must therefore not relent in our prayers for this country. We need to educate our children,” Sanusi said.

Speaking last recently Buhari said he already paid his dues to the country after dutifully serving as a minister, governor and now president, adding that Nigerians will only appreciate his service after leaving office.

“The age is telling on me, working now for six, seven to eight hours per day in the office is no joke — there are questions of executive council, memos from as many states as possible to be considered virtually every week. Really, it’s a lot of hard work, but as I’ve said, I asked for it and I cannot complain.

“I have been a governor, I have been a minister, and I’m in my second term as president. So, I’ve gone through all the system and really, what else can I do for this country? I have given my best,” Buhari said.

Amnesty For Kanu: IPOB Says Buhari Is Playing With Fire

By
Bayo Bernard
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By James Orji

President Muhammadu Buhari will set the country on fire over his decision not to release the leader of the Indigenous People of Biafra, IPOB Nnamdi Kanu, the group has said.

The warning came barely 72 hours after the apex Igbo socio-cultural group, Ohanaeze Ndigbo, yesterday, accused the Arewa Consultative Forum, ACF and Northern Elders Forum, NEF are behind President Muhammadu Buhari’s refusal to release detained secessionist leader

Kanu is standing trial for treason and many other charges following his arrest in Kenya last July. All efforts by South east leaders to secure his freedom from detention has proved abortive.

Last week in an interview with a national television, President Buhari nailed Kanu’s fate after when he revealed there was no plan to grant him amnesty, adding that he will not intervene with ongoing trial of the IPOB leader, who is billed to appear in court later this month.

Obviously, the president’s decision did not go down well with separatist group who claimed that the president’s decision was based on pressure by some vested interests in the country who did not want Kanu release from detention.

IPOB spoke on Sunday in a statement by its spokesman, Emma Powerful, noting that President Buhari had reneged on his earlier promise to consider amnesty for Kanu.

The statement reads in part: “our attention has been drawn to the statement by President Muhammadu Buhari of Nigeria that he will not release our Leader, Mazi Nnamdi Kanu.

“We know that this position by Buhari after he had earlier promised a delegation of Igbo leaders that he would consider their appeal to consider a political solution for Kanu, was not unconnected with the visit by some foreign-based traitors and enemies of our struggle.

“Our intelligence captured what transpired in a meeting between these saboteurs and their host in Aso Rock. In the evil meeting, the saboteurs and traitors concluded with the presidency that Mazi Nnamdi Kanu should not be released, claiming erroneously thought, that IPOB and ESN have been defeated which is lies.

“But we want to tell Buhari and his cohorts that he is going to make a mistake capable of consuming Nigeria should he fail to release Nnamdi Kanu because these bunch of criminals he had a meeting with were not giving him correct information about IPOB and ESN outfit.”

The group further noted that their leader has remained in detention while bandits and terrorists are being released by the Buhari’s government.

IPOB said: “why should the federal government be releasing bandits and terrorists wreaking havoc across the country but fail to release freedom seekers.

“Federal government should not be deceived by blacklegs and sacked members of the movement who are feeding it with fake information about IPOB and ESN outfit for pecuniary interests.

“IPOB is too big for them to comprehend and they could not fantom IPOB and its operational strategy when they were in IPOB, we don’t want to mention their names.

“The people who visited him promised to help him crush IPOB and ESN but unfortunately they cannot achieve that, actually they will be disappointed.”

Ohanaeze had said in a statement last week that the ACF and NEF were intent to disorganized the country on by advising President Buhari not grant Kanu amnesty.

Mrs Marwa: Governor Uzodimma To Agbaso Family, I Mourn With You

By
The Source
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Hope Uzodinma

Imo State Governor, Senator Hope Uzodimma has commiserated with the Agbaso family of Emekuku, Owerri North, Imo State,  over the death of their beloved daughter and sister, Chief (Mrs) Zainab Marwa.

Hajia Zainab, former First Lady of Borno State, and first wife of the Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig-Gen. Mohammed Buba Marwa reportedly died on Saturday, January 8, 2022, after a brief illness at the age of 66.

Governor Uzodimma, in a statement issued by his Spokesman, Oguwike Nwachuku, said he is particularly pained over Hajia Zainab’s passing, who was  the elder  sister of his bossom friend, Chief Martin Agbaso.

