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

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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.”
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Just in: Ramadan begins today -Sultan declares

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Fasting in the month of Ramadan, which is the ninth of the 12 Islamic calendar year, begins today, Saturday March 1, 2025, the Sultan of Sokoto and Leader of Muslim Ummah of Nigeria, Alhaji Muhammad Sa’ad Abubakar, declared on Friday.

The Sultan explained that his declaration followed verified and authenticated reports from various Muslim leaders across the country, which he said had been accepted.

The Sultan said: “Today, Friday, 28th February, 2025, brings us to the end of Sha’ban. Reports of positive sighting of the new crescent of Ramadan were brought to us by various leaders across the country. We have verified and have authenticated such reports and have duly accepted such reports.

“Therefore, tomorrow, 1st March, 2025, makes it 1st Ramadan 1446 After Hijrah,” the Sultan said.

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He, therefore, called on Muslims in the country to commence the fasting while also urging them to pray for leaders to enable them to lead the nation and its people well.

He seized the opportunity of the announcement to enjoin well-to-do Muslims to reach out and give to the less privileged or needy during the period.

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NAFDAC paints popular Indian company black over alleged sale of harmful

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The National Agency for Food and Drug Administration and Control (NAFDAC) says it has blacklisted Aveo Pharmaceuticals Pt Limited, an Indian company, over the illegal production and exportation of dangerous opioid combinations into West Africa, including Nigeria.

Opioids are a class of drugs that work in the brain to produce a variety of effects, including pain relief.

Opioid drugs include prescription pain medicine and illegal drugs.

In a statement on Friday, NAFDAC said investigations revealed that the company, managed by Vinod Sharma on the outskirts of Mumbai in India, is responsible for manufacturing and distributing Tafrodol and Royal 225 drugs containing a harmful mix of tapentadol and carisoprodol.

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Tapentadol is a powerful opioid, and carisoprodol is a banned muscle relaxant.

The agency said the substances pose severe health risks such as respiratory failure, seizures, overdose, and death to users.

“A BBC World Service investigation exposed how packets of these drugs, branded with the Aveo Pharmaceuticals logo, have been found on the streets of Nigeria, Ghana, and Côte d’Ivoire,” the statement reads.

“Further evidence confirmed that Aveo Pharmaceuticals is also involved in the illegal exportation of high-dose tramadol above 100 mg, a strength not registered or approved by NAFDAC.

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“Undercover footage captured Vinod Sharma admitting to the mass distribution of these opioids for abuse as street drugs across West Africa.

“Given the severity of these findings, NAFDAC has taken decisive action to blacklist Aveo Pharmaceuticals and block any future registration of its products in Nigeria.”

NAFDAC said it is committed to protecting public health by enforcing international best practices in pharmaceutical regulation, including stringent product registration, good manufacturing practice (GMP) inspections, post-marketing surveillance, and pre-shipment inspections for high-risk imports.

The agency said it has intensified enforcement operations against illicit pharmaceuticals in major drug distribution hubs across the country.

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NAFDAC urged the public to avoid unregistered medicines and only use prescription drugs dispensed by licensed healthcare professionals.

“With continued vigilance and public support, NAFDAC will persist in its fight against the circulation of fake, substandard, and dangerous pharmaceuticals in Nigeria,” the agency said.

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ECOWAS Court quashes case on Kudirat Abiola’s murder

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The Community Court of Justice, ECOWAS, has declared a case filed by Khalifa Abiola and two others against the Federal Government of Nigeria over alleged human rights violations concerning the assassination of the late Mrs Kudirat Abiola as inadmissible.

In its ruling delivered on Friday, Justice Edward Amoako Asante, the Judge Rapporteur, stated that the applicants lacked the legal capacity to sue, as they failed to establish a direct relationship with Mrs Abiola or present any legal mandate to act on behalf of her estate.

In a statement sent to our correspondent via email, the case, with suit number ECW/CCJ/APP/62/22, was brought before the court by Khalifa Abiola, Moriam Abiola, and Hadi Abiola.

They alleged that Mrs Kudirat Abiola—wife of Chief MKO Abiola, the widely acclaimed winner of Nigeria’s annulled 1993 presidential election—was assassinated in 1996 while advocating for her husband’s release from detention.

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According to the statement, the applicants contended that the Nigerian government violated her fundamental human rights by failing to hold her killers accountable, despite a Commission of Inquiry identifying a key suspect, Sergeant Barnabas Jebila.

While dismissing the case, the ECOWAS Court also rejected Nigeria’s objections regarding its jurisdiction, affirming its competence to hear cases involving alleged human rights violations by member states.
However, it clarified that its role does not include acting as an appellate body over national court rulings.

“The court also dismissed the objections of the respondent, the Federal Republic of Nigeria, challenging its competence to determine the matter, which it described as beyond the scope of Article 9 of the Protocol of the Court. It equally dismissed the respondent’s submissions that the applicants were requesting the court to determine a case already decided by a national court and that the case had exceeded the time limit allowed for legal action.

“However, the court noted that the applicants, suing on behalf of themselves and the estate of Mrs Kudirat Abiola, had not demonstrated legal capacity to sue on behalf of the late Mrs Kudirat Abiola’s estate.

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“Consequently, the court ruled the case as inadmissible due to the lack of legal capacity of the applicants to sue on behalf of themselves and the late Mrs Kudirat Abiola in this matter.

“The ruling was delivered by a panel of judges, including Justice Sengu Mohamed Koroma (Presiding), Hon. Justice Gberi-bè Ouattara (Member), and Hon. Justice Edward Amoako Asante (Judge Rapporteur),” the statement said.

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