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Lawmakers order CBN to suspend new charges on transaction

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The House of Representatives on has directed the apex bank- the  Central Bank of Nigeria (CBN) to suspend the new charges placed on Nigerians under its new cashless policy, with immediate effect. 

CBN had earlier announced an increase in charges on withdrawals and deposits exceeding N500,000.

But in a plenary session, the Lower House ordered the apex bank to suspend the policy until appropriate consultations have been concluded.

This was, also affirmed via a series of tweets on the official Twitter handle of the House of Representatives.

 

 

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National Issues

Nigeria’s GDP shrinks by 6.10 per cent

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The Nigeria Bureau of Statistics (NBS) on Monday revealed that the country’s Gross Domestic Product (GDP) has decreased by six percent in real terms in the second quarter of 2020.

This revelation was contained in the NBS’s GDP report.

The retreat ends a three-year trend of low but positive real growth rates recorded since the national economy emerged from recession in 2017.

According to the NBS, the decline was “largely attributable to significantly lower levels of both domestic and international economic activity during the quarter, which resulted from nationwide shutdown efforts aimed at containing the COVID-19 pandemic.”

Nigeria essentially shut down its economy in March – restricting inter-state travel, closing worship centres, schools and markets – as parts of efforts to keep the spread of the novel coronavirus under control.

“The efforts, led by both the Federal and State governments, evolved over the course of the quarter and persisted throughout,” the NBS said.

The oil sector, which accounts for a large percentage of the country’s revenues, recorded negative growth of 6.63 percent, “indicating a decrease of –13.80% points relative to the rate recorded in the corresponding quarter of 2019.”

The non-oil sector also declined by 6.05% in real terms during the second quarter.

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“It was the first decline in real non-oil GDP growth rate since Q3 2017,” the NBS said.

Not a surprise

The economy’s decline did not come as a surprise to many as the coronavirus pandemic has gutted economic productivity across the world.

The report will be “negative,” Presidential aide, Tolu Ogunlesi, tweeted on Sunday. “Tomorrow we find out to what degree.”

The third-quarter results have also been projected to be negative, which will officially land the economy in a recession.

A recession is only declared after two consecutive quarterly contractions.

In May, Finance Minister, Zainab Ahmed, predicted that the country was heading towards a recession.

“On the economy, COVID-19 has resulted in the collapse in oil prices,” she said after a National Economic Summit meeting. “This will impact negatively, and the impact has already started showing on the federation’s revenues and on the foreign exchange earnings.”

 

Source: Channels TV

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National Issues

NDDC: Students protest in London over non-payment of tuition fees { Photos}

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Niger Delta Development Commission (NDDC) scholars on Monday protested the non-payment of their tuition fees by the commission.

The NDDC students staged their protest at the Nigerian High Commission in London

The students, who had planned to picket the high commission over the non-payment of their tuition by the NDDC were, however, prevented by the metropolitan police.

 

But they later apologised for their action which initially disrupted activities at the high commission before the intervention of the police.

The scholars also alleged that the Niger Delta Development Commission (NDDC) had neglected them.

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Buhari’s anti-graft war has failed, says Odumakin

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The publicity secretary of pan-Yoruba socio-political organisation, Afenifere, Yinka Odumakin on Tuesday pronounced that President Muhammadu Buhari’s much talked-about anti-graft war has collapsed and failed.

Odumakin made this pronouncement while featuring Parrot Xtra Hour on Radio, in Ibadan, the Oyo state capital.

According to him, the five-year anti-corruption war of Buhari ‘wombled and fumbled’ until recently when everything came to the open on how corrupt the system has been.

He said, “those inside know that there is no anti-corruption war. Those in the circle, on the corridors of power know that there is no war against graft. All sorts of embarrassing moments are being witnessed today to confirm this assertion.”

Since he was at a time very close to President Buhari, Odumakin was asked what he would tell the President on this issue of corruption if he should meet with him.

His response: “I will only tell him to go and retool. The corruption war he has been fighting has collapsed. The people of Nigeria do not understand again.”

He also addressed the issue raised by some observers that the President is no more in control of things in Aso Rock, the seat of power.

“Yes, Presidency has responded to those observers by saying that it is not true and that those who made the observation do not know what they are talking about. No. Those observers have their facts. Things have collapsed in Aso Rock. I quite agree with them. President Buhari must retool immediately.”

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He later revealed that while he worked as spokesperson for President Buhari’s former party, CPC, he was not being paid.

“I was not getting paid while I worked as the spokesperson for CPC. So, when he lost, he said he was not contesting again in 2011. That was how our working relationship frizzled out.”

On his relationship with ex-President Goodluck Jonathan, Odumakin submitted “I got to meet Dr Jonathan through a vibrant young man, late Oronto Douglas. Then, we were made to understand that he, (Jonathan) would hold a National Conference and implement the report and outcome. That was why we related with him at Afenifere.

“You see, at Afenifere, we are passionate about restructuring. Anybody that is ready to do this will be supported by us”.

He also took time to speak about the leader of the ruling All Progressives Congress (APC), Asiwaju Bola Tinubu.

“There was a time we had issues. People from his camp threw jabs at me and I responded appropriately. Many leaders from Yorubaland intervened and the matter was settled.”

On the issue of whether Afenifere will support the perceived presidential ambition of the APC leader, Odumakin responded “It is true our leader at Afenifere addressed the topic. He did not emphatically confirm that Afenifere would support Tinubu. He said, since the APC leader is a Yorubaman, Afenifere may support him. Especially if he will pursue restructuring.”

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When speaking on the emergence of Professor Banji Akintoye as the leader of the Yorubas, Odumakin said “Professor Akintoye is not the leader of the Yorubas. He is the leader of Yoruba World Congress. Yorubas do not have any leader for now.”

The former journalist also addressed the issue of Amotekun saying, “it is a welcome development. Initially, Afenifere opposed the idea because we felt it would have been more reasonable to agitate for the establishment of state police.

“But when those people said we could not put Amotekun in place in Yorubaland, that was when we got up in support. It is our right. The north has its own version of Amotekun. My only desire, prayer is that the Amotekun project should be well organized and maintained.”

Odumakin equally used the opportunity to endorse the activities of the Development Agenda for Western Nigeria (DAWN Commission).

“DAWN Commission is a worthy project being carried out by the governors of the Yoruba states. Afenifere is in full support and I believe the commission can do so much to hasten the development of Yorubaland.”

While speaking on the probability of running for an elective position. Dr Joe Odumakin’s husband said “I am not a politician. I am a political activist. But I will contest if and when our political terrain becomes transformed and politics of real progressivism is being practiced. I do not want to just join the bandwagon.”

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