Month: November 2023

Breaking: As Truce Holds, Hamas Leader Issues Official Statement

Khaled Meshaal:

If the Algerians, Afghans, and Vietnamese listened to the advocates of defeatism who demanded that we surrender, Algeria, Afghanistan, and Vietnam would not have been liberated from colonialism and occupation.

The Al-Aqsa flood inflicted on the occupation psychologically, militarily, and intelligence-wise, and this defeat will be complete soon, God willing.

Oct 7th proved that the terrorist Zionist occupation can be defeated, and it has awakened awareness throughout the world about the justice of the Palestine issue.

The occupation appeared for its barbaric nature when turned into a raging bull that brutalized innocent people and targeted schools, hospitals, mosques, churches, and all aspects of life in our beloved Strip, Gaza.

Why does the Arab & Islamic nation not unite around the resistance? Western countries also rallied to support the Zionist occupation.

After 49 years of terrorist Zionist aggression, the resistance is fine, despite the martyrs among the fighters and some leaders, but our tunnels, ammunition, and weapons are still intact, and we are still able to maneuver, launch missiles, and target invading tanks.

We follow the example of our noble Messenger when he was besieged in the Battle of the Trench and heralding the conquest of the lands of the Romans and Persia.

Our heroic fighters turned tanks that cost millions and are equipped with the latest technology into a “farce,” with a small package attached to their back door and killing the cowards inside.

Hamas leaders lost dozens of their families during the aggression, and we bid farewell to the acting Speaker of the Legislative Council, Dr. Habib, the martyr Ahmed Bahr, and the representative in the Legislative Council, the martyred sister, Jamila Al-Shanti.

The terrorist Zionist occupation failed to achieve its declared goals of eliminating Hamas and displacing the entire population of the Gaza Strip, and the majority of the population of the north remained in the north despite everything that our great steadfast north is exposed to.

Some Western politicians are discussing Gaza after Hamas, and I say to them, save your time, your imagination, and your dreams, and within years, God willing, you will discuss the situation of the region after “Israel.”

We reject the participation of any international or Arab forces in the administration of Gaza, and all these plans will be trampled upon by our heroes in the resistance, led by our victorious Al-Qassam Brigades.

On the first day, we expressed readiness to release detained civilians. Because the objectives of the battle did not include taking them; the circumstances of the battle, after the collapse of the occupation’s Gaza division, led to this, and we released some detainees.

When we saw the brutality of the terrorist aggression, we said we must run this card; And serve the civilians in Gaza and relieve them.

The truce achieved the release of children and women from Zionist occupation prisons, a temporary cessation of aggression, and humanitarian relief for Gaza.

The temporary truce sparked controversy within the entity about the controversy of war that wanted to eliminate Hamas, and then they were forced to negotiate with it indirectly to exchange detained children and women.

Gaza must be supported militarily, and the nation must not be spectators and must contribute to the outcome of the battle.

We thank everyone who participated in supporting Gaza militarily, and everyone who asked us about the extent of our satisfaction with the participation of some parties, we answer the question: What did you participate in?

Gaza must be supported financially and humanitarian, and the political, popular, and public pressure movement must be escalated to stop the aggression.

We showed Israel as it is, weak as a spider’s web, in need of someone to protect it, in addition to its illusory ability to protect others or fight wars on their behalf (Flowerbudnews (

November 25, 2023
SSDO sensitizes 200 women in Enugu community on standing for rights, against SGBV

By Flowerbudnews
Enugu: The South Sahara Social Development Organization (SSDO) has sensitised over 200 married women in Amankwo Eke community on the need for them to stand up for their rights and against Sexual and Gender Based Violence (SGBV) during the 2023 commemoration of 16 Days of Activism.

This activity was carried out under the organization’s gender focused project called Sister Guardian Initiative (SGI).

The women, who were introduced to no interest soft credit scheme, were encouraged to work as a team and “be their sister’s keeper to kick out SGBV in their community.

