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The Naira, Nigeria's currency, is facing further depreciation as prices may hit N1000 in the near future. This prediction comes from Lukman Otunuga, a Senior Market Analyst at FXTM. Otunuga points out that inflationary pressures in Nigeria remain high, with the current annual inflation rate standing at 22.8 percent. The Central Bank of Nigeria may need to take action at its next policy meeting to control inflation, but this could have a negative impact on economic growth. Otunuga also discusses the weakening of the Dollar, potential shifts in Federal Reserve monetary policy, and the outlook for oil prices.
Wife of the Ogun State Governor, Mrs. Bamidele Abiodun, expresses concern over the impact of increasing petrol prices and the falling value of the naira on Nigerians. She acknowledges the difficult times and urges people to hold on to their faith. This article delves into the economic challenges faced by Nigerians and emphasizes the need for support and resilience during challenging times.
No fewer than 203 students, comprising 107 National Diploma (ND) and 96 Higher National Diploma (HND) students took the matriculation oath for the academic session at the Federal College of Forestry in Ibadan. The matriculation lecture delivered by Prof. Nureni Adewole emphasized the importance of purpose, technology, time management, and personal growth. Dr Zacharia Buba-Yaduma highlighted the significance of forestry studies and urged parents to support their children's academic pursuits. The Provost, Prof. Adeboyin Aderounmu, advised the students to be serious with their studies and maintain good behavior.
Borno State governor, Prof. Babagana Zulum, has approved the allocation of N50 million for the construction of staff houses and students' hostels at the Nigerian Army University, Biu (NAUB). This decision comes as part of the governor's ongoing support for various educational institutions in the state, aiming to improve access to higher education for deserving students. Additionally, scholarships will be awarded to students from different senatorial districts of the state.
The Nigerian naira has reached an all-time low of N925/$1 on the parallel market, indicating the unexpected aftermath of recent foreign exchange policy adjustments. Despite the advantages of a unified exchange rate system, the naira continues to decline, posing challenges for policymakers and raising concerns for the country's economy.
The Nigerian Export Promotion Council (NEPC) recently organized a workshop in Plateau, Nigeria, to enhance the capacity of bee farmers and improve the export competitiveness of honey. The workshop, which focused on global best agricultural practices in apiculture and honey processing, aimed to sensitize farmers on the potential of the honey value chain. The executive director of NEPC, Dr. Ezra Yakusak, emphasized the council's efforts to ensure Nigerian products meet international quality and certification standards. The workshop highlighted the opportunities in beekeeping and encouraged farmers to adopt practices that facilitate honey exportation.
The Academic Staff Union of Universities (ASUU) has expressed its displeasure over the Federal Government's decision to dissolve the governing boards in universities across Nigeria. ASUU described the move as obnoxious and called for its immediate reversal. The union highlighted that the dissolution of the councils without completing their tenures and without due recourse to university laws is a disservice to Nigerian universities.
The University of Ibadan, a federal institution, has recently faced criticism for its decision to increase tuition fees. This move comes after the signing of the student loan bill into law. Despite denials from President Tinubu, students will now have to pay significant amounts for various courses and accommodations.
The apex Igbo socio-political organisation, Ohanaeze Ndigbo Worldwide, has called on President Bola Tinubu to rectify the perceived marginalization of the South East region in his recent list of ministerial nominees. The organisation expressed its concerns over the appointment of only five ministers from the South East, compared to other zones with more representation. Ohanaeze Ndigbo emphasized the need for fairness, justice, and equity in Nigeria, stating that the current situation has placed the South East at a disadvantage politically, economically, and socially.
The Nigeria Employers' Consultative Association (NECA) has expressed concern over the mass exodus of businesses and investment from Nigeria, stating that this trend will contribute to the worsening unemployment and insecurity rates in the country. NECA's Director-General, Mr. Adewale-Smatt Oyerinde, emphasized the need for the Federal Government to collaborate with the private sector to mitigate the emerging catastrophic effects of businesses leaving the country.
Parents and students across Nigeria have expressed their concerns and dissatisfaction with the recent hikes in school fees. This comes after the announcement of the students' loans bill by the Federal Government, which many believe will lead to further increases in fees. The University of Lagos (UNILAG) is one of the institutions that have already adjusted their fees, causing distress among parents and students. The issue has sparked a debate about the accessibility of higher education and the impact of these fee hikes on students and their families.
Former Vice President Atiku Abubakar has filed a fresh lawsuit against Nigerian President Bola Tinubu in the US District Court for the Northern District of Illinois. Atiku's move comes after he withdrew an existing case in a Circuit Court in Illinois to prevent the abuse of court processes. His Special Assistant on Public Communications, Phrank Shaibu, questioned Tinubu's academic records and criticized his lack of identifiable classmates. Atiku's action reflects growing concerns about military interventions in West African states and emphasizes the need for sustained diplomatic engagement.
UAC of Nigeria Plc (UAC) has recorded a profit after tax of N1.2 billion in the first half of 2023, signalling a significant turnaround from the previous year. The company attributed its profitability to an increase in foreign exchange (FX) gains, which rose by 976.47 percent. The CEO of the Centre for the Promotion of Private Enterprise, Muda Yusuf, emphasized the impact of currency fluctuations on companies with foreign currency exposure. He explained that while naira-denominated assets would benefit from the recent currency devaluation, companies with liabilities would be penalized. UAC's revenue also experienced a slight increase, primarily driven by animal feeds and other edibles.
Nigeria aims to increase its tax-to-GDP ratio to 18 percent within the next three years, in an effort to enhance its revenue generation. President Bola Tinubu emphasizes the importance of a robust tax system in supporting sustainable development and enabling the government to provide essential social services. A new committee on fiscal policy and tax reforms has been inaugurated, with a mandate to deliver quick reforms and critical measures within specific timelines. All government ministries and departments are directed to cooperate fully with the committee.
Analysts have suggested that policymakers in Nigeria should implement policies to boost inflows from indigenous investors in the country. They also stressed the need for a stronger exchange rate of the Naira and emphasized the importance of low inflation, productivity growth, and economic and political stability. Additionally, the fiscal and monetary authorities were advised to stimulate lending to the real sector to generate employment opportunities and to address the declining Foreign Portfolio Investment (FPI) and Foreign Direct Investment (FDI). The experts highlighted the role of the private sector in delivering universal energy access and the need for diversification as a strategy for economic growth in Nigeria. They also called for reprioritizing public spending, implementing excise reforms, property tax reforms, and improving revenue mobilization. The article explores these recommendations and the way forward for boosting indigenous investors and the Nigerian economy.
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