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The extreme and continuous monetary tightening by the CBN, are we on the right track?

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*By Segun Sanni*

The Buhari government did great damage to Nigeria’s economy for the excessive money it created and threw carelessly into the economy. We’re facing the extremely negative impact of that excessive monetary expansion through its devastating contribution to galloping inflation and pernicious pressure on our exchange rate. Unfortunately, we can’t point to much positive that the money the Buhari government borrowed and created was spent upon. The Tinubu government has taken the very wrong step by attempting to take out the excess liquidity by an unprecedented overreliance on monetary policies. Raising CRR from 32.5% to 45% and interest rates by 4% (to 22.75%) at once will produce a crowding out effect of chasing the productive sectors of the economy out of the loans market while the coast would be made clear for the government to keep borrowing massively through the high interest rates it has announced. This amounts to less money to the productive sectors of the economy and more money to the government which created the liquidity crisis in the first place. And government officials would still be taking the money to the FX market to buy more dollars and pile even more pressure on the exchange rate. There is absolutely no deterrent to their continuation of this destructive behavior. It’s a free for all. You will therefore not likely achieve the desired objective, yet would have been killing the economy by pushing it towards recession or low growth. That is what Emeka was saying, and which some of us have been saying. They’re driving up interest rates to unprecedented/crazy levels (22.75%) and crowding out the productive sectors from access to credit. Only the government will be borrowing while the productive sectors will be comatose. They desperately want to tame inflation but don’t mind pulling down the economy in the process. It’s like desperately trying to bring down a child’s fever and giving him double the adult dosage of Paracetamol. You may so bring down the fever but kill the child in the process. The interest rate hikes will kill the economy at the rate they’re going.
The fiscal/executive measures that are needed to control the excess liquidity and attendant inflation and speculative FX demand (proving deadly to the economy), Tinubu lacks the political will to tackle. We saw how single individuals (women) took huge billions in just one ministry, and the baby-cockroach concept tells me that is just a symptom to a much larger malaise. If we probe the spending of the huge debts and money created by the last government, and probe NNPC on our massive stolen oil and Subsidy frauds, we would discover and confiscate huge sums (at least $10bn to $15bn) which will curtail the excess liquidity and bring much needed ‘revenue’ and FX to the government without doing damage to the productive sectors of the economy. We all saw an Accountant General (Ahmed Idris) allegedly stealing N109bn, NSIPA woman (Halima Shehu) accused of stealing N44bn, Humanitarian Minister (Sadiya Umar-Farouq) N37bn, Betta Edu paid out N585m and gave N438m contract to Tunji-Ojo, etc, etc. These are the monies we should be going after and recovering and bringing back to the treasury and spending more judiciously in fueling the economy. But does our President have the political will to do the above? Why are we not probing NNPC? Why is Mele Kyari still running NNPC despite all that happened there? Only our President can answer that question.

*Segun Sanni an economist and former banker lives in Lagos

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AEDC Promotes 547 Employees, Raises Pay For 579 Others

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Abuja Electricity Distribution Plc (AEDC) has promoted 547 employees and approved salary step increments for 579 others as part of a broad workforce development programme designed to reward outstanding performance, strengthen staff motivation and drive organisational excellence.

The exercise, which benefitted 1,126 employees, followed the successful completion of the company’s 2025 Performance Appraisal Exercise and underscores AEDC’s commitment to building a high-performing, customer-focused workforce.

Managing Director and Chief Executive Officer of AEDC, Chijioke Okwuokenye, said the initiative reflects the company’s resolve to place employees at the heart of its transformation agenda, stressing that investment in human capital remains critical to achieving sustainable growth.

He described the promotions and salary adjustments as a recognition of diligence, professionalism and commitment, noting that the company would continue to reward excellence while creating opportunities for career advancement.

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According to him, AEDC is intentionally fostering a work environment where merit, innovation, continuous learning and teamwork determine career progression, adding that employee welfare remains a key pillar of the company’s long-term strategy.

“Our people remain our greatest asset and the foundation upon which AEDC’s future will be built. This is more than a reward for performance; it is a reaffirmation of our belief that excellence should always be recognised, talent should be nurtured and hard work should create opportunities for growth,” Okwuokenye said.

He explained that the organisation is committed to providing employees with fulfilling career opportunities that enable them to maximise their potential while contributing to AEDC’s ambition of becoming one of Africa’s leading electricity distribution companies.

The AEDC chief also urged employees who were not promoted in the current appraisal cycle to remain committed, assuring them that the company’s performance management system is structured to support continuous improvement, skills development and future career progression.

