News

NECA urges CBN to tackle supply-driven inflationary factors

Published

10 months ago

July 26, 2023

The Nigeria Employers’ Consultative Association (NECA) has urged the Central Bank of Nigeria (CBN) to collaborate with relevant government agencies in addressing supply-driven inflationary factors.

The Director-General, Mr Adewale-Smatt Oyerinde, said this in a statement on Wednesday, in Lagos.

He said that such factors include high energy prices; high costs of logistics and Foreign Exchange pressure, among others.

Oyerinde was reacting to the decision by the Monetary Policy Committee of CBN to raise the Monetary Policy Rate (MPR) by 25 basis points to 18.75 per cent.

According to him, such increase can be chaotic to the growth trajectory of the nation.

“It is apt that the apex bank collaborate with fiscal authorities in addressing the fundamentals behind the persistent increase in consumer prices, which has defied the policy measures put in place by previous rate hikes.

“Tightening monetary policy stance by raising the anchor rate has proved ineffective, as inflation has been rising steadily and could climb as high as 25 per cent before year end.

“The focus of CBN should be on tackling the structural drivers of inflation, mostly the supply-side, “ he said.

The NECA boss said it was understandable that CBN’s stance in raising interest rate was needed to attract foreign inflows into the economy to moderate pressure on the foreign exchange rate.

He said, however, that in the light of hardship being experienced by the populace, it would have been appealing that CBN retained the MPR for a while, to observe the impact of the current executive orders on the economy.

“In our view, high cost of borrowing is injurious for business growth; amid tough business conditions, small and medium enterprises need to be supported with relatively low interest rates to stimulate access to liquidity.

“The focus should be driving up investment and ensuring the sustainability of local businesses as one of the key elements to improving economic stability, “ Oyerinde said.

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Prince Harry visits sick Nigerian soldiers in Kaduna

Published

4 days ago

May 11, 2024

Alero Danjuma

Prince Harry and his team visited the 44 Nigerian Army Reference Hospital in Kaduna to interact with wounded soldiers who are receiving treatment.

The Duke of Sussex is in Nigeria with his wife to champion the Invictus Games, which Harry founded to aid the rehabilitation of wounded and sick servicemembers and veterans.

Nigeria joined the Invictus Community of Nations in 2022 becoming the first African country to join.

Prince Harry’s visit to Kaduna came 68 years after his late grandmother Queen Elizabeth II visited the state during the time of the late Premier of Northern Region Sir Ahmadu Bello.

News

Senate approves death penalty for drug traffickers

Published

6 days ago

May 9, 2024

Alero Danjuma

Senate on Thursday, May 9, approved the death penalty for those convicted on the charge of drug trafficking in the country.

The punishment prescribed in the extant NDLEA Act is a maximum sentence of life imprisonment.

The resolution of the Senate followed its consideration of a report of the Committees on Judiciary, Human Rights and Legal Matters and Drugs and Narcotics, National Drug Law Enforcement Agency (NDLEA) Act (Amendment) Bill, 2024.

The Chairman of the Committee on Judiciary, Human Rights & Legal Matters presented the report during plenary, Senator Mohammed Monguno (APC-Borno North).

The bill, which passed its third reading, aims to update the list of dangerous drugs, strengthen the operations of the NDLEA, review penalties, and empower the establishment of laboratories.

Section 11 of the current act prescribes that “any person who, without lawful authority; imports, manufactures, produces, processes, plants or grows the drugs popularly known as cocaine, LSD, heroin or any other similar drugs shall be guilty of an offence and liable on conviction to be sentenced to imprisonment for life” was amended to reflect a stiffer penalty of death.

Although the report did not recommend a death penalty for the offence, during consideration, Senator Ali Ndume moved that the life sentence should be upgraded to the death penalty.

During a clause-by-clause consideration of the Bill, Deputy Senate President Barau Jibrin, who presided over the session, put the amendment on the death penalty to a voice vote and ruled that the “ayes” had it.

But Senator Adams Oshiomhole objected to the ruling, saying that the “nays” had it.

He argued that matters of life and death should not be treated hurriedly, but Barau said it was too late, as he failed to call for division immediately after his ruling.

The bill was subsequently read for the third time and passed by the Senate.