The Governor not only condoles with Chief Agbaso, but also with his younger brother and former Deputy Governor of Imo State, His Excellency, Sir Jude Agbaso and the entire Agbaso family.

Governor Uzodimma described Hajia Zainab’s death as a big loss to the Agbaso family, the people of Emekeuku  and Imo State as a whole.

He said it would be difficult for the people of Emekeuku and Imo State to forget, in a hurry, Mrs Marwa’s impact on their lives when she was the First Lady of Borno State.

Governor Uzodimma prayed God, on behalf of his family and the people of Imo State, to grant the Agbaso family, the people of Emekuku, and Imo State in general, the fortitude to bear the huge loss of their beloved sister and daughter and for the soul of Mrs Marwa, a peaceful repose.

Uzodimma Condoles Marwa Over Wife’s Death

By
The Source
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Hope Uzodimma

Governor of Imo State, Senator Hope Uzodimma, has commiserated with the Chairman of the National Drug Law Enforcement Agency (NDLEA), Brig-Gen. Mohammed Buba Marwa on the death of his lovely first wife, Zainab.

Mrs Marwa reportedly died on Saturday after a  brief illness, aged 66, according to the family.

Governor Uzodimma, in a statement signed by his Spokesman, Oguwike Nwachuku, described her passing as shocking and painful given what she represented in the life of Brig.Gen. Marwa in particular, and her family in general.

He said it will be difficult to forget Mrs Marwa’s contribution to the upliftment of the standard of living of women and the girl child in her State and beyond and that the example of her good works is still being emulated today in different parts of the country by most women leaders.

Governor Uzodimma urged Brig-Gen. Marwa to find solace in the fact that she  led a good, fulfilled and Godly life and that together they brought up children who are a source of joy, not just to their family,  but to the country and society at large.

On behalf of his family and the good people of Imo State, the Governor also prayed Allah to grant the soul of Hajia Zainab a peaceful repose and to the family, friends and well wishers she left to mourn her, the fortitude to bear the huge loss.

I Came, I Saw, I Will Conquer – Governor Uzodinma

By
The Source
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Hope Uzodimma

Imo State Governor, Senator Hope Uzodimma, has acknowledged the challenges he is facing in the State.

Speaking at the Assumpta Cathedral, Owerri, where he worshipped to mark the beginning of the Armed Forces Remembrance Day, the Governor said that he came, he saw, and that he would conquer the challenges.

His words: “I came to serve with the fear of God. What I saw on assumption of office was too bad. But, by the grace of God, I am making frantic efforts to surmount them. I came, I saw, I will conquer.

He told the congregation that the challenges in the State were neither peculiar, nor exclusive to the State, or Nigeria. It is worldwide, he said. “All over the world, there are challenges of either economic or social nature.”

The Governor showered praises on members of the Armed  Forces, and called on citizens of the country to spare a thought for those who paid the supreme price in their quest to protect the lives and property of Nigerians as well as to defend her territorial integrity.

Governor Uzodimma commended them for their sacrifices for the unity, peace and protection of fellow Nigerians in general and Imolites in particular.

He specifically lauded them for their efforts in Imo State, recently, that made it possible for the indigenes and residents to celebrate the Christmas and New year festivities peacefully and in a  conducive environment.

The Governor seized the opportunity to thank the Archbishop, Most Rev Dr. Anthony JV Obinna and his team for the spirit-filled Homily and the take away from the  Service.

Governor Uzodimma informed that the Government and the Armed Forces were at the Church Service to show solidarity to the families of the deceased soldiers  who lost their dear ones trying to defend our fatherland and protect the lives and property of the citizenry, “and to encourage the serving ones to continue in their good works to keep Nigeria one and Imo State in peace.”

According to a release by his Spokesman, Oguwike Nwachuku, the Governor  “discouraged those who are not officially authorized to carry arms to drop their arms and stop causing trouble in the society.”

He, also, reminded the congregation that it is not every decision of Government that will go down well immediately with them, but that with time, they would appreciate why such decision or policy was initiated.

“It is only when such administration may have come and gone that such decisions will be better appreciated.”

