Reliance On Export Of Raw Materials, Disease That Needs Urgent Cure - Tinubu

Presidential candidate of All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, on Tuesday, said his administration is committed to addressing the much dependence on export of raw materials which had been the bane of the country for years, declaring that such was a “disease” that must be cured without further delay.Tinubu made this vow while speaking at an interactive session with the private sector participants, which took place at Eko Hotels in Victoria Island.

Our economy is too much dependent on export of raw materials, this is insufficient to fund the economy. The time is now to cure this disease,” he said.

The APC presidential candidate who noted that his personal experience in private sector and government, while he served as governor of Lagos would be deployed to bring about industrial revolution in the country if elected president, come 2023 said his administration was committed to achieving minimum of 6 per cent GDP growth, on yearly basis.

This was just as the APC presidential candidate who assured the private sector of strong partnership, promised to promote agriculture, to bring about enough food to the table of ordinary Nigerians, saying he was also determined to ensure that his administration provide affordable electricity in a way to drive the country’s industrial growth.

“We must target a win-win situation. I am determined to give you affordable power in a way to drive the country’s industrial growth.

“We must produce, we cannot afford not to. We have what it takes to bring power supply. We have the gas, we have the sun, among others,” he said.

Ondomind 

Naira Redesign: Why You Must Put Arabic Sign On Every Note - MURIC To CBN

Muslim Rights Concern (MURIC) has supported the move by the Central Bank of Nigeria (CBN) to redesign the naira.

The the Islamic human rights organization however gave the condition that Arabic Ajami must be inscribed on all naira denominations.

MURIC stated this in a statement issued on Tuesday by the group’s director, Professor Ishaq Akintola.

The statement reads in part: “The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced on October 26 2022, the plan by the CBN to redesign the naira.

“MURIC hereby expresses its support for the project with the proviso that all the denominations must contain Arabic inscriptions just as they had been before Arabic Ajami was conspiratorially and unjustly removed from some denominations.”

"MURIC insisted that the removal of Arabic Ajami from naira notes in the past provoked Muslims and caused division within the country, adding that only its return to all denominations can heal the wound."

According to the Islamic group, in 2005, ex-President Olusegun Obasanjo fired the first salvo against the naira note during his eight-year rule as a civilian president (1999–2007). Obasanjo removed the Arabic Ajami from 5, 10, 20 and 50 naira denominations.

It added that ex-President Goodluck Jonathan also took the cue from Obasanjo by removing Arabic Ajami from the 100 naira note when he discharged the commemorative centenary banknote on December 19, 2014.

In his response to MURIC, dethroned Kano Emir and former Governor of the Central Bank of Nigeria- Sanusi Lamido said there is no plan to remove the Arabic signs on the Naira notes.

According to Sanusi, he said he already put a call through to the CBN Governor- Godwin Emefiele, confirming the doubt, and he said the CBN Governor assured him that there is no plan as such to remove the Arabic signs from the Naira notes. 

Proposed Introduction Of N5,000 Still On Course - Sanusi

Former Governor of the Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi has claimed that plans to introduce N5,000 notes have not been forgotten.Plans to introduce the N5,000 note in 2012 were resisted, forcing the CBN to shelve the idea.

Sanusi also said the proposed new Naira notes between December and January next year will all carry Arabic inscriptions.

The former CBN Governor, in a short sermon shared via his social media platforms, stressed that he had spoken with CBN Governor Godwin Emefiele, who assured the rumoured removal of the Arabic inscription on the Naira notes was baseless.

During the sermon, he recalled how attempt by the CBN to introduce N5,000 note was resisted, stressing “considering the quantum of cash Nigerians carry, the issue is something that can not be avoided in future”.

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Proposed Introduction Of N5,000 Still On Course - Sanusi

 

Former Nigerian Governor of the Central Bank of Nigeria (CBN) Sanusi Lamido Sanusi has claimed that Introduction of N5,000 notes in Nigeria have not been crept under the carpet.

Plans to introduce the N5,000 note denomination in 2012 were resisted, forcing the CBN to back out of the idea.

