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“We Want N500m”, Shot Vendor”s Family Tells Gbajabiamila |The Source

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Femi Gbajabiamila Meets Vendors

By Adesina Soyooye

These are difficult times for the Speaker of the House of Representatives, Femi Gbajabiamila.

The family of the Vendor, Ifeanyi Okereke, who was shot dead in Abuja, by a Security aide attached to him, are asking for the  “paItry” sum of N500m from the Speaker to cushion the effect of the pain and trauma his sudden death has brought upon them.

Gbajabiamila had announced the death of the Vendor who,  he said, was caused by a gunshot fired by a Security personnel attached to his convoy. He said he had stopped, as he had done on a number of times since he moved to Abuja, to exchange greetings with the newspaper Vendors who ply their trade just outside the National Assembly gate. Thereafter, he said, his convoy made to leave, but was blocked by some young men. That was when, according to him, the Security Officer fired shots to disperse them. Unfortunately, the bullets hit Mr Okereke. And killed him.

Gbajabiamila, in the statement he released, said he was distraught by Okereke’s manner of death. He took a number of actions.

He stood down the security officer from his convoy, and handed him over to the DSS for investigation. He held a meeting with Newspaper Distributors and Vendors Associations where he condoled with them. Both Associations had, the day after Okereke’s death, held a peaceful demonstration, asking for justice for their killed colleague. He also visited the family of the deceased, where he condoled with his wife, children and other family members.

He said he has taken over the welfare of the  family Okereke left behind, and would be responsible for his children till they are 21years old. He also instructed his legal team to set up, immediately, a Trust Fund for the family’s welfare.  And, of course, it is taken for granted that he would shoulder the burial expenses.

But his offers seem hardly enough for the family. Family members, led by his father, are not impressed. They want more. Which is why his father has retained the services of no less a Counsel than Dr. Mike Ozekhome, SAN, to write. and ask from  Speaker Gbajabiamila, the sum of N500m, and prosecution of the security Officer, identified as Abdullahi Hassan.

Among other demands, Ozekhome gave the Speaker a seven day ultimatum to meet  the demands, or face legal actions. The letter to the Speaker reads  in part:

“Our Clients have instructed us to make  from your good self, the following modest demands: That you use your good offices to ensure the immediate prosecution of your security aide, (Abdullahi Hassan), who went on a frolic of his own, clearly acted outside the purview of his duty and responsibility by shooting to death an innocent, harmless and harmless citizen.

“That you adequately compensate the Okereke family with a modest sum of N500m, only. This monetary demand can never adequately replace, or take the place of their son, husband, father, brother and breadwinner’s life. But it will, at least, mitigate the obvious trauma and hardship the premature demise of their irreplaceable breadwinner has placed on them.”

The family also asked the Speaker to ensure the safety  of Newspaper Vendors in Abuja, as the manner of Okereke’s death, now, scares them from  the streets of the FCT.

Gbajabiamila was given a seven-day ultimatum to fulfil the demands, or face legal action.

“Take note, therefore, that it is our clients’  firm instructions that in the event   that you fail, refuse, and/or neglect to accede to, or proffer reasonable compensatory terms to our above modest demands within seven days from the date of this letter, we shall, without any further correspondence from us, take appropriate legal steps  to enforce our clients’ constitutional right.”

But newspaper Distributors and Vendors who spoke to this magazine expressed shock at the family’s action.

They say Gbajabiamila has done enough for the family.

One of the Vendor’s told The Source: “They want to make money from their son’s tragic death. The man has taken over their welfare, taken over everything about his children till they get to the age of 21 years. He is also setting-up a Trust Fund. What else do they want. This is greediness.”

The Vendor was to start work at the Ministry of Labour and Productivity before his death. His last child was aged nine days, only, at the time of his death.

It is not known if the Vendor’s widow is aware of the new development.

Ondo: House Of Assembly Divided Over Deputy Speaker’s Removal |The Source

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By Ayodele Oni

The removal of some Principal Officers of the Ondo state House of Assembly, on Monday, including the deputy Speaker, Iroju Ogundeji, is still generating heat. Nine members of the House have rejected the move.

Those against the move are mainly members that were opposed to the impeachment of Mr Agboola Ajayi, as the Deputy  Governor  of the state.

Twenty Lawmakers, according to the Assembly’s Speaker, approved Ogundeji’s removal, and replaced him with Samuel Aderoboye.

Citing relevant sections of the law about impeachment of Principal  Officers of the Assembly , the Lawmakers described the impeachment as unlawful.