Mrs Blessing Uchendu, SSDO’s Gender and Protection Programme Lead, said on Saturday that the sensitisation was part of the 16 days activism meant to correct some ills in the society.

Uchendu said that it is also the International Day for the Elimination of Violence Against Women being celebrated from Nov. 25 to Dec.10 worldwide, annually.

According to her, the Sister Guardian Initiative is aimed at assisting women suffering abuse to report their cases be it physical, economical, harmful traditional practices, emotional,. . . etc for the issue to be handled in best professional and dignifying manner by the trained SGI executives in their community.

“We are always here training and enlightening them on the need to speak out over SGBV violence in any form and the need for them pick up courage to deal with every case of gender abuse.

“The SGI executives deliver by giving the following services: mediation and counseling, referral to the police or health centers, provision of safe houses etc.

“We are also involving men in the fight against these abuses to make it a holistic family affair in order to properly deal with it.

“The organization have also inaugurated 10 women executive to champion the initiative in the fight against SGBV in Amankwo Eke community in Udi LGA.

“SSDO work with the executives in the areas were they encounter difficulty. We do not want maltreatment of women in our communities any longer,” she said.

On empowerment for the women, SSDO introduced the Jacob’s Well Project to the women in order to enable those doing something (like petty trade) to have access to soft loans to expand their businesses and contribute to their families’ welfare and wellbeing.

Mrs Stella Ani, Coordinator of the Jacob’s Well Project, said that empowering women would make their families financially stable to reduce all forms of abuse against women.

According to Ani, being financially independent will make them to start doing something and also contribute to the family, while their value, worth and respect in the family will increase as well.

“This will go a long way in reducing financial stress and pressure on the family, which is the remote cause of violence and disagreements at home,” she said.

Mrs Geraldine Uzor, President of Catholic Women’s Organisation of St. Paul Catholic Church, Eke, thanked SSDO for the sensitisation and enlightenment.

Uzor said that the women in the community had resolved to work together and with SSDO to stand up for their rights and stop all forms intimidation against women.

“We encourage our women and sisters to speak out and not die in silence over issues of inhuman treatment they are subjected to as well as maltreatment by their husbands,” she said.

A community leader, Elder Slyvester Mgbo, said that the community had tried over the years to abolish cultural practices against women and their freedom.

“However, on the issue of SGBV; they have our support and backing as community leaders and elder.

*No one will be happy to hear that his daughter married out in any community is being maltreated by her husband,” Mgbo said. (Flowerbudnews)

November 25, 2023
Electioneering promise delivered: Mbah inaugurates 120m litres per day water supply to Enugu

By Flowerbudnews

Enugu: Gov. Peter Mbah of Enugu State has inaugurated a 120 million litres of water per day scheme for Enugu residents, which was part of electioneering campaign promises to the people.

Inaugurating 24/7 9th-Mile Corner Ultra-Modern Water Scheme on Saturday in Enugu, Mbah said that the gigantic water scheme and it’s reticulation put an end to the 20-year water scarcity in Enugu metropolis.

The News Agency of Nigeria (NAN) reports that following the acute water scarcity in Enugu, Mbah during his electioneering campaign promised to deliver water within 180 days in office to Enugu people to end water challenge in the state.

According to him, the state now has capacity to deliver enough water to Enugu metropolis and in few weeks new pumps in Oji Water Scheme will commence to enable them deliver another 50 million litres of water daily.

“Today in Enugu, our daily consumption volume of water is less than 100 million litres and those connected to our pipeline network consume only 70 million litres per day.

“And by the time we have all the new layout connected to our pipeline network, our consumption volume will be 100 million litres of water daily.

“As it stand now, we can comfortably deliver 120 million litres daily without stopping on the first phase,” Mbah said.

He added that they would increase the production to 200 million litres per day in few months.

