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Eight years of printing money without productivity under Buhari’s govt caused current inflation – Finance Minister

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Former President Buhari and ex-CBN Governor Godwin Emefiele
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The Minister of Finance and Coordinating Minister of Economy, Wale Edun, has said that the N22.7tn printed by the Central Bank of Nigeria through Ways and Means overdraft for the Federal Government of Nigeria from 2015 to 2023, under former President Muhammadu Buhari landed Nigeria into hyperinflation bedeviling it now.

Edun who disclosed this on Wednesday during an interface with the Senate Committee on Finance, said during the period, the printing of naira in trillions was carried out without matching it with productivity.

He said the consequence of the eight years of printing money without productivity is high inflation confronting the country now.

Two weeks ago, the Senate resolved to probe the N30tn Ways and Means spent by the Buhari-led Federal Government, which, according to it, was recklessly spent.

It further stated that reckless spending of the overdraft collected from the Central Bank of Nigeria under Godwin Emefiele largely accounted for the food and security crises the country is facing.

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The Red Chamber then resolved to set up an Ad -hoc committee, to investigate on what and what the N30tn Ways and Means were spent on by the immediate past government since details of such spending, were deliberately not made available to the National Assembly.

At the Wednesday session, Edun said, “We talked about inflation, and you have helped to solve that. Where has it come from?

“It came from eight years of just printing money not matched by productivity. It’s not like when you earn dollars, and you free the naira alongside it, although there’s even a better way than that. But that’s still not as bad.

“It’s not as if the money is matched by productivity increase in output. It is not. And what happened was that for eight years, the weak were left to their own devices. It is the privileged few that took everything. That’s the reality so that money supply must be brought back.”

He added, “You distinguished senators, have helped. You have given us the mandate to raise N7tn , which we will do by sucking money from the market, using it to pay back the central bank and giving the government a balanced book. We are going to audit even the N22.7 trillion printed aimlessly.”

He, however, assured the committee members that various damage-mitigating economic policies being rolled out by the present government, would in no distant time, bring about great recoveries in terms of lower Inflation rate and improved GDP growth rate.

He specifically informed the committee members that rather than indulging in such money printing or seeking avoidable loans, the President Bola Tinubu-led government is succeeding greatly in the area of revenue generation with over N13tn revenue generated from the non-oil sector in 2023 and the trajectory being improved upon in 2024 going by revenues made in January and February.

He stated, “We should not be despondent. We have done the hard part. Mr. President, through the bold and courageous measures which are recognized around the world as being beyond the usual, what you would normally see.

“To so riskily and robustly change the things that are wrong. And it wasn’t just a set of measures. It’s not just lifting of subsidy here or margin of rates there. No. It is a strategic plan, the whole fiscal side, the government’s finances have been repaired.”

Edun further stated, “You, distinguished senators, have helped further to encourage and enroll the executive to further repair the finances, the fiscal situation of this country by endorsing and urging us to do something about the leakages in the import duty, waiver system. And we have explained to you what we will do. And even from your body language, I believe you feel that that is in the right direction.”

In his closing remarks, the Chairman of the Committee, Senator Sani Musa ( APC Niger East), said the interactive session will be a continuous exercise in knowing the short-term and long-term plans of the government on its way out of the precarious situation.

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FG launches ‘Hire from Nigeria’ campaign to connect local talent with global jobs

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The federal government has launched the “Hire from Nigeria” campaign to connect Nigerian professionals with international employers and position the country as a global hub for skilled talent and digitally delivered services.

Mohammed Idris, minister of information and national orientation, launched the initiative in Abuja on Monday.

Idris said Nigeria could increasingly earn from the skills and services of its citizens without requiring them to relocate abroad.

He said the global economy had evolved to allow knowledge, skills, creativity and professional services to cross borders digitally, adding that Nigeria’s youthful population and growing pool of skilled workers put the country in a position to benefit from the trend.

“The future of Nigeria’s economy will increasingly be driven by the talent, creativity, skills and productivity of our people. Nigeria is ready to compete on the global stage. Nigerian talent is ready to work. And the world should look to Nigeria,” the minister said.

