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The Weakening Naira; Tinubu’s Criticism.
Naira Weakens, Tinubu Criticism.
A Tail of a Bloated Capacity.
Naira Weakens to N995/$ Amidst Economic Concerns: Tinubu Faces Criticism
By Peretengboro
September 23, 2023.
Abuja, Nigeria – The Nigerian Naira has taken a significant hit in the foreign exchange market, weakening to a concerning rate of N995 against the US dollar. This depreciation in the value of the Naira has sent shockwaves through the Nigerian economy, prompting criticism, concerns, and even an unusual promise of an award.
The sharp devaluation of the Naira is being attributed to a combination of economic factors and uncertainties. Nigeria, like many other countries, has grappled with economic challenges in recent years, including inflation, fiscal deficits, and the global impact of the COVID-19 pandemic. However, one name has been prominently associated with this recent decline – Bola Ahmed Tinubu.
Tinubu, a self-acclaimed economist, prominent politician, former governor of Lagos State and President of the Federal Republic of Nigeria, has been widely criticized for his role in the country’s economic management. Critics argue that his policies, or lack thereof, have contributed to the deteriorating economic conditions. They cite a lack of clear economic strategies and leadership as key factors behind the Naira’s freefall.
In a surprising turn of events, a group known as the “Naira Watchers” has promised to award Tinubu should the Naira reach the symbolic threshold of N1000/$. The group, composed of economists, financial analysts, and concerned citizens, has been closely monitoring the Naira’s performance and believes that such an award could serve as a wake-up call for Tinubu to address the economic challenges facing the nation.
The promise of an award has sparked a heated debate in the Nigerian political and economic arena. Supporters of Tinubu argue that the economic challenges facing the country are not his responsibility and that broader economic factors are at play. However, his critics insist that as the first successful businessman to become President of the country, much was expected him and hence, he should bear the bulk of the responsibility.
Economic experts are calling for urgent measures to stabilize the Naira and restore confidence in the economy. They emphasize the need for a comprehensive economic plan that addresses inflation, trade imbalances, and fiscal discipline. It remains to be seen whether President Tinubu will respond to these calls with concrete policies and actions.
In the coming weeks, all eyes will be on the Naira’s performance in the foreign exchange market. As it approaches an All-time height of N1000/$ mark, the debate over its causes and potential solutions will continue to dominate TV and print news headlines. Nigeria’s economic future hangs in the balance, and the nation awaits decisive action to address its economic challenges.
By Favour Bibaikefie
LAGOS — Operatives of the Nigeria Security and Civil Defence Corps have uncovered a suspected baby factory in Badagry area of Lagos State, rescuing 28 persons during a late-night raid.
Authorities said those rescued included 18 adults and 10 children. Among the adults were 17 pregnant women, while one case involving a suspected miscarriage was also recorded. Two persons were arrested in connection with the operation.
The Lagos State Commandant of the NSCDC, Adedotun Keshinro, disclosed that the raid followed weeks of intelligence gathering and surveillance.
According to him, the facility, located in Okuju-Ilado, Badagry, was made up of several apartments and had been monitored for about three weeks before security operatives moved in around midnight on Wednesday.
Keshinro alleged that the operators targeted vulnerable pregnant women by offering them financial inducements. He further claimed that the women were made to sign agreements and were subsequently restricted from leaving the premises freely.
Investigators also suspect that the syndicate used a fake social media profile to attract unsuspecting victims before moving discussions to private channels.
However, one of the arrested suspects denied wrongdoing, insisting that the women came willingly and that no unlawful activity took place.
A woman rescued from the premises reportedly told officials that she entered the facility voluntarily after being abandoned by the man responsible for her pregnancy.
Some community leaders in the area said residents had observed unusual movements around the compound but did not know the true nature of activities there until the security operation was carried out.
The NSCDC said both suspects and rescued victims would be transferred to the appropriate anti-human trafficking agency for further investigation and necessary action.
By Tama Peretengboro
ABUJA — President Bola Ahmed Tinubu has stirred public discussion after making a remark in which he said he “took over leadership from myself” and described the late Muhammadu Buhari as being inseparable from his own political identity.
The statement, made during a public appearance captured in a viral video, quickly generated widespread reactions across political and social circles, with many Nigerians debating the meaning and context of the President’s comments.
Observers said the remarks appeared to underscore Tinubu’s close political association with Buhari and the continuity of governance between both administrations. Others interpreted the comments as an attempt to highlight the shared vision and alliance that existed between the two leaders during Buhari’s tenure.
Since assuming office in May 2023, Tinubu has repeatedly acknowledged Buhari’s role in the formation and electoral success of the All Progressives Congress, as well as the political transition that brought the ruling party to power.
The resurfaced clip has since fueled fresh commentary online, with supporters defending the statement as symbolic and critics questioning its phrasing.
As of the time of filing this report, the Presidency had not issued any formal clarification regarding the viral video.
See video: https://www.instagram.com/reel/DXOOaYSCG23/?igsh=MTF6MzJlOWptanJlYQ==
By Divine Perezide
BURUTU — The member representing Burutu State Constituency I in the Delta State House of Assembly, Hon. Alapala Anthony Ebitonmo, has officially announced his intention to seek re-election in the 2027 polls.
Hon. Alapala made the declaration while addressing executives of the All Progressives Congress in Burutu Local Government Area, shortly after the release of the Independent National Electoral Commission timetable and the party’s schedule for the May 16 State Houses of Assembly primaries.
During the meeting, the lawmaker expressed gratitude to party leaders and members for their support during the 2023 general elections, particularly commending members in Burutu LGA for their steadfastness throughout the legal disputes that followed the polls.
He recalled that after his initial victory was overturned by the Court of Appeal, party loyalists remained committed until he eventually emerged victorious in the rerun election.
Speaking on his stewardship, Alapala said his administration had recorded notable progress despite the challenges that marked the early period of his tenure. He noted that the political developments in Delta State, including the alignment of major political blocs and the emergence of Rt. Hon. Sheriff Oborevwori as leader of the APC in the state, had created a more favourable atmosphere for governance.
The legislator stated that several constituency projects are ongoing across the six wards of Burutu North, stressing that grassroots development remains central to his agenda.
On human capital development, he disclosed that more than 50 constituents are currently serving in various appointments under his office, with beneficiaries drawn from all six wards to promote fairness and inclusion.
He further revealed that over 20 students from the constituency have benefited from scholarship opportunities facilitated through his office, while more than 790 students are receiving regular stipends under the Alapala Ebitonmo Students’ Support Scheme.
According to him, the initiative was introduced to reduce financial hardship among students and encourage academic success.
Hon. Alapala also said he had assisted several indigenes of Burutu North in securing empowerment opportunities as well as pensionable employment.
Reaffirming his commitment to public service, the lawmaker assured party stakeholders that if re-elected, he would build on the achievements already recorded and deliver greater democratic dividends to the people.
He also pledged continued loyalty to the APC and its guiding principles.