He noted that the state had embarked on second phase of increasing capacity of 9th mile water scheme from 70 million to additional 80 million bringing the production capacity to 150 million litres daily.

The governor said the government had built 96 water galleries across Enugu metropolis to make water supply accessible and affordable to Enugu people in their homes and public areas.
Mbah said government embarked on the project considering the suffering of Enugu people in getting water.

He said, “We identified provision of water as one of our first targets in the drive to execute our mandate and social contract with citizens of Enugu.

“When we communicated this promise, it triggered disbelief in most quarters and that is perhaps understandable. After all, Enugu people have seen before now countless successive but unsuccessful attempts to address this problem.

“Today, families on the grid will have access to water in their homes, while those still outside the grid for the time being, can go to the water galleries nearest to them to fetch clean water.

“For our brothers and sisters who have been engaged in the business of operating water tankers for the water supply business, it will be come necessary to remodel your businesses in this new era by supplying water to construction sites,” he advised.

The governor, however, urged the residents to report anyone they see attempting to steal or vandalize water assets, warning that any persons caught vandalizing or stealing any components of the system would face the wrath of the law.

“We have put in place sufficient buffer to ensure we have constant electricity and the water will be far less expensive than what you are spending today on water tanker supply, but there is no way the water will be free.

“Finally, while the water is indeed plentiful right now, we must resist the urge to become wasteful in its use,” he appealed.

On how the project was funded, Mbah said the state had Water Fund from French Development Bank but did not relying on it for the project but built the water scheme through Internally Generated Revenue.

Speaking on sustainability and maintenance, the governor said the government was embarking on institutions building through training of its workforce capacity to sustain the project.

In a remark, the state Commissioner for Water Resources, Mr Felix Nnamani, while expressing happiness, thanked Mbah fulfilling his campaign promises to Enugu people and keeping his word for 180 days.

He urged everyone to support Mbah government to deliver more dividend of democracy to the people of the state.(Flowerbudnews)

November 25, 2023
FG sets to commence student loan scheme January 2024

Chief of Staff to the President, Honourable Femi Gbajabiamila, has said that efforts are underway to ensure the take-off of the Federal Government’s student loan scheme in January 2024 to ensure that Nigerian students can access the loans “to fund their educational aspirations.”

He spoke in Lagos on Friday while delivering a lecture titled ‘Empowering Nigerian Youths in the Present-Day Economy’ at the 35th convocation ceremony of Yaba College of Technology (YABATECH).

Gbajabiamila stated that to make the process seamless, “applicants will apply online, be verified online, and be credited based on the verifiable documents and credentials they have submitted.”

He said: “Earlier this year, His Excellency, President Bola Ahmed Tinubu, signed the Students’ Loan (Access to Higher Education) Act, establishing the Education Loan Fund and creating a new legal framework to provide education financing through interest-free loans to Nigerian students. Efforts are underway to ensure that by January 2024, Nigerian students can access these loans to fund their educational aspirations.

“The application system for the student loan programme is being designed so that there is no interface between the loan administrators and the beneficiaries. Applicants will apply online, be verified online, and be credited based on the verifiable documents and credentials they have submitted. Nobody will need to know anybody to qualify for these loans, so that access to this financing will be genuinely egalitarian.

“The student loan system answers part of the question of how to fund a quality public tertiary education but doesn’t answer all of it. Any serious conversation about the future of tertiary education in Nigeria must include a thorough consideration of the ways and means of addressing the funding needs of public tertiary institutions beyond government subvention.

Tribune Online

FG sets to commence student loan scheme January 2024

by Saheed Salawu November 25, 2023 Reading Time: 5 mins read

A A

FG sets to commence student loan scheme January 2024

Chief of Staff to the President, Honourable Femi Gbajabiamila, has said that efforts are underway to ensure the take-off of the Federal Government’s student loan scheme in January 2024 to ensure that Nigerian students can access the loans “to fund their educational aspirations.”

