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NIGERIA MUST CREATE 4 MILLION JOBS ANNUALLY TO ENSURE GROWTH – AMBODE

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…Asks CBN To Reduce Lending Rate On N200bn MSME Fund

Lagos State Governor, Mr Akinwunmi Ambode on Saturday said for Nigeria to meet its growth ambitions and achieve full economic potential, concerted efforts must be made to create at least four million jobs annually and as well jettison policies that stifle development.

Speaking at the opening session of the 9th Annual Bankers’ Committee Retreat of the Central Bank of Nigeria (CBN) held at Renaissance Hotel in Ikeja, Lagos, Governor Ambode said it was time for the government to review such policies that inhibit growth, and as well come up with a well-functioning low cost financial system that will work for all Nigerians.

While describing the theme of the retreat – “Improving Financial Access, Enabling Job Creation and Driving Inclusive Growth in Nigeria,” as apt, the Governor said same was at the heart of the nation’s economy and are important determinants of the country’s future prosperity, but that all hands must be on deck to create more jobs for the people and ensure 6.7 per cent annual growth rate.

He said: “To meet our growth ambitions we need jobs. Figures from the National Bureau of Statistics show that in employment terms, from a labour force population of about 81million people, we currently have 11.5million people unemployed in Nigeria and 17million people under-employed with the total employment is around 52.6million while the working age population grows by 3.7 per cent every year. So, to make a meaningful dent on un-employment and underemployment, and to reduce poverty (which is at over 60 per cent), we need to be creating at least four million jobs per year.

“Where do banks fit into all of this? Well, the reality is if we do not have a well-functioning banking sector, all of this is not possible. Both investment and day-to-day commerce requires the intermediation of banks. And while someone outside of the formal financial sector can in some cases make a living, the reality is that incomes of the bottom of the pyramid are increased when we have better financial inclusion but we are not there yet.”

The Governor, who particularly alluded to the strategy adopted in Kenya to deepen financial inclusion, said efforts must be made to ensure low cost access to banking services especially through mobile money.

He said it was painful that mobile money had been so slow to take off in Nigeria despite huge population, saying it remained very low, increasing from just 0.7million adults in 2014 to 0.9million in 2016, despite the fact that there were about 58.2million people who actually had mobile phones in 2016.

Besides, Governor Ambode challenged the CBN, the Nigeria Deposit Insurance Commission (NDIC), commercial banks and other players in the financial system to decide the type of financial system that will really impact on employment and bring more people into the formal financial system.

According to him, “This is where we should focus as a nation not the type of directives or decisions that actually try to stifle growth and commerce. One clear example is this; as a State Government, I want to take a commercial loan from the bank and they tell me I should go and get a letter from Debt Management Office (DMO); I should get approval from the Federal Ministry of Finance; I should go to CBN and so on. Who does that?

“You want to accelerate growth and everything that I am doing even when I take loan from the bank; when I do bond and so on, I am only trying to reflate the economy. Each construction site that you see in Lagos, I am trying to create employment at the lower level so that the artisans, the bricklayers and so on can go home with N5,000. I need to do something in Badagry to make the people stay there and not come to the central Lagos and when you take the extra money outside the IGR, you are actually trying to help the economy to reflate itself and that is why you are able to excite yourself with the growth that you have seen in the third quarter that we say is 1.5 but that is not the number that we want.

“So sometimes, government seems to shoot itself in the leg. Why should Lagos State go and be meeting DMO to say I want to take a commercial loan when 80 per cent of my IGR can pay the loan itself back? So, you see that there is some sense of homogeneity in the policies that we make but sometimes they are not really flexible and you end up coming back to say we want to create jobs but the things that create jobs are the things that we are actually working against and you create unnecessary competition in the system.”

Responding to earlier comment by the CBN Governor, Mr Godwin Emefiele on the inability of the Micro Small and Medium Scale Enterprises (MSMEs) to access the N200billion fund earmarked for them, Governor Ambode said the easiest way to achieve same was to reduce the lending rate to about five per cent or lower.

