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ASUU Strike: Private Varsities Go After ASUU Scholars, Union Laments on Increasing Brain-Drain

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Asuu and federal government in meeting

The President of the Academic Staff Union of Universities, Prof Biodun Ogunyemi, on Thursday, laments losing members of the union to private universities due to the ongoing ASUU strike and government refusal to meet the union demands.

He said that court threat from the government cannot happen with university scholars, the Union president affirmed this while featuring on a television program today in Abuja.

He said, “Talking about options, whether they want to go to court and intimidate the union to surrender. You don’t do that with scholars, no country has ever survived it because we have options too.

“We talk about brain-drain now, I can tell you authoritatively that within the last two months, 25 scholars in the North-East have been harvested by this university in Yola. We know the owner. That is how it is happening, the private universities are poaching the public universities now because they can only thrive when the public universities crumble.

“We are also aware that some few months back, Ethiopia came to Nigeria, and harvested as many as 200 professors and they are still looking for more. I don’t know if the government wants their appointees to start teaching the students. Of course, many of them don’t have their children in public universities, that is why they cannot feel it. Our scholars are our national assets and we should not allow them to be decimated.

ASUU president further said that the union will play an active role to ensure that the integrity test process being conducted on the proposed payment software platform by ASUU, University Transparent and Accountability Solution (UTAS), will not be delayed by the union nor the government.

Prof. Ogunyemi explained that the integrity test being conducted on UTAS would not last more than one week if the government “is conscientious about the process”. This was contrary to the statement made by Chris Ngige, Minister of Labour and Employment.

In a meeting held on Tuesday at Abuja, the Minister had informed the State House correspondents that the Nigeria Information Technology Development Agency (NITDA) was conducting the integrity test on the software and it would be completed within six to eight weeks.

However, Prof. Ogunyemi reacted to the statement, he said that “On UTAS, I want to say that this thing about six, eight weeks is unfounded. I want to tell you categorically is if the government is sincere and conscientious about the process in motion now, within one week, we can put the integrity test behind us.”

“As of yesterday (Wednesday), we did a practical demonstration with more than 30 experts in NITDA, UTAS was demonstrated at NITDA yesterday and none of the experts faulted it. And with that, we are good to go.

“UTAS has no problem, UTAS has no blemish, UTAS is far higher in integrity, content, and validity over the IPPIS. There is no basis for comparison. So, let no government official, no matter how highly placed slow down the process, otherwise, our members will resist it with all legitimate means,” Ogunyemi explained.

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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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