Connect with us

News

MAN Urges CBN To Remain Resolute On Its New Policy On Forex

Published

on

 

 

Manufacters Association of Nigeria (MAN) has thrown its weight behind the recent policy of the Central Bank of Nigeria (CBN) to withdraw foreign exchange from Bureaux De Change (BDCs) in the country.

MAN President, Engr Mansur Ahmed said this yesterday in Ilorin, Kwara state capital at the Annual General Meeting (AGM) of Kwara and Kogi states branch of the association.

The MAN boss who lamented the effect of activities of the BDCs on the manufacturing sector further noted that CBN policy would temporarily hike exchange rate, the country’s economy would be better for it.

He said foreign is not a commodity that should be taken to the market and traded.

“In the last few months, there have been efforts by the central bank to control the flow of foreign exchange for us to get more Forex in the manufacturing sector.

“The decision by the CBN to withdraw supply of foreign exchange from the Bureaux De Change is one that the manufacturing sector is fully in support of.

“Foreign exchange is not a commodity that should be taken to the market and traded. Its availability is intended to allow those that are producing goods and services to bring in the necessary materials and equipment required in order to produce those goods and services at affordable prices”, he added.

Advert

Engr Mansur said the action of the CBN on foreign exchange is most welcome even if it is belated.

He said “In this regard, I affirm the support of the MAN for this policy as well as others polices in the infrastructure sector executed by the FG. The art of getting foreign exchange in the market, to me does not make sense.

“And yet we know that this process has indeed made huge sum of forex into the BDCs. We do not see how that will help the economy.

“Certainly, if the foreign exchange is made available to our manufacturing companies, more young people will be employed and the companies will operate at higher capacity and more industries will be created while lot of the raw materials needed will be readily available

“So if you have to sell forex to traders in the market as if it is a commodity, you are denying the manufacturing sector these vital resources. The law of forex as it was being done is not sustainable.

“According to the CBN report, the number of BDCs exploded between 2005 and 2021 from 74 to over 6,000. Assuming giving $20,000 to BDCs weekly, this will amount to over $600m of forex weekly going into the market instead of going into industries to produce goods and services and create employment.

“How do you control the flow of forex in BDCs not to fall into the hands of those who will take it out of the country and go and stash in foreign bank or go to the hands of those who use it to buy weapon and make our lives miserable expanding the scope of terrorism and banditry?

“So we welcome this change by the CBN and ask that the central bank remain resolute. We are aware that this initiative was part of the reason for the recent hike in forex rate. We believe it is going to be temporary.
“Those who are using it for importation of drugs and arms and ammunition will pay anything to get it. Our message is that the CBN should remain resolute and continue to look for ways that those illicit flows can be contained for more forex to be directed to industries and to genuine legitimate users which it is supposed to be for”, he added.

Earlier, Kwara and Kogi state chair of MAN Bioku Rahmon urged the Federal Governemnt to apply quick remedies to support for the country’s industrialists.

Mr. Rahmon bemoaned the high and fast-rising Nigeria’s debt profile and sundry other challenging plaguing the manufacturing sector.

News

ADC Criticises Tinubu’s CNG Plan, Demands Price Cap

Published

on

 

By Yusuf Danjuma Yunusa

The African Democratic Congress (ADC) has urgently called on the Federal Government to implement a temporary cap on petrol prices, warning that the recent surge in fuel costs is exacerbating the hardship faced by millions of Nigerian households.

In a press statement issued on Wednesday, the party’s National Publicity Secretary, Mallam Bolaji Abdullahi, acknowledged that volatility in global oil markets—spurred by the ongoing crisis in the Middle East—is contributing to the price hikes. However, the ADC argued that external factors do not justify allowing fuel prices to rise unchecked in an economy still reeling from the removal of the fuel subsidy.

“For everyday Nigerians, petrol determines the price of food, transportation, and survival. When petrol rises, everything else rises with it,” Abdullahi stated. “This is why the African Democratic Congress urges the Federal Government to take urgent action to stabilize petrol prices.”

Advert

The party criticized the administration of President Bola Tinubu, stating that the current APC-led government must take responsibility for shielding citizens from the harshest effects of the increases. The ADC further called for the introduction of targeted palliatives specifically designed to support low-income Nigerians who are most vulnerable to the rising cost of transportation and goods.