He assured of his determination, in all circumstances, “to continue to protect the lives and property of Imo people” which he swore to an oath, and  expressed the determination of his government to continue to recover Imo from the bad State of affairs he found it on assumption of duty.

Governor Uzodimma who concluded his remarks by calling on the Archbishop to always find a place in his heart to accommodate the challenges the politicians go through, also enjoined the politicians to constantly have the interest of the people in mind as they go about their businesses.

Earlier in his Homily, Most Rev. Obinna had cautioned the Armed Forces against what he called “unreasonable wickedness, hatred, brutality and enslaving of human beings and use of military weapons to intimidate the people.”

He rather urged them to imitate “God’s unreasonable kindness that made Him to send His only begotten Son to come and lay His life for us all,” noting that we all will give account of our stewardship when we come face to face with our creator.

All the Armed Forces Chiefs serving in Imo State – Army, Navy, Air Force, the Police, the Correctional Services, the DSS, the Civil Defence Corps were represented at the thanksgiving Service.

Governor Uzodimma was joined by his Deputy,  Prof Placid Njoku, the Speaker of the Imo State House of Assembly, Rt Hon Kennedy Ibe and his colleagues, the Acting Chief Judge of Imo State, Justice Theresa Chikeka,  Secretary to Government of Imo State, Chief Cosmas Iwu, Chief of Staff, Barr Nnamdi Anyaehie and members of the State Expanded Executive Council.

Insecurity: President Buhari Is Helpless – South West PDP

By
Ayodele Oni
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0
President Muhammadu Buhari
President Muhammadu Buhari

By Ayodele Oni

The South West chapter of the People’s Democratic Party, (PDP) has observed that  President Mohamadu Buhari lacks capacity to secure Nigerians.

This is in a swift reaction to the President’s statement, calling on Nigerians to rely on divine intervention in order to overcome insecurity in the country.

The South West PDP roundly condemned the assertion saying the President has clearly shown that he lacks capacity and political will to defend the country against the worsening state of insecurity.

This was contained in a statement issued by the Zonal Publicity Secretary, Chief Sanya Atofarati, on Sunday.

The party berated President Buhari for “resorting to faith and base-sentiment having been overwhelmed by rising wave of insecurity in the country”

According to the opposition party,  “It’s an admission of failure on the part of a man who promised to tackle insecurity since his inauguration six years ago

“But barely one year to the end of a tenure characterized by wanton killings of Nigerians, kidnappings for ransom, banditry and terrorism which has made Nigeria the most unsafe country to live after Afghanistan, Buhari’s only advice is to urge Nigerians to seek divine intervention.

“The President’s statement was borne out of frustration and helplessness. This is because, calling for divine intervention at this time when no part of the country is safe, when farmers can no longer go to their farms for fear of being attacked by herdsmen, is an admission of failure and an appeal to base sentiment in a matter that calls for national emergency.

“American President did not have to ask for national prayers before he smoked out Osama bin Laden and what remained of the vestiges of terrorism in America because the country’s Leader saw the menace as a national emergency that required all out war.”

Mali: Osinbajo In Accra For ECOWAS Summit

By
Uche Mbah
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0

By Uche Mbah

Vice President Yemi Osinbajo, left Abuja, Nigerian Capital, for Accra, Ghana Sunday for an “Extraordinary Summit” of the ECOWAS Authority of Heads of State and Government.

Osinbajo, who is to represent President Muhammadu Buhari, is there to discuss the precarious situation in Mali. He is expected back to Nigeria later the same day.

Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, released a statement to this effect, titled ‘VP Osinbajo off to Accra, representing Nigeria at ECOWAS extraordinary summit on Mali’.

According to Akande, Sunday’s meeting is “expected to be attended by leaders across the region (and) follows previous meetings and efforts by the leaders to resolve the situations in Mali and Guinea.

“In 2021, Osinbajo participated in meetings of leaders across the sub-region on the issues exploring solutions.

” On September 8, he participated in a virtual summit of the regional body where sanctions were imposed on the military junta in Guinea, and on the 16th of the same month, attended another ECOWAS summit where further sanctions on individuals and groups fueling the crisis in Guinea and Mali were discussed.

