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Senate explores policy options to mitigate impact of Naira depreciation
Concerned about the recent decline of the Naira against major foreign currencies, the Senate, through its Committee on Finance, is actively considering various policy options to alleviate the impact of the currency’s devaluation and promote economic stability in Nigeria.
In a statement released on Sunday and signed by its chairman, Senator Sani Musa (APC Niger East), the committee outlined several measures aimed at addressing the currency’s depreciation. These measures include stringent oversight of fiscal policies, engagement with relevant stakeholders, and the development of targeted interventions to support critical sectors of the economy.
Musa emphasized the urgency of addressing the current economic challenges and the imperative of concerted efforts to combat the instability and continuous devaluation of the Naira. He expressed hope that economic managers would adhere to the administration’s standards to achieve the desired economic growth and prosperity for Nigeria, reaffirming the National Assembly’s support for the executive branch in achieving these goals.
While acknowledging the uncertainties facing the economy, Musa urged Nigerians to remain vigilant and resilient, emphasizing that collective efforts can overcome the challenges and lead the nation toward prosperity for all.
The statement, titled ‘State of the Nation Economy and Naira Depreciation,’ highlighted the significant challenges facing the Nigerian economy, both internally and externally. Despite efforts to stabilize economic growth, the persistent depreciation of the Naira against major foreign currencies remains a pressing concern.
The committee underscored the need for proactive measures to safeguard the stability and resilience of the currency. It pledged to closely monitor the situation and collaborate with relevant stakeholders to implement effective policies and strategies. Additionally, it emphasized the importance of addressing the root causes of Naira depreciation, including fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.
Dangote Refinery has announced that it will need to export 95-97 percent of its Premium Motor Spirit (petrol) due to low interest from Nigerian marketers. The refinery, which processes 650,000 barrels per day, revealed that only 3 to 5 percent of petrol marketers are purchasing its fuel.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, shared these details during an X Space session hosted by Nairametrics on Wednesday. He highlighted the challenges facing both the Dangote Refinery and Nigeria’s oil and gas sector.
Edwin explained, “I’m selling 2 to 3 percent to small traders who are willing to buy, while the remaining 95 to 97 percent has to be exported,” referring to the local sales of the refinery’s products.
This situation arises as the NNPCL’s deadline for adjusting the Dangote Refinery’s fuel distribution approaches without a clear plan in sight. It is worth noting that while Aliko Dangote, President of Dangote Group, has announced the refinery’s initial petrol rollout, its distribution to marketers is contingent upon NNPCL’s decisions.
The final sixteen teams for the 2024 FIFA U-20 Women’s World Cup in Colombia have been determined following the conclusion of the group stage.
In recent matches, Ghana triumphed over New Zealand with a score of 3-1, and Japan secured a 2-0 victory against Austria.
As a result, Japan has advanced to the Round of 16, joining the other 15 teams in this knockout stage.
The Round of 16 matches are scheduled for Wednesday, Thursday, and Friday.
The full lineup for the Round of 16 is as follows:
- Spain vs Canada
- Brazil vs Cameroon
- Colombia vs South Korea
- Mexico vs USA
- North Korea vs Austria
- Germany vs Argentina
- Netherlands vs France
- Japan vs Nigeria
The Nigerian Army has refuted claims of widespread resignations among its soldiers due to issues like corruption and low morale.
In a statement, Major General Onyema Nwachukwu, Director of Army Public Relations, dismissed these reports as unfounded.
A news outlet had alleged that numerous Nigerian soldiers were resigning because of corruption and low morale. However, the statement condemned these allegations as misleading and a deliberate attempt to create discontent and undermine the Nigerian Army’s reputation and the dedication of its personnel.
Major General Nwachukwu clarified that, similar to other military organizations worldwide, service in the Nigerian Army is voluntary rather than mandatory. This means that personnel have the freedom to resign following established procedures.
He explained that the resignation process allows personnel to prepare and manage their entitlements, including pensions and gratuities, as outlined in the Harmonized Terms and Conditions of Service (Officers/Soldiers).
Contrary to the report’s implications, the statement emphasized that Nigerian Army personnel are highly motivated, and their welfare is a priority under the leadership of Chief of Army Staff, Lieutenant General Taoreed Lagbaja.
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