He also said the proposed new Naira notes between December and January next year will all have Arabic inscriptions on them.

The former CBN Governor, in a short sermon has shared via his social media platforms, also stressed that he had spoken with present CBN Governor, Godwin Emefiele who assured that the rumoured removal of the Arabic inscription on the Naira notes was baseless.

During this sermon, he recalled how attempt by the CBN to introduce N5,000 note was resisted, stressing “considering the quantum of cash Nigerians carry, the issue is something that can not be avoided in future”.

Gumi Rejects Naira Redesign, Describes It As Economic Suicide

 

Sheikh Ahmad Gumi has kicked against redesigning of the naira notes by the Central Bank of Nigeria (CBN). He described this as an economic suicide for Nigerians, especially rural dwellers.

According to him, 80% of Nigerians especially rural people, depend on cash transactions.

In a statement titled: “Changing the Naira: This is no time for economic kamikaze!”, Gumi said any policy that  will cause more cash crunch will be a disaster for the nation.

He further explained that the policy will not starve kidnappers of cash because they may decide to demand for dollars and other currencies to make life more harder to the people but rural dwellers as thy depend much on cash transaction.

“Traders will tell you that most Nigerians don’t have the money to buy things; therefore most traders are running at a loss and are already crumbling and are therefore folding up. At this junction, anything that can cause more cash crunch will be a disaster for the nation.

“Many good ideas are marred by wrong timing. This is likely to be another one. No matter how ingenious the hatchers may romanticize; the benefit will remain phantom since the reality on the ground is incongruous and it spells doom for the escapade.

“8% of Nigerians especially rural people depend on cash transactions. A sudden change to a cashless or cash-starved society will mean pauperizing them in a spate of a short time that could trigger – God Knows- an unprecedented socio-economic turmoil in this semi-skilled or unskilled population.

“This kind of program is not for a government that is in the throes of it's demise. If there is any advantage of such adventures, it usually comes after many years of excruciating poverty and hardship which no well-meaning government should hand over such cruelty to another incoming government to manage.

Artificial Intelligence, Robotics and the Post COVID-19 Era

Artificial intelligence (AI) and robotics are becoming increasingly sophisticated and they are set to play a significant part of our future workplace even after covid era, many big companies and Highflyer organizations have made used of these both automation to performance some crucial responsibilities during this widespread of covid 19 virus. as many of these companies and organizations can't afford to close their business because of the lockdown announce in many countries.

Artificial intelligence (AI) and robotics are already/will be replacing the work traditionally performed by humans. This was unimaginable only a few years ago.
Robots are already entering the workplace, as explored in the following five examples.

1. Museum guides

Lincoln museum in the UK has a hi-tech robot which is equipped with sensors and cameras to guide visitors through the exhibitions. It was programmed by robotics experts from the University of Lincoln and finds the best routes around the museum, pausing at exhibits to offer facts and answer basic questions from visitors.

2. Fire assessment

Smoke and flames can make it impossible for even the most experienced of firefighters to navigate a building that is on fire. However, the SmokeBot can monitor the progression of fires and the damage being caused.

3. Fulfilment centre workers

Amazon’s fulfilment centres use robots to bring the shelves and stock to the workers for picking. They’re programmed to perform the most mundane and repetitive tasks, while the actual packing is still performed by humans.

4. Nuclear site clean-up

Robots are being used to remove dangerous radioactive waste at Sellafield nuclear power station. The waste is sucked up using arms mounted on overhead cranes. Another tool can attach to a crane and separate large pieces of debris into smaller chunks. The human operators stay safe, as they are shielded behind a wall while manoeuvring the robots.

5. Chatbots

Chatbots are pieces of software designed for humans to have conversations with, either verbally or via text (written) input. The first chatbot was invented in 1966 by Joseph Weizenbaum and was called Eliza. It used only 200 lines of code and delivered text responses based on the language of a therapist. People using Eliza knew they were interacting with a computer program. However, the humans using it during trials grew emotionally attached to it because of the set emotional responses Eliza was programmed to deliver.