“Later in November 2021, the Vice President again joined other leaders in Accra for the 3rd Extraordinary Summit of leaders across the sub-region to review decisions and the political situations in Mali and Guinea.

” In compliance with the decisions of the leaders, ECOWAS mediator, former President Goodluck Jonathan traveled to Mali on January 5, 2022, where he met with authorities over the timetable for democratic transition.

“Jonathan had, on January 6, briefed the President on the outcome of that meeting.”

Osinbajo was accompanied by Minister of State for Foreign Affairs, Zubairu Dada.

APC Reschedules Ekiti Governorship Primary, Now To Hold January 27

By
Ayodele Oni
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0
APC Party
APC Party

By Ayodele Oni

Following the release of the time table for Ekiti state Governorship election by Independent National Electoral Commission, (INEC) last week, the All Progressives Congress, (APC), has rescheduled some of its activities.

In a revised timetable by APC released at the weekend, the Governorship Primary Election now holds on January 27. It was earlier scheduled to come up on January 20.

This was contained in an official notice issued by the APC National Secretariat, and sighted at the Party Secretariat in Ado Ekiti. It was signed by the National Secretary, Dr. John James Akpanudodehe.

It explained that the changes were in “accordance with provisions of the Electoral Act 2010 (as amended) and Independent National Electoral Commission (INEC) guidelines.”

It stated that “The All Progressives Congress has released a revised timetable and schedule of activities for the conduct of the 2022 Governorship Primary Election in Ekiti State.

“This was contained in the Party’s official notice issued by the National Secretary of the APC Caretaker/Extraordinary Convention Planning Committee (CECPC), Sen. John James Akpanudodehe.

“INEC has fixed June 18, 2022 for the Ekiti governorship election.

“Notice of Election to the State Chapter, Monday 15 November, 2021, Sale of Forms (APC National Secretariat), Tuesday 16th November, 2021.

“Last Day for Submission of Completed Forms and accompanying documents (APC National Secretariat), Saturday 15th January, 2022.”

Screening of Aspirants is Tuesday 18th January, 2022, while Publication of claims and objections comes up on Thursday 20th January, 2022.

Others, as indicated in the schedule, are “Screening Appeals, Sunday 23rd January, 2022 , primary election, Thursday 27th January, 2022,

Election Appeal: Friday 28th / Saturday 29th  January, 2022.

“The party fixed the sale of the forms at N22.5million. While the nomination form costs N20 million, the expression of interest form costs N2.5million.

“However, female aspirants and physically challenged aspirants are to pay 50 percent of the prescribed fees.”

Ailing Veteran Nollywood Actor, Emeka Duru, In Tears Over N5 Million

By
Akinwale Kasali
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Emeka Duru

By Akinwale Kasali

Nollywood Actor, Emeka Duru’s joy was unadulterated, as tears cascaded freely down his cheeks.

It  was as Pastor Jeremiah Fufeyin, Founder, Christ Mercyland Church, Warri, Delta State, splashed a whopping N5 Million on the ailing  Actor, to enable him purchase an artificial leg.

Duru’s leg was amputated due to diabetes, which has kept him bedridden for years, and confined to his home in Anambra State.

The Nollywood actor had sent several Save-A- Soul appeals to Nigerians, having spent all his savings on his poor state of health.

He had appealed to colleagues, philanthropists, State and Federal Governments to come to his rescue, but all to no avail.

Luckily, Pastor Fufeyin came across the video of Duru soliciting for assistance that was posted online, and it caught his attention.

In a video posted on the Jeremiah Omoto Fufeyin Foundation social media page, Duru explained that life has been difficult since he was amputated, adding that he couldn’t afford an artificial leg that he estimated at about N600, 000.

The billionaire Prophet, thereafter, sent a delegation to Duru’s home in Anambara to present a cash gift of five million Naira to him.

The gift left the Actor in tears, warranting the gathering of the villagers and well wishers who were rejoicing over the development.

The Prophet’s goodwill towards the actor is just one of the regular goodwills by  the cleric.

It would be recalled that a few months ago, Pastor Fufeyin also gifted another veteran Nollywood Actor, Clem Ohameze, a sum of eight  nillion to undergo a surgery and offset medical bills.

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