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July 24, 2024 August 1 Protest: Nigerian Govt Holds Emergency Meeting With Ministers

August 1 Protest: Nigerian Govt Holds Emergency Meeting With Ministers

The Nigerian government has scheduled an emergency meeting for today Wednesday in response to a planned nationwide protest set for August 1, 2024. This information comes from a circular signed by Richard Pheelangwah, Permanent Secretary of the Cabinet Affairs Office, dated July 23, 2024, and titled "Planned Nationwide Protest."

The circular states: “I am directed to invite you to attend a meeting with the Secretary to the Government of the Federation on the above subject slated as follows: July 24, 2024, Time: 10 am prompt, Venue: Office of the Secretary to the Government of the Federation Conference Room.”

This meeting follows President Bola Ahmed Tinubu's plea through the Minister of Information, Mohammed Idris, for Nigerians to cancel the planned protest. Speaking to state house correspondents on Tuesday, the Minister emphasized that the Tinubu administration needed more time to implement people-oriented programs.

“On the issue of the planned protest, Mr. President does not see any need for that. He asked them to shelve that plan and he has asked them to await the government’s response to all their pleas,” Idris stated.

The protest is set against the backdrop of increasing economic hardship in Nigeria, with core inflation and food inflation rising to 34.19 percent and 40.87 percent, respectively. This inflation surge has severely impacted commodity prices and reduced the purchasing power of Nigerians.

Despite the recent approval and passage of a ₦70,000 minimum wage by the Nigerian Senate, Nigerians have remained adamant about proceeding with the protest. The protest is inspired by the month-long demonstrations in Kenya, where citizens demanded the reversal of the Finance Act and other controversial policies by the Kenyan government.

July 24, 2024 NASS Approves Bill for IGP to Serve Full Four-Year Tenure

NASS Approves Bill for IGP to Serve Full Four-Year Tenure

The National Assembly passed the Police Act Amendment Bill on Tuesday, enabling the Inspector General of Police (IGP) to remain in office until the end of the term specified in their appointment letter. President Bola Tinubu forwarded the Bill to the House of Representatives and the Senate, seeking to amend the tenure of the IGP.

The Bill, aimed at amending the Nigeria Police Act 2020, seeks to ensure the IGP's tenure and enhance police operations through improved accountability, modernized policing methods, and better police-community relations.

Both chambers of the National Assembly expedited the Bill through its second and third readings, resulting in its passage. President Tinubu is expected to sign the Bill into law.

In July, the police refuted claims that IGP Kayode Egbetokun attempted to lobby the National Assembly to extend the retirement age of officers. Egbetokun, appointed by President Tinubu in June 2023, has a four-year term. According to Section 18(8) of the Police Act 2020, Egbetokun, born on September 4, 1964, would retire in September 2024 upon turning 60. This would mean he would only have served one year and three months of his four-year term.

This controversy over the IGP's tenure is not new. Egbetokun's predecessor, Usman Baba, faced a similar situation. Baba turned 60 and completed the mandatory 35 years of service in March 2023 but remained in office until Egbetokun was appointed as his replacement three months later.

July 23, 2024 Tinubu Urges Nigerians to Avoid Protests

Tinubu Urges Nigerians to Avoid Protests

President Bola Tinubu on Tuesday appealed to Nigerians planning to stage a nationwide hunger protest to reconsider their plans. He urged citizens to give his administration sufficient time to address their concerns.

This was disclosed by the Minister of Information and National Orientation, Mohammed Idris, after a closed-door meeting with President Tinubu at the Aso Rock Villa, Abuja.

Idris stated, “On the issue of the planned protest, Mr. President does not see any need for that. He asked them to shelve that plan and await the government’s response to all their pleas. So, there is no need for a strike. The young people out there should listen to the President and allow him more time to realize all the benefits he has for them.”

His comments come just days after calls for nationwide protests from August 1-10 against the rising cost of living and economic hardship.

July 23, 2024 CBN Raises Interest Rate to 26.75% in Response to Rising Inflation

CBN Raises Interest Rate to 26.75% in Response to Rising Inflation

The Central Bank of Nigeria (CBN) has once again increased the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.25% to 26.75% in response to soaring inflation and escalating food prices. CBN Governor Olayemi Cardoso announced this adjustment following the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The MPC also modified the asymmetric corridor around the MPR from +100/-300 basis points to +500/-100 basis points. Additionally, it retained the Cash Reserve Ratio (CRR) for deposit money banks at 45% and for merchant banks at 14%, as well as the Liquidity Ratio at 30%.

Cardoso emphasized that the committee is aware of the impact of rising prices on households and businesses and is committed to taking necessary actions to control inflation. He noted that despite the inflation uptick in June 2024, prices are expected to stabilize in the near term as monetary policy measures take effect, along with further actions by the fiscal authority to address food inflation.

The MPC expressed concern over persistent food inflation and rising energy costs, which continue to undermine price stability. The next MPC meeting is scheduled for September 23 and 24.

Nigeria is facing one of its worst economic crises in recent times, characterized by rising living and energy costs, driven by the government’s removal of the petrol subsidy and unification of the foreign exchange windows in May 2023. The country's inflation reached a record high in June, hitting 34.19%, according to the National Bureau of Statistics (NBS). Food inflation also surged to 40.87% year-on-year in June 2024, compared to 40.66% in May 2024, and 25.25% in June 2023.

Despite palliative measures rolled out by President Bola Tinubu's administration and governors of the 36 states, Nigerians continue to suffer from the severe impact of inflation as the prices of food commodities and basic products increase uncontrollably.

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