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AEDC said the promotion and salary increment exercise forms part of its broader strategy to cultivate a performance-driven culture, encourage professionalism and recognise employees who contribute significantly to the company’s growth.

The company added that as it continues to modernise operations, improve electricity service delivery and enhance customer experience, it will sustain investments in staff development to strengthen productivity and reinforce its position as one of Nigeria’s preferred employers in the power sector.

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Suspected Hoodlums Cart Away PVCs At Distribution Centre In Osun

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Some hoodlums suspected to be political thugs on Sunday stormed a permanent voter’s card (PVC) distribution centre in Okuku, the headquarters of the Odo-Otin Local Government Area of the state, and carted away two packs of PVCs.

The INEC officials were busy distributing the cards at the Oyinlola DC Primary School, Ward 2, when the thugs suddenly arrived and started shooting sporadically into the air, scaring residents and officials, and took two packs of cards and left the venue before police could arrive at the scene.

The spokesperson of the Osun State Command, Abiodun Ojelabi, said that about ten armed hoodlums invaded the centre, fired sporadically into the air and carted away three packs of PVCs before fleeing the scene.

Ojelabi disclosed that the State Commissioner of Police, Ibrahim Gotan, has condemned the attack and directed a comprehensive investigation to identify and prosecute those responsible.

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Reacting to the development, the Resident Electoral Commissioner (REC) of INEC in the state, Oluwatoyin Babalola, condemned the attack. She said she was to get the detailed report on the attack, adding that she is yet to know the exact number of PVCs carted away by the hoodlums.

The REC, however, assured the people of the state that the governorship election would be free, fair, credible, inclusive and transparent.

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2027: APC uploads 27 governorship candidates to INEC portal ahead of deadline

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The ruling All Progressives Congress (APC) has uploaded the details of 27 governorship candidates and their running mates to the Independent National Electoral Commission (INEC) Candidate Nomination Portal (ICNP) ahead of the August 8 deadline.

The party has also uploaded the particulars of more than 60 per cent of its candidates contesting seats in the various State Houses of Assembly.

Findings indicated that the APC’s ICT department has completed the upload for candidates in 27 of the 28 states conducting governorship elections, with disagreement over the deputy governorship slot in one North-West state delaying the final submission.

A source on the APC National Working Committee (NWC) Vetting Committee, chaired by Hon. Jibrin Bancir, disclosed that 15 of the 16 incumbent governors seeking re-election had been cleared and uploaded to the portal.

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Also uploaded were the details of 12 first-time governorship candidates and their running mates, including Obafemi Hamzat (Lagos), Solomon Adeola (Ogun), Ogundu Kingsley Chinda (Rivers), Eric Opah (Abia), Mohammed Abubakar (Bauchi), Mustapha Gubio (Borno), Jamilu Gwamna (Gombe), Ahmed Aliyu Wadada (Nasarawa) and Baba Malam Wali (Yobe).

Speaking on condition of anonymity, a member of the vetting committee said the party had made substantial progress in meeting the electoral commission’s deadline.

“We have made giant strides in our efforts to upload the details of all our governorship candidates and their deputies. In fact, but for one state, we would have completed and closed the process for governorship candidates,” the source said.

The source attributed the delay to the unresolved choice of a deputy governorship candidate in a North-West state.

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“The delay is caused by the deputy governorship candidate. We have been told that the issue will be resolved at a crucial stakeholders’ meeting scheduled for Monday here in Abuja,” the official added.

On the nomination of state assembly candidates, the source said the party had overcome initial technical challenges on INEC’s portal and had successfully uploaded the particulars of more than 60 per cent of its candidates.

“Despite the initial delay due to technical issues from the electoral umpire, our ICT personnel kept scanning and filling the details of our State Houses of Assembly candidates,” the source stated. “It was easy for us to upload immediately INEC opened the portal for sub-national lawmakers.

“Recall that our party completed the uploading of our Presidential and National Assembly candidates within record time. We are fully set to ensure that details of all 28 governorship candidates, their deputies, and the 990 state legislative nominees are uploaded well before the August 8 deadline.”

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Under Section 29(1) of the Electoral Act 2026, political parties must strictly comply with statutory timelines to submit candidate lists along with affidavits and personal declarations (Forms EC9 and EC9A through EC9E).

The digital portal—which opened at 9:00 a.m. on July 18—will automatically lock at 6:00 p.m. on August 8, leaving no room for manual submissions or post-deadline extensions.

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