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Stakeholders Raise Concern As Nigeria’s Inflation Rate Rises To 31.70%

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The challenge of spiraling inflation and how to stem the tide has been central to stakeholders engagements in recent times.
According to analysts at CardinalStone Finance, an investment house, the rising inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa.
The analysts said that a material jump in prices of food stuff like rice, was a consequence of the increasing depletion of food reserves and incessant insecurity issues in food-producing parts of the country.
The Tide’s source reports that Nigeria’s inflation rate rose to 31.70 per cent in February from 29.90 per cent in January.
This is according to recent data from the National Bureau of Statistics (NBS).
The NBS said that the February headline inflation rate showed an increase of 1.80 per cent compared to the January headline inflation rate.
It said that on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year ( February 2023),” the NBS said.
The International Monetary Fund (IMF) also warned that 8.0 per cent of Nigerians are at a high risk of food insecurity if the current inflationary trajectory persisted.
The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said that the leading factors driving inflationary pressure in Nigeria included rising cost of energy.
Cardoso said that high fiscal deficits and lingering security challenges in major food -producing areas were also responsible for the high inflation rate.
He said that the apex bank had initiated a raft of inflation-targeting frameworks in its monetary policy measures.
He said that this informed the decision by the CBN to further raise the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent.
According to Cardoso, the move followed the success recorded in slowing down inflation in the past using the same mechanism.
Stakeholders, however, believe that the removal of petrol subsidy, closely followed by the decision to float the Naira were largely responsible for the spiraling inflation.
According to Okechukwu Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), President Bola Tinubu already took some sensitive policy decisions even before appointing the CBN governor and the finance minister.
“Floating the Naira was a major error that has exacerbated inflationary trend and caused the people so much pain,” he said.
Unegbu urged the government to fix the economy by looking beyond the Organisation of Petroleum Exporting Countries (OPEC) in selling its crude oil.
He also advised that the government should ignore economic prescriptions by the World Bank and IMF and produce indigenous solutions to the nation’s economic challenges.
“Nigeria should do something about pricing its oil in Naira. We should leave OPEC, price our oil independently.
“If inflation can be addressed; if we produce more food, things will improve. It will also address the issue of “dollarisation of the economy,’’ he said.
A renowned economist, Prof. Ken Ife, said that the CBN adopted inflation targeting as a basis for further tightening monetary policy rates, an indication of how serious government took the country’s rising inflation.
Ife, however, said that the support from the fiscal authorities was crucial to achieving monetary policy results.
“The CBN says it is going for inflation targeting, but there should be more support from the fiscal authorities because a lot of the issues with the economy are not really monetary.
“We have N500 billion going for social intervention annually, the money does not go into the productive sector,” Ife said.
He said that the import dependence nature of Nigeria’s economy was a major fuel to the inflation and weak Naira in the foreign exchange market.
According to him, not much has changed in terms of the structure of the economy over the years.
He said that Nigeria was part of an international division of labour, which confines it to the provision of raw materials and consumer of finished products.
“Any attempt to add value to our exports is usually met with stiff resistance.
“When a country is import dependent, it becomes so vulnerable to any external, global headwind, and it affects the economy
“The mortgage crisis in America and the Russian-Ukrainian war affected us because we are import-dependent. What we have is imported inflation,” he said.
Dr Chijioke Ekechukwu, an economist, said that while many countries were having their inflation rate reduced month-on-month, Nigeria’s inflation rate continued to rise because of volatile exchange rate regime.
Ekechukwu said that standard of living had dropped to the lowest ebb while the country’s external reserve was being eroded by inflation.
“Cost of living has become increasingly unbearable, crime has taken over the entire country, and investors are afraid to venture into the country.
“Companies are shutting down and leaving the country and jobs are lost every day.
“The government has to be very decisive as a matter of urgency to remedy the ailing economy by ensuring that the exchange rate improves to less than N800 to the dollar.
“The exchange rate must be stable to enable planning and to restore confidence in the economy,” he said.
Ekechukwu said that every possible avenue should be explored to diversify the country’s export base.
He advised the Federal Government to ensure that the country’s crude oil sales met the OPEC quota of 1.8 million barrels per day.
“The Federal Government should also ensure that revenue from crude oil sales came in on a daily basis through the CBN, “ he said..
He said that such a step would provide the country with enough liquidity to check inflation and other economic challenges.