He spoke in Lagos on Friday while delivering a lecture titled ‘Empowering Nigerian Youths in the Present-Day Economy’ at the 35th convocation ceremony of Yaba College of Technology (YABATECH).

Gbajabiamila stated that to make the process seamless, “applicants will apply online, be verified online, and be credited based on the verifiable documents and credentials they have submitted.”

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He said: “Earlier this year, His Excellency, President Bola Ahmed Tinubu, signed the Students’ Loan (Access to Higher Education) Act, establishing the Education Loan Fund and creating a new legal framework to provide education financing through interest-free loans to Nigerian students. Efforts are underway to ensure that by January 2024, Nigerian students can access these loans to fund their educational aspirations.

“The application system for the student loan programme is being designed so that there is no interface between the loan administrators and the beneficiaries. Applicants will apply online, be verified online, and be credited based on the verifiable documents and credentials they have submitted. Nobody will need to know anybody to qualify for these loans, so that access to this financing will be genuinely egalitarian.

“The student loan system answers part of the question of how to fund a quality public tertiary education but doesn’t answer all of it. Any serious conversation about the future of tertiary education in Nigeria must include a thorough consideration of the ways and means of addressing the funding needs of public tertiary institutions beyond government subvention.

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“In this regard, we cannot for much longer avoid the simple truth that tertiary education costs money, and the best institutions worldwide succeed, amongst other things, because they can generate significant sums through fees, investments and other means.

“The simple truth is that for our institutions to compete favourably, we need more resources than are currently available to address the dangerous decline in the quality of scholarship and academic output and the graduates we produce from many of our institutions.”

He stated that In a perfect world, access to education would be a fundamental benefit afforded to every individual from basic through tertiary. And our learning centres will be majestic citadels of research and innovation, open to all who seek knowledge, regardless of means. But this is not a perfect world. In this real world, education is a commodity and a quality education even more so. Therefore, the central public policy challenge is the conflict between the competing objectives of access and quality. How do we fund a quality tertiary education without imposing costs that make access to quality education impossible for most people?

“We require a programme of aggressive and sustained investment in education. Not only in the physical infrastructure of classrooms and lecture halls but in technology hardware and software to facilitate information exchange and innovation.

“In this new world, we have found ourselves in, nothing has changed as drastically as the nature of work and how we measure productivity. Today, many skills that guarantee employment and a healthy income for previous generations have been made redundant by technological advances.

“This generation will not only be competing with one another for opportunities, but they will also be competing in a global marketplace, against students from all over the world, and against technology, including Artificial Intelligence (AI) tools, blockchain and financial technology tools that are increasingly replacing the human function in the workplace. We must prepare them with these realities in mind.

“To do this effectively, we need to develop a new understanding of the changing nature of work and the future of employment. The limits of our knowledge hinder us from effectively addressing the challenges of this new age and adapting to the changing realities we cannot escape. Collaboration between our higher institutions and the organised private sector is vital to carry out the essential work of engagement, research and review required to bridge the gaps in our knowledge. We need to do this as a necessary precursor to focusing national attention on these issues so that we can jointly rise to the demands of the moment. This is an objective that we cannot, for the sake of our future, leave to the government alone to pursue.”

Rector of the college, Dr Ibraheem Abdul, said the institution had focused on youth empowerment through its various programmes.

“Furthermore, to show how committed we are to the empowering of our youths, the management established Industry Advisory Committee to enhance her dynamic role of producing technical manpower for the economic and social development of Nigeria,” Dr Abdul said.

According to him, when it comes to manpower development, technological advancement and youth empowerment, the college has been at the forefront.

Some of the initiatives targeted at youth empowerment put in place by the school, as highlighted by the rector, include the Quadruple Helix Collaboration Scheme for Youth Empowerment; the establishment of a centre for technology marketing and product development; the YCT Industry Alliance Group (YIAG) Programme; and the Students Work and Study Scheme.

