Mohammed Shosanya

The Independent Media and Policy Initiative (IMPI),has commended the pace with which the naira has rebounded against major global currencies in the last couples days attributing it to a cocktail of positive policies introduced by government and the Central Bank of Nigeria (CBN).

Niyi Akinsiju, Chairman of IMPI ,in a statement,said the government and the CBN deserve the commendation of Nigerians for the prompt and determined policy geared to addressing the supply and demand sides of the foreign exchange market.

According to the policy think tank:

“To properly put this in perspective, we need to, as a matter of fact, from the outset, commend the dexterity of the CBN Governor, Olayemi Cardoso, in conceiving policies and deploying them to time and target as he virtually willed into existence a new monetary policy and exchange rate ecosystem by using policy actions to address both the supply and demand sides of the domestic foreign exchange market.

“One of the profound policies introduced to the market on 31st January, in the graduated steps to take charge of the market, was the administrative admonition to Nigeria’s Deposit Money Banks (DMB) to bring their Net Open Position (NOP) to prudential limit by 1st January, 2024. That was just less than a 24-hour notice to the banks.

“CBN’s NOP mandate to the banks implies that no bank holds 20 percent long position that is, hold more foreign currency assets than liabilities by more than 20 percent. The strategic objective of this mandate was to get the banks to start offloading into the open market, about $7billion they kept in long currency positions. That was a maneuver to address forex supply side concerns.

“On the same day, 31st January, when the CBN relayed the important NOP to banks, the apex financial sector regulatory body also issued the new International Money Transfer Organisations (IMTO) rules for remittances in Nigeria – the rules, which are actually a bouquet of auxiliary policies, are generally understood to mean occasions of recurring person-to-person (P2P) payments of relatively low value from persons living abroad to persons in their home country which now account for a sizeable portion of Nigeria’s foreign exchange in-flow”.

The group also outlined the effect of the clearing of forex backlog on the naira.

“Perhaps, more instrumental to the resurgence of the Naira in the forex market is the clearing of the more than $7billion forex backlogs in form of outstanding CBN commitment on swap deals and due returns to foreign investors who needed to recover forex they imported into the country or those desiring to convert monies earned in local currency in the course of their businesses to forex.

“The inability of the CBN to fund the forex needs of these different economic agents constituted an albatross of sorts on the national economy and was one of the major reasons foreign investors stayed away from the country. With the clearing of the forex backlog, we can submit that the national economy is on the threshold of capacity optimization.

“The latest in this regard is the sale of dollar to BDCs at the rate of N1,251/$, an indication of the effective rate in the forex market, and for us, it signposts the possibility of increased value of the naira over the next few months,”it surmises.”

To arrive at its position, the policy group did a comparative analysis of recent monetary policy activities between Nigerian authorities and their Egyptian counterparts.

“Unlike Nigeria, Egypt recently adopted the free-float regime on the prompting of the International Monetary Fund (IMF) as part of measures to address economic dysfunctionalities in that country, especially as related to a foreign currency crisis that has more to do with liquidity than with pricing just as being experienced in Nigeria.

“Again unlike Nigeria, Egypt secured a $35billion investment, by way of sale of land assets, from the United Arab Emirates (UAE) and another $ 8 billion loan from the IMF. Soon after the adoption of the open market-determined forex rate, the Egyptian Pound fell beyond 50 pounds against the dollar in the last week of February. This was after being officially held at about 31 pounds to the dollar for almost a year while it reached more than twice that figure on the black market, leading to inflation figures ratcheting up to 35 percent in February from 30 percent in January. Compared to Nigeria where the inflation rate moved from 29.9 percent in January to 31.7 percent in February.

“In early March, Egypt’s Central Bank hiked policy rate by 600 basis points compared to the 400 basis points in Nigeria. The country also agreed to slow down infrastructure spending and allowed the Egyptian Pound’s value to plummet, in exchange for a $5billion expansion of its preexisting loan package from the IMF to $8billion.

