Good morning Nigeria. Welcome to the Naija News roundup of top newspaper headlines in Nigeria for today, Wednesday, 28th February 2024
1. ‘I Am Aware Nigerians Are Suffering’ – Tinubu Reveals, Discloses Reason For Removing Fuel Subsidy
President Bola Tinubu has defended the decision of his administration to end the fuel subsidy regime in Nigeria.
According to the President, fuel subsidy had to go because it was causing a strain on the economy, leading to inefficiencies and, most importantly, hindering Nigeria’s ability to invest in critical areas of energy security.
Speaking on Tuesday, Tinubu said he is aware the decision to remove fuel subsidy has led to hardship for many Nigerians, especially amongst low-income earners, but however, assured that the hardship is temporary and the country and its citizens would reap the benefits of the policy.
President Tinubu made the submission at the opening of the 2024 Nigeria International Energy Summit (NIES) in Abuja, where he was represented by the Minister of Information and National Orientation, Mohammed Idris.
He said with the removal of fuel subsidy, the country can now channel resources to other developmental areas, and encourage further private sector participation in the energy industry, leading to more investments.
2. I’m Not Responsible For Nigeria’s Economic Woes – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has debunked claims of being responsible for the current economic woes in the country.
Naija News reports that Cardoso made this known on Tuesday in Abuja at the first Monetary Policy Committee (MPC) meeting since he assumed office in September 2023.
While responding to a question on whether CBN is responsible for the current economic challenges faced by Nigerians, Cardoso said that he and his team are part of the solution to problems.
The apex bank boss, however, said the CBN is taking the necessary steps to get the country’s fiscal and monetary health back to normal.
3. NLC Suspends Protest, Issues New Ultimatum To FG
The Nigeria Labour Congress (NLC) has called off its nationwide protest after the first day of the planned two-day protest.
The NLC also extended the ultimatum given to the federal government to fulfil the details of their agreements to the 13th of March, 2024.
The labour union said the key objectives of the 2-day protest has been achieved on the first day.
While the strike has been suspended, the NLC said nationwide action continues tomorrow with simultaneous press conferences across all the states of the federation by the state Councils of the Congress, including the National Headquarters.
Naija News recalls the labour union had declared a two-day nationwide protest over the rising prices and general economic hardship in the country. It also accused the government of failing to fulfil its side of the agreement reached with the union in October 2023.
But after the first day of protests on Tuesday, 27th February, the NLC suspended the protest.
The decision to suspend the protest was made known in a statement by its President, Joe Ajaero and Acting General Secretary, Ismail Bello, on Tuesday.
4. ‘Nigeria Is Not Lagos’ – Babachir Lawal Fires Tinubu
A former Secretary to the Government of the Federation (SGF), Babachir Lawal, has condemned President Bola Tinubu’s approach to leadership in Nigeria.
Lawal, in an interview with TheCable, disclosed that he predicted that the appointment of the Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso by Tinubu will lead to disaster.
He claimed that you can not appoint someone in the place of leadership because he is your friend or loyal to you.
According to the ex-SGF, because Cardoso ran a small ministry in Lagos does not give him the ability to run the economy of the country.
5. CBN Raises Interest Rate To 22.75%
The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR) by four hundred basis points to 22.75 per cent from 18.75 per cent.
The apex bank Governor, Yemi Cardoso. announced this after the first Monetary Policy Committee (MPC) meeting for the year in Abuja on Tuesday.
Cardoso also said the MPC also raised the Cash Reserve Ratio (CRR) to forty-five per cent while the liquidity ratio was left unchanged at thirty per cent.
He said the move was in a bit to tame the stubborn inflation that had not responded much to the previous marginal increase.
In 2023, Nigeria’s MPC adopted a distinct approach, steadily increasing the MPR across four consecutive meetings, ultimately reaching a substantial 18.75 percent by the end of the year.
Despite these proactive measures, other significant indicators such as the Cash Reserves Ratio (CRR) and Liquidity Ratio remained static, with the CRR staying at 32.5 per cent and the Liquidity Ratio at 30.0 per cent throughout the period.
Speaking further, the CBN governor added that $400 million was paid on Tuesday to settle some outstanding foreign exchange (FX) commitments.
