Economy - Abia ThinkTank News

Aug

2024

Look Beyond Present ‘Temporary’ Pains – President Tinubu Addresses Nigerians Again

Look Beyond Present ‘Temporary’ Pains – Again, President Tinubu Addresses Nigerians President Bola Tinubu has pleaded with Nigerians to be patient with his administration, assuring them that the country is transitioning from darkness to dawn. In an official video released by the State House on Wednesday, Tinubu acknowledged the ongoing hardships orchestrated by the removal of the fuel subsidy and the floating of the naira. He noted that Nigerians’ pain was compounded by what he described as an “avoidable lag” between the subsidy removal and his helpful plans for the country. He said, “Fellow Nigerians, this period may be hard…

Aug

2024

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By Abia ThinkTank

26 Banks Qualify In CBN’s $876 Million FX Auction

CBN/Commercial Banking, Economy, News Flash

26 Banks Qualify In CBN’s $876 Million FX Auction To enhance liquidity in the foreign exchange market, the Central Bank of Nigeria, CBN, said it has successfully conducted a Retail Dutch Auction System (rDAS) sale, resulting in the approval of bids valued at $876.26 million from 26 authorised dealer banks. According to a statement by the Director of the Financial Markets Department at the CBN, Omolara Duke, the sale conducted on Tuesday highlights the Central Bank’s efforts to stabilise the foreign exchange market and ensure effective price discovery. A Dutch auction is a type of auction in which the auctioneer…

Aug

2024

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By Abia ThinkTank

1.4 Million Jobs Up As FGN Moves To Revamp Cotton/Textile Industry

Economy, FGN, Labour, News Flash

1.4 Million Jobs Up As FG Moves To Revamp Cotton/Textile Industry The Federal Government, in collaboration with the International Cotton Advisory Committee (ICAC), has kickstarted the resuscitation of Nigeria’s cotton industry. The target is to create over 1.4 million jobs annually in the cotton/textile sector, while the focus is to develop key components of the cotton value chain comprising farming, weaving, ginning and linking of cotton, all in line with the industrialization drive of the President Bola Ahmed Tinubu administration. This was the outcome of a meeting held on Tuesday between Vice President Kashim Shettima and a delegation from the…

Aug

2024

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By Abia ThinkTank

Hunger Protests: Suspend Your Actions, Mr President Has Heard You All – Defence Minister, Matawalle Tells Youths

Columns/Opinions/Letters, Economy, News Flash

Protests: Suspend Your Actions, Mr President Has Heard You All – Defence Minister, Matawalle Tells Youths The Minister of State for Defence, Bello Matawalle has appealed to Nigerians to suspend the nationwide protests against the current government, assuring citizens that President Bola Tinubu is working assiduously to fix the current challenges of the country. While addressing some select national heads of various youth Organisations on Tuesday in Abuja, he urged protesters to have more patience and trust the ‘Renewed Hope Agenda’ of President Tinubu. According to Matawalle, the policies of the President Bola Ahmed Tinubu’s administration encompass strategic plans and…

Aug

2024

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By Abia ThinkTank

CBN Approves Merger Of Unity, Providus Banks

CBN/Commercial Banking, Economy, News Flash

CBN Approves Merger Of Unity, Providus Banks The Central Bank of Nigeria, CBN on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited. The apex bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’s financial system and avert potential systemic risks. “The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,”…

Aug

2024

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By Abia ThinkTank

LG Autonomy: EFCC Issues Strong Warnings To LG Chairmen

Crime, Economy, News Flash, Politics

LG Autonomy: EFCC Issues Strong Warnings To LG Chairmen LG Autonomy: EFCC Issues Strong Warnings To Local Govt Chairmen The Economic and Financial Crimes Commission has pledged to closely monitor local government activities to ensure good governance, accountability, and transparency. This follows the recent Supreme Court judgement granting financial autonomy to local governments. It disclosed this at a national dialogue organised by Agora Policy, themed “Enthroning Accountability in Local Government in Nigeria”, in Abuja on Monday. A representative of the EFCC Chairman, Friday Ebelo, said, “Good governance encompasses three essential elements: accountability, transparency, and citizen participation. For these elements to…

Aug

2024

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By Abia ThinkTank

Food Inflation: Expect Bumper Harvest, Agriculture Minister Assures Nigerians

Agriculture, Economy, News Flash

Food Inflation: Expect Bumper Harvest, Agric Minister Assures Nigerians The Minister of Agriculture and Food Security Abubakar Kyari says the country is expecting a bumper harvest before year-end. Food inflation has reached 40 per cent according to data from the National Bureau of Statistics (NBS), pushing the prices of essential commodities beyond the reach of millions of Nigerians. But Kyari said the Federal Government has measures in place to address the situation including ramping up farming which would increase food production. “It [bumper harvest] is about October-November this year. That’s when we are going to have the harvest. We are…

Aug

2024

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By Abia ThinkTank

Broadcast By President Tinubu On The Nationwide Protest

Abuja, Economy, FGN, News Flash, Presidency

BROADCAST BY HIS EXCELLENCY BOLA AHMED TINUBU, PRESIDENT AND COMMANDER-IN-CHIEF OF THE ARMEDFORCES OF THE FEDERAL REPUBLIC OF NIGERIAON THE NATIONWIDE PROTEST DATE: SUNDAY 4TH AUGUST 2024 My fellow Nigerians, I speak to you today with a heavy heart and a sense of responsibility, aware of the turmoil and violent protests unleashed in some of our states. Notably among the protesters were young Nigerians who desired a better and more progressive country where their dreams, hopes, and personal aspirations would be fulfilled. I am especially pained by the loss of lives in Borno, Jigawa, Kano, Kaduna and other states, the…

Aug

2024

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By Abia ThinkTank

Hunger Protest: Will Turn Into A Revolution – Aliyu Llias

Columns/Opinions/Letters, Economy, Human Rights, News Flash

Will Turn Into A Revolution And There Is Nothing He Would Be Able To Do About It -Aliyu Llias According to the report from the Sun, Economic and financial experts have outlined immediate actions the Bola Tinubu administration should take to address the ongoing nationwide protests. In discussions with Saturday Sun, they suggested measures such as subsidizing food costs, reducing governance expenses, and ensuring transparency in the distribution of palliatives. The protests, which began on Thursday over rising living costs and hunger, have escalated into violence, property destruction, and loss of life across the country. Aliyu Ilias, an economist and…

Aug

2024

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By Abia ThinkTank

Hunger Protest: Emir Of Kano Explodes

Columns/Opinions/Letters, Economy, News Flash

Emir Of Kano Explodes “I have been, over the years, talking about the pending crisis ahead of the current economic hardship. Any economist who has studied monetary policy in the last eight years knows that Nigerians will fall into this difficult situation. “The difficult situation Nigerians are facing is just the beginning (if the right decision is not put in place) because Nigeria is not exceptional; such situations happened in Germany, Zimbabwe, Uganda, and Venezuela. “The previous administration turned adamant about our appeal for corrective measures (on the economic policy). I have said in the presence of the now sitting…