Beyond the immediate call for a price cap, the ADC questioned the feasibility of the government’s long-term energy strategy, specifically targeting the recently announced plan to distribute 100,000 Compressed Natural Gas (CNG) conversion kits.

The party noted that with over 11 million vehicles registered in Nigeria, the proposed 100,000 kits would cover less than one percent of the nation’s vehicle fleet. Furthermore, the ADC raised concerns about the limited availability of CNG refuelling stations across the country, questioning whether the policy would have any tangible impact on the average Nigerian.

“A policy that touches only a fraction of vehicles cannot meaningfully address a national fuel crisis,” Abdullahi said. “If Nigerians cannot easily find where to refuel, then the policy risks becoming an announcement without real impact.”

The ADC urged the Federal Government to pursue a more comprehensive and credible energy strategy that reflects Nigeria’s status as an oil-producing nation.

“Nigeria is an oil-producing country, and it should not be a place where the cost of petrol repeatedly pushes millions of citizens deeper into hardship,” the statement concluded. “At a time of rising global uncertainty, protecting the welfare of citizens must remain the first duty of any government that knows what they are doing.”

Continue Reading

News

Defence Minister Tasks Service Chiefs to Visit Terror-Hit North-West and North-East

Published

on

 

By Yusuf Danjuma Yunusa

The Minister of Defence, Christopher Musa, has directed the nation’s service chiefs to conduct on-the-ground visits to the North-West and North-East regions to reassess and revitalize ongoing military operations against terrorists.

The directive was issued on Wednesday during a high-level security meeting convened by the minister at the headquarters of the Ministry of Defence in Abuja. The meeting was called to address the pressing security challenges plaguing the two zones.

Confirming the development to TheCable, Timothy Antigha, the Special Adviser on Media to the Minister, stated that the service chiefs are expected to embark on the visits imminently. Upon their return, they are to submit comprehensive reports detailing their findings and proposing strategic adjustments to enhance the effectiveness of military operations in the troubled regions.

Advert

The minister’s directive follows a concerning surge in attacks by terrorist groups, who have recently intensified assaults on military installations, leading to the deaths of several personnel.

In a significant escalation on Monday, fighters from the Islamic State West Africa Province (ISWAP) overran a military facility in the Kukawa Local Government Area of Borno State, during which a commanding officer was killed.

The following day, troops in the same locality successfully repelled another early-morning assault, also attributed to ISWAP fighters, highlighting the sustained pressure on forces in the region.

This recent spate of violence includes an attempted incursion by suspected Boko Haram and ISWAP fighters on military positions in Ngoshe, Gwoza LGA, about a week prior. The Nigerian Air Force responded with air strikes in that engagement, reporting that over 50 of the suspected terrorists were neutralized.

Continue Reading

News

Court Grants PDP Permission for Out-of-Court Settlement in Convention Dispute

Published

on

 

By Yusuf Danjuma Yunusa

The Court of Appeal in Ibadan, Oyo State, has granted all parties involved in the legal battle over the Peoples Democratic Party (PDP) elective convention leave to pursue an out-of-court settlement.

Justice Biobele Georgewill, who led a three-man panel on Wednesday, urged the factions to prioritize a peaceful resolution in the best interest of the party. Consequently, the case has been adjourned sine die (indefinitely) to allow for the settlement process to proceed.

“This Court has granted leave for settlement in this matter,” Justice Georgewill stated. “All parties involved should be mindful of the election timetable as released by INEC. The counsel representing the various parties are in the best position to advise their clients.”

Advert

He directed that the court be formally informed in writing of the outcome of the discussions, regardless of whether an agreement is reached. As a result, all pending motions in the case have been adjourned sine die.

The dispute stems from a leadership crisis within the party. Recall that on Monday, a separate Court of Appeal in Abuja had invalidated the party’s elective convention, which was held in Ibadan. That ruling upheld a disciplinary committee’s decision concerning certain party members.

However, the legal landscape was complex, as Justice Ladiran Akintola of the Oyo State High Court had previously validated the same convention in a ruling on a case instituted by one Folahan Adelabi, through his counsel, Musibau Adetunmbi, SAN.

In his submission on Wednesday, Justice Georgewill cautioned all parties to be conscious of the Independent National Electoral Commission’s (INEC) timetable for the 2027 general elections, implying the need for a swift resolution. All counsel present at the hearing aligned with the court’s position to pursue a peaceful settlement.

Continue Reading

Trending