Good morning Nigeria. Welcome to the Naturenex roundup of top newspaper headlines in Nigeria for today, Wednesday, 25th September, 2024
1. Tinubu Asks Senate To Confirm Kekere-Ekun As Substantive CJN
President Bola Tinubu has formally requested the Nigerian Senate to confirm Justice Kudirat Kekere-Ekun as the substantive Chief Justice of Nigeria (CJN).
This request was communicated through a letter, which was read aloud by Senate President, Godswill Akpabio during a session on Tuesday.
Naturenex reports that Justice Kekere-Ekun has been serving as the Acting Chief Justice since August, following the retirement of her predecessor, Justice Olukayode Ariwoola. President Tinubu had earlier sworn her into the acting role.
In his letter, the President referenced Section 231(1) of the Nigerian Constitution.
Following the presentation, Senate President Akpabio referred the matter to the Committee of the Whole for further consideration, with deliberations set to take place on Wednesday.
2. How Dangote Refinery Petrol Will Reduce Food Prices – CBN
The Central Bank of Nigeria (CBN) has disclosed expectations that lifting petroleum from the recently launched Dangote Refinery would reduce the cost of food in Nigeria in the short to medium term.
CBN Governor, Olayemi Cardoso, who made the submission while speaking on Tuesday at a press conference after the 297th meeting of the Monetary Policy Committee (MPC) in Abuja, said the operations of the refinery would ease the cost of transportation and rub off on food prices.
He said the committee expects that the Dangote Refinery’s operation would also save the country in terms of foreign exchange demands, which would lead to improved external reserves.
The CBN Governor added that on food inflation, the upside risk remains flooding, hike in energy prices, scarcity of PMS, and most importantly, security in farming communities.
3. Nnamdi Kanu Asks Justice Nyako To Recuse Herself From His Case
The leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, has requested that Justice Binta Nyako of the Federal High Court recuse herself from his ongoing trial, citing a loss of confidence in the court’s impartiality.
During a hearing session on Tuesday, Kanu expressed his concerns about Justice Nyako’s handling of his case, claiming she had failed to adhere to orders issued by the Supreme Court.
He made his request directly in the courtroom, emphasizing his dissatisfaction with the judicial proceedings.
In response, Justice Nyako acknowledged Kanu’s request, stating she would be happy to step down from the case.
She indicated that she would forward the case file to the Chief Judge for reassignment and any further necessary actions.
4. Nigeria’s Unemployment Rate Climbs To 5.3% In Q1 2024 – NBS Report
Nigeria’s unemployment rate saw a rise of 1.2 percentage points, reaching 5.3% in the first quarter of 2024 (Q1 2024), compared to 4.1% in the corresponding period of 2023.
This data was revealed in the latest Labour Force Survey Report published by the National Bureau of Statistics (NBS).
According to the report, the unemployment rate increased to 5.3% from the 5.0% recorded in Q3 2023.
A breakdown by gender revealed that unemployment among men stood at 4.3%, while for women, it was notably higher at 6.2%.
In terms of location, urban unemployment reached 6.0%, while rural areas experienced a lower rate of 4.3% during the same period.
The report also provided insights into youth unemployment, noting that the rate for young Nigerians dropped slightly to 8.4% in Q1 2024 from 8.6% in Q3 2023.
5. Tinubu Declines Assent To Bill Seeking To Extend Retirement Age Of Legislative Staff
President Bola Tinubu has declined assent to a bill that aimed to extend the retirement age of legislative staff at the National Assembly and state Houses of Assembly.
The bill forwarded to President Tinubu sought to increase the retirement age of staff working at the National and State Houses of Assemblies from 60 to 65 years.
The president’s declined assent was conveyed in a letter read on the floor of the Senate, on Tuesday, by the Senate President, Godswill Akpabio.
According to Channels TV, the Retirement Age Bill was first stepped down in February 2024 for further research and consultation with stakeholders after a significant number of senators voted against it.