“There was no such commitment by Nigeria because its situation is self-determined and organically oriented. The influx of cash, combined with the IMF loan into Egypt has reportedly rectified the government’s foreign currency shortage, at least for now. Comparatively, Nigeria’s government and the CBN do not have the benefits of the kind of huge fiscal intervention made by the UAE and the debt support from the IMF even though the two countries suffer the same economic fate.

“Yet, while the situation report from Egypt signposts an economy at its tether end, the Nigerian economy, evaluated by its foreign exchange outlooks currently, may have turned the corner with an attribution of certainty, a major consideration for foreign investors inflow into the country,”it added.”

Mohammed Shosanya

President Bola Tinubu,Wednesday gave posthumous honours to all 17 military personnel killed in Okouma Community, while on a peace mission in Delta State.

He described the fallen officers as brave, noble and patriotic men, adding that they will forever be remembered as heroes who answered the call of duty and paid the ultimate price.

Among the fallen officers who got the posthumous honours from the Federal Government includes Lieutenant Colonel Ali, Major D.E Obi, Major S.D. Ashafa, Captain U. Zakari,Staff Sergeant Yahaya Saidu, Corporal Danbaba Yahaya and Corporal Kabir Bashir.

Others are;Lance Corporal Abdullahi Ibrahim, Lance Corporal Bulus Haruna,Lance Corporal Sole Opeyemi, Lance Corporal Bello Anas; Private Alhaji Isah,
Private Clement Francis, Private Abubakar Ali, Private Adamu Ibrahim,Private Hamman Peter, and Private Ibrahim Adamu.

The four gallant officers were awarded Member of the Order of Niger (MON).

While thirteen others were awarded the Officer of the Federal Republic Medal.

The troops of 181 Amphibious Batallion, Bomadi Local Government Area of Delta State, while on peace mission to Okuoma Community, met their untimely death as they were surrounded and killed by some irate youths in the community.

The incident occurred when the troops responded to a distress call after the communal crisis between the Okuoma and Okoloba communities both in Delta State.

Tinubu,while paying tributes to the departed soldiers said it is with heavy heart that I join you today to commit to earth, the remains of our officers and men who died in the course of duty on 14 March 2024 in Okuama Community, Delta State.

He said the officers and soldiers who lost their lives that day were patriots, brave and noble men who gave their lives to defend and protect our nation against internal and external threats.

According to Tinubu,their sacrifice will be remembered and honoured for generations to come and their.

Recall that on 14 March, Lt. Colonel A. H. Ali, the Commanding Officer of 181 Amphibious Battalion, led three other officers and 13 soldiers to the Okuama Community to mediate in the lingering dispute with Okoloba Community.

They were reported to have gone there as peace makers and peace keepers respectfully seeking to bring an end to the hostilities between the two communities.

Tinubu said they didn’t go with tanks, machine guns and other weapons but simply on a mission of peace.

He recalled a brief conversation he had with the Chief of Army Staff, “Before the dastardly attack, Lt. Colonel Ali, as the Chief of Army Staff briefed me, enjoyed great operational exploits; fighting terrorists and insurgents in the North East and North West before his deployment to the Niger Delta.

“Ali kept faith with his military calling till the end. On behalf of a grateful nation, we honour the sacrifice of Ali and the other gallant patriots who died that day.

“Each man now belongs to the hallowed list of servicemen and women who defended our country and protected their fellow Nigerians not minding the risk to their own lives.

“I commiserate with the families of our fallen heroes and the entire Armed Forces. I share in the pain and grief you carry today. It is my prayer that God will comfort all who are bereaved as a result of this tragedy. It is worth restating the debt of gratitude we owe these valiant soldiers and their families.

“As Commander-In-Chief, I do not take the contributions of members of our Armed Forces for granted. I recognise your valour and bravery. I honour your unflinching commitment to making our country safe from criminals, bandits, kidnappers and insurrectionists.

