General news

Tinubu mourns Sen. Muniru Muse

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Muse, a former senator representing Lagos Central Senatorial District, died in the early hours of Tuesday.

Tinubu, in a condolence message by his Media Adviser, Tunde Rahman, described Muse as a committed and diligent person.

The News Agency of Nigeria, reports that the APC leader extended his condolences to his Apapa Constituency, Gov. Babajide Sanwo-Olu, the government and the people of Lagos State

He said: “Sen. Muse was an associate who was part of our administration in Lagos State in 1999 as Chairman, Apapa Local Government.

“He was very committed and dedicated to the development of not only his Apapa constituency, but also of Lagos State and Nigeria.

“He served diligently as Senator representing Lagos Central from 2007 to 2011.

“A loyal party man and stabilising factor in Lagos politics, his contributions to the Action Congress (AC) and later the APC were invaluable,”he said

Tinubu added that Sen. Muse was a devoted Muslim, who deployed all that he was blessed with in the propagation of Islam.

“Such was his wonderful role that he was named a member of the Management Committee of Lagos central Mosque,” Tinubu said

He prayed Allah to comfort the family and give them the strength to continue without their patriarch and leader.

May He also forgive the shortcomings of Sen. Muse, reward his good deeds and grant him Aljanna Firdaus,” he said.


Edited By: Remi Koleoso (NAN)

https://nnn.ng/tinubu-mourns-sen-muniru-muse/

CBN

Financial expert advises CBN on interest rates as MPC holds

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As CBN holds its 275th quarterly Monetary Policy Committee (MPC) meeting on Monday, a Financial expert, Mr Okechukwu Unegbe called for reduction of  lending rates by banks to encourage investment.


Unegbe, who is a Past President of Chattered Institute of Bankers of Nigeria (CIBN) made the call in an interview with News Agency of Nigeria in Abuja.

He suggested that the lending rate should be reviewed downwards from its present rate of about 15 per cent to encourage investor borrowings.

He said that such a step would improve job creation, poverty reduction and economic growth.

“The MPC should look at the interest rate issue, particularly lending rates by the banks.

“Deposit rate is almost zero but the lending rate is still high.

“They should consider a downward review of the lending rate so as to encourage borrowing for investment,’’ he said.

Unegbe, a former Managing Director of the defunct Citizens International Bank also urged the CBN to initiate a credit culture in Nigeria as way of further improving the economy.

He said that the bank should work with government to find ways of making resources available to help businesses survive as a result of challenges posed by COVID-19.

CBN should initiate a credit culture in Nigeria so that people can raise small monies for certain expenditure.

“There is also the need to fund the economy by assisting businesses survive economic challenges posed by COVID-19.

“That is what the American government did recently by setting aside two trillion dollars to support businesses.

“Some private schools in Nigeria, for instance, will have to close down if they do not get some form of palliatives from government,’’ he said.

He urged the committee to come out with policies through which the CBN, working with the fiscal sector, could generate employment and reduce poverty.

NAN reports that the MPC is the highest policy making committee of the CBN, which has the responsibility of formulating monetary and credit policy functions.

The 11 member committee comprises the governor of the bank who is the chairman and the four deputy governors of the bank.

Others are two members of the board of directors of the bank, three members appointed by the president, and two members appointed by the governor.

The MPC was inaugurated in 2005.  

Edited Grace Yussuf

https://nnn.ng/financial-expert-advises-cbn-on-interest-rates-as-mpc-holds/
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Economy

NASSI lauds FG on forex ban for food importers

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The National Association of Small Scale Industrialists (NASSI), has lauded the Federal Government’s ban on Foreign Exchange (Forex) allocation for importers of food items saying that the action will help Nigeria attain food sufficiency and boost exportation.


NASSI National President Chief Solomon Vongfa, said this in an interview with the News Agency of Nigeria , on Monday, in Abuja.

President Muhammadu Buhari had directed the Central Bank of Nigeria (CBN) not to implement any plan geared towards providing foreign exchange for importers of food items and fertilisers into the country.

The entrepreneur, while commending the development also urged the government to extend the patriotic stance to other sectors.

NASSI has always taken the position that Nigeria has the naturally endowed capacity to be the bread basket of Africa.

