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Obaseki faults CBN’s new monetary policy

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The Governor of Edo State, Godwin Obaseki, has faulted the Central Bank of Nigeria for raising the Monetary Policy Rate by 22.75 per cent.

Obaseki contended that the decision is not the answer to the ongoing economic challenges in the country.

He supported boosting local production to meet the demand for goods and services.

The governor gave this opinion in a speech as a guest speaker during the Annual Dinner of Edo Zone Bankers Committee in Benin City, the Edo State capital, as shared in a video posted on his official Twitter account on Monday.

He said, “I understand that the monetary rational for increasing MPR but fundamentally and fiscally, it is not going to lead to growth in our economy.

“We must focus on the fundamentals which is increasing production, making sure our citizens produce the goods and services we consume and depend less on import.

“Our economic policy and monetary policy cannot be determined by exchange rate alone. So, this whole issue of increasing the cash reserves in a bid to tighten liquidity is going to be detrimental to our economy. I understand the challenge the monetary authorities face but unfortunately you cannot plan with one hand.

“The economy is about the fiscal and monetary policies, both must work hand in hand and when they don’t, as they don’t in Nigeria, we will have crises. So, we should focus on fiscal issues so that we can grow our economy out of the challenges we have.”

Last week, the Central Bank of Nigeria’s Monetary Policy Committee raised the benchmark interest rate by 400 basis points to 22.75%.

The CBN Governor, Olayemi Cardoso, revealed this during the announcement of the first MPC meeting of the year in Abuja on Tuesday.

Cardoso said the committee voted to adjust the asymmetric corridor around the MPR to +100 to -700 from plus 100 to -300 basis points and raised the cash reserve ratio from 32.5 per cent to 45 per cent.

The MPR has been 18.75 per cent since the last MPC meeting between July 24 and 25, 2023.

With inflation at 29.90 per cent, Cardoso mentioned that the latest MPR adjustment is aimed at addressing the country’s inflation rate.

Obaseki added, “We should not panic too much because of foreign exchange, we must focus on how we can do things within our economy, how we can grow our economy to earn more foreign exchange. Foreign exchange is our problem, but I believe that creating jobs for young people should be more of a priority for us a people at this time.”

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Just In: PDP Secretary shot dead in his residence ahead of Thursday NEC meeting

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The secretary of the Peoples Democratic Party, PDP in Tsafe local government area of Zamfara state, Alhaji Musa Ille has been shot dead.

According to Zagazola, the attackers stormed his resident at about 8pm on April 15, 2024.

A witness said the late PDP Scribe was killed him in front of his house.

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UNILORIN lecturer produces biodiesel from eggshells

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A Professor of Chemical Engineering at the University of Ilorin, Kwara State, Elizabeth Odetoye, has produced biodiesel through the exploration of chicken eggshell-derived heterogeneous catalyst.

Speaking with journalists in Ilorin, Odetoye said that the feat is in line with the efforts of UNILORIN to develop homegrown technology that would enhance the country’s socio-economic progress.

She explained that the feat was accomplished through a “transesterification experiment.”

The don Said the yield showed that eggshells were affordable potential catalyst sources for biodiesel production.

The scholar said, “The utilisation of eggshells can add value to the poultry production process and minimise waste in the poultry industry.”

Odetoye pointed out that biodiesel had been considered one of the sustainable fuel alternatives.

She noted that the high production cost of biodiesel when juxtaposed with fossil fuel, remains one of the major drawbacks of biodiesel production.

The don defined biofuel as fuel made from biomass, saying, “Biofuel is synonymous with biocrude, biodiesel, bio-oil, biogas, bioethanol, Bio syngas and Bio slurry fuels.”

The Professor of Chemical Engineering added that Nigeria has abundant lignocellulosic biomass residues that are waiting to be explored in more environmentally friendly ways.

Odetoye noted that the open burning of biomass residues led to environmental pollution, especially during the dry season.

According to her, biomass waste pyrolysis is a potential means of converting waste to wealth and will create opportunities for skilled engineers and technicians.

She added that when the ensuing fuel is deployed for massive usage, it will make the nation’s physical environment cleaner and more conducive to healthy living.

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Sylvester Oromoni: Falana Faults Judgment, Says Coroner Ignored Evidence

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Human rights lawyer, Femi Falana, has faulted the recent ruling by Coroner Inquest sitting in Ogba Magistrate Court examining the death of a 12-year-old student of Dowen College, Lekki, Sylvester Junior Oromoni.

Falana said the Coroner disregarded further toxicological examination and withdrew initial recommendations for criminal negligence charges, despite glaring evidence and allegations of bullying within the school, including the discovery of a mysterious substance in Sylvester’s stomach.

Earlier, the Coroner Magistrate, Mikhail Kadiri, said Oromoni died as a result of failed treatment for his enlarged liver due to his parents and doctor’s negligence.

Kadiri said, “Based on the foregoing it is clear that the deceased health deteriorated in (doctor) PW 3’s care.

“PW 3, did not take proper care of the deceased, PW 3, completely abandoned the deceased for a period of more than 32 hours.

“The deceased’s death was an avoidable one but for the negligence of the parents and PW 3, they didn’t take him to the hospital until the day he died on November 30, 2021.

“The deceased went through an avoidable and excruciating pain and made to suffer needlessly,” Kadiri said.

Reacting to the judgement in a statement on Monday, Falana said the coroner ignored the evidence of the government pathologist that the “black substance” found in the stomach of the deceased was not subjected to toxicological examination.

“It is curious that the coroner ignored the evidence of the government pathologist that the “black substance” found in the stomach of the deceased was not subjected to toxicological examination. The allegation was that the deceased was forced to drink a poisonous substance.

“The Acting Director of Public Prosecution of Lagos State at the material time had recommended that some staff and students be prosecuted for criminal negligence over the bullying of students in the school.

Four days later, the Acting DPP turned around to say that there was no case to answer without any fresh evidence from the police investigators. The coroner ruled that the acting DPP has the power to withdraw her recommendations at any time!

“The doctors who testified stated that the deceased died of sepsis and that the sepsis could have been caused by excessive massaging of the leg of the deceased. The coroner conveniently overlooked the fact that the school doctor and the nurses massaged the leg of the deceased for two days before inviting his parents to take him home.

“In an attempt to exonerate Dowen College, the coroner was silent on the overwhelming evidence of the bullying of the deceased, his sister, and other students by the same set of students. In particular, the coroner discountenanced the evidence of a student who had testified that he saw the deceased beaten up and subjected to torture by a group of senior students.

“In spite of such uncontradicted evidence, the coroner said that the deceased died of natural cause. The coroner claimed that the negligence of the family doctor led to the death of the deceased but failed to refer him to the Medical and Dental Council of Nigeria for appropriate sanctions,” said Falana.

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