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Adeleke demands decentralisation of power
Osun State Governor, Ademola Adeleke, has called for devolution of power to the states, rather than centralisation of governance powers and responsibilities.
The governor said employing such a strategy to tackle the challenge of inflation ravaging Nigeria’s economy, would yield the expected result.
Adeleke stated this on Sunday at the combined 10th undergraduate and 6th post-graduate convocation of the Adeleke University, Ede, where 1092 students were conferred with first degrees, masters and doctorate degrees, held at the stadium on the campus of the university.
He observed that the government was experimenting with many strategies to tackle the challenge of inflation, noting that there was an urgent need to move many items on the exclusive legislative list to the concurrent list, said the states are better positioned to handle many items for which the centre is presently responsible for.
“You may also want to note that governments at different levels are working hard to address the parlous state of the economy. At the National Economic Council meetings, both the federal and the state governments regularly brainstorm on finding solutions to the economic hardship, unemployment, and hyperinflation facing the nation. Several options are being experimented on.
“For us as a state, we believe the solution lies in the devolution of powers and financing to the state governments. There is an urgent need to move many items on the exclusive legislative list to the concurrent list. The states are better positioned to handle many items for which the centre is presently responsible.
“So the solution is more devolution rather than more centralisation of governance powers and responsibilities. We must, as a nation, focus on economic federalism. This will deepen subnational prosperity, create an enabling environment for job creation, and boost local capacity across the sectors.
“We must, however, continue to maintain national stability and unity. We can not escape the several issues facing us as a nation unless we harness our potential across the regions. But only when there is peace can we resolve the economic question. We will continue to support President Bola Tinubu as all levels of government grapple with the crisis of the moment,” Adeleke said.
In his admonition to the graduates, the governor urged them to take the current economic turbulence in the country as an opportunity.
He tasked them to be innovative and enterprising, saying they must tap into the turbulence to build a future of prosperity.
Delivering a commencement speech, Nigerian historian, Prof Toyin Falola, urged the graduating students to face the world without fear and turn challenges into opportunities for excellence.
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IFC, CBN Partner On Private Sector Growth Through Naira Financing
The International Finance Corporation, IFC, a member of the World Bank Group, and the Central Bank of Nigeria, CBN, have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive.
The partnership will allow the IFC to manage currency risks and increase its investments in the Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,
small and medium enterprises and the creative and youth economy.
A statement jointly issued by Hakama Sidi Ali, on behalf of the CBN in Abuja, and Hlazo Mkandawire for the IFC, said the global financial institution aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing over $1billion in the coming years to shore up the Naira.
The statement added that many of the sectors of the economy to be impacted require local currency financing, and as such the IFC’s partnership with the CBN is a key tool in expanding access to finance.
“Ths pioneering initiative between the IFC and CBN will unlock the much-needed long-term local
currency fnancing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.
“This collaboration marks a significant progress in the CBN’s commitment to deliverng innovative development initatives through reputable third-party
service providers, moving beyond traditional intervention programs.
“It will serve as a catalyst for
economic growth and advance the Federal Government’s agenda for economic diversification”, the apex bank governor stated.
“Expanding access to affordable local currency financing for small businesses in Nigeria is essential for the IFC to address the increasing demand for diverse funding options and to better
manage currency risk,” said Makhtar Dop, the IFC managing director.
“Our partnership with the
Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and
creating jobs across the country.”
With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing is a key priority for the IFC.
“We will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets”, he added.
The IFC, a member of the World Bank Group is the largest global development institution focused
on the private sector in emerging markets.
Operating in more than 100 countries worldwide, the IFC uses its capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2024, the IFC committed a record $56billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
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EU Supports Dialogue On Increased Women’s Participation, Representation In Governance
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BREAKING: APC Suspends Rauf Aregbesola Over Anti-party Activities
By Kayode Sanni-Arewa
The Osun State chapter of the All Progressives Congress (APC) has suspended former Minister of Interior, Ogbeni Rauf Aregbesola, over alleged anti-party activities. According to Vanguard, in a resolution submitted to the APC National Secretariat and directed to National Chairman Dr. Umar Ganduje, Osun APC accused Aregbesola, who previously served as governor, of fostering divisions within the party by creating a rival faction. The APC claims that this act has disrupted party unity, especially during a sensitive time in Osun politics. Party leaders believe Aregbesola’s influence over certain groups has deepened internal rifts, which the state chapter sees as detrimental to the party’s unity. This suspension represents a bold step by the Osun APC to address internal issues and refocus leadership priorities as they prepare for upcoming elections. Responses from Aregbesola’s camp are expected as the situation develops.
Details later…
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