He said at the State level, his administration created the Employment Trust Fund through which about N10billion had been disbursed to the MSMEs at five per cent with over 6,000 benefiting so far, saying the CBN could replicate such at the federal level for the overall benefit of the people and the system.

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Adeleke swears in new Osun LG chairs, urges good governance

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Osun State Governor, Senator Ademola Adeleke, on Sunday, inaugurated the newly elected local government chairmen and councillors in the Saturday poll.

Adeleke urged them to focus on good governance while warning against any attempt to forcibly occupy council secretariats.

He also expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

Speaking at the swearing-in ceremony in Osogbo, the governor described the occasion as a major milestone in the state’s democratic process, emphasising that the election was conducted in line with due process.

“We are here to conclude a democratic process for which we all laboured so hard to achieve,” Adeleke said.

Before proceeding with his address, the governor called for a minute of silence in honour of those who lost their lives during the “illegal APC takeover of local government secretariats.”

The governor recounted the journey leading to the local government election, stating that the Osun State Independent Electoral Commission had duly followed all legal procedures.

“The state electoral body had issued due notice of election a year ago. I know the commission had complied with all extant rules and procedures which led to the emergence of new local government chairmen and councillors,” he stated.

While acknowledging the legal controversies surrounding the election, Adeleke affirmed that his administration acted within the ambit of the law.

“It is, however, a thing of joy that the facts are out in the public domain, and we are satisfied that we are on the side of the law within the context of the rule of law and the constitution,” he added.

Call for Good Governance….

Addressing the newly sworn-in officials, Adeleke charged them to be “agents of change, community developers, and deliverers of the dividends of democracy.”

“You have the mandate to deliver on good governance in your respective local governments.

“I charge you to develop plans of action within the manifesto of the Peoples Democratic Party (PDP).

“As our government is transforming the state for the better, I call on you to be agents of change,” he said.

The governor also appreciated the people of Osun for their steadfast support, assuring them that his administration would remain committed to their welfare.

“Osun people demonstrated courage and passion to exercise their voting rights, and they did so by massively supporting our party despite all the constraints. We will not fail you. People’s welfare will continue to be our watchword,” he promised.

Adeleke commended OSIEC, security agencies, and state officials for ensuring the success of the election.

Appreciation to Tinubu

In a significant moment, the governor expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

“I should not end this address without acknowledging the contributions of Mr. President, Senator Bola Ahmed Tinubu.

“I am most grateful to Mr. President for rejecting efforts by some forces to plunge Osun into chaos,” Adeleke stated.

He reaffirmed his commitment to upholding the rule of law and the constitution in governance and conflict resolution.

Warning Against Forced Takeover
The governor strongly advised the newly elected chairmen and councillors to avoid confrontation at local government secretariats, citing an ongoing legal process to resolve the leadership crisis.

“I urge you and your councillors to please stay away from the council secretariats to avoid any clash with those whom the police had aided to forcefully occupy the local government secretariats,” Adeleke cautioned.

He referenced an Osun State High Court ruling that had affirmed vacancies in both chairmanship and councillorship positions before the election on February 22, 2025, assuring that his administration would rely on the judiciary to remove those illegally occupying the secretariats.

“Please be patient and always abide by the rule of law,” he advised.

With that, Adeleke formally declared the swearing-in of the elected local government officials.

“It is on this note that I, Senator Ademola Jackson Nurudeen Adeleke, the Executive Governor of Osun State, hereby effect the swearing-in of elected local government chairmen across Osun State. Congratulations and God bless you,” he concluded.

 

 

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Alcohol, tobacco record highest inflation rate

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The National Bureau of Statistics has disclosed that alcoholic beverages, tobacco, and narcotics recorded the highest inflation rate at 14.80 per cent, according to its latest rebased Consumer Price Index for January 2025.

In a graphical illustration presented in its CPI report, the NBS noted that the alcohol and tobacco item division was followed by restaurants and accommodation services, which had an inflation rate of 14.14 per cent, while transport and clothing and footwear recorded 12.77 per cent and 12.73 per cent, respectively.

The report, which rebased Nigeria’s CPI to 2024 as the new base year, revealed that headline inflation stood at 24.48 per cent in January 2025, meaning that the general price level of goods and services rose significantly compared to the same period in 2024.

