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Unbanned 43 items: CBN wants to kill our businesses, local producers cry out

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The removal of the ban on 43 items that were initially restricted from accessing foreign exchange markets by the Central Bank of Nigeria (CBN) has raised concerns among local manufacturers and farmers in the country. They fear that this move may lead to many of them going out of business. Additionally, despite the CBN’s policy, the value of the naira continues to decline.

The CBN stated that the purpose of lifting the ban on these items was to encourage participation in the Investors and Exporters (I&E) window to attract foreign exchange into the economy. The original ban was implemented to manage scarce forex resources and protect local manufacturers by making the import of these items expensive, thus preventing them from competing with locally made products.

However, the decision to unban these items has not resulted in increased availability of foreign exchange. Experts suggest that structural issues and inefficiencies in the forex market, along with the allure of the black market’s arbitrage opportunities, have hindered the success of this policy. They argue that the CBN needs to find ways to ensure a consistent inflow of foreign exchange, reducing dependence on the supply side of the market and addressing structural distortions.

Some stakeholders believe that the policy to unban the 43 items aligns with the liberalization of foreign exchange. They argue that companies invested in backward integration for import substitution will not suffer losses due to dumping, as there are still customs import bans on most of the items on the list.

Others, however, criticize the unbanning, suggesting it may increase demand for foreign exchange without adequate supply. There are backlogs of trapped funds, pending payments, and delays in important transactions. Additionally, the removal of fuel subsidies without functioning refineries is affecting households as fuel prices have surged while salaries remain stagnant.

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Local oil palm producers are concerned that the policy may push them out of the market. The availability of cheaper imported palm oil may discourage local producers, causing them to lose market share.

Some experts emphasize the need for harmonizing monetary and fiscal policies to ensure a more comprehensive approach to trade regulation. They argue that without sound fiscal policy and cooperation with stakeholders, the unbanning of these items may negatively impact local manufacturers, potentially leading to factory closures and job losses.

In contrast, some stakeholders believe the removal of the ban will help rediscover the nation’s economy and promote interaction with neighboring countries. They argue that while the ban was in place, it did not lead to the expected influx of foreign exchange, and removing it may not significantly affect the economy.

Ultimately, opinions on the unbanning of the 43 items are divided, with some praising it as a positive move while others express concerns about its potential negative consequences.

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‘Some people have turned into monitoring spirits because of Tinubu’ – Joe Igbokwe

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Joe Igbokwe, a prominent member of the All Progressives Congress (APC) in Lagos State, raised concerns on Saturday about the constant monitoring of President Bola Tinubu. Igbokwe claimed that some individuals have resorted to witchcraft and “monitoring spirits” to keep an eye on Tinubu.

He explained that these individuals are observing Tinubu closely to catch any mistakes or mishaps, wherever he goes. Posting on his Facebook page, Igbokwe predicted that this scrutiny will persist for the next eight years.

He wrote: “Some people have turned to monitoring spirits. They follow PBAT anywhere he goes to see if he will make mistakes, if he will fall down, or if he will be received very well in any country he goes to. This is witchcraft and they will do this for 8 years. Mark this.”

Tinubu had a slip during the Democracy Day celebration at Eagles Square on June 12. Addressing the incident later at a Democracy Day dinner at the Presidential Villa, the President commented: “Early this morning, I had a swagger and it’s on social media. They’re confused about whether I was doing bugger or babariga.

“But it is a day to celebrate democracy. Why doing dobale on the day? I’m a traditional Yoruba boy. I did my dobale.”

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‘We’re still owed salaries in Abia State University’ – ASUU

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The Abia State University chapter of the Academic Staff Union of Universities (ASUU) has claimed that many of its members did not receive their April and May salaries, and those who were paid had deductions from their salaries. ASUU Chairperson Chidi Mbah and Secretary Victor Obisike stated that despite announcements from the Abia government and social media reports indicating that salaries had been settled, only a few staff members with accounts at commercial banks received their April salaries, and even fewer received their May salaries.

The ASUU leaders highlighted that this inconsistency in salary payments and deductions has caused financial difficulties, anxiety, and uncertainty among the affected staff. They noted that staff members who did receive their April or May salaries experienced unexplained deductions ranging from N8,000 to N53,000.

This irregular payment system has made it difficult for the unions within the university to determine the status of their check-off dues, which are usually deducted at the source. Additionally, ASUU emphasized that 11 months of outstanding salary arrears remain unpaid, despite repeated assurances from the government.

ASUU expressed its support for Governor Alex Otti’s efforts to improve Abia State University but urged government officials to avoid politicizing the salary payment issue. They appealed to the state government to promptly address the concerns raised and ensure that all outstanding salaries, including the arrears, are paid in full to alleviate the financial hardships faced by the university staff.

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Sanusi: Ado Bayero was never Emir of Kano – Gov Yusuf’s spokesman

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Sanusi Bature, the Chief Press Secretary to Governor Abba Yusuf of Kano State, has asserted that Aminu Ado Bayero was never the Emir of Kano. According to Bature, former Governor Abdullahi Ganduje appointed Bayero as the Emir of the eight metropolitan local governments of Kano city.

During an appearance on Arise Television, Bature explained that Ganduje’s appointment of Bayero as emir was part of a political maneuver that compromised the integrity of the historic Kano Emirate, which predates Nigeria and its constitution by over a thousand years.

Bature stated: “The governor’s action was intended to protect the emirate’s integrity as an institution. The Emirate of Kano has a history that predates Nigeria, with people living under a single Emir for over a thousand years. Ganduje’s administration politicized this history, which Yusuf promised to rectify during his campaign to restore the emirate’s lost glory.”

He further remarked, “This is not the first time an Emir has been deposed; Ganduje did it, and Sanusi left Kano for peace to prevail. Now Sanusi has returned to Kano after the law was repealed.”

Clarifying Bayero’s status, Bature said, “Aminu Ado Bayero was never the Emir of Kano. He was appointed as the Emir of the eight metropolitan local governments of Kano city. With the revision of the law under a unified Kano, the emirate Bayero served no longer exists. He was the Emir of the Kano city emirate, not the entire 44 local governments of Kano, a status created by Ganduje’s 2019 Emirate law.”

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Governor Yusuf deposed Ado Bayero and reinstated Muhammed Sanusi as the Emir of Kano. Despite this, Ado Bayero has refused to leave his Nassarawa palace and has challenged the state government’s action in court.

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