Headlines
Scarcity of Cash Crippled Nigeria’s Economy, Says UN
The United Nations has disclosed that the shortage of the naira in recent times crippled the Nigerian economy.
It stated that the informal sector felt the brunt of the scarcity the most. It noted that the continuing decline of oil production is set to impact the country’s finances in 2023.
The UN disclosed this in its ‘Trade and Development Report Update; Global Trends and Prospects (April 2023),’ report produced by the United Nations Conference on Trade and Development.
UNCTAD said, “In Nigeria, a shortage of cash, triggered by the replacement of the highest denominations of the country’s currency, hobbled the economy, especially the informal sector.
“Meanwhile, the continuing decline of oil production, accompanied by large-scale oil theft, poses a main threat to strained finances in Africa’s most populous nation.”
According to the organisation, the general African economy is projected to expand 2.5 per cent, which is a drop from last year, and insufficient to curtail poverty levels on the continent. It explained that this is in no thanks to weaker external demand and tighter financial conditions.
It noted that many African economies are at risk of stagflation in 2023, with half of African countries recording double digit inflation in early 2023.
UNCTAD highlighted, “In many instances, these recent inflation spikes relate to the continuing depreciation of several African currencies in early 2023 – often following a loss in 2022 of 10–30 per cent of their value vis-à-vis the dollar.
“Public debt, in many cases standing at levels not seen since the early 2000s, is another worry across the continent. Out of the 38 African countries that are part of the Debt Sustainability Framework of IMF and World Bank, 8 entities are already ‘in debt distress’, while 13 are considered ‘at high risk’ of distress.”
The New York-headquartered agency raised concerns that many African economies are approaching a maturity wall as maturities on international bonds issued in the previous decade peak in 2024 and will remain elevated for the next decade, with most governments unable to tap international capital markets to roll over maturing debts.
The agency added, “Overall, risks remain tilted to the downside. The rising domestic cost of living and a deteriorating security situation remain of a key concern in many parts of the continent. More than 116 million African people are currently in acute food insecurity according to the latest projections of WFP and FAO.”
Recently, the UN revealed that the Nigerian economy will grow to three per cent in 2023 due to its commodities trade and consumer goods and services markets.
Headlines
Abiola Cannot Be Recognised As Former President; He Was Never Sworn-in – Gen Ishola Williams
By Eric Elezuo
One of the prime actors of the June 12, 1993 incidents, General Ishola Williams, has said that much as Chief MKO Abiola wrong was created having won the election, and denied victory, he cannot be recognized as a former President of Nigeria.
Gen Williams made his revelation while speaking as a guest on Channels television socio-political programme, Inside Source.
He maintained that only those who were sworn in that recognised as former presidents, and Abiola was never sworn in.
“Abiola cannot be recognised as former president because he was never sworn in.
The General, who said that he resigned from the army as a result of the wholesome reception given to General Sani Abacha, when he overthrew Chief Ernest Shonekan-led Interim National Government, contrary to expectation, also picked flaws in the narratives given by former Military President Ibrahim Babangida, in his recently launched book, A Journey In Service.
Williams rose in the army to become the Commandant of Army Signals, Commander of Training and Doctrine (TRADOC) and Chief of Defence Training and Planning, from where he resigned.
Headlines
Breaking: Supreme Court Recognises Martin Amaewhule As Rivers Assembly Speaker, Orders CBN to Stop Releasing Funds to State
By Eric Elezuo
The Supreme Court of Nigeria has in its ruling on Friday recognised Hon Martins Amaewhule as the authentic speaker of the Rivers State House of Assembly, mandating him to urgently resume sitting with elected members of the assembly.
The apex court also ordered the Central Bank of Nigeria to stop releasing to the Rivers State government until a proper assembly is constituted.
Details soon…
Tension escalated at the Lagos State House of Assembly on Thursday as impeached Speaker Mudashiru Obasa made a dramatic return to reclaim his position.
Accompanied by heavily armed men, Obasa stormed the Assembly complex in a bold move that has thrown the State’s legislature into turmoil.
In a stunning turn of events, security details assigned to the substantive Speaker, Rt. Hon. Mojisola Meranda, were abruptly withdrawn on Thursday morning, clearing the path for Obasa’s controversial comeback.
Sources revealed that the Inspector General of Police (IGP) ordered the withdrawal of all security operatives attached to Meranda, leaving her exposed in the midst of an intensifying power struggle.
The Speaker’s Special Adviser on Information, Mr. Victor Ganzallo, expressed concern over the security vacuum created by the withdrawal of personnel.
“In the early hours of Thursday, we woke up to the startling news that all security details assigned to Madam Speaker, Mojisola Meranda, had been withdrawn.
This includes the police and DSS officers, leaving her exposed to threats amid the ongoing speakership crisis,” Ganzallo stated.
He further called on Governor Babajide Sanwo-Olu, as the State’s Chief Security Officer, to intervene urgently to prevent a complete breakdown of law and order within the Assembly.
“The withdrawal of security personnel has left the Assembly naked and vulnerable at a critical time. Urgent action is needed to restore order,” he pleaded.
With the speakership battle taking a dramatic new turn, political watchers are keenly observing how the crisis will unfold in the coming days.
