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Democracy Day: Nigerian politicians unable to exploit gains of June 12 – Ibrahim Babangida

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Ibrahim Babangida, a former military Head of State, has stated that Nigerian politicians have failed to capitalize from the gains of June 12 election.

Speaking on Sunday, June 11 ahead of Democracy Day which is marked June 12 of every year, Babangida said politicians have blatantly ignored the “beauty part” of June 12, 1993 election which was highly adjudged the freest and fairest election in Nigeria.

In a statement released by his media aide, Kassim Afegbua, Babangida said;

“The gains of June 12, 1993 presidential election have not been exploited by political leaders in succeeding elections in Nigeria,” he said.

“It was adjudged the freest and fairest election in Nigeria, yet politicians have blatantly ignored that beauty; the beauty of credible elections.

“Remember, it was an election Nigerians came out en mass to choose their leaders, irrespective of their cultural/traditional and religious affiliations.

“There is thuggery in politics in Nigeria, too many litigations in Nigeria, too many issues that transparent elections ought to have addressed,” he said.

“June 12 should naturally encourage more voters to endorse democracy and election, but the turnout during our election is gradually declining,” he added.

“Right now there is voter apathy, that’s the more reason why something must be done to ensure mass participation in elections.”

Babangida says progress has been made with recent electoral reforms, but it is still a work in progress

“It is a learning curve and a work in progress. Our leaders must continue to invest their time, energy, and resources to deepen democracy and sustain democratic ideals,” he said.

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Suspend cybersecurity levy– Reps to CBN

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House of Reps

The House of Representatives on Thursday asked the Central Bank of Nigeria to withdraw the circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country, The Nation reports.

The motion on the urgent need to halt and modify the implementation of the cybersecurity levy was moved by the member representing the Obio/Akpor Constituency, Kingsley Chinda.

The House urged the CBN to withdraw the circular and “issue a more understandable one,” as Chinda had drawn the attention of the House to multiple interpretations of the CBN directive against the specifications in the Cybersecurity Act.

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Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN

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AGAINST the backdrop of sustained pressure in the foreign exchange market and high cost of production, the Manufacturers Association of Nigeria, MAN has indicated that inventory of unsold goods is escalating to levels now threatening the existence of companies operating in the production sector of the economy with attendant job losses.

Findings show that as of the weekend the foreign exchange market had recorded over 254 per cent plunge in the value of the naira since flotation of the currency by the Central Bank of Nigeria (CBN) in June 2023.

Recall that the naira traded for N471 per dollar in the official I&E market on June 13, 2023 before the floatation of the currency, but exchanged for N1,665.50 to a dollar as at February 23, 2024 on the Nigerian Foreign Exchange Market (NAFEM), indicating a depreciation of more than 253.6 per cent over the eight-month period. The forex crisis is also stoking inflation, and coupled with high energy costs, purchasing power has continued plummet, stifling demand for goods.

Speaking on the impact of this development on the manufacturing sector, Director General, MAN, Segun Ajayi-Kadir, said: “There are reports that across the board, many warehouses and plants of many manufacturing firms are stockpiled with unsold goods manufactured last year. “The development is as a result of the devastating effects of the exchange rate crisis, inflation, fake and sub-standard goods, smuggling and other macro-economics challenges.”

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