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LP Caucus Reps Say Tinubu’s One Year In Office A Reign Of Economic Hardship

Published

6 months ago

May 28, 2024

By Gloria Ikibah

The Labour Party (LP) caucus in the House of Representatives has described President Bola Tinubu’s one year in office as a “Reign of economic hardship, insecurity and hopelessness”.

These according to the caucus negates the Renewed Hope Agenda campaign promises of the current administration.

This was contained in a State-of-the-Nation statement signed by the caucus Leader, Hon. Afam Victor Ogene, to mark the first year anniversary of the current dispensation on Tuesday in Abuja.

The LP caucus said it’s bewildering that the economy of the nation has dangerously continued on a free fall, one year after the inauguration of the current administration, thereby casting a cloud of doubt on the capacity of the All Progressives Congress ((APC) led-government to rescue the nation from the current situation, especially after what it described as “the precarious eight years of the past administration, characterised by widespread despair”.

The statement reads: “After last year’s glitch-determined presidential election, and the legal gymnastics which ratified the indolent behaviour of the electoral umpire, our Caucus had taken a backseat, in the patriotic hope that, maybe, just maybe, the beneficiary administration would be able to wrought magic and pull the nation from the precipice of economic annihilation.

“But, as can be obviously felt by the blind, and seen by the deaf, the entire country has, after one year, come to the full and unambiguous understanding of what President Bola Tinubu meant, when he said that his administration would continue with the ‘legacies’ of his predecessor.”

“The current staggering negative economic indices should alarm every Nigerian, as it has left many previous optimists, including ourselves, in glaring shock”.

The caucus noted that the latest report of the National Bureau of Statistics (NBS), indicated that food inflation rate in March 2024 was 40.01 percent on a year-on-year basis – an increase of 15.56 percent points higher, compared to the 24.45 percent rate recorded in March 2023.

“Curiously, the NBS had pointed out that the disturbing rise in food inflation was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits, considered to be mostly every day staple food for the ordinary man, who is now forced to battle with daily hunger as a result of food scarcity and decreasing purchasing power.”

“From 29.9% in January – the highest since 1996 – Nigeria’s general inflation rate today stands at 33.20% and a poverty rate of 38.9%.

“Price of petrol has risen from N238.11 per litre, to N701.24, which is an increase of 194.5 %. Cooking gas price has increased by over 70%, diesel from N844.28 per litre to N1,415.02, which is 67.6% and public debt from N87.38trn to N97.34trn, an increase of 11.4%.

“Also, interest rate for bank loans which manufacturers and small and medium enterprises depend on for business and economic activities has increased in the past year, from 22.41 % to 33.69 %, which is an increase of 31.15 %.

“These verifiable figures and the excruciating living conditions of the people, more than any other thing, underscore the fact that in just one year, the APC government has earned an unenviable record of perpetuating a cycle of poverty and underdevelopment, in spite of the flowery campaign promises it made just last year”, the LP lawmakers asserted.

The Caucus further said that President Tinubu campaigned on the mantra of ‘Renewed Hope Agenda’, anchored on an eight-point agenda, which formed his social contract with the Nigerian electorate: food security, poverty alleviation, growth, job creation, access to capital, inclusion, rule of law and anti-corruption fight.

“This economic plan raised cautious optimism in many because it embodies the concept of utilitarianism – ultimate good to the greatest number.

“But now, we hasten to ask, has Nigerians seen any indication of fulfillment of those promises? On the contrary, the ordinary man on the street is weeping and wailing, with pervasive hunger hunting millions of homes. So, what we see, in actual sense, are failed promises.”

“To make things worse,” the LP Reps continued, “Then in an attempt to stabilize the naira, the government at the beginning of the year committed another faux pas by floating it. This caused the naira to undergo substantial depreciation, such that by February, the naira exchanged at an alarming rate of N1,900 against the dollar in the parallel market – and hasn’t achieved any stability since then”, Rep. Ogene stated.

In the area of security, the lawmakers said: “In his 80-page manifesto with a 10-point agenda unveiled in October 2022 during the campaigns, President Tinubu had pledged “To establish a bold and assertive policy that will create a strong yet adaptive national security architecture and action to obliterate terror, kidnapping, banditry, and all other forms of violent extremism from the face of our nation.

“Given the security situation today, this appears to be a mere rhapsody of rhetorics, making many to believe that the administration lacks an effective security strategy, as Nigerians are bogged down by incessant abductions, displacements and massacres by non-state actors across the nation.

“As the nation begins the journey into the second year of this administration, we call on President Tinubu to, as a matter of urgency, prioritise on minimizing the suffering of Nigerians, by ensuring food security, access to clean water, healthcare and education.

“Tackling poverty and guaranteeing these necessities are pivotal to the sustenance of peace in the nation.

“We also call on government to intensify the fight against corruption, with transparent governance and accountability being paramount. We also warn that government should desist from throwing the nation to the whims of foreign financial institutions, whose policies in developing countries are often anti-people.”

News

Enugu ready to provide evidence against Ekpa, hails arrest

Published

1 hour ago

November 22, 2024

Naijablitznews

Enugu State Government has hailed the Government of the Republic of Finland for the arrest of the Finland-based leader of the criminal gang, Autopilots, Simon Ekpa, describing him as a common criminal, con man, and terrorist, who has no interest of Igbo people at heart.

The government also described Ekpa as a murderer and fraudster, who delights in killing his people and living large off their misery, saying that Enugu State was ready and willing to provide evidence of Ekpa-sponsored atrocities against Ndigbo to aid his trial and conviction, whether in Finland or Nigeria.

This was contained in a statement issued by the Secretary to the State Government, Prof. Chidiebere Onyia, on Friday.

“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa.

“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.

“This arrest is in line with the demand of Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster, who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region.

See also Bauchi: Head teacher bags 11 years jail term for sexually assaulting 6-year-old pupil
“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work. He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra,” the government said.

News

“Men Need To Submit Too”, says Pastor Olumide, Quotes Bible Passage To Back His Statement (Video)

Published

1 hour ago

November 22, 2024

Naijablitznews

A pastor has stated that submission in a marriage is not a requirement for women alone.

Pastor Olumide Emmanuel explained that a Christian marriage is not based on “culture” but on the teachings of the kingdom and as a result, men should respect their wives’ opinions and superior judgment and submit when appropriate.

He said: “Men, I will tell you for free, respect a woman’s sensitivity if you want to do well in life.

“Ask any married man that will be honest with you, there are things that if we did not listen to our wife we’d be in trouble by now. And there are times that we didn’t listen, we enter trouble.

“So if you’re a young person now, don’t let Africa kill you. ‘I’m a man of this house, I’m a man of this house, you can’t tell me what to do’. Forget that nonsense.

“Marriage is not an African culture, it’s a kingdom culture and in the kingdom the bible says, submitting yourself one to another. Mutual submission is a kingdom agenda for the marriage.

“So there are times you need to submit to your wife. Submit to your woman.”

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SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 22 November 2024

Published

3 hours ago

November 22, 2024

Naijablitznews

The black market dollar to Naira exchange rate on Friday 22 November 2024 can be accessed below.

NewsOnline Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

According to Bureau De Change (BDC) sources, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players bought a dollar for N1710 and sold it for N1750 on Friday, November 22, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1730
Selling Rate N1740
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1745
Selling Rate N1750
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.