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

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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.

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.

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Defence Headquarters Declares 8 Wanted Over Killing Of Soldiers

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The Nigerian Defence Headquarters has issued a declaration naming 8 individuals wanted in connection with the heinous killing of Late Lt. Col. AH Ali and 16 other troops in Okuama, Delta State, on March 14, 2024.

The announcement was made via the verified Defence Headquarters’ X handle on Thursday.

The wanted persons are identified as:

1. Akevwru Daniel Omotegbono (Amagbem)

2. Prof. Ekpokpo Arthur

3. Andaowei Denis Bakriri

4. Igoli Ebi

5. Akata Malawa David Sinclair Okili

6. Clement Ikolo Oghenerukvwe

7. Reuben Baru

It could be recalls  that the 17 fallen heroes were laid to rest at the National Military Cemetery, with President Bola Ahmed Tinubu honoring their memory.

 

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President Tinubu Attends Burial of Slain Soldiers, Offers Scholarships to Families

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President Bola Ahmad Tinubu paying his respect to Slain Soldiers

 

President Bola Tinubu says the federal government will provide scholarships up to the university level for all the children, including the unborn, of the Nigerian Army personnel killed in action at Okuama community in Delta State.

The President, who announced this at the funeral of the personnel at the National Military Cemetery, Abuja, on Wednesday, directed the military authorities to ensure that the benefits of the departed are paid to their families within 90 days.

The President also declared that the federal government would provide a house in any part of the nation to each of the families of the four officers and thirteen soldiers.

At the solemn event attended by some state governors, the military hierarchy, and families of the deceased, the President bestowed posthumous National Honours on the 17 fallen heroes.

Lt Col Ali, Major D.E Obi, Major S.D. Ashafa, and Captain U. Zakari were given the honour of Member of the Order of Niger (MON).

Staff Sergeant Yahaya Saidu, Corporal Danbaba Yahaya, Corporal Kabir Bashir, Lance Corporals Abdullahi Ibrahim, Bulus Haruna, Sole Opeyemi, Bello Anas, Private Alhaji Isah, Clement Francis, Abubakar Ali, Adamu Ibrahim, Hamman Peter, and Ibrahim Adamu were awarded Federal Republic Medals.

“On the 14th day of March, Lt. Colonel A. H. Ali, the Commanding Officer of 181 Amphibious Battalion, led three other officers and 13 soldiers to the Okuama Community to mediate in the lingering dispute with Okoloba Community.

“They went as peacemakers and peacekeepers respectfully seeking to bring an end to the hostilities between the two communities.

“They did not go with tanks, machine guns, and other weapons. They were on a mission of peace.

“Before the dastardly attack, Lt. Colonel Ali, as the Chief of Army Staff narrated to me, achieved great operational exploits; fighting terrorists and insurgents in the North East and North West before his deployment to the Niger Delta.

“Ali kept faith with his military calling until the end.

“On behalf of a grateful nation, we honour the sacrifice of Ali and the other gallant patriots who died that day. They will forever be remembered as heroes who answered the call of duty and paid the ultimate price,” the President said.

Reaffirming government’s commitment to justice, President Tinubu vowed to bring the perpetrators of this heinous crime to account.

While commending the military for not embarking on a reprisal attack on the community, the President declared: “I want to make it clear, once more, that those who committed this heinous crime will not go unpunished. We will find them, and our departed heroes will get justice.

“The elders and chiefs of Okuama also must help the military in fishing out the gunmen who committed the barbaric crime against our men.

“I wish to commend our Armed Forces for their restraint in choosing not to carry out any reprisal attacks on Okuama or its neighbouring communities. We must all ensure that the innocent people of Okuama are not made to bear the punishment of the guilty and wicked among them,” the President stated.

President Tinubu, while commiserating with the families of the fallen heroes and the entire Armed Forces, prayed God Almighty to comfort the bereaved.

“It is worth restating the debt of gratitude we owe these valiant soldiers and their families.

“As Commander-In-Chief, I do not take the contributions of members of our Armed Forces for granted. I recognize your valour and bravery. I honour your unflinching commitment to making our country safe from criminals, bandits, kidnappers, and insurrectionists.

“While we continue to grieve for the courageous men we lost that day, let us also, on this solemn occasion, be reminded of the unfinished business of working for peace and harmony in our communities. We must begin to rebuild our communities and make them into places where love, tolerance, and harmony will reign.

‘‘Leaders at all levels, especially community leaders and traditional rulers, must work to strengthen the bonds that unite us. We must end the cycle of violence and bloodletting,” the President said.

President Tinubu urged the Armed Forces not to be discouraged by the death of their fellow compatriots but to honour their memory by rededicating themselves to the service and defence of the nation.