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Transformational Leadership Key To Military Success-COAS

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The Chief of Army Staff (COAS), Lt.-Gen Olufemi Oluyede , says Transformational Leadership is the most essential component of combat power on the battlefield and the military cannot function without it.
Oluyede stated this at the Army Seminar on Transformation Leadership organised by the Department of Transformation and Innovation, held at 1 Division Nigerian Army in Kaduna, yesterday.
The COAS was represented by Maj.-Gen. Mayirenso Saraso , the General Officer Commanding (GOC), 1 Division Nigerian Army and also the Commander Sector 1 Operation Fansan Yamma.
He noted that the target audience are the junior and middle cadre personnel of the Nigerian Army with the focus on leadership and effective followership at the tactical level, where battles and engagements are planned and executed to accomplish operational level objectives.
Oluyede, who emphasised the importance of leadership in combat power and military effectiveness, noted that the seminar comes at a critical time, given the diverse security challenges confronting the nation.
The COAS highlighted the need bring on bound junior and middle cadre leaders with strong character, unwavering commitment, and the capacity to think quickly and make sound decisions.
“It is at this level that we have you participants, as frontline commanders, who have it as a duty to lead men, sustain their moral, continually motivate them and maintain their fighting spirit in the most lethal and demanding environment of any battlefield,” he said.
He added that Nigerian Army has continued to review its tactics, techniques and procedures to develop both kinetic and non-kinetic strategies aimed at defeating its adversaries.
“The seminar is therefore, premised on the need to improve the Nigerian Army’s capacity in advancing its transformational leadership drive.
“As young leaders, in our Army, it is crucial that you are not only skilled in carrying out your duties but also possess the right attitude and leadership qualities to guide our troops on the frontiers to achieve our goals in line with our constitutional responsibilities.
“As you are all aware, leadership is the most essential component of combat power on the battlefield and the military cannot function without it.
“Therefore, every opportunity must be seized to learn and improve in this area.
“Additionally, the increasing threats posed by Chemical, Biological, Radiological and Nuclear weapons, is a current challenge to combat readiness, will be discussed during this all-important seminar.
“The aim is to raise awareness among personnel on the need to counter any acts of chemical, biological, radiological and nuclear terrorism especially during military operations, “he said.
Oluyede implored the participants to take the seminar seriously, while applauding their loyalty and performance so far within 1 Div Area of Responsibility (AOR).
He assured them that the Army headquarters will continue to provide the resources, and direction they require to perform their roles.
The COAS reiterated the unwavering commitment to President Bola Tinubu for his invaluable support to the Nigerian Army towards ensuring success in our various operations. .
“We must do well on our part, to justify these resources and goodwill by consistently executing all assigned tasks swifty and in the most efficient and professional manner.
The COAS appreciated the seasoned resource persons , who have sacrificed their time to be here with us, to rub minds and share their knowledge and experiences during the deliberations.
“I am confident that your presence at this seminar will be of immense benefit to the participants and the Nigerian Army at large,” Oluyede said.
Earlier in his remarks, the Chief of Transformation and Innovation Nigerian Army, Maj.-Gen. Olusegun Abai, said the seminar is designed to enhance leadership for improved regimentation, discipline and combat efficiency.
Abai said “The seminar is also aimed to create awareness and suggest measures to suppress the act of chemical , biological, radiological and nuclear terrorism which is gradually creeping into our operational domain as well as the importance of identifying and suppressing these threats in Nigeria.”
According to him, the emergence of these threats indicate Nigeria Army personnel are being exposed to harmful and hazardous conditions across various theatres of operations.
He urged the participants to be open minded and contribute positively to make the seminar worthwhile.
TheTide’s report that the theme of the one day seminar is, “ Transformational Leadership and Nigeria Army Operational Effectiveness in a Joint and Multi -Agency Environment.

