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We have been sold — Prof Adebayo expresses fears



The Paradise Breaking News

Says the country is a like a cursed land.

Nigeria President, Muhammadu Buhari 

Professor Abayomi Adebayo of Obafemi Awolowo University (OAU), Ile Ife, has expressed fears over what he calls “careless subscription to all kinds of loans” by the Federal Government, saying the country has been sold out to foreigners.

Adebayo who disclosed this in an interview with Sunday Tribune, said the huge debts the country has accumulated, would put the country’s economy at risk of external shocks and manipulation. 

The President Muhammadu Buhari Government recently got the senate approval to borrow $16 billion, a development the professor of Economics said is dangerous considering the country has the track record of misusing borrowed funds. 

Adebayo, who was recently rated the most productive Nigerian researcher in Economics in the 2021 AD Scientific Index ranking of Economists, lamented that previous borrowings have not translated into physical economic impact on the various sectors of the economy. 

The lecturer, while explaining that there is nothing bad in borrowing to bail out the economy, pointed out that the 2022 budget part of which the fresh loan was being sought is fraught with many corrupt projects. 

“A lot of resources from resource endowment angle and borrowing are not efficiently applied to bail the economy out. This is why Nigeria has become like a cursed place for the citizens. 

“The citizens are voluntarily migrating to any country in the world because the leadership has decided to sit on the resources and decide what they want to do with it, rather than making the economy better for it,” he said.

Speaking on the struggling Naira, he said, “Economically, for you to have your currency strong and stable, you must have something you are offering the international community. 

“The value of a currency is not determined by paper policy. It is determined by the productivity of that country. We only need dollar because we are buying from outside the country. Why is dollar our problem? It is because we are import-dependent in virtually everything. 

“The CBN is just struggling. All the closing of borders and banning things is just to stop sharp practices. The real determinant of the value of the naira is in what we have to offer other nations. In Nigeria, we have nothing to offer other than crude oil which is a raw material and it commands useless value. There is no way the naira will not be in trouble with this. 

“We import anything into the country. So, there is no magic any policy maker can make. People talk about foreign exchange policy. Which policy are you going to use when you are producing nothing? What the CBN is doing is struggling with minor issues around their policy. But the pressure is there and it is much.”


#EndSARS Panel: Sanwo-Olu lacks power to probe police, military: Festus Keyamo



1638187963 Festus Keyamo

Festus Keyamo, Minister of State for Labour, says Governor Babajide Sanwo-Olu lacks the power to probe the atrocities of the police and army concerning the Lekki Tollgate massacre, police brutality and extortion. 

“For me, that panel was an illegal panel. It is totally illegal. All lawyers who are listening to me should go back and read the Tribunal of Inquiry Act of Lagos state,” stated the APC minister.

“The policemen, the armed forces, the military are not officers of Lagos state. They are officers of the federal government,” asserted Mr Keyamo, citing provisions of the 1999 Constitution (as amended). 

He added, “By virtue of the constitution, it is only the federal government that can control the conduct of policemen and the military. Lagos state cannot be in control, cannot legislate too regarding police matters and military matters.”

Mr Keyamo, while speaking during an interview with Channels TV, argued that the Lagos panel lacked the power to investigate the conduct of police and military officers.

The panel’s report had indicted the Nigerian soldiers of carrying out a massacre against peaceful and unarmed young protesters.

He added, “It says that the governor will have power to inquire into the conduct of any person and chieftaincy matters and any matter that would promote the good of the public.”

The minister argued that the state only has the power to investigate its public officers within its legislative purview.

Mr Keyamo, who tried to distance the federal government from his viewpoint, said he was speaking as a legal practitioner, adding that his opinion did not represent President Muhammadu Buhari regime’s view.

His comments came a few weeks after the judicial panel’s report established that the army killed at least 11 protesters and took their bodies away.

Last week, information minister Lai Mohammed said the panel’s report that probed the aftermath of the October 2020 military shooting of protesters in Lekki should be disregarded as fake, insisting there was no massacre.

Vice President Yemi Osinbajo had, in the wake of the #EndSARS protests, announced that states, including the FCT, would set up judicial panels to look into the crisis.

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Planned payment of N5,000 to ‘poor Nigerians’ will be a cesspool of corruption —PFN



Wale Oke

The Pentecostal Fellowship of Nigeria (PFN) has kicked against plans by the Federal Government to pay N5,000 to the ‘poorest of the poor’ in the country, to cushion the effect of the proposed subsidy removal next year, saying it would be another cesspool of corruption.

The PFN, in a statement by its President, Bishop Wale Oke, on Sunday, opined that removing fuel subsidy would not only worsen the suffering of majority of Nigerians, but an increase in fuel price which will come with the subsidy removal, will trigger tension and crises in the country.

Bishop Oke added that such a move could paralyze the nation’s economy if not handled with utmost care.

“The planned introduction of N5,000 for 40 million poor Nigerians is to create a cesspool of corruption,” the PFN said in the statement.

“How do you define the poor? They, mostly, don’t use telephones. They, mostly, don’t have bank accounts. How will the money get to them?

“The cost of transportation for human and goods across the country will skyrocket and other things connected which will have a spiral effect on general living standard of the populace; the suffering will be multi-dimensional.

“Please, let all stakeholders be sensitive to this avoidable path and do the needful.”

“Without begging the issue, there should be well defined palliative measures in place that can cushion the effect of the hardship being experienced by Nigerians, especially the commoners.

Read also: Plateau Speaker impeached over corruption allegations

“One is not talking about political palliatives that never last. We’ve seen enough of such.

Oke added that though the PFN would always support policies that would enhance good governance, the government should put in place tangible palliative measures that could ameliorate the hardship being experienced.

“By whatever means, let the Federal Government put its heart into ensuring that our refineries are back to life.

“In addition, in order to stem the rising cost of living, farmers and others connected to them should be encouraged. This is what can help our economy.

“Everybody will feel it, particularly the less privileged. The negative effects will surely outweigh the positive.”

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Ex-Gov. Yerima calls for unity in Zamfara



1638184342 Ahmed Sani Yerima

Former Governor Ahmad Yerima of Zamfara has called for unity in the All Progressives Congress (APC) family in the state, urging those challenging the party’s leadership in the state to stop in the interest of peace.

Mr Yerima said this when he received newly inaugurated state executives of the party at his residence in Gusau.

Yusuf Idris, APC’s publicity secretary in Zamfara, disclosed this in a statement in Gusau on Monday.

The statement said the executives’ visit was to show appreciation to APC stakeholders in Zamfara over their emergence under the chairmanship of Tukur-Umar Danfulani.

“During the visit, Danfulani promised to show leadership by example, promising that all loyal members will be fully engaged in party activities,” said the statement.

It added that the executives also visited former Governor Mahmud Shinkafi, serving and former lawmakers at the National and State House of Assembly, among others.


Read Full Story at Peoples Gazette

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