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Nigerians In Diaspora Urge FG To Review Monetary Policies, Restructure NNPCL’s Debts
Nigerians in the diaspora, under the umbrella of Nigerian Professionals in Diaspora (NPID), has called for an urgent reassessment of the country’s monetary policies, following the recent hike in fuel prices.
In a statement released signed by Dr Obiora Okereke, President and Chief Mrs Bukola Shonekan, Secretary on Thursday, NPID expressed deep concern over the current state of Nigeria’s economy, particularly the recent spike in fuel prices, which has exacerbated the already challenging economic conditions for millions of Nigerians.
The group blamed the economic managers of the President Bola Ahmed Tinubu administration for failing to support the President’s vision with competent and effective policies, citing the poorly implemented floating of the Naira as a glaring example.
NPID noted that instead of stabilizing the currency and attracting foreign investment, the policy has resulted in further depreciation of the Naira, leading to an unstable exchange rate that has driven up the cost of goods and services across the board.
The group also called for the restructuring of the Nigerian National Petroleum Company Limited (NNPCL) debts, reportedly exceeding $6 billion, which has put the nation in a precarious position regarding fuel supply.
“We believe that President Tinubu’s vision for Nigeria is clear, but the implementation of his economic policies by his advisers and managers is lacking in strategic foresight and execution,” NPID said.
The group urged the President to take immediate action to address the economic challenges facing the country, including reassessing monetary policies, restructuring NNPCL’s debts, and holding economic managers accountable for their actions.
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
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