“The same provision for the removal of Speaker and Deputy is provided for in section 9 (sub 1-IX) of the standing order of the house.

“It requires two-thirds majority for their removal. It must be known that there was no place where the Assembly, either at the Plenary or Parliamentary,  sat to take the decision to remove Rt Hon Iroju Ogundeji took place.

“It must be noted that impunity reigns supreme in the Assembly where Rt Hon Bamidele Oleyeloogun presides.”

Describing the exercise as impunity taken too far, the Lawmakers noted that it was unfortunate that this  was happening in a state being governed by a Senior Advocate of Nigeria (SAN), Rotimi Akeredolu.

Former President Jonathan greets Atiku as he turns 74 |The Source

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Goodluck Jonathan

Former President, Dr. Goodluck Ebele Jonathan, has felicitated with former Vice President, Alhaji Atiku Abubakar who turned 74  today, Wednesday.

In a goodwill message to the former Vice President, Dr. Jonathan prayed God to grant him good health as he continues to play an active role in the polity.

He described Atiku as a statesman who has contributed significantly to Nigeria’s development and the growth of democracy in the Nation.

Dr. Jonathan further said: “I join your family, friends, and well-wishers to felicitate with you as you mark your 74th birthday.

“Yours has been a steadfast journey in the political and business world with remarkable successes and positive impact in the country.

“As a politician, you have contributed to the growth of our nation’s democracy, having served as Vice President of Nigeria, and have continued to play an active role in our polity.

“You are a statesman, who has continued to advocate for the unity, peace and progress of Nigeria, offering innovative ideas to the challenges in the land.

“I commend you for your abiding faith and love for our country and pray for more strength and success in life.”

Atiku was also the Presidential candidate of the People’s Democratic Party, PDP,  during the 2019 Presidential election.

Lekki Reports: CNN Acting Out Of Desperation, Says Lai Mohammed |The Source

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Alhaji Lai Mohammed

By Uche Mbah

The unfolding drama of Lekki shootings took a new turn Wednesday when the Minister of Information, Lai Mohammed, in a program on the Nigeria Television authority, NTA, said that the footage that are being released by the American Cable news, Cable News Network, CNN, was being done out of desperation by the global News media group.

This was after the CNN aired a second report of the controversial Lekki Toll Plaza shootings of October 20.

CNN had Tuesday released a follow up report on the Lekki killings during the #endsars protests after Lai Mohammed threatened to sanction the station after the first report. Mohammed had dismissed the report as lacking credibility.

Reacting to the second video, Mohammed said:  “It shows that they (CNN) are desperate. The so-called recent development has been seen before. There is nothing new. If there is anything new, it is a contradiction of CNN’s position.

“What we are asking CNN is that where is your evidence? The military has been consistent. CNN contravenes the basic principles of journalism – fairness, and balance.

“They did the story without contacting the Federal Government for its own side. They relied on second and third parties narratives.

“They (CNN) were caught spreading fake news and they are trying to escape.

“We are accusing them (CNN) of basing their stories on videos sourced on social media. CNN has been inconsistent. It also doctored the video it got.

“We are confident in our position.”

CNN had mostly analysed  the trending videos, including revelations from the fact finding panel on the Lekki killings, drawing conclusions. There were allegations that CNN provided no body of evidence, that they were basing their position on conjectures and assumptions. But CNN claimed to have interviewed some of those that lost their relatives. Allegations were rife that the army dumped some corpses into the lagoon.

CNN, however, claimed that they made efforts to reach out to the government but could not. Lagos refused to talk, citing the ongoing investigative panel activities, according to CNN.

The Army has been shifting positions in their defense, first saying they were not at Lekki Plaza, then that they were there but did not shoot, then that they shot blank bullets, and finally that there were real bullets shot.

When asked about the letter addressed to Jonathan Hawkins, VP (Communications), CNN Centre, Atlanta, Georgia, USA, the Mohammed said: “We have received an acknowledgment and we were told that the letter has been passed to the editorial team.”

Some of the footage used by CNN has already been used by local media, but the media houses were sanctioned by the National Broadcasting Commission.

The NBC itself had its handle briefly suspended by Twitter.

Ondo: LG Workers Rebel Over Illegal Deductions From Council Allocations |The Source

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By Ayodele Oni

Local governments’ workers in Ondo state have cried out over deductions from Council funds for spurious projects.

They fingered some top Government officials, including the Commissioner for Finance, Accountant General  of the State and the Leadership  of the  Association of Local Government Chairmen, (ALGON) in the state.

