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June 19, 2022June 19, 2022

Inflation: CBN’s Policies Hurting Nigerians, Printing More Money Is Dangerous – World Bank, Economists

World Bank and the Economist Intelligence Unit, EIU, have spoken out about Nigeria’s growing money supply. They are concerned that the CBN creating money to pay the federal government deficit in the face of declining income will hurt the economy.

Their warning comes at a time when the amount of money in circulation in the economy continues to increase.

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The Central Bank of Nigeria has been urged to stop the printing of money as the currency supply in the economy reached a record high.

The advice is coming from the Economist Intelligence Unit, EIU and economists at the World Bank. The EIU in particular said the central bank might have been breaking the law which stipulates a limit beyond which it shall lend to the government.

The EIU noted that the ability of the CBN to tame Nigeria’s inflation through raising rates is being undermined by its continued direct financing of the budget deficit.

“Building credibility in the target rate (of inflation) has not been a priority in recent years. The continued printing of money at the same time as tightening policy would prevent effective control of the price level”

Nigeria has rules that limit how much lending the central bank should offer the government and there are statutes that forbid the government from reckless borrowing, but the EIU inferred that these rules have been contravened repeatedly. EIU added: “All prudential rules on the government borrowing through the (CBN’s) overdraft facility have long been broken”

The World Bank on its part says the Central Bank of Nigeria’s development finance intervention is fuelling inflation in the short term and weakening the ability of the apex bank to control inflation. In a new report titled the ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual, the World Bank said, there is huge money in supply in Nigerian economy.

Currency in circulation has been on the increase in 2022, and when the current data is compared to N3.29 trillion at the start of the year over 0.62 per cent or N20.5billion have been added to the economy. Meanwhile, NNPC remittances to FG continue to decline.

June 15, 2022June 15, 2022

Nigerian Professor, Soyinka Dies In OAU Teaching Hospital

Soyinka, the renowned researcher and former Provost of the College of Health Sciences of Obafemi Awolowo University, Ile-Ife, has died.

According to a statement by his family, Mr Soyinka died in the early hours of Tuesday at his home in Kukumada Village, Ibadan, Oyo State.

He was 85.

Mr Soyinka was the younger brother of Nobel laureate and professor of comparative literature, Wole Soyinka.

Read the family’s statement below:

The Soyinka Family of Ake/Isara, Ogun State, has announced the passing of their father, grandfather, great grandfather, brother, uncle Professor Femi Soyinka, which occurred in the early hours of Tuesday, 14 June 2022 at his home in Kukumada Village, Ibadan, Oyo State.

Born in 1937 Professor Femi Soyinka received a Medical degree in Medicine and Surgery MBchB from University of Heidelberg, 1964; and Doctor of Medicine (MD) degree from the same University in 1965. He specialised and practised as a Dermatologist, Venereologist and Allergologist at the University of Giessen,1969.

In 1972, he obtained a Master of Public Health degree from Hadassah Medical School, (MPH) Israel.

He worked in the academic field for 30 years, holding various positions from Chief Medical Director to Dean of the Faculty of Health Sciences and the Provost of College of Health Sciences of Obafemi Awolowo University, Ile-Ife, Nigeria. He was also involved in ex-tensive research work on Tropical Skin Diseases and Sexually transmitted infections (STIs) in collaboration with the Federal government, international donor agencies and organizations such as the World Bank, UNDP, DFID, the British Council; and the International Development Re-search Centre, Canada.

He pioneered several researches in the field of HIV/AIDS and worked as consultant to various international and local agencies including the World Health Organization, DFID, UNDP and Nigerian Federal Ministry of Health based on his extensive experience on the subject in various parts of the country.

Prof. Femi Soyinka was in the forefront of mitigating the impact of HIV/AIDS in Nigeria. By translating the outcomes of his researches into clinical practice. He impacted significantly not only in the lives of numerous individuals and families living with the disease, but also on the nation as a whole.

He initiated the Ambassador of Hope program in Nigeria, encourag-ing people living with HIV/AIDs (PLWHAs) to speak up, thereby bringing the much-needed public awareness to the disease at a time when knowledge was low and stigma was high. He also demonstrated technical knowledge and was involved with many other HIV/AIDs related programs including HIV/AIDS prevention, care and support, prevention of mother-to-child transmission, ARV programs, voluntary counselling and testing (VCT) and home-based care for PLWHAs in Nigeria.

Subsequently, he contributed significantly to capacity building of indigenous organizations across the six geopolitical zones of Nigeria through his non-governmental organization – New Initiative for the Enhancement of Life and Health (NELAH) previously known as; Network on Ethics/Human Rights, Law, HIV/AIDS-Prevention, Support and Care (NELA). He was a past president of Society for AIDS in Africa and he successfully coordinated the International Conference on AIDS and STIS In Africa (ICASA) in Abuja, Nigeria in the year 2005.

He is survived by his wife, children, grandchildren and great grandchildren.

Burial arrangements would be announced by the family later.

June 11, 2022June 11, 2022

Owo Attack: Our Intel Shows Helicopter Drops Food For Terrorists In Secret Camp – Gani Adams

Chief Gani Adams, has said that the terrorists who attacked the St.Francis Catholic Church members, Owo, Ondo State, camped in a secret forest and were being fed by food supplied by a helicopter.