Chatbots are now becoming far more sophisticated. They are creating an interface that soon won’t require a screen or a mouse to use, but will be completely conversational, meaning that they will respond to voice commands given by the user. Those conversations will be indistinguishable from those that we have with our friends and family.

In 2013, it was estimated in a research paper by the Oxford Martin School at the University of Oxford that 47% of jobs in the USA would be at risk of being lost to artificial intelligence (AI)1. This is just one of many differing predictions of what will happen. However, everyone agrees that significant changes within the workplaces of the future are inevitable.

There is a fear that automation (the loss of human jobs to the work of robots) is something that will happen to the world after covid 19. However, it’s more likely that it will happen with us. Robots might even make work better for humans by reducing the more menial and mundane tasks, allowing us to focus on more specialist skills. We may even need to work less.

Information from futurelearn course...

Again; Naira Crashes To ₦800 Per Dollar

The naira’s downward spiral has reached another historical low rate under the President Muhammadu Buhari's regime.

Currently, the Naira trading is at #800 against the dollar on the parallel exchange platform "Aboki Forex." 

The increase in dollar rate recently has been caused by the information about Naira redesign, which prompt those with Naira to start converting to Dollar as a store of new Value. 

Buhari's Infrastructural Development Plan To Generate 21 Million Jobs By 2025 - Minister

The Minister of Transportation, Mu’azu Sambo, has said it's  Federal Government aim and is set to generate 21 million full-time jobs for many Nigerians and lift 35 million people out of poverty by 2025.

In a statement by his Special Assistant on Media and Publicity, Sam Idiagbonya, Sambo disclosed this on Friday, October 28, 2022, at the ongoing 2022 Ministerial Retreat at Uyo, Akwa Ibom.

According to him, the transportation sector is setting the stage for achieving this government’s commitment of lifting 100 million Nigerians out of poverty within 10 years.

Sambo said infrastructural gaps in the sector necessitated the development of the National Development Plans; Medium-Term Development Plans 2021-2025 and a Long-Term Plan called the Nigeria Agenda 2050.

CBN Spends N281 Billion To Print New Notes In 5 Years

The CBN has spent N281.07 billion to print bank notes between 2016 and 2020 and another N3.88 billion to destroy mutilated notes within the same period.Data from the apex bank showed that N33.37 billion had been used to print new notes in 2016, the amount expended increased to N49.52 billion and N64.04 billion 2017 and 2018. By the end of 2019, N75.52 billion had been spent on printing new naira notes as the amount spent declined in 2020 to N58.07 billion.

Within the same five year period, the central bank spent N3.88 billion to destroy N4.197 trillion. N1.44 billion was spent in 2016 to dispose of mutilated naira notes with a value of N829.94 billion. The amount spent however dropped by almost half to N594.62 million spent in 2017 to destroy N977 billion.

The money spent in disposing N814.59 billion rose to N662.21 million in 2018 and declined slightly to N647.82 million that was used to dispose of N814.43 billion. In 2020, N538.59 million had been used to destroy N698.59 billion.

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The First Coins Featuring King Charles III will be in Circulation from December

The Royal Mint is making 9.6 million copies of the 50p coin, which also pays tribute to Queen Elizabeth II. The reverse of the coin is a replica of the one produced to celebrate her coronation in 1953.

Official UK Coin of King Charles III

The new 50p pieces represent the biggest change to UK coinage since the era decimalisation.

The portrait of the King as featured on the Coin sees him without a crown, a noticeable difference from his mother's image.

"It's quite common for male monarchs not to wear a crown on their coinage. It happened to his father and grandfather when they were on coinage," says Rebecca Morgan, director of collector services at the Royal Mint.

"It's quite common for female monarchs to wear a lot more regalia, so crowns, tiaras, jewellery as well."

Another change is that His Majesty faces the opposite direction from his mother on the coins we currently use, which is in keeping with tradition when there's a new monarch.

The new coin was designed by Martin Jennings and approved by King Charles III himself.

"It has to be an image that will persist over the years and that will represent the generality of what people imagine monarchy to be about. So it's not just a portrait of him, it also needs to contain the role [of King]," says Mr Jennings.

