Politics

Nigerian Senate urges CBN to Relax Forex Policy

Published

9 years ago

January 8, 2016

He gave this charge during a meeting with the Managing Director of the International Monetary Fund, IMF, Christine Lagarde, disclosing that small businesses were being made to suffer unnecessarily as a result of the policy.

He called on the apex bank to introduce a more flexible foreign exchange regime and reduce the present restrictions on the autonomous market, which does not allow business men bring in foreign exchange or utilise what they have in their accounts.

The Senate President had equally canvassed a similar view at a private meeting with CBN Governor, Mr. Godwin Emefiele, during which he implored him to consider the effects of the present forex regime on small businesses which were dying, following dwindling crude oil revenue.

Saraki also told Lagarde that “The IMF should support our CBN to bring in low interest loans to SMEs. We need to encourage entrepreneurs and make most of our new graduates job creators rather than job seekers. This is an area where we need the financial support and technical assistance of the IMF.”

He explained that his office had received numerous complaints from small business owners, complaining that their businesses were being threatened by the huge bottlenecks now involved in doing business.

“As legislators, we play an important role in making our people understand IMF’s advice, policy trade-offs, consultations and other engagements, so that ownership, transparency and accountability are brought to bear on economic policy choices.

“The Nigerian legislature strongly believes that having a collaborative working relationship with the Executive Branch of government brings development closer to the people.

“Since the advent of the new administration, we have worked closely to stabilize the economy and steady the fiscal environment. This, we have indeed demonstrated by the speedy passage of the Medium Term Expenditure Frame Work (MTEF) and recently in the postponement of our recess in order to receive President Muhammadu Buhari to present the 2016 Appropriation Bill.

“The purpose of our Legislative Agenda is to enable us focus our lawmaking in areas that will help create jobs, expand our infrastructure base and make our economy work for the benefit and happiness of the majority of our people.

“Pivotal to the attainment of this objective is the state of the Nigerian business environment. In collaboration with major stakeholders, the 8th Senate is presently signing a memorandum of understanding on Enhancing Nigerian Advocacy for Better Business Environment Project, a National Assembly business and investment roundtable initiative, with developmental organizations”, the Senate President said.

The Senate President used the occasion to call on the Central Bank of Nigeria (CBN) to ensure that in reacting to recent developments in the economy, it does not devalue the Naira for the mere sake of devaluation.

News

Breaking: Former Minister of FCT, Lt General Jeremiah Useni is Dead.

Published

2 weeks ago

January 24, 2025

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Governor of Plateau State, Caleb Mutfwang has announced the death of the former Minister of the Federal Capital Territory (FCT), Lt. General Jeremiah Timbut Useni.

The elder statesman died on Thursday, January 23, 2025, at the age of 82, following a protracted illness.

In a statement in Jos, Governor Mutfwang described his death as a tremendous loss not only to his immediate family but also to the Nigerian Armed Forces, Plateau State, and the entire nation.

The Governor highlighted General Useni’s exemplary leadership and steadfast commitment to service, which left an indelible mark on Nigeria’s security and political landscape.

He noted that General Useni’s tireless efforts to promote peace and security, especially in Northern Nigeria and Plateau State, will forever be remembered.

Governor Mutfwang recounted the illustrious career of the late General, who served Nigeria with distinction in various capacities, including as Minister of Transport, Quarter-Master General of the Nigerian Army, and Minister of the FCT.

News

Alaafin: How selection process turned controversial

Published

3 weeks ago

January 18, 2025

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After the death of Oba Adeyemi on April 22, 2022, about 198 contenders signified their interest to assume the revered throne.

But, the number was pruned from 65 to 10 by the Oyo Mesi, a council of kingmakers after a rigorous interview and consultation with Ifa Oracle.

Then, the kingmakers were reported to have nominated Prince Gbadegesin.

After the nomination of Prince Gbadegesin by the estranged kingmakers, there was a row among the kingmakers over the sharing formula for the sum of money allegedly offered them for the selection.

It was gathered that it was the sharing formula that sowed the seed of discord. It was alleged that two of the kingmakers felt the larger portion of the cake was taken by one of them.

Inundated with complaints and alleged monetisation of the process that led to the selection, the‘greased palms’, the governor restrained himself from giving approval to the name forwarded to him by the kingmakers.

The governor insisted that due process must be strictly adhered to.

The governor, as reliably gathered instructed the kingmakers to go back to the drawing board by re-consulting Ifa Oracle without being induced by any one of the princes which the kingmakers rejected.

Ifa Oracle consulted outside Oyo;
In what could be termed an unprecedented move, the state government reportedly went and sought the services of a neutral ifa priest, Professor Wande Abimbola, the former Vice Chancellor of the University of Ife and the head of all Ifa oracle diviners to ask Ifa Oracle which of the aspirants he preferred.

Ifa picked Prince Owoade — Prof Abimbola
In a viral video last weekend, Prof Abimbola was heard saying that the Oyo State government contacted him on the divination process.

According to the Ifa diviner, the Oyo State Governor called him to ask Ifa who the right choice would be.
The Professor of Yoruba explained the rigour he went through before picking the new Alaafin.

He said: ”I spent ten days seeking the face of Ifá oracle and Ifá made its choice. Ifá chose Prince Owoade.”

The Ifa representative also alleged that the Oyo kingmakers tried to monetarily influence him by persuading him to stick to their initial nomination to which he said no.

This was how Oba Akeem Abimbola Owoade became the 46th Alaafin of Oyo.

Politics

BREAKING: Makinde Presents Staff Of Office To New Alaafin Of Oyo

Published

3 weeks ago

January 13, 2025

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Governor Seyi Makinde of Oyo State has presented the staff of office to the new Alaafin of Oyo, Abimbola Akeem Owoade.

The governor presented the official instrument legitimising the reign of a king to the new monarch on Monday morning at the Exco Chamber of the Governor’s Office in Ibadan, the state capital.

The symbolic event was performed nearly three years after the death of the former Alaafin, Lamidi Adeyemi III.

Last Friday, the state Commissioner for Information and Orientation, Dotun Oyelade, said Owoade after thorough consultations and divinations, was recommended by the Oyomesi and approved by the governor.

He said the announcement put to rest, all the socio and legal bickerings that have ensued since the demise of Oba Lamidi Olayiwola Adeyemi III on April 22, 2022.

The commissioner called on all citizens of Oyo State to join the government in celebrating this momentous occasion and lend their support to the new Alaafin of Oyo.