The report by the NBS read, “The rebased All Items index in January 2025 was 110.68, while the headline inflation rate on a year-on-year basis stood at 24.48 per cent in January 2025.

“This means that the general prices of goods and services in Nigeria increased by 24.48 per cent compared to January 2024.”

The CPI rebasing was necessary to reflect current economic realities and consumption patterns in Nigeria.

The rebased CPI structure covers 934 product varieties, classified under 13 divisions based on the 2018 Classification of Individual Consumption According to Purpose.

The divisions include food and non-alcoholic beverages, clothing and footwear, transport, housing and utilities, furnishings, health, communication, and education, among others.

The weighting structure was adjusted to account for changes in consumer spending, with food and non-alcoholic beverages maintaining the highest weight at 40 per cent, although it declined from 51.8 per cent in the previous base year of 2009.

According to the report, inflationary pressures varied across different categories, with food and beverages inflation at 10.64 per cent, reflecting the continued rise in staple food prices.

The personal care, social protection, and miscellaneous goods and services division recorded 12.04 per cent inflation, while furnishings, household equipment, and routine household maintenance saw an inflation rate of 11.48 per cent.

The health sector recorded 9.42 per cent inflation, while housing, water, electricity, gas, and other fuels increased by 7.61 per cent.

The education sector and insurance and financial services recorded the lowest inflation rates, standing at 4.88 per cent and 4.65 per cent, respectively. Information and communication, which was newly assigned a higher weight in the rebased CPI, had an inflation rate of 7.54 per cent.

The recreation, sport, and culture category recorded 6.85 per cent, highlighting moderate price increases in these services.

The NBS report highlighted the divergence in inflation trends between urban and rural areas, with urban inflation at 26.09 per cent, while rural inflation stood at 22.15 per cent.

This suggests that price pressures were more severe in urban areas, particularly in sectors such as housing, transportation, and restaurant services, where cost increments were more pronounced.

The rebasing exercise introduced new methodologies to enhance the accuracy of inflation tracking.

Data collection was fully digitised, replacing paper-based surveys with computer-assisted personal interviewing devices, which allowed real-time transmission and verification of price data.

The high inflation rate for alcoholic beverages and tobacco is linked to multiple factors, including excise duties, exchange rate volatility, production costs, and supply chain disruptions.

We further observed that Imo State emerged as the most expensive state to reside in Nigeria following the rebasing of the Consumer Price Index by the NBS.

The development marked a significant shift in Nigeria’s inflation rankings, as Bauchi, which held the top spot for seven consecutive months, was dethroned.

The change comes after the NBS updated its methodology, adjusting the base year from 2009 to 2024, revising the weighting structure, and expanding the consumer basket to better reflect household spending patterns.

Earlier, the Statistician-General of the Federation and Chief Executive of the NBS, Prince Semiu Adeyemi, said, “Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape.

“This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism.”

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Fire guts MTN booster station in Oyo

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An MTN booster station located on the premises of the University of Ibadan, Oyo State, was gutted by fire on Saturday.

Our Investigations revealed that the fire, which broke out at the booster station within the Faculty of Nursing, was caused by an electrical surge.

One of the witnesses told our correspondent that “the incident occurred in the early hours of Saturday around 4 am.”

Another source said, “The incident affected the Mikano electrical generator, board, and other telecommunications gadgets in the booster station.”

When contacted in Ibadan, the state capital, the Special Adviser on Fire Services Reform to Governor Seyi Makinde and Chairman of the State Fire Services Agency, Moroof Akinwande, confirmed the incident.

He said the booster station belonged to the MTN.

He said, “The state Fire Service’s prompt response doused the fire at the MTN booster station beside the Faculty of Nursing, University of Ibadan.

“The fire incident was reported exactly at 04:00 hrs on Saturday, February 22, 2025.

“The fire personnel, led by ACFS Olubunmi, were promptly deployed to the scene and arrived on time.

“On arrival, we met the Mikano electrical generator and board on fire. We quickly joined hands with the university’s fire marshals, and the fire was extinguished completely. The fire was caused by an electrical surge”, he explained.

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