The recent reported attacks and disruption of the business activities of Bureaux de Change (BDCs) operators in different urban centers across the country by Government Agencies, are ill-advised and wrongly directed.
Rather than solve the problem, the action will further escalate and worsen the exchange rate situation in the country. The BDCs are not the primary suppliers of forex nor do they create demand. They only provide a market to sellers and buyers of foreign currency.
They are part and parcel of every economy and can be found even in the developed economies of the world. To think that the BDCs are the cause of the declining value of the Naira is a smack on rational economic thinking.
The only way to shore up the value of our currency is to move the country from consumption to production, especially export-led production, and fight corruption, which allows unproductive money to pursue the available supply of foreign currency.
As long as Nigeria remains an unproductive economy and corruption continues unfettered with people in possession of unproductive excess cash, the value of our currency will continue to depreciate.
It's important therefore that government authorities properly understand the workings of a modern economy and channel their efforts accordingly. -PO
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Just yesterday, I read the saddening reports of how the search for cheap rice claimed the lives of some Nigerians in Lagos. According to the report, a massive crowd of hungry Nigerians had besieged the Zonal Office of the Nigerian Customs Service in Yaba, Lagos,
to purchase the discounted 25kg bags of rice being offered by the Customs Service. In the course of the heavy stampede that ensued, some lives were lost. It is heartbreaking to think that despite all the wealth of our nation,
Nigerians are losing their lives in their desperate quest to buy cheaper food in the face of the growing hunger and starvation in the country. This sad occurrence reflects the level of hardship, hunger, and starvation prevalent in the country,
Recently, the Senate President, Senator Godswill Akpabio announced that a staggering financial support of N1.1 trillion, amounting to a sum of N30 billion each was doled out to the State Governors to help ameliorate the present hardship in the country.
While the Federal Government is to be commended for offering such a huge support, considering the difficult times people are going through, it is pertinent, for the interest of good governance and transparency,
that the details of the disbursement of such support be explained further, so that the public, the masses for whom the support is meant, can follow through and ensure that it is utilized appropriately to the benefit of the people.
I wish to urgently call on the Federal Government of Nigeria to end the inconsistency in duty charges as it is affecting the general business atmosphere in the country. The federal government should stop the arbitrary and ever-increasing customs duties as
it is now negatively impacting businesses and the cost of items, and this portends a huge danger to the economy. A situation where at the point of initiating importation, Form M and other documents related to importation are based on a particular rate of exchange,
for example, N1000 to $1, being the prevailing exchange rate at the time which the importer of goods was used to calculate the entire process, from the import initiation to receipt of goods in his warehouse. Then suddenly when the goods arrive in Nigeria, and
I was honored to be named the Political Icon of the Year 2023 by The Sun Awards. While I'm usually hesitant to accept awards in the face of our nation's challenges, this recognition is unique because it aims to celebrate those making significant contributions in various ways to
get the Nigeria of our dreams. It also provides opportunities to applaud those who have made enormous sacrifices for our progress.
I dedicate this award to the impoverished Nigerians facing uncertainty about their next meal and extend my appreciation to fellow Nigerians, especially the youth, who believe in our mission and who have remained committed to our journey for a New Nigeria.
I have just read the reports of the reopening of Sahad Stores, Abuja, which was earlier closed by the Federal Consumer Competition and Protection Commission (FCCPC) on Friday. I thank the Commission for heeding the voice of reason and reopening the business without further delay.
The closure was not a well-thought-out option in the first place. Going forward, I would like to again, advise the government to avoid any further show of rascally behaviour that brings more pain to the people.
The earlier sealing off of the business, just like pulling down people's houses, and many uncaring and insensitive actions of the government, are not what we need as a nation, at this time of extreme difficulties in the land.
Yesterday, we commenced the public accounting process for Obi-Datti Campaign Funds for the 2023 general election, starting with the crowdfunding, which was where we asked the general citizens to contribute to our endeavour.
This process was managed by a Team led by @AishaYesufu. We will go from that to other processes, ensuring that we account to those who supported us either in cash or in kind to assure them that their contributions were properly used for the purpose which it was sought for and
they graciously, and in some cases, immeasurably supported us. We will also be directing various support groups and bodies that worked for our collective goal of birthing a New Nigeria to do the same by accounting to those who donated to them.