The Mint will be making 9.6 million of these 50p coins and also begin producing others with the King's head.

You will still see money with Elizabeth II for some time to come. Those coins will only be replaced once they are worn or damaged, in line with the wishes of the Royal Family, who asked for minimal waste during the process.

"Most people under the age of 50 have only ever seen Queen Elizabeth II in their pockets," Ms Morgan added.

"It wasn't unusual to see two or three different monarchs on coins before decimalisation."

Cooking Gas Price Inflates By 61%

The price of 12.5kg of cooking gas rose by 61% from N6,165 in September 2021 to N9,906 in September 2022.

This was disclosed by the National Bureau of Statistics in it's report on Liquefied Petroleum Gas (cooking gas) Price Watch for September 2022.

In it's state profile analysis, the bureau stated that Cross River recorded the highest average retail price for the refilling of a 12.5kg cylinder of the product with N10,937, followed by Kogi with N10,760 and Oyo with N10,724.

Conversely, the lowest average price was recorded in Yobe with N8,350, followed by Katsina and Taraba with N8,545 and N9,026 respectively.

Zone analysis showed that the South-West recorded the highest average retail price for refilling a 12.5kg cylinder with N10,320, followed by the South-South with N10,202, while the North-East recorded the lowest price with N9,300

$1 Now ₦788, We Are Not Aware Of Naira Redesigning - Finance Says

Minister of Finance, Budget, and National Planning, Zainab Ahmad, has disassociated her ministry from the planned move by the Central Bank of Nigeria ( CBN) to redesign the naira.

The minister, who commented on the policy in response to a question raised by Senator Opeyemi Bamidele (APC Ekiti Central) during the 2023 budget defense session with the Senate Committee on Finance, warned CBN of consequences that may arise from the new policy.

Senator Bamidele had told the minister that barely two days after the announcement of the plan, the effect on the value of the naira to the US dollar was being felt.

Bamidele said, “Just two days after the announcement of the policy, the value of naira to a US dollar has risen from N740 to N788 due to a rush in exchange of naira notes for foreign currencies, particularly dollars."

In her quick response, the minister said she and her ministry are not aware of the policy but only heard of it from the media.

“Distinguished senators, we were not consulted at the Ministry of Finance by CBN on the planned naira redesigning and cannot comment on it as regards merits or otherwise, " Senator Bamidele added.

CBN Spends N281 Billion To Print New Notes In 5 Years

 

CBN Governor- Godwin Emefiele

The sum of  N281.07 billion has been spent by CBN to print bank notes between 2016 and 2020 and another N3.88 billion to destroy mutilated notes within the same period.

Apex bank data showed that N33.37 billion had been used to print new notes in 2016, the amount expended increased to N49.52 billion and N64.04 billion in 2017 and 2018 respectively. At the end of 2019, N75.52 billion had been spent on printing new naira notes as the amount spent declined in 2020 to N58.07 billion.

Within the same five year period, the central bank spent N3.88 billion to destroy N4.197 trillion while N1.44 billion was spent in 2016 to dispose off mutilated naira notes with a value of N829.94 billion. The amount spent however dropped by almost half to N594.62 million spent in 2017 to destroy N977 billion.

The money spent in disposing N814.59 billion rose to N662.21 million in 2018 and declined slightly to N647.82 million that was used to dispose off N814.43 billion. In 2020, N538.59 million was used to destroy N698.59 billion.

CBN Set To Redesign Naira Notes

The Central Bank governor- Godwin Emefiele, on Wednesday said that the apex bank would redesign the Country’s currency.

"On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N100, N200, N500, and N1,000 levels," the statement added.

The CBN also said that, "Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.

"Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers."

Reacting to this latest development, some Nigerians say the redesign will bring a new face to the old currency. While some said this may affect the activities of the Bandits who already have the "Old" currency and might be faced with the issue of getting the new notes when in circulation.

In another reaction, some economists say there is no point in redesigning a devalued Currency, saying that the CBN Governor should rather focus on how to give more value to the Naira notes. 