“The Academic Board of the college, on this basis, carefully selected the theme of the lecture title, ‘Empowering Nigerian Youths in the Present Day Economy’. This topic holds significant relevance to our nation as we face the various challenges and opportunities that come with a rapidly evolving global economy. It is imperative that we equip our youth with the knowledge, skills and resources needed to navigate these dynamic economic landscapes and emerge as successful contributors to our society.

“This topic cannot be better handled by anyone other than the chief engineer in charge of the engine room that drives and coordinates all national activities and development. The man who has been actively and practically involved in youth empowerment for several years and perfectly understands the workings and directions of the Renewed Hope Agenda of our dear president and Commander-in-Chief of the Armed Forces, His Excellency, Asiwaju Bola Ahmed Tinubu. We have the privilege of hosting a distinguished speaker who will share his expertise and experiences in this field. It is my hope that this lecture will not only inspire our graduates but also ignite passion within them to pursue their dreams, overcome obstacles and contribute meaningfully to the development of our nation,” he said

November 25, 2023
Ondo crisis: Remain as Deputy Gov, Tinubu tells Aiyedatiwa

The over six months political logjam in Ondo state has been resolved by President Bola Tinubu.

President Tinubu met with all the gladiators behind closed doors for over six hours at the villa, Abuja.

Those who attended the meeting included the National Chairman of the APC, Umar Gbanduje; embattled deputy Governor, Lucky Aiyedatiwa; APC state Chairman, Ade Adetimehin; Speaker of the House of Assembly; Hon. Olamide Oladiji and Senator Jimoh Ibrahim.

Other include members of the House of Assembly; the Secretary to the Ondo State Government; Princess Oladunni Odu; the Governor’s aides including Dare Aragbaiye; Aminu Raimi; and the Governor’s son, Babajide Akeredolu.

Sources at the meeting told Vanguard in Akure that the president directed that the status quo should be maintained.

According to the source, “the President frowned at the move to declare Aiyedatiwa as acting Governor and warned that such must never happen in the state.

“President Tinubu directed that the deputy governor should go and resume work as deputy governor and not as acting governor.

“He also directed that the state executive council should remain intact ditto for the party exco, contrary to threats.

The President went further to ask Aiyedatiwa to do a letter of undertaking and maintain peace in the state.

Mr. President also appointed the SSG, Princess Oladunni, Party Chairman, Adetimehin and the Speaker of the House, Oladiji to monitor and report the deputy governor if he deviated from the resolution reached at the meeting.”

” The President also gave a matching order to the deputy governor to withdraw all cases instituted by him and his group in the court with immediate effect.

Recall that 11 members of the House of Assembly had planned to hold plenary in the state to declare the deputy governor as acting governor until it was scuttled following the intervention of the President.

The lawmakers were alleged to have been infiltrated by some powerful forces outside the state who were pushing for Aiyedatiwa to be declared as the acting governor.

It was also learnt that the National chairman of the party, Ganduje, bought into the agreement until the intervention of the President.

The move was said to have been instigated by the deputy governor in the company of the national chairman of the party, Ganduje.

Meanwhile, a group, the Progressives Mandate Renewal (PMR) has hailed President Bola Tinubu over his intervention in the political crisis in the state.

The group said Tinubu has again proved himself as the leader of the people and a compassionate leader who appreciates loyalty.

Its coordinator, Samson Ogunyemi said Tinubu had humbled the arrogance and pride displayed by the Deputy Governor, Lucky Aiyedatiwa’s group.

Ogunyemi in a statement, in Akure, said:” The target of the deputy governor’s group is to declare the governor incapacitated and oust the governor. They were fervently rooting for the governor to be disgraced out of office.

“While the meeting was going on, the deputy governor’s group was already jubilating on social media. They thought the outcome of the meeting would be in their Favour.

“This is a defeated expectation for the deputy governor and his group. Their wishes and expectations have been dashed and defeated. The people of the state can now see the true nature of the deputy governor.