The bill, first introduced during the 7th Assembly, was transmitted to the 9th Assembly, where it suffered a standstill, and subsequently to the 10th Senate.
6. Again, CBN Jacks Up Interest Rate To 27.25 Percent
The Central Bank of Nigeria (CBN) has announced an increase in the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.75% to 27.25%.
This decision was made during the 297th meeting of the Monetary Policy Committee (MPC) held in Abuja.
In addition to the MPR adjustment, the committee decided to retain the asymmetric corridor at +500 and -100 basis points. The cash reserve ratio has also been raised from 45% to 50%, reflecting a commitment to further tighten monetary policy.
CBN Governor, Olayemi Cardoso, addressing the press after the meeting, emphasized that the committee’s decision was unanimous, highlighting the urgency of curbing inflation and stabilizing the economy amidst ongoing challenges.
Financial experts had anticipated that the CBN would either hold or lower interest rates following two consecutive months of declining headline inflation.
7. “The Hardship Is Real; People Are Suffering” – Orji Uzor Kalu Tells President Tinubu
Abia North Senator, Orji Uzor Kalu, has voiced out on the hardship and pains Nigerians have had to endure as a result of the policies introduced by President Bola Tinubu.
Kalu, during a press briefing at the National Assembly on Tuesday, said President Tinubu needs to deploy urgent means of succour to cushion the sufferings Nigerians are going through.
The former Anambra State Governor, while acknowledging the fuel subsidy removal by President Tinubu as a bold and necessary move, lamented the economic hardship it has brought on all Nigerians and the need for the impact to be properly and urgently managed.
He added that his organization has also been forced to introduce some cost-saving measures due to the rising cost of things occasioned by the economic outlook in the country.
The former Governor noted that President Tinubu has demonstrated strong political will by initiating economic reforms that no other leader has dared to do in the last sixty years, but called for quicker relief measures.
Kalu also suggested that the President might consider bringing back the fuel subsidy regime.
8. NNPC Did Not Announce The Real Price Of The Fuel They Bought From Us – Aliko Dangote
Chairman of Dangote Group, Aliko Dangote has stated that the Nigerian National Petroleum Company Limited (NNPCL) misled the public on the price of fuel lifted from his refinery.
He asserted that the fuel purchased from his refinery on September 15th was priced 15% lower than NNPCL’s imported fuel.
According to the billionaire businessman, the price fixed by NNPC was not transparent, and it was a result of high costs spent on importing fuels from foreign countries.
9. Fuel Subsidy: I Disagree With Aliko Dangote – Doyin Okupe
A former presidential spokesperson, Doyin Okupe, has condemned the call by billionaire businessman, Aliko Dangote for the complete removal of fuel subsidy.
Naturenex recalls that Dangote earlier urged the federal government to put a total end to fuel subsidy.
However, speaking with newsmen on Tuesday, Okupe stated that petrol is the economic oxygen of Nigerians.
He insisted that with the coming up of local refineries, some level of succour should be given to Nigerians.
According to him, with the allocation of 450,000 barrels a day for local consumption, Nigeria can combine the advantage of local production with local consumption and determine the price to sell crude to local refineries.
10. If I Didn’t Have Tinubu’s Support, I Would Have Been Sacked – Uju Kennedy-Ohanenye
The Minister of Women Affairs, Uju Kennedy-Ohanenye, has claimed she has the approval and support of President Bola Tinubu for her actions in office.
Speaking on the sidelines of her engagements at the 79th United Nations General Assembly (UNGA) at the UN Headquarters in New York, United States, Kennedy-Ohanenye expressed her resolve to continue challenging and changing the narratives.
She added that her actions are backed by the determination to ensure things work for Nigerians in line with the Renewed Hope Agenda of President Tinubu’s administration.
The Minister noted that by changing the action plan, focus would shift to who we are and what we can benefit from, what can impact our people and change the narratives for them so that the poor will start breathing which is basically the President’s renewed hope agenda.
That’s the top Nigerian newspaper headlines for today. Read more Nigerian news on Naturenex. See you again tomorrow.
