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Ohanaeze Ndigbo Youth express support for cash withdrawal policy of CBN

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The Central Bank of Nigeria, (CBN), new cash withdrawal policy has received a major support from the apex Igbo socio-cultural organization, Ohanaeze Ndigbo Youth Council Worldwide
The CBN had announced some cash withdrawal limits which had elicited reactions from Nigerians.

However, in a statement on Saturday, the National President of Ohanaeze Ndigbo Youth Council Worldwide, Mazi Okwu Nnabuike said the youths were in support of the apex bank.

Okwu, who took a swipe at some members of the National Assembly for kicking against the policy, said corruption was fighting back.

He said, “At a time the economy is bleeding, Nigerians should support any measure aimed at stabilizing the Naira. The cash withdrawal limit is an effective monetary policy.
“We the Igbo youths are firmly in support of the policy as it would aid in fighting corruption which has been entrenched in the Nigeria’ system.

“We also have no doubt that it will help in the stabilisation of the exchange rate and reduce inflation.

“Besides, it is also a bad market for all vote buyers. As Nigerians prepare for the 2023 election, all those who have stashed money waiting to buy voters must be living in regrets now.’

Okwu, while noting that there were other far reaching benefits “that would help secure the future of our children and our youths”, urged the National Assembly to stop further opposition to the policies

He declared that on the long run, the masses would reap the benefits.

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Akpabio congratulates new world chess record holder, Tunde Onakoya

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President of the Senate, Senator Godswill Obot Akpabio, has sent a message of congratulations to Nigeria’s Tunde Onakoya for the feay in setting a new world chess record and etching the country on the world map.
The Nigerian chess champion has broken the world record for the longest chess marathon after playing unbeaten for more than 58 hours in New York City’s Times Square to raise money for underprivileged children.
Akpabio’s congratulatory message ehich was signed by his Special Adviser on Media and Publicity, Hon. Eseme Eyiboh and made available on Sunday in Abuja described Onakoya’s achievement as typical of the audacity of Nigeria’s spirit of determination, hard work and resilience.
“My joy knows no bounds as I celebrate this young and adroit Nigerian, Tunde Onakoya, who is imbued with the Nigerian spirit of determination, hard work and resilience and has elevated our dear country in the comity of nations.
“On behalf of the Senate and the Nigerian National Assembly, my constituents in Akwa Ibom North West Senatorial District and my family, I heartily congratulate and rejoice with Tunde Onakoya on this onerous achievement.
“I followed closely while the competition was on and I must commend the brand-new world champion, Tunde for remaining steadfast despite the challenges he had during the journey.
“I am happy that the dream behind this laudable project is to raise funds for indigent African children to also, explore the opportunities that abound in the game of chess. This is a good way of grooming other champions and taking many children off the streets.
“I wish to use this opportunity to advise Nigerians, especially the youth to borrow a leaf from our latest hero- never to give up when they embark on a legitimate enterprise, no matter the obstacles. With youth like Tunde, Nigeria has greater hope to attain her potential”.

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Obi sounds the alarm over deplorable Power Situation

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***Says Nigeria cannot grow its economy in Darkness
***Expresses sadness that Nigeria is the lowest per capita wattage in the World.
***wants a Technical Task Force in Place.

The incessant power situation in the country with record of national grid collapse 141 times in 11 years is a case for urgent pragmatic solutions, the Presidential Candidate of the Labour Party (LP) in the 2023 general election, Peter Obi has indicated

He expressed deep concerns that Nigeria has only 13,000mw while the demands are about 200,000mw.

Obi pointed out that even with the 13,000mw, only about 3,500mw are available for homes and businesses noting that the situation puts Nigeria as the lowest per capita wattage in the World.

In an article, titled “The Collapsing Electricity Sector”, the LP standard’s bearer said “The Nigeria electricity supply industry faces real and present danger of collapse despite the efforts made in more than two decades to initiate a reform of the NESI.
“It is sad today that we suffer periodic and routinized system collapses that are attributed to such avoidable situations as fire outbreaks at critical transmission lines across our major cities.
“It is absolutely distressing and a story of a low level of managerial capability that the entire nation can be plunged into total darkness for a reasonable period because networks go out because of a lack of diligent attention.