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Idris added that the campaign brings together the ministries of industry, trade and investment; education; the National Talent Export Programme (NATEP); iDICE; and private-sector partners to connect Nigerian talent with global demand.

He also said the information ministry would use its communication platforms and partnerships to promote Nigerian professionals and businesses internationally.

“A young Nigerian does not have to leave the country to participate in the global economy. With the right skills, infrastructure, professional standards, and access to markets, Nigerians can live and work and earn here at home, while providing valuable services to clients and employers worldwide,” he added.

The minister said the initiative is aligned with President Bola Tinubu’s Renewed Hope Agenda and the government’s target of creating one million export-linked jobs.

On her part, Olajumoke Dan-Okayi, senior special assistant on strategic communications and NATEP to the minister of industry, trade and investment, said the campaign was designed to address barriers preventing Nigerian professionals from accessing international opportunities.

She said the challenge was not a shortage of talent but the difficulty of making Nigerian professionals visible and trusted by global employers.

“It’s not the talent, it’s not the ambition. It’s discoverability, trust and global access,” Dan-Okayi said.

She said the campaign would focus on making Nigeria easier for international clients to discover, Nigerian talent easier to trust and professionals easier to hire.

Jumoke Oduwole, minister of industry, trade and investment, described the initiative as more than a communications campaign, saying it was designed to turn Nigeria’s demographic advantage into jobs, exports and investment.

“Hiring from Nigeria is not an act of goodwill. It is a sound commercial decision that delivers capability, innovation, competitiveness, and value,” Oduwole said.

The minister added the government would take the campaign to the global stage during the 81st United Nations General Assembly.

FG TARGETS GLOBAL DEMAND FOR NIGERIAN SKILLS

Maruf Tunji Alausa, minister of education, said his ministry would strengthen the talent pipeline through curriculum reforms, technical and vocational education, digital skills development and industry-focused training.

“Wherever in the world, whoever in the world wants to hire, we want Nigerians to be trained, certified, and ready for the hire,” Alausa said.

Joel Ogunsola, founder and president of Tech4Dev, said the campaign would help connect Nigeria’s large pool of skilled workers with international demand.

“Nigeria has the talent, the world has the demand. Our job is to bring the two together.”

The federal government said the campaign would connect Nigerian professionals, service providers and businesses with global employers, outsourcing companies, investors and international markets.

PHOTO CAPTION:

Director-General of Nigerian Television Authority (NTA), Salihu Dembos (left); President, Tech4Dev, Joel Ogunsola; Minister of Education, Dr Tunji Alausa; Minister of Information and National Orientation, Mohammed Idris; Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, and Special Adviser to the President on Media and Public Communications, Sunday Dare, during a briefing on the inauguration ‘Hire from Nigeria’ campaign in Abuja, on Monday.

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Family of four die in Kwara building collapse

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Scene of the collapsed building
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Four members of the same family have been confirmed dead after a three-storey building collapsed at Popo Giwa, Ilorin, Kwara State, on Tuesday morning.

The PUNCH gathered that the incident occurred around 5am at No. 41 Popo Giwa Street, beside Gogoro Mosque, with eight members of the family initially trapped beneath the rubble.

Speaking with our correspondent during the rescue operation, an eyewitness, Abdulganiy Musa, said the father of the family was a serving soldier, while the mother worked as a casual staff member at the Michael Imoudu National Institute for Labour Studies, Ilorin.

Musa said rescue workers were engaged in efforts to evacuate the victims trapped under the collapsed structure.

A child identified as Firdaus, the second-to-last born of the family, was among those rescued alive from the rubble as emergency responders intensified the operation.

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An excavator was later deployed to the scene to assist rescuers in removing the debris and gaining access to the remaining trapped victims.

Findings by The PUNCH showed that several emergency and security agencies were involved in the rescue operation, with ambulances deployed to evacuate survivors for medical attention.

Representing Governor AbdulRahman AbdulRazaq at the scene, the Commissioner for Education and Human Capital Development, Lawal Olohungbebe, described the incident as unfortunate and condoled with the victims’ families.

“The rescue mission began immediately after the collapse and to the Grace of God, some were rescued but unfortunately, we have to take it as this,” he said.

