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Biggest Error Created In 2023 Was Naira Devaluation From N460 To N1,400 In Nigeria, Says Dangote

Published

7 months ago

May 1, 2024

By Kayode Sanni-Arewa

The Chairman of Dangote Industries Limited, Aliko Dangote has described the floating of naira by President Bola Tinubu’s administration as the biggest error that affected his company and other business owners in 2023.

Floating the naira allows market forces to determine its value in relation to other currencies.

Dangote said this on Tuesday during his remarks at the Annual General Meeting of Dangote Sugar Refinery Plc, adding that many businesses were affected by the policy.

Dangote said several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira’s value against the US dollar.

He said, “The biggest mess created was the devaluation of the naira from N460 to N1,400.

“You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”

Shortly after Tinubu implemented the policy, the country’s prominent billionaires, Dangote and Abdulsamad Rabiu, who were listed among the 500 world’s richest men, both lost $5.85 billion

Data available on the Bloomberg Billionaire Index, BBI, a daily ranking of the World’s richest people portal as of June 15, 2023, showed negative changes in the calculations of the wealth of the Nigerian businessmen.

A Bloomberg report in April noted that Nigeria was burning through its foreign exchange reserves at a rate not seen in four years.

This situation raised concerns that the central bank was depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely.

Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available data from the Central Bank of Nigeria.

The CBN Governor, Olayemi Cardoso, however, said the shift in the reserve was found in “any country’s reserves situation, where for example, debts are due and certain payments need to be made, and they are made because that is also part of keeping your credibility intact.”

News

HoR to Hold Interactive Session on Executive Tax Return Bills

Published

2 hours ago

November 17, 2024

Gloria Ikibah

By Gloria Ikibah

The House of Representatives is set to host an internal Interactive Session on the four Executive Tax Reform Bills currently before the National Assembly, on Monday, November 18, 2024, in Abuja.

This was contained in a statement by the House Spokesman, Rep. Akin Rotimi, on Sunday in Abuja.

According to him, this initiative, championed by the House Leadership, underscores our commitment to ensuring robust engagement and informed legislative action on critical policy reforms.

The statement reads in part: “It aims to provide Members of the House with a platform to engage directly with the principal promoters of the tax reform bills from the Executive arm of government.

“Thus, this engagement will enable Honourable Members seek clarifications, pose critical questions, and gain deeper insights into the proposed reforms. Such understanding is vital to strengthening the legislative process and enhancing Members’ contributions to the deliberations on these bills.

“Recognising the national significance of the proposed reforms and their implications for fiscal policy and governance.

“The 10th House of Representatives remains committed to its mandate of advancing the nation’s development through transparent, inclusive, and informed legislative processes.

“The public is invited to note that while this is an internal interactive session, it does not foreclose the customary public hearing—a crucial step in the lawmaking process. At such hearings, members of the public are provided with an opportunity to gain deeper insights into legislative proposals and make meaningful inputs aimed at shaping effective reforms”, Rotimi stated.

News

FG Commends Governor Bago For Intervention In Federal Road Projects Across The State

Published

2 hours ago

November 17, 2024

Gloria Ikibah

By Gloria Ikibah

The Federal Government has commended Niger State Governor, Mohammed Umaru Bago, for his intervention in several federal road projects across the state.

Minister of Works, Senator David Umahi, gave the commendation during an interactive session in Abuja with Niger State Government, and contractors handling various federal road projects in the state, to reviewed ongoing federal road projects in Niger with the goal of addressing outstanding issues.

Umahi praised the Governor’s efforts, calling them “unprecedented,” and acknowledged his exemplary leadership in personally leading the state delegation to the meeting, this is even as he urged other state governors to follow the example set by Governor Bago, emphasizing the importance of effective and continuous project supervision.

The Minister also stressed the need for improved collaboration between federal legislators and the Ministry to ensure sufficient funding for the execution of these projects, and warned contractors to adhere strictly to project specifications, stating that failure to do so would result in contract termination.

The Minister of State for Works, Bello Goronyo, who also lauded Governor Bago, described him as a hardworking and passionate leader, and highlighted that the Governor’s people-oriented programs reflect his deep commitment to the wellbeing of his constituents.

In his remarks the Niger Governor revealed that the state government is intervening in 18 federal road projects, aimed at complementing President Bola Ahmed Tinubu’s Renewed Hope agenda.

Bago suggested that such peer reviews should occur quarterly and encouraged his fellow governors to participate, as it would motivate the Federal Government to further support the people.

The Governor also applauded the Minister of Works for his courage, capacity, and competence in managing his responsibilities.

News

#OndoDecides2024: APC congratulates Aiyedatiwa, applauds Ondo electorate

Published

7 hours ago

November 17, 2024

Naijablitznews

By Francesca Hangeior

The All Progressives Congress has congratulated the Ondo State Governor, Lucky Orimisan Aiyedatiwa, on his re-election in the just-concluded governorship election.

Aiyedatiwa won the election, having polled a total of 366,781 votes across all 18 Local Government Areas of the state.

He defeated his closest rival — Agboola Ajayi of the Peoples Democratic Party, who got 117,845 votes.

In a statement issued by the APC National Publicity Secretary, Felix Morka, on Sunday, and made available to PUNCH Online, the party described Aiyedatiwa as a “clear attestation” that his administration’s policies “resonated deeply with the electorate.”

The statement read, “The All Progressives Congress (APC) heartily congratulates the Governor of Ondo State, His Excellency, Lucky Orimisan Aiyedatiwa, on his re-election.

“Your Excellency’s resounding victory in the just-concluded Ondo State gubernatorial election is a clear attestation that your administration’s policies and programmes and campaign message of hope and consolidation have resonated deeply with the electorate.