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Rising cost of living: Nigerians bemoan unbearable hardship under Tinubu govt

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Nigerians face tougher days ahead as spiralling nationwide hunger resulting from untamed inflation, food insecurity and shrinking purchasing power worsen under the President Bola Ahmed Tinubu administration.

Tinubu’s economic team, namely the Minister of Finance, Olawale Edun, the Minister of Budget and National Planning, Atiku Bagudu, the Governor of Central Bank of Nigeria, Olayemi Cardoso, look overwhelmed by the country’s challenges, with current interventions yet to address the burgeoning hardship.

This is the situation in the last eight months as Nigerians suffer the hardship created by Tinubu’s policies of fuel subsidy removal and Naira floating at the foreign exchange market.

the Naira increased to N1,534.39 per US dollar at the FMDQ foreign market on Monday from N460.702, which it traded in May last year when President Tinubu took the oath of office.

This was further worsened with the removal of fuel subsidy, which saw the price of fuel rise to over N550 per litre from N238 in May 2023.

Also, the continued soaring inflation rate stood at 28.92 per cent in December, while food inflation increased to 33.93 per cent.

Consequently, since then, the daily increase in prices of foods, goods and services has been a common slogan in marketplaces in Nigeria, which is exacerbated by the fluctuation in the forex market in a country heavily dependent on imports.

It was gathered that prices of food items have skyrocketed above 100 per cent.

For instance, the price of a 50kg bag of rice increased to N65,000 from N35,000; beans rose to N1,600 per mudu from N800, 50kg bag of garri increased to N39,500 from 22,000; a carton of noodles super back size increased to N11,140 from N6,000, 25 litres of groundnut oil rose to N57,000 from N34,000, size 3 and 4 of 1kg pampers increased to N900 from N400, a crate of egg rose to N3,700 from N2,500, 50kg bag of sugar increased to N85,000 from N40,000, while 900g loaf of bread rose to N1,200 from N500; the list is endless.

Mrs Amina Jibrin, a small-scale trader in Dawaki, Abuja, said she may be forced to quit business because she no longer makes gains.

“Every day we go to the market, the prices of items always increase. We cannot afford to buy goods in the market.

“It will be as if you went to the market and misplaced your money. I may quit my business because I no longer make any money.

A Lagos resident, Mabel Rufus, lamented that the rising prices of food items was biting hard on her family.

“Fresh Tomatoes is a no-go area. In most places, onion is three for 300, for the little sizable one. Egg, a crate is almost N4,000, something in the range of N2000 a few months ago.

“The situation is affecting us seriously. Salary can no longer cater for food, let alone other needs. We are dying in this country under Tinubu”, she said.

The International Monetary Fund, IMF, in its recent report titled ‘Review of Nigeria’s Post Financing Assessment’ by the IMF Executive Board, warned that Nigeria is experiencing a deepening economic crisis amid the rising cost of living, amplifying the plights of the citizenry.

Little wonder, Nigerians protested in Minna, Niger State and Lokoja Kogi State recently against the rising cost of living a week ago.

However, as a quick action to deter the crisis, President Tinubu, five days ago, ordered the release of 102,000 metric tonnes of rice and maize to Nigerians.

Speaking on Monday, a renowned economist and former President and Chairman of the Council of Chartered Institute of Bankers, Prof Segun Ajibola, blamed the situation on the badly skewed structure of the Nigerian economy.

The economist said that beyond rhetoric, the economy managers should immediately drive import substitution strategies to address the Nigerian economy’s challenges.

“The genesis of the current spiral inflation rests in the badly skewed structure of the Nigerian economy. An economy that is monolithic and hangs its foreign exchange earnings on a primary gift of nature- oil, is susceptible to price instability as it may not have the buffer to mellow down prices, which are said to be sticky downwards.

“The insatiable appetite for imported consumables further compounds Nigeria’s situation. Basic needs such as food, medicine, raw materials, and spares are largely imported. The local currency, the Naira, depreciates rapidly for the reasons mentioned. All these put pressure on local prices daily.

“Beyond rhetoric, the managers of the economy should drive import substitution strategies effectively. The idea of devoting much attention to sharing the available foreign exchange among contending users amid the local currency’s dwindling fortunes can only worsen matters.

“The slogan: produce what you consume, consume what you produce should graduate from paper slogan to practicality. The list of importable items to Nigeria is unwinding and needs to be tamed. India, China, Malaysia, etc, have done it successfully recently.