The Council  workers, under the aegis of National Union of Local Government Employees, (NULGE) called on the Economic and Financial Crimes Commission, (EFCC), to help them retrieve the money totalling about a billion naira, already deducted from Local Government allocations.

In a statement in Akure, NULGE state President, Mr Bola Taiwo,  disclosed that the money was initially proposed for the construction of Heath Centres in the 774 Councils in the country.

“The Association of Local Governments of Nigeria (ALGON), proposed to construct and equip one Comprehensive Healthcare Centre in each of the 774 Local Governments and Area Councils across the country.

“Surprisingly, we discovered that the project has not been executed in any of the eighteen (18) Local Governments  in Ondo State

“It is pertinent to mention that the deductions have been made so far over the period of three months.

“On discovering this shady deal, we consulted with ALGON who confirmed our discovery.

“We officially communicated the State Government of the sad development, seeking to know the State Govemment’s involvement in the illegal processes.

“Precisely, on the 19th of October, 2020, we alerted the State Government to this unusual and illegal steps and copied other state functionaries, including the Accountant General, and we registered our dissatisfaction.

“We found out that the State Government has no involvement; except for the complicit of the Commissioner for Finance and Accountant General of Ondo State.

“It should be noted that the funds accruing to us from the Federal Allocation already is not enough. Now, imagine 119 million Naira being deducted on monthly basis from the source.

“We want the EFCC to invite the Ondo State ALGON Chairman for questioning on why he decided to embark on these non-existing projects, and the Minister of Finance, Budget and planning, the minister of Justice, the Accountant General of the Federation, the Ondo State Commissioner of Finance, and the Accountant General of Ondo State on their complicit roles in the illegal projects.

“We also call on the EFCC to help us recover the three-months illegal deductions made so far and revert same to the Ondo State Local Governments accounts.

“We,  at NULGE would like to state, without any measure of fear, that if the three-months illegally deducted from our Local Governments accounts are not returned to us, and if any further deduction is illegally made at any future time, either by ALGON or any other group, NULGE cannot guarantee harmony between the Union and ALGON on one side and the collaborators on the other side.”

Maina: Nobody Should Be An Ndume; Why Case Is Different From Abaribe’s |The Source

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By Comfort Obi

From his dingy room at the Kuje Prison, Senator Ali Ndume, Borno South, Senate Committee Chairman on Army, has asked his lawyers to  appeal the Court ruling which threw him in there.

He should.

Nobody should be an Ndume. Nobody deserves what fate has thrown at him.

What happened to him is a classic example of, please, excuse this cliche’, “man’s inhumanity to man. In my place, we say, one’s kindness should not kill one. It is Senator Ndume’s kindness that is “killing” him now. It is his kindness to another man, in need, that has separated him from his family, from the comfort of his home, from his legislative work, and consigned him to prison.

For two consecutive nights, and counting, Ndume has passed the night at the Kuje prisons. What is his story?

His story is the story of man at his most wicked. The story of man at his most ingratitude. Or as former President Obasanjo would say, the story of “This Animal Called Man.”

Ndume’s ordeal began the day he decided to stand Surety for an alleged pension thief called Abdulrasheed Maina.

Maina was a former Chairman of the defunct Pension Reformed Task Team. But down the line, Maina was said to have positively reformed his bank accounts to the tune of billions of Naira, and began to live a life fit for kings.

When the Economic and Financial Crimes Commission, EFCC, began to ask questions he did an Usain Bolt from Nigeria to Dubai. And, like a king he held  court, even, with, surprisingly, Government officials from Nigeria.

His story has always not been straightforward, and it has been, atimes, inexplicable.

At a point, he actually came back to Nigeria, went back back to work, was paid arrears of his, salaries, and got promoted. All the while, unsuspecting Nigerians were given the impression that he was being looked for.  The Media blew the mess open.

That was when he escaped  for the second time. For months on end, Maina was being looked for. Wherever he was, he was comfortable. Then, he put the wrong foot forward.

Abdulrasheed Maina
Abdulrasheed Maina

Nobody quite explained what happened. But he became too sure-footed, or as some people would put it, over confident. Perhaps the piper which was playing the tune for him,  dictating his dance steps, assured him it was okay for him to raise the tempo of his dance-steps, and go into  full gyration, instead of taking the dance-steps slowly, one at a time.

To cut the long story short, he entered Nigeria, with his son, Faisal, a student in Dubai. They lodged in one of the most expensive hotels in Abuja, living it up.

