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Buhari Once Again Proved Critics, TonyeBarcanista and Others Wrong

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G7 Leaders Meet For Summit At Schloss Elmau

TonyeBarcanista in his last article, labeled this administration a government of failure, tears and disappointment, citing failure of this administration not to have pegged oil price below $35 a barrel but instead projected annaualized average of $38 per barrel was used.

“Oil price is pegged at $38 per barrel even when oil was selling under $35 per barrel as at when the budget was presented to the parliament. Where in the world does that happen?” Said TonyeBarcanista.

In which I responded “they were right to have used $38 as at the time, the OP (Tonye) just doesn’t understand how the calculation works. Oil was $33 a barrel when the budget was drafted but on a 3 months weighted average, it’s around $42 a barrel since it fluctuate depending on global market”.

Currently, oil is trading at $39.50 per barrel, above $38 pegged rate and forecasted to reach around $45 a barrel before the end of the year, as OPEC member nations are meeting later this month to further curtail the situation by reducing production in order to create scarcity.

So far this month, commodity-backed economies like Canada, Nigeria, Australia, etc. are showing better prospect then the rest of the world. For instance, Aussie dollar is trading at 8 months high against the U.S. dollar, while Canadian dollar (Lonnie) is trading at 4 months high and if Naira is not fixed we would be recording similar success but notwithstanding our foreign reserves surged 2.43 percent.

With foreign reserves picking up, the economy will attracts more inflow of foreign currency and foreign investors interested in real growth — like Jumia that just raised $325 million, this is the only type of investment that can help actualize diversification from oil and pave way for consumption dependent economy amid sustainable exports.

Imagine if the CBN had devalued the Naira, not only will our inflation skyrocket, but foreign investors would have seized the opportunity to profit enormously from the system and abscond with their gains.

It is also important to note that these investors only invest in an economy with prospects, since they are investing in the future value, this means the larger portion of them somehow believed in the future of Nigeria, how come we don’t? I guess that is why most Nigerian top brands are owned by foreigners.

I proposed that all the companies that left should be double taxed if peradventure they return, Truworths should be triple charged for starting it. This is because they failed to prove their commitment to Nigeria’s 2020 vision by increasing unemployment rate, creating negative perception of the economy that indirectly led to more capital outflow and most importantly for using us to further their capitalist agenda.

 

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

Buhari Bows to Pressure, Overhauls Murderous Police Unit, SARS

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FG, NPF Dissolve SARS Amid Nationwide Protests

President Muhammadu Buhari has finally bowed to pressure to disband the murderous Special Anti-Robbery Squad (SARS) unit of the Nigeria Police Force (NPF).

In a statement released on Sunday, Mohammed Adamu, Nigeria’s Inspector General of Police, said the Special Anti-Robbery Squad unit had been abolished “with immediate effect”. He, however, said SARS officers would be redeployed to other police units, formations and commands that the Nigerian people are saying also needs reform.

 

This was after President Buhari had said he met with the Inspector General of Police on Saturday to discuss reform of the UNIT against a complete overhaul being pushed by millions of harassed, dehumanised and disrespected Nigerian youths.

The statement further aggravated Nigerian youths, who encouraged Nigerians abroad to stage protests across the nation’s embassies in a move to draw international media and organisations to the plight of youths in Africa’s largest economy. Sensing chaos amid expected economic recession in the third quarter, President Buhari and the Nigeria Police Force quickly dissolved the murderous anti-robbery squad to force decorum and calm millions of angry Nigerian youths.

Nigerian youths, both celebrities, influencers and regular people, have used their social media backed with action to compel the Nigerian government, known for blatant disrespect, disregard and the use of counter-protests to suppress and discredit dissenting voice, to finally put to an end a police unit that has killed several youths for owning an iPhone, having a laptop, driving a car or even looking good.

This is a win for the Nigerian youths and sent a strong message to the leaders that youths will no longer tolerate their excesses and henceforth would be demanding accountability, transparency and the right implementation of the rule of law regardless of class, status or position.

To the youths, it validated what the majority have been clamouring for, UNITY that transcends tribes and religions. If Nigerian youths stick together and continue to demand change in one voice with civil disobedience, we will eventually have a Nigeria we all can be proud of.

Congratulations to US!.

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LAMATA Says Lagos Red Rail Project to be Operational by October 2022

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Railway Projects

Lagos Red Rail Project to be Operational in 24 Months

Lagos State Metropolitan Area Transport Authority (LAMATA) has said the ongoing Lagos Red Rail Line project will be completed for operation in the next 24 months, October 2022 to be precise.

Mrs Abimbola Akinajo, the Managing Director, LAMATA, disclosed this at a milestone meeting on the implementation of the Lagos Rail Mass Transit Red and Blue Line projects in Lagos on Tuesday.

In the meeting with contracts, Akinajo said the gathering was to reaffirm the established positions on timelines for delivery of the rail lines to passengers, according to a statement titled ‘Lagos red rail line will be operational in 24 months’ and signed by Kolawole Ojelabi, Assistant Director, Corporate Communication, LAMATA.

She said, “The red line is supposed to be a quick win because it will share tracks with the Nigerian Railway Corporation on its Lagos – Ibadan rail corridor. There will be no delays, no budget or cost overrun and there will not be any shift in delivery date.

“Our meeting is to take stock of what we have done so far since this project started and to re-emphasise that there is no room for slippage in the delivery of the red line.”

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#Endsars: Naira Marley Calls Off Protest following Police Invitation

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Naira Marley Says no Protest After Police Invitation

Afeez Fashola popularly known as Naira Marley has called off the nationwide protest scheduled for today, Tuesday 6, October 2020.

In a tweet put out by the musician a few minutes ago, he said “We won’t be protesting anymore because there’s a lot of changes being made right now. As a Marlian we will give them a week to see the changes and if there’s no changes we will start a mass protest.”

This was after the Nigeria Police Force reportedly invited the musician a day before the supposed protest to brief him on the ongoing efforts to address concerns of the Nigerian Youth regarding the operations of a unit of the Nigerian Police Force, Special Anti-Robbery Squad (SARS).

On Monday, Sunday Dare, the Minister of Youth and Sports Development, had urged the musician and his followers not to embark on the protest as their grievances are being addressed at the highest level of government.

He said “I urge you and other youth not to embark upon any protest. Your grievances are being addressed at the highest level of government. As the Minister in charge of youth, I know this is an issue that must be tackled. Government is doing just that.

On Tuesday, the musician announced he would be having a live Instagram chat with DCP Frank Mba to discuss the concerns of young Nigerians concern SARS operations.

This was after the Nigerian Police Force had tweeted that “@officialnairam1 The Inspector General of Police wishes to inform Nigerian youths that their voices and complaints on the issues of unprofessional conducts by some SARS operatives have been heared very loudly and clearly.”

However, angry Nigerian youth have started attacking the musician, calling him a Coward like Tu Face. Some claimed he has been paid to call off the protest like every other activist in the country.

Scotty Aluta @saintyommite1 said “At first i respected your actions towards planning a protest but my greatest regret is screenshotting your tweet and post in different platforms to salute your courage, now you just chickened out like everyone else! Real revolutionaries dont bow to pressure! I am disappointed.”

I am Riel @Iam_Riel said “Imagine, you don’t do this on the last day, it’d feel like you got threatened, you protest because you want them to change, not because of the changes you expecting, who would come out with you next week? This is wrong na.”

Manlike @fairlyodd_tweet said “I’m so disappointed in Naira marley, we all lashed at the NLC when they did the same thing now look at our so called youth backing down because they held one meeting that wouldn’t change anything.”

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