Revealed: How Nigeria Loses Three Million Oil Barrels Monthly – FG

The Federal Government on Monday revealed that its latest findings showed that about 1.2 million barrels of crude oil was consistently shut in by producers across various oil wells in the Niger Delta due to the incessant oil theft in the industry.

It also stated that current statistics showed that the volume of oil lost to theft in Nigeria was about 100,000 barrels per day, translating to an estimated three million rbarrels every month.

The government disclosed this through its Nigerian Upstream Petroleum Regulatory Commission at the press briefing in Abuja, as it further stated that the country’s gas reserves had risen to 208 trillion standard cubic feet.

“One of the negative and side effects of crude oil theft is that it has incentivised well shut-ins by producers, in the sense that it is not part of their investment model to produce and hand over to thieves,” the Chief Executive, NUPRC, Gbenga Komolafe, stated.

CBN, AMCON Announce Sale Of Polaris Bank

Polaris Bank

The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) have announced the completion of a Share Purchase Agreement (SPA) for the acquisition of 100 percent of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).

The House of Representatives on Wednesday okayed the sale of Polaris Bank, noting that the acquisition followed the laid down procedure and the relevant presidential approval.

A statement by Apex Bank's Director of Corporate Communications Osita Nwanisobi, said: “SCIL had paid an upfront consideration of N50 billion to acquire 100 percent of the equity of Polaris Bank and had also accepted the terms of the agreement which includes the full repayment of the sum of N1.305 trillion, being the consideration bonds injected."

Finance Minister Recommends More Taxes To Reduce Nigeria’s Debt Burden

Finance Minister- Mrs Zainab Ahmed

Amind the hardship in the Country, the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed has insisted that only the collection of more taxes and effective blocking of revenue leakages were realistic measures that would drastically cut borrowings and reduce the nation’s high debt burden.

Ahmed stated this at a workshop on tax expenditure organised by the ECOWAS Commission under the Context of the Implementation of the Support Programme for Tax Transition in West Africa (PATF) in Abuja.

The workshop is aimed at examining directives on harmonisation of tax expenditure management practices and the monitoring and evaluation of tax transition in ECOWAS member states.

The minister, represented by the Director, Technical Services in the Ministry, Fatima Hayatu, said the issue of tax expenditure was a great concern for the government.

It would recall that the government had in July said the country’s debt service cost in the first quarter (Q1) 2022 was N1.94 trillion, N310 billion higher than the actual revenue received during the period indicating that Nigeria’s debt service cost outweighs its revenue.

Ahmed however, said the debt burden is not beyond what the government can handle, even as the debt is more than that of 2015.

She said: “If we have more taxes and redirect the taxes to the right fiscal sectors of our economy, we will reduce our debt burden. It is not as if the debt is beyond what the goverment can handle. If you look at the ratio of the debt to the Gross Domestic Product (GDP), I think the goverment is doing well.

“The debt is not something that cannot surmounted. The programme is to block leakages where the taxes are being diverted. So, if we block leakages, and if it is transparent, Nigeria will borrow less and we will have more money to finance other sectors”.

Noting that reforms in tax expenditure management were gaining traction in Nigeria, the minister observed that the development had resulted in the continuous development of in-house capabilities and internal restructuring in agencies for greater efficiency.

Ahmed also said the government would commence the rationalisation of tax exemptions by phasing out antiquated pioneers and other tax incentives for matured industries.

The minister noted that contrary to what was obtained in the past, the country is reaping the benefits of tax exemptions and concessions given to small businesses.

She explained: “A lot has changed, the system is more transparent and tax expenditure that government has given which is tax for bond is to encourage ailing and infant industries to do more and employ more youths.’’

Nigeria’s Inflation Rate Hits A New 17-year High Of 20.77% In September 2022

Nigerians' President- Major General Mohammadu Buhari (Retd)

Nigeria’s inflation rate surged to 20.77% in September 2022, up from 20.52% recorded in the previous month.