But luck ran out of them when the DSS got wind of their whereabouts. The DSS personnel went to the hotel and nabbed both father and son. But not without resistance. Maina’s son, allegedly, pulled a gun at the Security officers.

Anyway, the EFCC hauled both father and son before the court. They were given bail. But the conditions attached were too strident.

Even when it was reviewed, it was still difficult.

For months, Maina languished in jail. Until Senator Ali Ndume surfaced.

I cannot quite confirm if Maina and Ndume were close, or were friends, or had done something in common before. Whatever, Senator Ndume came to his aid. He agreed to stand as surety for Maina. The bond was set at a whopping N500m. But Ndume signed. And, also, threw in his palatial Asokoro residence into the bargain.

But that was a mistake. Big mistake.

Maina appeared in court a couple of times, and thereafter, did another Usain Bolt, leaving Ndume in the lurch. Ndume, on the orders of the Judge, The Hon. Justice Okon Abang, appeared in court on every date. But there was no Maina.

Each time he was asked of Maina’s whereabouts, Ndume said he didn’t know; that he has been cut off; that Maina has since stopped picking his calls; that he had no way of reaching Maina, and knew of nobody who could reach him. That continued at every court hearing.

Last week, an angry Justice Abang revoked Maina’s bail, and issued a bench warrant against him. At the next hearing, the Judge did what he had been threatening to do. He descended on Senator Ndume.

He gave Ndume three options.

Pay the bond sum -N500m- into the Federal Government  account, or forfeit his Asokoro residence to the FG, or be in jail until Maina appears. Ndume went to jail.

I don’t quite know Ndume. I follow his contributions  on the floor of the Senate. But I was diminished, as a human being, as I watched Ndume escorted by Prison officials to jail.

What Maina has done is beyond understanding. It is beneath contempt. Wherever he is, he must have known of Ndume’s fate. He must have heard. Yet…

The same way Maina has put Ndume in trouble, is the same way his son, Faisal, has, also, put an Honourable member of the House who stood surety for him into trouble. Like his father, he has absconded. The Honourable member is in trouble. He has been summoned by the Court. And may suffer Ndume’s fate.

What  both father and son have done is to put off men of goodwill from standing surety for people. Nobody would want to be an Ali Ndume. Nobody would want to be sacrificed for people of such character.

Seeing Ndume’s situation, a group of Northern youths have suddenly remembered the case of Senator Enyinnaya Abaribe and IPOB Leader, Nnamdi Kanu.  Senator Abaribe stood surety for Kanu, and Kanu has, also, since disappeared.

Enyinnaya Abaribe
Enyinnaya Abaribe

He is travelling the world. And left Abaribe in a quandary. So, the Northern youths are asking why Abaribe is not suffering same fate as Ndume.

Their counterpart from Abaribe’s South-east has reacted to the Northern youths, threatening not to allow Abaraibe suffer same fate.

They say they would fight.

I beg to differ.

It is not not a question of threat. It is a question of putting out facts.

Which are:

That Kanu and Maina’s case are not the same; that Kanu just did not wake up and jumpe bail; that he had no intention to jump bail; that he was forced to leave the country; that he was in his father’s house when Nigerian soldiers came calling, violence ensued, blood flowed, and Kanu ran for his life, as his parents did. Both parents died in exile, victims of a forced exile. They were brought back dead, and buried same day.

But back to Maina, if he has any conscience left, if he is the man that he ought to be, he should come out of hiding, save Ndume the embarrassment, and apologise profusely to him.

Otherwise, for whatever it is worth, the Northern establishment should raise the sum of N500m, and save Ndume.

He doesn’t deserve what  Maina did to him. Nobody should be an Ndume.

Minister Demands More Funds For Road Construction |The Source

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By Tosin Olatokunbo

The budgetary allocation for road construction across the country is grossly inadequate, the minister of works and Housing, Babatunde Fashola has said.

The minister made the statement amid fears that construction work on many major roads across the country, including the Lagos/Ibadan expressway, will be slowed due to falling revenue from crude oil, the nation’s major forex earner.

But Fashola who spoke at a town hall meeting in Ogun state, said the road awarded to construction Giants, Julius Berger and Reynold Construction Company, RCC, will be completed on record time.

Fashola’s ministry got the highest allocation of N262 billion from the N10. 33 trillion 2019 budget which has been slightly increased in the 2021 estimate presented by President Muhammadu Buhari’s to the National Assembly.