“While we continue to grieve for the courageous men we lost that day, let us also, on this solemn occasion, be reminded of the unfinished business of working for peace and harmony in our communities.

“We must begin to rebuild our communities and make them into places where love, tolerance and harmony will reign. Leaders at all levels especially community leaders and traditional rulers must work to strengthen the bonds that unite us. We must endthe cycle of violence and bloodletting.

“I want to make it clear, once more, that those who committed this heinous crime will not go unpunished. We will find them and our departed heroes will get justice.

“The elders and chiefs of Okuoma also have a duty to help the military in fishing out the gunmen who committed the barbaric crime against our men.

“I wish to also commend our Armed Forces for their restraint in choosing not to carry out any reprisal attacks in Okuoma or its neighbouring communities. We must all ensure that the innocent people of Okuoma are not made to bear the punishment of the guilty and wicked among them”.

Speaking directly to the entire Armed forces, he said, I have a message for you: Do not let the death of your compatriots discourage you. There is no higher honour than the vocation you have chosen to pursue. We cherish you. We cherish your labour of love. We salute your daily sacrifice in protecting your fellow citizens from danger. We acknowledge your sacrifices to defend our nation.

He said within our continent, our sub-region and across the world, the Nigerian Military has remained a force for good, embodying a great example and keeping our democracy safe.

“It is now our duty to protect the families of our departed heroes.
The Federal Government will provide a house in any part of our country to each of the families of the four officers and 13 soldiers.

“The Federal Government has also approved scholarships to all the children of the deceased up to the University level.

“The Military must, within the next ninety days, ensure that all the benefits of the departed are paid to their families.

“May the families of the departed and all their loved ones find the strength to bear the pain of this loss. May God grant our heroes eternal rest.

“May God continue to bless the Federal Republic of Nigeria and keep our troops safe, always,” the President stated in a sober voice.

Mohammed Shosanya

President Bola Ahmed Tinubu,has granted approval for the extension of the service of Dr. Atang Udo Samuel, the newly sworn-in Head of the Civil Service of the Federal Capital Territory Authority (FCTA), for six months.

This decision comes as Dr. Samuel was due for retirement on Wednesday, the 27th of March, 2024.

The extension, effective from Wednesday, 27th March, 2024, coincides with Dr. Samuel’s attainment of the mandatory retirement age of sixty (60) years.

In a letter titled “Re: Request for Extension of Service for the Head of the Civil Service of the FCT Administration,” signed by the Chief of Staff to the Federal Capital Territory (FCT) Minister, Barrister Nyesom Wike, Honorable Chidi Amadi, President Tinubu’s approval was communicated.

This extension underscores the recognition of Dr. Samuel’s valuable contributions and expertise in the civil service, ensuring continuity and stability in the leadership of the FCTA during this transitional period.

The letter reads: “I am directed to refer to the above subject matter and to inform you that His Excellency, the President and Commander in Chief of the Armed Forces of the Federal Republic of Nigeria has graciously approved the extension of your service for a period of six (6) months with effect from Wednesday, 27th March, 2024 when you would have attained the mandatory age of sixty (60) years.

“The extension of your service is premised on the need to stabilize and consolidate the ongoing processes to reposition the administrative structure of the FCT Administration occasioned by the recent inauguration of the FCT Civil Service Commission.

Mohammed Shosanya

Lagos State Governor,Babajide Sanwo-Olu,Wednesday flagged-off the distribution of 80,000 10kg bags of rice donated by the Dangote Foundation as part of the Aliko Dangote National Food Intervention Programme.

Speaking during the event, which was done by Lagos State government, in conjunction with Dangote Group at the Lagos, House, Ikeja,Governor Sanwo-Olu implored the private sector and well-meaning Nigerians to join hands with state, as well as Federal Governments, to ameliorate the pains of the vulnerable through various interventions.

He stated that his administration would continue to explore various strategies to ameliorate poverty through Eko cares, improve economic empowerment and give the people opportunity to grow.