“It should worry any Nigerian patriot that the total installed capacity for a country of more than 200 million people with an aspiration to become a global medium economy power is a mere 13,000.
“Worse still, only about 3,500mws are available for homes and businesses from the grid. Sometimes, it grinds to less than 2,500mws. This is unacceptable.
“We can contrast the available supply of electricity with competitor countries in Africa like Egypt and South Africa with respective populations of approximately 112m and 59.6m people supplying about 60,000mw and 58,000 respectively.
“This difference in energy wattage has massive implications for human development and economic growth.
“Nigeria today has the world’s lowest per capita wattage in the world, interesting lower than those of most of our West African neighbours.
“It is really sad that whereas our energy demand is above 200,000mws, we have only 13,000mw installed capacity and can only deliver regularly less than 4,000mw.
“After speaking with experts in the sector I have realized that the crisis of power supply in Nigeria relates to two major sectors: (1) generation, and (2) transmission and distribution.
“The major challenges of the generation sector are the lack of a regular supply of gas arising from the failure of the government in the last 8 years to provide adequate gas infrastructure facilities, weak commerciality of gas to power and failure to control the restiveness of angry youths leading to vandalism.
“It is shameful that for more than 8 years we cannot resolve the infrastructural bottlenecks that constrain the supply of gas to power plants despite billions from CBN for legacy gas debts.
“On the transmission and distribution side, the last 8 years have witnessed terrible failure to overcome the deterioration of networks and transmission and distribution networks and invest in modern technologies like SCADA leading to poor coverage, lack of effective coordination between TCN and discos leading to load rejection and inability to generate public trust for policy reform on tariff and leading to low private sector investments.
“If we had a good project manager, we would have massively increased generation, transmission and distribution capacity and enhanced policy coherence that would have crowded private sector investment in the degree to sustained rapid growth of the grid. The problem is that the government have exercised the required political will to appoint the right kind of leadership that understands the problems of the sector and has the singular dedication and competence to create quick wins in the short term and transformation in the medium to long term.
“I suggest that the Federal Government immediately constitute a technical task force of real professionals without political consideration to present a diagnosis of the crisis of the sector and to get to work to correct such simple slippage like incessant fire outbreaks that lead to perennial system collapse, drastically improve coordination and coherence between TCN and discos so there will be no load rejection, and breath down on all operators to deliver on their technical responsibilities. This will rapidly improve power availability in the short term while the government develop clarity to articulate an integrated national electricity policy and a practical implementation roadmap that harmonizes national and sub-national electricity reform efforts to ensure rapid and expansive delivery of reliable, adequate, and affordable electricity.
“We are too endowed to be a nation of generators and to be trapped in darkness. We cannot grow our economy in darkness.

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Tinubu applauds Dangote Group over diesel price reduction

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From Ahmed Rufai, Dutse
Nigeria’s President, Bola Tinubu has commended the examplary achievement of Dangote Oil and Gas Limited, in reducing the gantry price of Automotive Gas Oil (AGO), also known as diesel.

The Group recently reviewed the gantry price of AGO, downwards from ₦1,650 to ₦1,000 per litre for a minimum of one million litres of the product, as well as providing a discount of ₦30 per litre for an offtake of five million litres and above.
The price review represented a 60% drop, which will, in no small measure, impact the prices of sundry goods and services.
A statement signed by Special Adviser to the President (Media & Publicity), Ajuri Ngelale, on Wednesday, said the president affirmed that Nigerians, domestic businesses, and the transportation sector, will benefit enormously from the price reduction.
Tinubu noted that partnerships between public and private entities were essential to advancing the overall well-being of the country
The federal government currently has a 20% stake in Dangote Refinery.
The president then called on Nigerians and businesses, to, at this time, put the nation in priority gear while assuring them of a conducive, safe, and secure environment to thrive.

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