“And this means not only can we achieve self sufficiency in food production but also be a net exporter of both agricultural commodities and processed food products too,” Vongfa said.

According to him, Nigeria is already bleeding enough forex in the energy sector where we import virtually all petroleum products in spite of huge crude oil reserves and production capacity.

This, he said had put constant pressure on the naira value as government struggled to meet forex demand from other sectors, adding that forex demand routinely outstripped supply.

He said the situation had also put pressure on foreign reserves which impacted on Nigeria’s global ratings.

“We at NASSI therefore support government position here but as a footnote NASSI also wants the federal government to extend this patriotic stance to other sectors.

“So that Nigerian entrepreneurs are patronised by the state over and above imports as a matter of enforced state policy.

“An example of what government should not be doing is funding the importation of fully built Toyota Camry vehicles and others for the National Assembly while we have Nigerian car plants ready and willing to meet such orders,” he said.

The NASSI president, however, said such actions tend to demoralise entrepreneurs and dampen their patriotic zeal that it needed to foster or encourage.

https://nnn.ng/nassi-lauds-fg-on-forex-ban-for-food-importers/
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COVID-19

We are not deterred by COVID-19 to mark [email protected] – NUTAG

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The Nigeria Union of Traders Association in Ghana (NUTAG) says it is not deterred by the coronavirus pandemic to mark Nigeria’s 60th independence anniversary.


The President of NUTAG, Mr Chukwuemeka Nnaji, disclosed this in a telephone interview with the News Agency of Nigeria in Abuja on Monday.

Nnaji spoke on the sideline of preparations for Oct. 1 independence celebrations.

According to him, many programmes have been lined-up by Nigerians in Ghana to mark Nigeria’s independence in line with COVID-19 protocols.

“With or without COVID-19, Nigerians and friends of Nigeria in different sectors of Ghana, are ready to celebrate [email protected],’’ Nnaji said.

He listed an award ceremony of 60 most impactful Nigerians in Ghana as one of the events scheduled to hold on Oct. 3 as part of the anniversary.

“We always mark our independence in Ghana every year.

“Sixty years is special to the human race and as Nigerians, we are very unique when it comes to showcasing patriotism.’’

NAN reports that President Muhammadu Buhari on Sept. 16, unveiled the logo and theme for the 60th independence anniversary.

Edited By: Remi Koleoso/Abdulfatah Babatunde
Source: NAN

https://nnn.ng/we-are-not-deterred-by-covid-19-to-mark-email-protected-nutag/
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Politics

Re-election: PDP South Africa chapter congratulates Obaseki

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The executive committee and entire members of the Peoples Democratic Party (PDP), South Africa Chapter, have joined other Nigerians in congratulating the re-elected Governor of Edo, Mr Godwin Obaseki and the Deputy Governor, Philip Shaibu.


“The PDP South Africa sends you our hearty congratulations on your resounding success in the just-concluded gubernatorial elections in your state,’’ it said on Monday in Lagos in a congratulatory message jointly signed by the Chairman Mr Ekos Akpokabayen and Secretary, Dr Emeka Ugwu.

“Your dogged fight, amid several odds, before and during the election is well appreciated and equally worth emulating.

“You have demonstrated in unequivocal terms the unflinching spirit of many good leaders,’’ the party said in the message emailed to the News Agency of Nigeria .

It said that the party’s chapter had no doubt that you would continue to deliver the much needed dividends of democracy to the people of Edo, adding the he should be rest assured of their continued support to his leadership.

It added that President Muhammadu Buhari and the Independent National Electoral Commission (INEC) deepened Nigeria’s democracy by providing a level playing ground for the contestants.

NAN reports that INEC had declared Gov. Godwin Obaseki, candidate of the Peoples Democratic Party (PDP), winner of the Sept. 19, gubernatorial election in Edo.

Obaseki polled 307,955 votes to defeat the All Progressives Congress (APC) candidate, Pastor Osagie Ize-Iyamu who scored 223,619.

(
Edited By: Peter Ejiofor)
Source: NAN

https://nnn.ng/re-election-pdp-south-africa-chapter-congratulates-obaseki/
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