“In the long run, the economy needs to be restructured via diversification. Agriculture needs total overhauling to ensure food security; a new industrial policy is long overdue, while new technological innovations should be introduced to redefine all segments of the national economy.

“In all these, infractions, economic sabotage, and rent-seeking syndrome should be chased out of this fledgling national economy.

“Where caught, heavy sanctions should be applied on the offending individuals and corporate bodies”.

On his part, the CEO of SD & D Capital Management, Mr Idakolo Gbolade, said the government must consider a price-fixing policy for some food items and monitor excessive profit by traders.

He noted that the country should look inwards in the long run and ensure the agricultural revolution plan is tailored towards self-sufficiency.

He added that staple food items such as rice, beans, and millet imports should be banned.

“The rising cost of food items can be attributed to the continued depreciation of the Naira. The US dollars are exchanged on the Nigeria customs portal for $1 – N1,380; the official rate is close to that. On the black market, it is exchanged for $1- N1,470.

“The cost of food prices is directly proportional to the strength of the Naira, and most government policies are taking too long to be formulated.

“The government had directed the release of 102 million Metric tonnes of grains from the strategic grains reserve, but that measure is not enough to bring down food prices.

“The government needs to immediately implement a price-fixing policy for some food items and monitor excessive profit by traders.

“In the long run, we must look inward and ensure the agricultural revolution plan of the government is tailored towards self-sufficiency, while major staples like rice, beans, millet, etc, should be banned from being imported into the country to strengthen local production and eventual export.

“The economy needs to be diversified from being import-dependent to export-oriented to make the country recover the lost opportunities over the years”, he said.

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Yahaya Bello Vs EFCC: Court Adjourns Ruling and Continuation of Trials to June 26 , 27 and July 4 and 5

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You cannot cross examine him based on the document,” Daudu SAN argued. Enitan SAN added that he had the right to draw the attention of the court to some specific paragraphs in the document.

The Federal High Court in Abuja has adjourned the hearing of the alleged money laundering case instituted against the immediate past Governor of Kogi State, Yahaya Bello, by the Economic and Financial Crimes Commission to June 26, 27 and July 4 and 5 for ruling on the request by the prosecution to “cross-examine” the 3rd witness and for continuation of trial.

Justice Emeka Nwite adjourned the hearing after listening to addresses by the prosecution and defence counsels on the Prosecution’s move to initially cross-examine the witness, a position that was rejected by the Defendant’s Counsel, Joseph Daudu, SAN.

When the matter was called for continuation of cross-examination, the Defendant’s counsel asked the witness, Nicholas Ojehomon, whether he had testified in other courts with respect to the issue of school fees paid by the Bello family to AISA, he said yes.

But the witness, an internal auditor at the American International School, Abuja, said he could not mention the exact courts.

He admitted testifying in a similar charge involving Ali Bello but added that he never said anything adversely against former Governor Yahaya Bello just as he had not said anything negative or adversely against him in the instant charge.

After Daudu SAN concluded the cross-examination of the witness, Nicholas Ojehomon, the EFCC’s lawyer, Olukayode Enitan, SAN, moved to also cross-examine the Commission’s witness on Exhibit 19.

He told the court that he was not re-examining the EFCC’s witness, but cross-examining him because the document was admitted in evidence.

“I am not re-examining him, I am cross-examining him because they brought this document,” he said.

The Defendant’s lawyer, however, drew the court’s attention to the fact that the prosecution counsel’s position was unknown to law, in line with the Evidence Act.

“If you want to cross-examine your own witness, you have to first declare him a hostile witness. You cannot cross examine him based on the document,” Daudu SAN argued. Enitan SAN added that he had the right to draw the attention of the court to some specific paragraphs in the document.

At this point, the judge asked: “Do you have any provision of the law to support this?””I will draw your lordship attention to Section 36 of the Constitution.

They sought to tender this document, we objected and the court granted their prayer. Fair hearing demands that the complainant too has the right to examine this because Section 36 of the Constitution talks of fair hearing,”

Enitan responded. “We are not saying that they cannot re-examine the witness. That is what Section 36 under the law says about fair hearing. But if it is to cross-examine him, he will have to show us the law that backs that.

“He cannot come under the guise of fair hearing to want to cross-examine the witness,” the Defendant’s lawyer maintained. The judge, at the end of the arguments, refused to allow cross-examination of the witness by the EFCC lawyer.”

