News
‘Setback To The Economy,’ Atedo Peterside Faults FG’s N90bn Hajj Subsidy
The founder of Stanbic IBTC and ANAP Foundation, Atedo Peterside, has faulted the Federal Government’s N90 billion subsidy for the 2024 Hajj, saying it is a setback to the nation’s economy.
Peterside, who was a guest on Channels Television’s Politics Today, believes the move has a political undertone ahead of the next electoral cycle.
“This is not about religion but about politics. We are mixing religion and politics. So, what do we now expect Christians to do? – to say they want their own share of this subsidy,” he questioned on Thursday.
“How are you going to refuse them? This is all about politics, perhaps someone feels that ‘it is time for me to score some cheap political points.
“You now come and send the wrong signal about our economy at a time when our economy is in deep trouble. We need to bring ourselves out of the hole. Each time you turn around and do something insignificant like this and throw away N90 billion, you set back the process by which investors and others can take you seriously.
“For me, it is not about just religion and pilgrimage, it is the setback of the economy by sending the wrong signals. The government should stop sending the wrong signals.”
During the show, the economist also weighed in on the depreciation of the naira against the dollar, asking the current administration to take steps for the local currency to rebound when compared to the greenback and other currencies.
He exonerated the current administration from the depreciation of the naira but insisted that hurrying to make the currency gain strength won’t work out.
According to him, the best approach would be for the central bank to stabilise the naira to a level where they can sustain it for some time and gradually build the reserve.
“I will be fair to this government, they inherited the exchange rate problem and what they have been doing is trying to manage it. Recently I would have thought, let’s get some stability around N1,300 or N1,400, don’t be in a hurry to appreciate the exchange rate.
“Going to sell dollar to bureau de change at N1,000, N1,050, those guys will turn round two weeks later and sell it at N1,400, N1,500 and they go away laughing. What’s the point for that?
“It’s better to have some stability they can sustain, keep between N1,300 and N1,300 which looks to be the natural equilibrium band today, keep it there for a while, build up your reserve to let confidence come back.
President Bola Tinubu has described the Federal Capital Territory, FCT, minister Nyesom Wike as a performing and dogged technocrat.
Naijablitznews reports Tinubu made this assertion during his maiden presidential chat on Monday.
The president rounded up by saying “I doff my hat for the performing minister.
Watch clip below:
By Gloria Ikibah
Prominent human rights lawyer and activist, Dele Farotimi, has been released after fulfilling his bail conditions.
Farotimi, who had been in custody over allegations of defaming Senior Advocate of Nigeria and founder of Afe Babalola University, Ado Ekiti (ABUAD), Afe Babalola, regained his freedom on Tuesday morning.
He is currently enroute to his home in Lagos.
Confirming the development, activist and politician Omoyele Sowore stated on X, “I am pleased to report that Dele Farotimi is no longer being held in the prison facilities of Ekiti State and is now returning home to Lagos. The struggle continues!”
Earlier, a Chief Magistrate’s Court in Ado Ekiti granted Farotimi bail, setting conditions that included a N30 million bond, two sureties (one of whom must be a property owner), the submission of his passport, and a restriction on granting media interviews following his release.
By Kayode Sanni-Arewa
Following the intervention by the National Assembly leadership, the National Assembly Service Commission, NASC, has reversed the appointment of Dr Ibrahim Atiku as Deputy Clerk to the National Assembly, DCNA.
The Commission has replaced Atiku with the permanent secretary [Estate and Works Directorate], Engineer Bashir Yero.
This was consequent upon the outcome of a meeting convened Monday night by the Senate President, Godswill Akpabio, with Speaker Tajudeen Abbas and their deputies in attendance.
Present also at the meeting were the Chairman of the NASC, Engineer Ahmed Amshi, two commissioners from NASC, and some permanent secretaries in the NASS bureaucracy.
THE CONCLAVE learnt that the high-level meeting took place in the Senate President’s residence.
Reports from the meeting said that the chairman of the NASC and his commissioners could not justify the appointment of Atiku when asked by the speaker how the choice of Atiku was arrived at.
THE CONCLAVE reports that it was at that point that the commission chairman sought the leave of the Senate President and the Speaker to ask that the permanent secretaries present should excuse them since they could not be sitting over a matter in which they had personal interest.
Upon their return to the room, after the leadership had arrived at a resolution one way or another, it was agreed that Engr. Bashir Yero of Estate and Works Directorate be appointed the DCNA, while Engr Sanda Liman of Procurement Directorate, be redeployed in Estate and Works.
The newly promoted Ibrahim Atiku [to the position of permanent secretary], as resolved and directed, should be deployed in Procurement Directorate.
The NASC is expected to formalise and/or activate the decision soonest.
Source: CONCLAVE
WATCH moment Tinubu hails FCT minister for his doggedness, sterling performance
BREAKING: Human Rights Lawyer Dele Farotimi Released
NASC backpedals reverses Atiku’s appointment as DCNA, replaces him with Yero
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