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Tinubu’s Economic Policies Not Living Up To Expectation – Financial Times

Published

7 months ago

on

Bola Tinubu

 

London-based Financial Times publication says there are signs of President Bola Tinubu’s economic reforms not going as planned.

In an editorial, the publication noted that although Tinubu started well by removing fuel subsidy and moving towards a market-driven exchange, events in the past four months show that more work has to be done.

“In removing a costly fuel subsidy and in shifting towards a market-driven exchange rate, which has sharply weakened a previously overvalued currency, he has gone some way towards persuading investors he is serious about reform. But four months into his presidency, there are signs of things going awry,” it said.

The report noted that the removal of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN), raised eyebrows due to its unconventional nature, giving the impression of political reprisal.

“The removal of Godwin Emefiele, the previous governor, was overdue. But its manner, initially via a charge of firearms possession, was odd and smacked of political revenge. More substantively, the new exchange rate regime has yet to be properly explained,” the report said.

 

“On how the new CBN management can stabilize the financial system, the report said the new CBN leadership will most likely increase the interest rates to curb inflation.

“Markets consider Cardoso, a former Citibank Nigeria chair, to be a sound appointment. (The same cannot be said of all of Tinubu’s picks.) The incoming governor will probably need to raise rates at the next policy meeting to establish his inflation-busting credentials. Tinubu must restore institutional independence by leaving the bank to get on with its job. In other areas, the president needs to be more active – and more articulate,” the report said.

It said in other areas, Tinubu needs to be more active and more articulate.

“He should spell out his policies to a skeptical public. He should also refrain from announcing plans — including the restoration of democracy in Niger — without any real idea of how to implement them. Execution is key. Only four months into his presidency, what started out with a bang risks becoming a whimper. Tinubu needs to regain the momentum,” it said.

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Fagbemi warns against obstructing EFCC from performing its lawful duty

Published

6 days ago

on

April 18, 2024

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The Minister of Justice, Lateef Fagbemi, SAN has warned against obstructing the Economic and Financial Crimes Commission (EFCC) from carrying out its lawful duty .

Fagbemi’s warning is contained in a statement in Abuja.

“This is a matter of very grave concern, it is now beyond doubt that the EFCC is given power by the law to invite any person of interest to interact with them in the course of their investigations into any matter, regardless of status.

“Therefore, the least that we can all do when invited, is not to put any obstruction in the way of EFCC, but to honourably answer their invitation.

“A situation where public officials who are themselves subject of protection by law enforcement agents will set up a stratagem of obstruction to the civil and commendable efforts of the EFCC to perform its duty is to say the least, insufferably disquieting’’.

He added that running away from the law will not resolve issues at stake but only exacerbate them.

“Nigeria has a vibrant judicial system that is capable of protecting everyone who follows the rule of law in seeking protection.

“I therefore encourage anyone who has been invited by the EFCC or any other agency to immediately toe the path of decency and civility by honouring such invitation instead of embarking on a temporising self-help and escapism.

 

“This can only put our country in bad light before the rest of the world’’.

He said institutions of state should be allowed to function effectively and efficiently.

“I stand for the rule of law and will promptly call EFCC, and indeed any other agency to order when there is an indication of any transgressions of the fundamental rights of any Nigerian by any of the agencies’’.

NAN reports that the EFCC had on Wednesday warned members of the public that it was a criminal offence to obstruct officers of the Commission from carrying out their lawful duties.

Section 38(2)(a(b) of the EFCC Establishment Act makes it an offence to prevent officers of the Commission from carrying out their lawful duties. Culprits risk a jail term of not less than five years.

The warning , the EFCC said, became necessary against the background of the increasing tendency by persons and groups under investigation by the Commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC.

On several occasions, the anti graft agency said, operatives of the Commission have had to exercise utmost restraint in the face of such provocation to avoid a breakdown of law and order.

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Unknown Gunmen Abduct Channelstv Reporter In Port-harcourt

Published

2 weeks ago

on

April 12, 2024

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Some unknown gunmen have kidnapped Joshua Rogers, the ChannelsTV reporter in Port-Harcourt, the Rivers State capital.

Politics Nigeria learnt that Rogers was picked up close to his residence at Rumuosi in Port Harcourt and to an unknown destination by the gunmen around 9pm on Thursday, April 11.

The reporter was driving his official ChannelsTV branded car when the hoodlums accosted, pointed a gun at him and took him away in the same vehicle.

 

Rogers was said to be returning from his official assignment in Government House after a trip to Andoni for a government event when the incident happened.

Already, the gunmen were said to have contacted his wife and demanded a N30million ransom for bis release.

His cameraman confirmed the incident and appealed to his abductors to set him free unconditionally.

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