Olohungbebe stressed the importance of accessible roads in residential areas, saying the access route to the building contributed to the ease with which emergency responders were able to reach the scene.

“One of the things that made it very easy for us to rescue the few people we were able to rescue is the access route,” he said.

He urged residents and developers to respect building and town-planning regulations, particularly the need to maintain access roads to residential areas.

The commissioner commended the Ministries of Health and Environment, the Council for the Regulation of Engineering in Nigeria, SEMA, the National Emergency Management Agency, Fire Service, Civil Defence, the Red Cross and other responders for their swift intervention.

The Kwara State Fire Service subsequently confirmed that four people died while four others were rescued alive.

The Public Relations Officer of the Kwara State Fire Service, Hassan Adekunle, disclosed this while speaking at the scene of the incident.

“We have recovered four people dead and rescued four people alive,” he said.

Adekunle said the agency received a distress call at about 5am reporting that a building had collapsed and people were trapped underneath.

“We immediately mobilised to the scene and commenced rescue operation. This kind of situation is not something the fire service can handle alone,” he said.

He added that officials of the Hospitals Management Board, the Nigeria Security and Civil Defence Corps and other emergency agencies joined the rescue operation.

The fire service spokesman said the cause of the collapse would be determined after a proper assessment of the structure.

“We are only here to ascertain the actual cause of this collapse and rescue the trapped victims. As at when due, we will communicate to the media about our findings,” he said.

Adekunle said if the assessment warranted demolition, the relevant authorities would take appropriate action, while occupants would be advised accordingly if the structures were found to be safe.

He commiserated with the families of the victims and urged residents to report unusual signs in their buildings or evacuate immediately when they noticed anything that could indicate danger.

The Kwara State Emergency Management Agency also confirmed the death of four people and the rescue of four others.

The SEMA Secretary, Magaji Saadudeen, said eight people were trapped in the building, adding that the rescued victims and bodies of the deceased had been taken to hospital.

“The rescued persons are receiving treatment presently,” Saadudeen said.

Speaking on the structure, the Kwara State Commissioner of Police, Ojo Adekimi, said it was a three-storey building and that the portion that collapsed was the boys’ quarters.

“It was a three-storey building that collapsed. Our findings showed that the boys’ quarter of the building that collapsed.
Information gathered revealed that eight people were trapped in the building,” he said.

Adekimi said the rescued victims had been taken to hospital while the bodies of those who died were also evacuated.

“For now, the situation is under control. We will examine the remaining building and see how people can be secured. But for now, we have evacuated everybody from the main building,” he said.

The police commissioner said residents should pay attention to warning signs such as leakages and other structural defects in buildings.

The Chairman of Ilorin West Local Government Area, AbdulRahman Babatunde Ladan, who monitored the rescue operation, also commended the emergency agencies and residents for their prompt response.

Ladan said about six to seven ambulances were deployed to the scene to support the evacuation of victims for medical attention.

He urged residents to report structural defects promptly and evacuate buildings whenever they noticed signs of possible collapse.

“Whenever you discover something like this, please escalate it. Get to the point of evacuating yourself and your family members from that building. Life is the priority,” he said.

The council chairman also advised prospective developers to use quality materials and engage qualified professionals to supervise construction, stressing that adherence to building standards was essential to preventing structural failures. (PUNCH)

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Sanwo-Olu, Lai Mohammed, Gbenga Daniel, others to attend 7th Freedom Online lecture Thursday

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Governor Babajide Sanwo-Olu of Lagos State, on Thursday, will deliver the 7th yearly lecture of Freedom Online newspaper.

Theme of the event, which holds in Ikeja, Lagos, is “2027 Elections, Economy, Security and Nigeria’s Future”.

Former Information Minister, Alhaji Lai Mohammed, is the Chairman of the event while former Governor of Ogun State, who is currently representing Ogun East District in the Senate, Senator Gbenga Daniel, is the Special Guest of Honour.

According to a statement by the Managing Director/Editor-in-Chief of the newspaper, Gabriel Akinadewo, other eminent Nigerians will grace the epoch-making event.

President of the Nigerian Guild of Editors (NGE) and Editor of Vanguard, Eze Anaba, is the Chief Host.

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