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Russia’s Biggest Strike On Kyiv Kills Nine

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Russia attacked Kyiv yesterday with an hour-long barrage of missiles and drones, killing nine people and injuring more than 70.
This was said to be the deadliest assault on the Ukrainian capital since July 2024, and just as peace efforts are coming to a head.
Ukraine President Volodymyr Zelenskyy said after the attack, that he was cutting short his official trip to South Africa and returning home as the city reeled from the bombardment that kept residents on edge for about 11 hours.
Zelenskyy said this appeared to be Russia’s biggest attack on Kyiv in nine months and called it one of Russia’s “most outrageous.’’
The attack drew a rare rebuke of Russian President Vladimir Putin from United States. President Donald Trump, who said he was “not happy” with it.
“Not necessary, and terrible timing. Vladimir, STOP!” Trump wrote on his social media platform, Truth Social.
However, senior Untied States. officials have warned that the Trump administration could soon give up its efforts to stop the war if the two sides do not compromise.
Kyiv Mayor Vitalii Klitschko announced that Friday would be an official day of mourning in the capital.
The Ukrainian air force said Russia fired 66 ballistic and cruise missiles, four plane-launched air-to-surface missiles, and 145 Shahed and decoy drones at Kyiv and four other regions of Ukraine.
Rescue workers with flashlights scoured the charred rubble of partly collapsed homes as the blue lights of emergency vehicles lit up the dark city streets.
The attack came as weeks of peace negotiations appeared to culminate without an agreement.
Reports also said the attack came hours after Trump lashed out at Zelenskyy.
Trump had accused him of prolonging the “killing field” by refusing to surrender the Russia-occupied Crimea Peninsula as part of a possible deal.

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Okpebholo Denies Paying N6bn To Terrorist Group In Edo

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Governor Monday Okpebholo of Edo State has denied authorising payment of N6 billion as compensation to any group in the State.
Okpebholo made the clarification in a statement issued by his Chief Press Secretary, Fred Itua, yesterday in Benin.
The governor was reacting to a publication by the Indigenous People of Biafra (IPOB), a proscribed terrorist group, accusing him of allocating N6 billion to “compensate terrorists.”
The group also accused Okpebholo of betraying the people of the State in the process.
Reacting, the Governor described the allegation as fictitious, malicious, and misleading, aimed at discrediting his government and stirring public unrest.
He labelled the allegation as inciteful and a calculated attempt to distort facts, sow ethnic division, and destabilise the state.
According to him, this tactic align with IPOB’s history of spreading falsehood and inciting hatred under the pretence of defending ethnic interests.
Okpebholo added that IPOB’s desperate bid to associate his administration with violence and disunity would not succeed and must be resisted by all.
He emphasised that the Edo government has never and would never compensate individuals or groups involved in terrorism or criminal activities.
Okpebholo said he was committed to justice and the rule of law, prioritising citizens’ safety regardless of background or belief.
He described the claim that vigilantes were handed over to “Fulani authorities” as absurd, disrespectful, and an insult to security personnel’s sacrifices.
“IPOB’s latest attempt to incite ethnic unrest is criminal and has been outrightly rejected by the people of Edo.
“Edo residents are renowned for peace, unity, and hospitality. The State rejects IPOB’s dangerous rhetoric and attempts to destabilise our harmonious coexistence.
“Their failed attempt to implant terror in Edo is a clear example of propaganda with no place in our peace-loving society.
“A group that enforces illegal sit-at-home orders and commits murder cannot pretend to speak for justice or human rights in any form.
“Security agencies are urged to investigate and prosecute those behind this publication to protect Edo from ethnic conflict and further misinformation,” the governor stated.
According to him, no group, regardless of their platform, should be allowed to endanger public peace or manipulate facts for violent political gains.
He assured that Edo government remained focused on peace, inclusive development, and ensuring security for every law-abiding resident.

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