“We are particularly happy that the President has ordered that the status quo must remain. This is the right step towards ensuring peace and understanding in the state.

“The resolution passed and the request by the President that Aiyedatiwa should sign a resignation letter undated, will tame his excesses and guide him into behaving proper.

We will continue to appreciate President Tinubu and assure him of our commitment and undying support.

November 25, 2023
28 sacked Ede poly staff reinstated

Court orders payment of five years salary

The National Industrial Court, Ibadan division, Oyo State, has ordered the reinstatement of twenty-eight staff of Federal Polytechnic Ede, Osun State sacked illegally by the management in 2018 as a result of directive of Federal government.

Delivery the judgment in suit number, NICN/OS/04/2018, Justice Opeloye Ogunbowale ordered that the management of Federal Polytechnic Ede ordered that Federal Polythecnic Ede to pay the 28 staff all their due entitlements for the work done and to do from January 2018 till date.

The Court refused the claim of damages of N28m filed by the staff through their counsel, Barrister Yemi Abiona, however awarded a cost of N500,000 against the Federal Polythecnic Ede in favour of the dismissed staff.

Read Also: Tinubu charges APC governors to remain servants to their people

Justice Ogunbowale said “the disengagement of the claimants from the service of the defendants is ultra vires of it’s authorities and a breach of Section 17 of the Federal Polythecnic Act, 2004, provision of the Federal Polythecnic Ede Staff Manual, 2018, violation of the claimants’ fundamental human rights to fear hearing and rights of employment until mandatory retirement age of 65″.

He noted that from the preponderance of evidence including documentary evidence before the court, it was established that the contract between the claimants; Mr Cornelius Nwokoro, Mr Ayodele Oni, Thomas Aborowa, Fatai Adeeyo and 24 others and defendant was that with statutory flavour, therefore “subsequent termination and disengagement of their contract of employment is subject to their respective letters of employment, confirmation of employment, provisions of the Federal Polythecnic Act, 2004 and regulated by the Federal Government of Nigeria public service rules”

The Court discontenanced the submission of the Counsel to the Polythecnic, Mr Oluremi Ojo that the dismissal of the claimants from service was based on a Federal Government policy issued in 2007 to MDAs to outsource security personnel, saying such directive can not be applicable to the claimants whose appointments are based on statutory provisions.

November 25, 2023
Breaking: President Tinubu Resolves Ondo State Political Crisis

Opposing Factions Vow to Uphold Peace, Maintain Status Quo

By Biola Lawal

Abuja (Flowerbudnews):. In his bid to restore political stability in Ondo State, President Bola Tinubu, late on Friday, waded into the months-long crisis in the All Progressive Party (APC) controlled state government.

The bickering was between factions loyal to the Executive Governor, Rotimi Akeredolu, and the Deputy Governor, Lucky Aiyedatiwa.

The resolution was the outcome of a marathon negotiations between the President and the Deputy Governor, representatives of Governor Akeredolu, federal and state lawmakers of Ondo, officials of the state’s chapter of the All Progressives’ Congress, and other stakeholders in the state at the State House, Abuja.

A statement by Ajuri Ngelale, Special Adviser to the President on Media & Publicity disclosed that the President advised all opposing parties to bury the hatchet and embrace peace, eliciting commitments to this effect.

This meant that Governor Akeredolu remains Chief Executive of the State, Aiyedatiwa remains Deputy Governor, and members of the State Executive Council continue their respective duties, even as the leadership of the State’s House of Assembly and the APC Chapter in Ondo State is preserved.

Mr. Aiyedatiwa, who declared his decision to maintain the status quo and unite all the factions, said: “I want to say that I pledge to all of you that I embrace every one of you. I put behind all that has happened before now. I’ve let go and also let God, just as the President has advised us.

