Economy
CBN’s redesign of Naira will spell doom for Nigeria – Pastor Giwa
Following the proposed move by the Central Bank of Nigeria, CBN, to redesign Naira notes, the Senior Pastor of Awaiting The Second Coming Of Christ Ministry, Adewale Giwa, has warned that it will set the country backwards.
According to Giwa, with the economic situation Nigerians are battling with, the redesign of the Naira notes should be the least on the table.
While describing the move as evil, the Pastor maintained that the lower denominations should be strengthened in order to have strong purchasing power.
“If the CBN should be allowed to go ahead with the proposed redesign of Naira notes, Nigeria will turn to another biblical Samaria where they were eating human flesh because it will finally cripple our economy.
“I don’t know why such a move should be discussed when Nigerians are currently going through hardship that has never happened even during the military era.
“When you look at America, the least currency is cents. Up till tomorrow, America is still spending its cent. If you want to buy something in a store, they have to give you a change, they use that cent as change.
“So, why can’t we go back to our N1, N5? This will go a long way to strengthen our economy. These are the things the CBN should introduce, not to set the country backwards again.
“What happened to the huge sums of money the EFCC discovered in the Ikoyi apartment? How did the current government spend late Sani Abacha loot and other monies they recovered? They squandered everything.
“Under this government, monkeys, snakes, termites had swallowed millions of dollars in Nigeria. This proposed redesign of Naira notes will finally cripple Nigeria. They are planning to turn Nigeria to the biblical City of Samaria where Cannibalism was practiced.
“Nigeria will be under siege if they allow President Muhammadu Buhari and the CBN to carry out the evil assignment to redesign Naira notes. America still spends her penny today.
“Let’s go back to our one naira and five naira notes. Let’s do it in such a way that when we enter markets today, we will be able to use the old currencies to buy things,” he said.
By Sodiq Adelakun
Inflation in Nigeria continued to rise for the twelfth consecutive month in December, with the headline inflation rate reaching 28.92%, up from 28.20% in November.
The National Bureau of Statistics released its consumer price index report on Monday, revealing the ongoing impact of inflation on the country’s economy.
More details to come…
The Nasarawa State House of Assembly has announced the first reading of a bill aimed at regulating private schools and tertiary institutions in the state.
The bill, titled “A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” was introduced during the House proceedings on Monday in Lafia.
In addition to this bill, the House also passed two executive bills that focus on promoting education and skills training in the state.
The bills, if passed into law, are expected to enhance the quality of education and boost skills training across Nasarawa State.
Three bills have successfully passed their first reading in Nasarawa State, Nigeria.
The first bill, titled “A Bill For a Law to Establish the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other Matters Connected Therewith,” aims to establish a vocati onal and technology institute in Lafia, the state capital. This institute will provide valuable skills training and education to the youth of the region.
The second bill, named “A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof,” seeks to amend the existing law governing the College of Agriculture, Science and Technology in Lafia.
The proposed amendments aim to enhance the college’s operations and ensure it remains at the forefront of agricultural and technological advancements.Lastly, the third bill, titled “the Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” focuses on regulating the establishment and operation of private educational institutions in the state.
This bill aims to ensure that these institutions meet certain standards of quality and provide a conducive learning environment for students.
“The Speaker of the House, Alhaji Ibrahim Abdullahi, announced that the second reading of the bill for the establishment of the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other related matters will take place on October 2.
The second reading of the bill to amend the College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and matters connected thereof, will be scheduled for October 3.
These bills demonstrate the commitment of the Nasarawa State House of Assembly to improving the educational sector and providing opportunities for skills development in the state.
“I will slate Oct. 3, for the second reading of A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof.
“I will also slate Oct. 4 for the second reading of A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” he said.
Earlier, Alhaji Mohammed Omadefu, the Majority Leader of the House, moved motions for the bills to scale first readings.
The Minority Leader of the House, Mr Luka Zhekaba, seconded the motion.
The House unanimously passed the bills into first readings.
The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.
Yusuf disclosed this on Sunday in his Half Year Review of 2023.
His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.
Consequently, the prices of goods and services sharply increased.
The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.
Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.
According to him, the challenges would gradually reduce before the year ends.
Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.
“Inflationary pressure is expected to ease before the end of the year.
“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.
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