Under the procedure, the witness gives evidence in chief and the defendant cross examines, then the prosecution re-examines.

“With due respect, what I will do is if you people are so skewed to continue with this, it is better to address me on this and I will take a position,” he stated.

At this point, the prosecution counsel agreed to re-examine the EFCC’s witness and the judge gave him the go-ahead.”You can re-examine him on that but not to ask questions that will show cross examination,” Justice Nwite said.

However, when the prosecution lawyer proceeded to re-examine the witness, and his questions pointed at cross-examination, as observed by Daudu SAN, the judge insisted that the parties had to address him on the specific issue.

The Defendant’s Counsel, in his address, maintained that the position was unknown to law.

“My lord, the procedure that is being sought by the prosecution by refering the witness to the document tender in Exhibit 19 and by asking him to read paragraph 1, without drawing his attention to the issue on how the document affected his evidence in chief, the question asked in cross-examination, and the ambiguity, which needs clarification, amounts to a strange and unknown procedure not covered by the Evidence Act,” he stated.

Enitan SAN, disagreed, saying that in the case of Amobi Amobi referred to by the defendant’s counsel, the Supreme Court held that the learned trial judge ought to have allowed a re-examination of Exhibit E.

He said when the defendant sought to introduce the document, the prosecution team “submitted that this document was not made by the witness and as such, he should not be allowed to speak to it under cross examination or allowed to be confronted with it.”

“Having brought it in now, during the case of the prosecution, particularly during the cross examination of PW-3, your lordship should not allow them to shut us out as that would amount to the court allowing them to blow hot and cold,” Pinheiro SAN said.

Justice Nwite thereafter adjourned to June 26, 27 and July 4 and 5 for ruling and continuation of trial.

The 3rd prosecution witness had, at the last hearing on Thursday, said there was no wired transfer of fees from the Kogi State Government or any of the local Governments in the state to the account of the American International School, Abuja.

He also read out a part of a previous Federal Capital Territory High Court judgment that said there was no court order for AISA to return fees to EFCC or any judgment declaring the money as proceeds of money laundering.

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Bill Gates to give away 99% of his wealth

“I have decided to give my money back to society much faster than I had originally planned,” Gates, 69, wrote in a statement.

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The Gates Foundation plans to give away $313 billion over the next 20 years before shutting down entirely in 2045.

The move, according to Bloomberg, marks a new deadline for one of history’s largest and most influential charities.

That target would represent a doubling in spending for the non-profit foundation which has disbursed more than $100 billion since it was co-founded by Microsoft Founder Bill Gates and Melinda Gates in 2000.

Originally, the foundation was set to close 20 years after Gate’s death.

“I have decided to give my money back to society much faster than I had originally planned,” Gates, 69, wrote in a statement.

“I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world,” he added.

Credit: Bloomberg

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Peter Obi’s Comparison of Nigeria’s Educational System With Bangladesh, Turkiye

Bangladesh, which once lagged behind Nigeria in virtually every measurable development index, now surpasses us in all key areas of development and in the Human Development Index (HDI).

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Peter Obi wrote on his X( Twitter) : “I just came across the official results from JAMB showing the recent exam figures.

In the data shared by JAMB, a total of 1,955,069 candidates sat for the exam.

Shockingly, out of this number, only about 420,000 candidates scored above 200, while over 1.5 million scored below 200.

This means that over 78% of the total candidates failed to meet the 200-mark threshold — a reflection of the deep-rooted challenges in our educational system.

The latest JAMB results once again highlight the consequences of decades of underinvestment in education, a sector that should be central to our national development strategy.

Currently, Nigeria’s total university enrollment stands at approximately 2 million students.

By comparison, the National University of Bangladesh — a single university — has over 3.4 million students enrolled, despite the country having only about 75% of Nigeria’s population.

One university in Bangladesh surpasses the entire university enrollment in Nigeria.

Bangladesh, which once lagged behind Nigeria in virtually every measurable development index, now surpasses us in all key areas of development and in the Human Development Index (HDI).

Similarly, Turkey (now Turkiye), with a population of about 87.7 million people, has over 7 million university students — more than three times Nigeria’s total university enrollment.

I have consistently said it: education is not just a social service; it is a strategic investment.

It is the most critical driver of national development and the most powerful tool for lifting people out of poverty.

We must now invest aggressively in education — at all levels — if we are serious about building a prosperous, secure, and equitable Nigeria.”

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