“And I want to say that with no offence, no guile in my mind whatsoever. All that has happened is politics. Impeachment is part of politics. If you survive it, it is also politics. It has come. I’ve survived it, and every other thing is in the past.

“It is one big family and our father has intervened to bring all the children together to remain under the same family and with the position that I occupy, I will carry every one of you along in every decision that needs to be taken and in everything that we do, we will work together; the executive and the legislature will work together to ensure that governance is on the right track.”

He pleaded with all members of the State Executive Council to rally around the Governor and himself to “bring the dividend of democracy” to the people of Ondo State.

“All the Executive Council members, I want to plead with all of you to cooperate with me, with the Governor, so that we can bring the dividend of democracy to our people.

“We should respect one another regarding the offices we occupy and our age differences. So, it’s going to be mutual respect.

“And I want to assure the party structure that we will work together because the party is supreme. We will always give you your due respect,” the Ondo State Deputy Governor pledged.

The Speaker of the Ondo State House of Assembly, Rt. Hon. Oladiji Olamide, who read the details of the resolution, said, “Our resolution is that one, we shall embrace peace. Secondly, there would be no more dissolution of the cabinet, and the Deputy Governor would maintain the status quo as far as the House of Assembly leadership is concerned.

“We will maintain the status quo as far as the party leadership in the state is concerned and maintain the status quo as far as the leadership of the State House of Assembly is concerned. Thank you, Mr. President.”

On her part, the Secretary to the State Government, Princess Oladunni Odu, stated, “Our Father, the President, has taken the trouble to settle our rancour in Ondo State. We owe you all the gratitude, Sir. We will not disappoint you. We have taken every word you said. And we are going home as one united family under the party, APC.”

In his remarks, the Ondo State APC Chairman, Ade Adetimehin, expressed delight at the outcome of Friday’s late night deliberations, affirming that the party will remain a watchdog to ensure that the new commitments are adhered to.

“Today is my happiest moment. And I know sanity has come to Ondo State. So, on behalf of the teeming supporters of our party in the state, we appreciate our leader

November 25, 2023
43 items not totally banned, clarifies Cardoso Items

By Lydia Ngwakwe
Lagos: The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has clarified that the 43 items were never explicitly prohibited from importation or sale in Nigeria.

Cardoso gave this clarification at the 58th Annual Bankers’ Dinner organised by the Chartered Institute of Bankers of Nigeria (CIBN) on Friday in Lagos.

He, however, explained that the apex bank had implemented restrictions on accessing foreign exchange for the importation of these items.

Cardoso emphasised that the issue of trade policy, specifically the importation and sale of the 43 items, was primarily within the domain of the fiscal authorities, not the CBN.

This distinction, he said, was important because it clarifies that the CBN’s decision to lift the foreign exchange restrictions on these items was not intended to encroach upon the responsibilities of other government agencies.

The News Agency of Nigeria (NAN) reports that the CBN had in a circular in June 2015, published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market.

The list which was originally 41 was updated to include two more items.

But the CBN precisely on Oct. 12 2023, announced that it had lifted the ban on the issuance of foreign exchange for the importation of rice, vegetable oil, and poultry products among other 43 items.

Cardoso said, “Allow me to provide further clarification on the issue of the 43 items.
“Firstly, it is important to note that these items were never outrightly banned by the government.

“The CBN had imposed restrictions on their access to foreign exchange in the official market.

“However, these restrictions resulted in increased demand for foreign exchange in the parallel market, leading to the depreciation of the exchange rate in that segment of the Nigerian Foreign Exchange Market and widening the premium between the parallel and official market.’’

Cardoso said studies had shown that during the period when the 43 items were restricted, there was a 51.0 per cent increase in trade evasion by importers accessing the foreign exchange market.