The minister however, said the country would require at least N500 billion annually to turn the fortunes of the 35,000 kilometers road across the country, around in the next three years.

He blamed past governments for the state of the roads in the country, insisting that much should have been done when more fund was earned from crude oil sales. He added that the Buhari’s administration has focused on massive road construction.

According to him “We inherited a number of roads and we resolved that we were going to complete as many of them as possible. Many of these roads, some of them started in 2007, some in 2006 and others are even older, but unfortunately for reasons that we can only imagine, at a time that the country was earning more revenues, up to $100 per barrel, the total budget of this country was N4 tr.

“It is now that the country is earning very less, $40 per barrel that it is budgeting N13 tr. So, those roads should have been done before we came. Even the ones done by the state governments were not paid for, and so we are just paying.”

He explained that over N1 trillion would be required for road construction in the next three years, insisting that the entire country has now become a construction site, considering the huge contracts awarded to contractors across the six geopolitical zones.

Fashola said “I think that a minimum of half a trillion every year over the next two, three years would be a strong support to really advance and complete as many as the 711 contracts we have. Again, some people are mistaking these contracts to mean roads. No. For example, on the Lagos-Ibadan expressway, we have one road but two contracts.

“On Benin-Lokoja, alone, we have one road but five contractors. So, the totality of these are 711 and the total road network now under construction or rehabilitation is a little over 13, 000km in different stages of repairs out of the total federal road network of 35, 000km”.

The nation’s roads have been badly abused by road users, he said, noting that “How do we get the best out of these roads? It is to use them properly. We must stop abusing the roads. Let me tell you some of the ways we abuse roads.

“I have told you we have designed to some of the highest conditions but the more we design, the more some of our people exceed their axle load. The maximum axle load is 45 tons but people are now carrying 60 tons.

“So, if you have something designed for a particular capacity and you are using it for something in excess of the design, it is going to fail.

“The other ways of abuse has to do with those who do trucking business, whether it is those who carry food, petroleum products, or other things. They must go and get truck parks. Once you run a fleet business, go and get a place to park your fleet.

“You cannot pass that burden to the government. The government is not involved in the trucking business. Government is responsible for providing a reliable road network for you to transport your goods and services.

“There is a part of the road that is called the shoulder. That is where Trucks Park and that is where the damage to the road starts. That is where they drop diesel too and once they drop diesel, the road starts to disintegrate. Most of the road components, the bitumen, and the asphalt, and also petrol or diesel are products of the same hydrocarbons, but they do different things.

“So, once you start pouring solvent on binding components, the road starts to disintegrate. Those who sell diesel by the roadside are the first people destroying the roads, those who sell petrol by the roadside are the first people destroying the roads.

“Those who park on the shoulder are also destroying the roads because once you create that weak point, water seeps under it and the road begins to fail from under, not even the top”

Why We Want Restructuring, South south Leaders Tell FG Team, At A Meeting |The Source

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South South Leaders

By Uche Mbah

The Chief of staff to President Muhammadu Buhari, Ibrahim Gambari, led a Federal Government delegation to a meeting with South south leaders Tuesday in Port Harcourt, Rivers state, amid expectations that president Buhari was to lead the delegation.

The meeting which was earlier scheduled against   November the  7th, was botched at the last  minute because the Presidency did not attend.The botched meeting, especially as the Governors and stakeholders were already at the venue, angered many stakeholders in the region who felt the region was deliberately treated shoddily.

The Chief of staff has no constitutional role, but given his experience, especially in displomacy and conflict resolution, the President put him at the Head  of the team, which includes  Heads of Security Agencies and Ministers from the zone, to interface with  Governors and other stakeholders from the zone, since after the #EndSARS protest.

The team had already met with other Zones, including the South-east and South-west Zones.

At the end of the meeting, however, the leaders of the zone stood on restructuring along the lines of true federalism and devolution of powers to all federating units.

A statement released Tuesday form the Delta state Government House Asaba noted that it was the Governor of Delta state, Ifeanyi Okowa, that presented the demands of the region to the meeting.

He insisted that now is the time to bring back the country to true federalism.

“For us in the South-South, the #EndSARS protest is a metaphor of almost all that is wrong with us, our refusal to properly understand issues, and imbibe and entrench the virtues of justice, fairness and equity”, the release said.

“The previous system of true federalism was jettisoned and it created a powerful center controlling and distributing all the resources unevenly.

“There is now a strong desire to restructure the country in order to guarantee peace, security, stability and progress of the nation.