The new Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) showed that Nigeria’s CPI rose by 20.77% year-on-year in September 2022. On a month-on-month basis, the index rose by 1.36% compared to the 1.77% increase recorded in the previous month.

This represents the highest rate ever since September 2005, according to data tracked by Nairalytics, a web portal that publishes Nigeria’s historical macroeconomic data.

With the inflation rate, prices of good and services are expected to take another rapid increase, even at the expense of scarce resources and high cost of living in Nigeria.

Meanwhile, the urban inflation rate stood at 21.25% in September 2022 from 17.19% recorded in the corresponding period of 2021, while rural inflation stood at 20.32%.

The food inflation rate in September 2022 was 23.34% on a year-on-year basis, marking an uptick from the 23.12% recorded in the previous month. The increase in the food index was attributed to increases in prices of bread and cereals, food products, potatoes, yams, and other tubers, oil, and fat.

The ‘’all items less farm produce’’ or core inflation, which excludes the prices of volatile agricultural produce, stood at 17.60% in September 2022 on a year-on-year basis; up from 17.2% recorded in August 2022.

The highest increases were recorded in prices of gas, liquid fuel, passenger transport by air, passenger travel by road, and solid fuel.

Buhari’s Regime Borrows ₦31tn, To Leave ₦39.12tn Debt For Successor

Nigerians President, Mohammadu Buhari during Budget Presentation at the National Assembly

Total budget estimate presented by Buhari as President:

The National Assembly has approved or at least received budget estimates worth N93.453tn from the President, Muhammadu Buhari during his eight years in office.

Out of the N93.453tn budgeted from 2016 to 2023, a total of N67.4tn has been committed to recurrent expenditure, including the payment of salaries and emoluments of civil servants and legislators.

This amounts to 72.1 per cent of the entire budget devoted to the recurrent expenditure in the life of the Buhari regime. The administration met a debt of N12.12tn on June 30, 2015, but it increased it to N42.84tn by June 30, 2022, according to statistics obtained from the Debt Management Office (DMO). The increase represents 253 per cent growth over the period.

Breakdown of President Buhari total Budget:

A breakdown shows that Buhari presented a budget of N6.061tn in 2016, his first after a populist election in 2015.

The budget, however, heralded Nigeria’s first recession under the regime.

The budget was increased to N7.44tn in 2017; N9.1tn in 2018; N8.916tn in 2019; and N10.8tn in 2020. The budget for 2021 and 2022 rose to N13.6tn and N17.126tn, respectively. The estimates presented to the National Assembly last Friday for 2023 put the figure at N20.51tn.

Between the Eight years of Buhari as President, he has presented  Eight National budget and all run of deficit, debt servicing and massive borrowing, leaving the Country to the red eyes of debt to be faced by next Administration.

Get Set To Pay For Gas Under Buhari As Importers Lament Forex Scarcity

Gas Increase

The National Operations Controller, the Independent Petroleum Marketers Association of Nigeria, IPMAN, Mike Osatuyi has said independent marketers sourced dollars for importation from the black market, hence, gas price would continue to increase until naira strengthened at the exchange market.

Nigerians may soon have to pay more than before for gas as prices are expected to rise, going by the suppliers’ complaint that the high exchange rate of dollar to naira is taking a huge toll on the importation of the product.

“Our members, who still sell gas, bought 20,000 metric tonnes at around N11 million last month, but now, the price has jumped to N12.3 million per 20,000 metric tones,” he said.

With naira devaluation and the effect of Ukraine and Russia War, Gas price has take a rise across the world.

According to sources close to the matter, the drop in output was majorly due to the high-leveled theft as well as oil and gas pipeline vandalism which had left NLNG operating at 60 per cent capacity.

The source also cited “feed gas constraint and high maintenance activities” as part of the causes.

Output and export from NLNG’s six-train Bonny plant had dropped to 16.8 million tonnes in 2021, from 20.7 million tonnes in 2020 and 2019.

NLNG was said to have lost almost $7bn revenue so far in 2022 due to gas supply constraints, according to the company’s General Manager, Production, Adeleye Falade, who spoke at the 45th Nigeria International Conference and Exhibition 2022.