Adams revealed that the South-West Security Stakeholders Group (SSSG) had five weeks ago raised the alarm that some terrorists had invaded the South-West, but the South-West governor ignored it.

Adams made the disclosure on Friday in his reaction to the St. Francis Catholic Church massacre, Owo, according to Nigerian Tribune.

According to him, he also suspected that the heinous attack was carried out by an international organisation as “It was a highly coordinated attack.”

He said, “Well, I suspect it was an attack by an international organization. It was a highly coordinated attack.

“This is the first time we are witnessing this type of attack in Yoruba land. We have seen different attacks perpetrated by Fulani herdsmen, however, the Owo Church attack sounded unusual.

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“The information at our disposal indicated that the attackers were about seven in number and they came with explosives that were allegedly planted under the Alter of the church.

“And immediately the bomb exploded, it was a horror as worshippers were scampering for their lives and at the same time, the attackers were shooting sporadically.

“So far, according to the state government, 38 people were killed while about 64 others were still at the hospital. We pray not to have more casualties.

“This attack is highly condemnable. Any right-thinking person will condemn it totally.

“However, on the Owo Church attack, the SSSG raised the alarm about five weeks ago that some terrorists have invaded the South-West, but unfortunately none of the state governors really addressed the issues. So, what led to the Owo attack was premeditated.

“The information we had earlier was that some terrorists have invaded a very close forest in Owo.

“These terrorists, according to our information, have their food being supplied to them via helicopter, and the Olowo, who is the traditional ruler of the ancient town, even the state government could not flush them out of the thick forest.

“So, that tells you that they have occupied the bush to perpetrate their calculated killings,” he added.

The Yoruba Generalissimo, who coordinates SSSG, said pressure was being mounted on the “government of the South-West region to make sure that they tackle the spate of insecurity in the region.

“However, I want to urge the government, particularly, our governors in the South-West to brace up against these terrorists.

“We are ready to support them by ensuring that the region is safe and secured. We are also ready to offer advice and information, where necessary to forestall further attacks on the region.”

June 10, 2022June 10, 2022

Osun Election: Defeat already staring PDP in the face – Oyetola’s Campaign DG

The All Progressives Congress, APC, Campaign Council for the Osun 2022 governorship election, has described as laughable and unfounded, the claim by the Peoples Democratic Party (PDP) and its candidate, Ademola Adeleke that Governor Adegboyega Oyetola was asking civil servants in the State to surrender their Permanent Voter Cards, PVCs.

A statement signed by the Director-General of the Campaign Council, Senator Ajibola Basiru, said the PDP was now running from pillar to post because defeat is already staring it in the face.

The Oyetola campaign team wondered where PDP and Ademola were when the workers’ union in the State openly endorsed the incumbent governor as its preferred choice one clear year before the election. It added that with what Governor Oyetola had done for workers in particular and generality of Osun people, he needs not coerce the electorate to vote for him come July 16.

“Ordinarily, we would have ignored the allegation by the Ademola Adeleke Campaign Council because it is laughable, unfortunate and unfounded. However, because those outside the State may be tempted to believe their lies, we felt compelled to puncture it with facts.

“It is sad that the Adeleke Campaign Council has consistently chosen the path of falsehood and misinformation as a campaign method and strategy. This is an indication that the PDP in Osun is down and it should stay down, accept its misfortune and stop making things worse for itself by polluting the political space with falsehood and propaganda.

“One, it is on record that since the creation of the State in 1991, this is the first time all workers’ unions will be unanimous in their decision to support a governorship candidate. Why does a popular and loved government need to threaten the workers that have already endorsed it for a second term? Why can’t the PDP candidate’s Council keep quiet when it has nothing meaningful to say? Must the Adeleke people embarrass themselves everywhere, everyday?

“Two, this is the first time workers will devote May Day to the adoption of a governorship candidate. They did it last year. They adopted our candidate even before his emergence. This is because he (Governor Oyetola) has consistently prioritised their welfare and fulfilled all the pledges he made to them. Our candidate has delivered the goods and the civil servants are happy.

“Therefore, the workers on their own have resolved to campaign and vote for him because they do not want any kindergarten politician to come experiment with Osun.

“Three, this is the first time since the creation of the State that an administration will run a government for four years without any industrial unrest. If workers were not treated well, can that feat be achieved? Why do we need to corece such people to vote for our party and candidate? They will naturally be our canvassers.

“Of course, we sympathise with the PDP’s desperation and lack of campaign prowess and materials. We feel their pain because nobody, no union, no group has found their candidate, Ademola Adeleke, good enough to adopt or support. They know they are a disappearing act. It is pathetic when a drowning man comes on air and spew out only misinformation.

“For the avoidance of doubt, it is worth repeating that Governor Oyetola did not, and will not ask civil servants to submit their PVCs under any guise. The Osun civil servants are in a good place and they know it. They also know that the PDP’s ship is at best a floundering and about-to-sink one.

“The PDP tried to use pensioners to blackmail the State government, it fell flat on their faces. This too, has failed. We therefore implore Mr Adeleke’s Campaign Council to stay down, hide its ignorance and prepare to attend the inauguration ceremony of Oyetola for second term,” the statement said.