“The region demands true federalism and devolution of powers to the states, including creating and managing their own police and security architecture, true fiscal federalism guided by the principle of derivation, revenue sharing and control of resources by each state,” he said.

According to statement, Nigerians have refused to understand the peculiar condition of the region.

“All we demand and ask for is fairness and equity and as we await actions to restructure the country, we hereby renew our demands for: ‘The relocation of the headquarters of major oil companies in Nigeria to the region; relocation of several NNPC subsidiaries from Lagos and Abuja to the region.

“The region further requests the completion, without delay, of the East-West Road and all federal roads in the region; Construction of the Lagos-Calabar railway, reconstruction and rehabilitation of the region’s major seaports notably the Port Harcourt, Calabar and Warri,” he said.

Part of theirn demands are privatization of the refineries in the South-south, release of all funds owed the Niger Delta development commission, NDDC and the amendment of the acts establishing the Commission.

They called for the establishment of buffer dams to control flood waters in the region and abandoned gas revolution industrial park at Ogidigben and the stepping down of power plants at the Okpai and Utorogu gas plants.

In response, Gambari apologized for earlier botched meeting of November 17.

“We are here on behalf of the President as part of the ongoing and continuing conversation on how to make our nation better, and I must thank the Governor of Delta, Sen. Ifeanyi Okowa, for his tireless effort in ensuring that this meeting was held”, he said.

“Our youths took to the streets to express their bitterness on ill-treatment meted out to them by the police and the President, recognizing the importance of the demands made by the protesters, agreed to implement the five-point demands.

“All over the world, people have right to protest but in doing so, respect for law and order must be adhered to, and they must also respect the rights of others.

“The President  commends Governors, traditional rulers and other stakeholders for their role in handling the protesters,” he said

The region which have been agitating for the control of its resources was futther energised to emphasise on that since  Zamfara State mined and sold a bar of gold to the CBN at a cost of N5b.

Breaking: Senator Who Beat A Woman Defects To APC |The Source

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By Tosin Olatokunbo

Controversial Senator Elisha Abbo who assaulted a woman at an Abuja sex toy shop has left his party, the Peoples’ Democratic Party, PDP.

Abbo who is representing Adamawa North in the National Assembly Elisha Abbo has now become a member of the ruling All Progressives Congress, APC.

The Senator announced his defection in a letter addressed to Senate President Ahmad Lawan during Wednesday’s plenary session, citing crisis in Adamawa state branch of the PDP.

He accused the state governor, Umaru Fintiri of mismanagement of the PDP, an action which is no longer comfortable for him.

The senator, was last year, accused of beating one Osimibibra Warmate, a female attendant at a sex-toy shop in Abuja, the nation’s capital.

He was later tried by an FCT High Court in Maitama, which awarded N50 million damages against Abbo, in September last year, after Justice Samira Bature found him guilty of violating the fundamental human rights of the victim.

CBN Retains Interest Rates Despite Rising Inflation |The Source

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Godwin-Emefiele-CBN-Governor

By Fola James

By retaining the monetary policy rate at 11.5 per cent, the Central Bank of Nigeria, CBN has taken another bold step to expand credit to the productive sector of the economy at low interest rate, keen watchers of the economy say.

This development, came after the Minister of Finance, Zainab Ahmed announced that the country has officially entered into recession, the second in five years, with palpable fears among Nigerians of what the economic outlook may look like in 2021.

What the Monetary Policy Committee, MPC of the CBN, sought to do on Tuesday at its meeting for November and the last one for the year, policy analysts say, is to boost production and propel both business activities and consumer spending in the country despite the two digit inflation rate.

The Finance Minister has set the first quarter of next year to end the recession, but the CBN Governor, Godwin Emefiele advised serious caution to such optimism.

Emefiele who spoke at the end of the two days MPC meeting, said the committee also decided unanimously to retain the Liquidity Ratio, LR  at 30 percent and Cash Reserve Ratio, CRR at 27.5 percent.

The CBN Governor also warned speculators against creating panic in the Nigerian foreign exchange market, by using the parallel market to determine the value of the national currency, Naira.

“The foreign exchange rate in Nigeria is determined by the forces of supply and demand in the Nigeria Autonomous Foreign Exchange Market (NAFEX) window,” he said, adding that the apex bank CBN will attack inflation from the supply side through low interest rates.

Meanwhile, analysts say, CBN has followed in the footsteps of the United States Federal Reserves which recently decided to keep interest rates at near zero percent until 2023, to support the economy amid the headwinds caused by the corona virus pandemic.