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Nigeria yet to exit from pains of CBN’s Naira redesign policy – MAN

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Manufacturers Association of Nigeria (MAN), has continued to bemoan the impact of the Naira redesign policy embarked on last year by the Central Bank of Nigeria (CBN), which led to a lot of cash crunch in the country that affected a lot of businesses and caused many social upheavals.

The body in charge of the nation’s manufacturing sector, said in a statement via the ‘Special Focus’ of its Manufacturing CEOs Confidence Index, released on Thursday that the consumer goods dropped to 20 per cent during the peak of naira scarcity in 2023, while cement sales dropped by 30 per cent.

Stating that the CBN did not need to rush the country’s transition to a cashless economy or engage in policy aggressiveness because significant progress has already been made, added that the prolonged crisis nearly crippled manufacturing companies, with sales of consumer goods and cement falling by 20 per cent and 30 per cent respectively.

Apart from the crisis creating negative impact on manufacturers by directly limiting their working capital, effectively halting their daily business operations, the report said the development hurt manufacturing firms’ consumer patronage and, as a result, increased their inventory volume, particularly for retail goods, stressing how the crisis had severe consequences on the manufacturing value chain and logistics costs by exposing the highly cash-based distributive trade sector to great risk.

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The report read in part: “The substantial reduction in money velocity left opportunity for speculation and ignited the creation of a naira black market that compounded the woes of manufacturers already plagued by insufficient forex.

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“The naira scarcity clearly wiped out numerous small and medium manufacturing businesses whose transactions were cash-based, especially those within the agro-allied industries who regularly deal with local farmers in remote towns where no formal banking is in sight. More unfortunately, the exorbitant POS charges on such cash constrained the operations of resilient manufacturing SMEs and worsened their cost of doing business.”

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Tough economy: Trouble in APC, as staff plan strike

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A loud grumbling has enveloped the 40 Blantyre Crescent, Wuse, Zone 2, Abuja, headquarters of the All Progressives Congress (APC), where staff across different departments are threatening to down tools in protest of poor welfare and biting economic hardship.

Daily Trust, is reporting that the staff are specifically asking the party’s top echelon to make provision for their housing and other allowances, stressing that the economic situation of the country had become quite unfavourable to them.

The paper quoted one of the staff, who spoke on condition of anonymity, as saying that the party’s executive members had left them to suffer, while taking home humongous amounts of money as salaries and allowances.

Though Abdullahi Umar Ganduje, National Chairman of the party, is said to have commenced payment of N35,000 provisional wage award to them in January 2024, they argued that the largesse would in June, and they would be back to square one and therefore, they needed more stable welfare packages.

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In a swift riposte, Felix Morka, spokesman of the party, was quoted as dismissing the agitation, saying: “Those matters I don’t really discuss them. As you can see, there are many important things to discuss; at the national level, in Edo State. We are battling with all that. So, any in-house matters are not my focus right now.”

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BREAKING: Davido ups the ante, doles out N300million to orphanages

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David Adeleke Nigerian music sensation, otherwise known as Davido is stamping his giant feet with which he has mesmerised his audience across the world in the arena of philanthropy, with an announcement of a fresh donation of a whopping N300million to some orphanages across the country.

The latest is an increase of N63million up from the N237million the popular singer, who disclosed the largesse in a statement on his social media accounts on Tuesday, dolled out last year as part of the gesture in what is now turning out a yearly programme since it started a few years ago.

The gesture is coming at a time Nigeria is under an intense weather of deprivation and poverty, with the prices of food and other commodities hitting the roof and citizens, unable to afford basic items mostly going to bed on empty stomachs as a result.

In recent weeks, demonstrations had erupted in many parts of the country, including Niger, Kano, Ogun and Oyo States, where residents trooped into the streets to demand an end to the parlous situation, which they blamed on the insensitive policies of the government of Bola Tinubu, the Nigerian President.

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The singer, who first gave out N250m to 292 orphanages in October 2022, said the this year’s donation would be done through The David Adeleke Foundation (DAF), adding: “I and my foundation pledge the sum of 300 million Naira to orphanages around Nigeria … as my yearly contribution to the nation. Details of disbursement tomorrow.”

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BREAKING: Tinubu set to probe Buhari’s N23trillion Ways and Means debt

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At last, President Bola Tinubu, may be going through the N23trillion Ways and Means debt obtained by his predecessor, Muhammadu Buhari, with a fine comb to determine what the funds, which is attributed to a major part of the current debt overhang in the country, went into.

The Nation, quoted Wale Edun, Minister of Finance and Coordinating Minister for the Economy as revealing this much to participants at the ongoing Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MoFI).

Besides, the Minister reportedly said the Federal Government would also present a bill to the National Assembly, soon to authorise the removal of “all taxes and levies that constitute nuisance from the country’s tax system, as a measure to wean itself from future Ways and Means indebtedness.

The government, Edun added, will vigorously pursue policies that will allow it harvest revenue in real time from Government Owned Enterprises (GOEs) and Corporate entities.

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It was also on the same day that the Minister explained that Tinubu’s administration inherited a surge in food and general commodity prices from the previous government, but emphasised the government’s commitment to reducing food prices and tackling the nation’s high inflation rate.

Outlining the measures government was taking in tackling the situation, he revealed that, the government had released 42,000 metric tons of grains, with an additional 60,000 metric tons scheduled for release soon.

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