According to him, this resulted in a revenue drop of approximately $1.4 billion, or $275 million annually, between 2015 and 2019.
Cardoso added that revenue from tariffs on goods decreased from a high of approximately $920 million in 2011 to about $250 million in 2017.
“In 2019, the actual tariff on goods stood at $320 million, but counterfactual evidence suggests that as much as $680 million could have been earned in the same year,” he said.
He added that evidence had shown that foreign exchange restrictions had an adverse impact on Nigerian households and contributed to inflationary pressures.
Cardoso said the reduction in trade restrictions and levies on rice, sugar, and wheat by 50.0 per cent had only a minimal impact on welfare, with a 0.8 per cent improvement, and a mere 0.4 per cent reduction in extreme poverty.
Cardoso explained that the benefits of trade gains for the general population were negligible, as the average industry in Nigeria pays 13.7 per cent more for its inputs.
According to the CBN, this action will boost liquidity in the Nigerian foreign exchange market and intervene from time to time, adding that interventions will decrease as liquidity improves.

Meanwhile, a former CBN Director, Prof. Akpan Ekpo, told NAN that the apex bank made a big error by opening up the foreign exchange market.

He said, “It is an error because the dollar, pound and euro is not our money, we only get dollars when we sell oil mainly.

“Our economy is not productive and we don’t have firms that manufacture non-oil goods services, export them and earn forex.

“So, our naira is not convertible, in that case every country like ours will have what they called managed float.

“So when you come and put in more dollars because you have gotten more forex, these are very short term measures, they are not sustainable, so the problem is a supply and access problem,’’ he said.(NAN)(www.nannews.ng) /Flowerbudnews

November 25, 2023
New Aseyin Gets Mercedes Benz S Class As Gift From Honourable Peller

New Aseyin Gets Mercedes Benz S Class As Gift From Honourable Peller

By Adewale Owoade

A former House of Representative, Honourable Shina Peller, has gifted a Mercedes Benz luxury car, to the new Aseyin of Iseyinland, His Royal Majesty, Oba Sefiu Oyebola Adeyeri III,.

The S-Class Mercedes Benz was presented to the monarch in his house when Honourable Peller paid him a surprise visit.

Earlier in his congratulatory message to the monarch, Hpn. Peller, the Ayedero of Yorubaland, had expressed confidence that Oba Oyebola’s ascension to the throne will usher in desirable development to Iseyinland.

Iseyin is regarded as the gateway to Oke Ogun region. Oke Ogun region in Oyo State is blessed with diverse landscape, natural resources and fertile land, which offer immense opportunities to investors particularly in agriculture.

Some of the great potentials of Iseyin are Ikere Gorge Dam and Ado Awaye Suspended Lake which is one of the only two suspended lakes in the world. Unfortunately, these resources have remained tapped.

With the emergence of Oba Oyebola as the Aseyin of Iseyinland, many people including the Ayedero of Yorubaland and Oyo State Government have expressed optimism that the monarch’s personality will go a long way in bringing about development to Iseyin and Oke-Ogun at large.

Historically, the bond between Honourable Peller and Oba Adeyeri III could be traced to the previous generation. The late Professor Moshood Abiola Peller and late Oba Adeyeri II, who reigned as the Aseyin of Iseyin from 1978 to 1996, enjoined a very cordial relationship with each other.

Many decades after, that cordial relationship between the two families still exists as evident in the case of Honourable Peller and Oba Adeyeri III. Indeed, some relationships are evergreen and transcending!

Oba Oyebola, until his ascension to the throne, lived and worked in the United States of America with his family and has continuously shown interest in the welfare of his people and community at large.

Through his charitable foundation, many indigent students of tertiary institutions had access to financial aid.

As the new Aseyin of Iseyin, Honourable Peller believes that Oba Oyebola’s educational background, exposure and experience will count positively as he takes on the revered traditional role.

Oba Oyebola, the 30^th Aseyin, who had contested the throne with other eleven princes but emerged the chosen one, succeeded the late Aseyin, Oba Salaudeen Adekunle Ajinese I, who joined his ancestors in 2022 after reigning for almost sixteen years.

November 25, 2023