Sanwo-Olu, who commended the Dangote Foundation for extending the kind gesture to the vulnerable in the state, as well as providing support for the state government, said that Dangote has feelings for the people.

He said that there are challenges in different parts of the world, adding that we are not alone in the tough time.

Commending Dangote Foundation for coming to the rescue of vulnerable citizens of the country, Sanwo-Olu said that the gesture demonstrates that the Foundation stands for humanity, empathy, as it goes beyond the pursuit of wealth.

He enjoined other wealthy individuals to emulate the Dangote Foundation.

He said that this is a time to collaborate with the government to tackle the challenge of hunger in the society.

The state Commissioner For Agriculture, Abisola Olusanya, said among others, that the donation to the people of Lagos State by the Foundation was coming at a good time within the food ecosystem as the administration had been doing a lot through the Eko Cares in ensuring the downtrodden were being taken care of.

Chairman of the Foundation, Aliko Dangote, said the gesture was necessitated by the prevailing high cost of food in the country, ensuring that all 36 states get their fair share of the one million bags of 10 kilogramme bags of rice through partnership with non-governmental organisations and faith based groups.

Dangote said that over the past 30 year, the Foundation has been able to provide support and assistance, especially during the holy month of Ramadan, to the needy in the society.

He said that it is one of the tenets of the Islamic Faith, which emphasises charity and to encourage responsibility to the community, and this is not only Ramadan but it coincides with Lent.

He said: “Our traditional Ramadan food distribution has been focused on the Muslims community but we recognized the current circumstances where a significant proportion of Nigerian are facing severe hardship. This informed this gesture.

“This is why we are extending the Ramadan initiative to the 36 states and the Federal Capital Territory, to reaffirm our commitment to supporting the people in line with our core values and the holy month of Ramadan.”

He said that the Foundation’s aim is “To ensure that before the end of Ramadan, we would have reached all the 774 local government areas of the country. We are distributing 80,000 10k bags of rice in Lagos in and 12,500,000 loaves of family size bread in Lagos, which will begin daily.

“The distribution of rice is another demonstration of our commitment to upholding the values and the spirit of the holy month of Ramadan. We are fagging off this program in Lagos today as we did in Kano on Saturday and our goal is to ensure that before the end of Ramadan, we would have reached all the 774 local government areas of the Federation.

“This distribution of rice is another demonstration of our commitment to upholding the values of compassion and solidarity that is the core of humanity.

“Through the distribution initiative, we are trying to improve some of the burdens faced by humanity across Lagos.”

Dangote said that each 10kg bag of rice represents a symbol of hope and compassion, a gesture to remind our brothers and sisters that they are not alone in this, as he believes that every individual has a right to succeed.

He urged the wealthy to remember the less-privileged during the fast,
and advised the well-to-do follow suit.

Chief Executive Officer, Dangote Foundation, Amina Yusufu, said that every year during Ramadan, the Dangote Foundation gives out different foods products.

She noted that this year, given the state of stress around food, the “Dangote Foundation decided that we do not only food for Ramadan for Muslims but to extend it to all faiths, and to give one million kilograms of rice across the country to the 774 local government areas of the country”

According to her: “This is the second highest from what we did in Kano State, Dangote’s own state.
The criteria is on multi-dimensional poverty and secondly, the criteria around Ramadan. That’s how we ended up with some states getting 10,000 bags of rice and some on average 20,000 to 25,000 bags of rice.

“We are doing the distribution using NGO, Christian organisations, Muslim organization working hand in hand to make sure that the rice is really getting to the needy.”

Also, Aliko Dangote’s daughter, Amina, said has decided to do the intervention that would be delivered to the 774 local government over Nigeria.

“The rice would be distributed to the very needy ones at this tough times across the 774 local government and LCDAs across the country.

“We have been doing this for a while but we didn’t publicize it because our chairman believes this between him and God but this year we decided to publicize it so that we can encourage and inspire others to do”, she added.