“As the Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, I have a message for you: Do not let the death of your compatriots discourage you.

‘‘There is no higher honour than the vocation you have chosen to pursue. We cherish you. We cherish your labour of love. We salute your daily sacrifice in protecting your fellow citizens from danger. We acknowledge your sacrifices to defend our nation,” the Commander-in-Chief affirmed.

 

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Breaking:President Tinubu Constitutes Presidential Economic Coordination Council

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In a strategic move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, President Bola Ahmed Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET).

The Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, including:

(1) President of the Federal Republic of Nigeria – Chairman of the PECC

(2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman

(3) President of the Nigerian Senate

(4) Chairman, Nigeria Governors’ Forum

(5) Coordinating Minister for the Economy and Minister of Finance

(6) Governor of the Central Bank of Nigeria

(7) Minister of Agriculture and Food Security

(8) Minister of Aviation and Aerospace Development

(9) Minister of Budget and Economic Planning

(10) Minister of Communications, Innovation and Digital Economy

(11) Minister of Industry, Trade and Investment

(12) Minister of Labour and Employment

(13) Minister of Marine and Blue Economy

(14) Minister of Power

(15) Minister of State, Petroleum Resources

(16) Minister of State, Gas

(17) Minister of Transportation

(18) Minister of Works

The PECC will also comprise key members of the organized private sector, with the following members joining for a period not exceeding one (1) year, subject to the President’s directive:

(1) Alhaji Aliko Dangote

(2) Mr. Tony Elumelu

(3) Alhaji Abdulsamad Rabiu

(4) Ms. Amina Maina

(5) Mr. Begun Ajayi-Kadir

(6) Mrs. Funke Okpeke

(7) Dr. Doyin Salami

(8) Mr. Patrick Okigbo

(9) Mr. Kola Adesina

(10) Mr. Segun Agbaje

(11) Mr. Chidi Ajaere

(12) Mr. Abdulkadir Aliu

(13) Mr. Rasheed Sarumi

Furthermore, in his determination to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan. The taskforce comprises key government officials and industry leaders in furtherance of the President’s collaborative approach toward achieving economic resilience and growth. The EET is now mandated to submit a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six (6) months, for immediate implementation within two weeks of its inauguration. The EET will meet twice weekly and is composed of the following members:

(1) Coordinating Minister for the Economy and Minister of Finance (Chairman of the EET)

(2) Minister of Budget and Economic Planning

(3) Minister of Power

(4) Minister of Agriculture and Food Security

(5) Coordinating Minister of Health and Social Welfare

(6) Minister of Industry, Trade and Investment

(7) Governor of the Central Bank of Nigeria

(8) National Security Adviser

(9) Chairman, Nigeria Governors’ Forum

(10) Governor of Anambra State

(11) Governor of Ogun State

(12) Governor of Niger State

(13) Executive Chairman, Federal Inland Revenue Service

(14) Director-General, Budget Office of the Federation

(15) GCEO, NNPC Limited

(16) Director-General, Nigeria Economic Summit Group

(17) Special Adviser to the President on Energy

(18) Dr. Bismarck Rewane, Economist

(19) Dr. Suleyman Ndanusa, Economist

The Economic Management Team, established in October 2023, and chaired by the Coordinating Minister for the Economy and Minister of Finance, serves as the working group under the Presidential Economic Coordination Council (PECC), playing a crucial role in the economic governance structure established by the President. The EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s mandate (six months). The EMT is composed of the following officials:

(1) Coordinating Minister for the Economy and Minister of Finance (EMT Chairman)

(2) Governor of the Central Bank of Nigeria

(3) Minister of Budget and Economic Planning

(4) Minister of Industry, Trade and Investment

(5) Minister of Communications, Innovation and Digital Economy

(6) Minister of Works

(7) Minister of Labour and Employment

(8) Minister of Agriculture and Food Security

(9) Minister of State, Petroleum Resources

(10) Minister of State, Gas

(11) Minister of Power

(12) Minister of Transportation

(13) Minister of Aviation and Aerospace Development

(14) Minister of Marine and Blue Economy

The Chairman of the EMT may, as needed, call on any Federal Minister or Head of Agency to brief the EMT on key programmes and developments affecting the economy.

The President’s formation of the PECC, under his Chairmanship, alongside the creation of the EET, led by the Chairman of the EMT, and the EMT itself, is the manifestation of a unified strategy aimed at enhancing Nigeria’s economic management architecture for verifiably improved performance. The formation of these teams will complement existing economic governance structures, including the National Economic Council (NEC), which is chaired by the Vice-President.

Over the next six months, the EET will focus on the rapid implementation, monitoring, and evaluation of critical initiatives, strengthening the Tinubu-led administration’s collective approach to advancing Nigeria’s economic objectives.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

March 27, 2024

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