6. Presidency Speaks Amidst Nationwide Protest
The Special Adviser to President Bola Tinubu on Media and Publicity, Ajuri Ngelale, has characterized the ongoing Nigeria Labour Congress (NLC) protests as unnecessary.
The protests, which saw members of organized labour and affiliated unions across the nation taking to the streets on Tuesday, were aimed at drawing attention to the economic difficulties and soaring inflation rates that have plagued citizens.
In a televised interview on TVC, Ngelale addressed the concerns raised by the protestors, stating that the Federal Government is actively implementing measures to alleviate the hardships faced by Nigerians.
He emphasized the administration’s commitment to economic reforms and interventions designed to stabilize the economy and reduce the financial burden on the populace.
The protests orchestrated by the NLC were in response to what they describe as a failure on the part of the government to address the root causes of inflation and economic challenges, despite previous dialogues and agreements.
The labour unions have voiced their dissatisfaction with the pace and effectiveness of government actions in mitigating the economic strain experienced by the average Nigerian.
7. I Welcome Your Decision To Probe My Administration – Ortom Tells Alia
The former Governor of Benue state, Samuel Ortom, has said that he is willing and ready to undergo a probe by the incumbent governor of the state, Hyacinth Alia
Ortom insisted that a probe into his actions and decisions while in government would help Alia get a full grasp of the facts on ground and also end his media trial by the government.
The former governor stated this while responding to an earlier statement credited to the Chief Press Secretary to the Governor, Tersoo Kula.
Kula had stated that Alia had decided to probe the decisions and actions of the immediate past administration.
8. CBN Begins Sales Of Dollars To BDCs
In a significant policy reversal, the Central Bank of Nigeria (CBN) has declared its intention to commence the sale of foreign exchange amounting to $20,000 to each qualified Bureau De Change (BDC) operator across the nation.
This move marks a pivotal shift from the stance taken more than two years ago by the then CBN Governor, Godwin Emefiele, who halted forex sales to BDC operators in a bid to stabilize the forex market.
The policy change was communicated through a circular released on Tuesday, bearing the signature of Hassan Mahmud, the Director of the Trade and Exchange Department at the CBN.
This decision is seen as a strategic effort by the apex bank to enhance liquidity in the foreign exchange market and to stabilize the naira against other major currencies.
The suspension of forex sales to BDC operators by Emefiele was initially intended to curb the misuse of forex and speculation in the market, which was believed to contribute to the volatility of the naira.
The circular titled, “Sale of Foreign Exchange to Bureau de Change Operators to meet retail demand for eligible invisible transactions” said the move aimed at rectifying the persisting distortions in the retail segment of Nigeria’s foreign exchange market and bridging the widening gap in the exchange rate.
9. Nationwide Protest About Hunger, Economic Hardship, Not Minimum Wage – NLC Replies Presidency
The Nigeria Labour Congress (NLC) has said the two-day nationwide protest by its members is about hunger and the economic hardship in the nation.
The National President of the NLC, Joe Ajaero, made this known while speaking with reporters on Tuesday in Abuja.
He said contrary to the claim made by the Presidency that the ongoing protest is needless and about the minimum wage review, the union is not protesting only about the review of the country’s minimum wage.
Ajaero also accused the Federal Government of failing to meet the demands of the union since the removal of fuel subsidy, which has led to a rise in the cost of living.
10. ‘My Mother Is Gone Now, I Am Not Scared Of Anybody’ – Igboho
A prominent Yoruba nation activist, Sunday Adeyemo, widely known as Sunday Igboho has declared his readiness to confront and expel killer herdsmen from Yorubaland.
This bold statement was made in a video that rapidly spread across social media platforms on Tuesday.
In the video, Igboho is seen speaking to a supportive crowd during the funeral of his mother in his hometown, located in the Igboho area of Oyo State.
Expressing his determination, Igboho, who communicated in Yoruba, criticized the Federal Government and the military forces stationed in Yorubaland, specifically mentioning the inability of these forces to protect Ekiti State, where traditional rulers were tragically killed in broad daylight.
He implied that the government and soldiers have failed to address the threat posed by killer herdsmen, thereby necessitating his intervention.
That’s the top Nigerian newspaper headlines for today. Read more Nigerian news on Naija News. See you again tomorrow.
The post Top Nigerian Newspaper Headlines For Today, Wednesday, 28th February, 2024 appeared first on Naija News.