FG Set To Introduce N10,000, N20,000, N50,000 Notes (See Why)

At the pace at which inflation is soaring on a daily basis, with the naira purchasing power being limited and diminished ‎in the open market, a Lagos based Developmental Economist, Henry Boyo, has predicted that the Federal Government, might have no option than to introduce an additional N10,000 note, if the negative trend is not checked.

‎It could be recalled, that since 2015, the naira has been subjected to intense pressure, due to the introduction of diverse contradictory monetary policies by the President Muhammadu Buhari-led led Federal Government.

The straw that broke the camel’s back, was the hike in Premium Motor Spirit, PMS, popularly called petrol, from N86.50 per litre to N145 per litre, which has also affected the price of Diesel, Kerosene and Aviation fuel.

According to Financial Experts, the spiral increase in energy sources, coupled with the hike in electricity price, had triggered inflation across board, from ‎11.4 percent in February, to 16.5 percent in June.

Boyo, postulated that ‎many households across the country ‎are presently severely traumatized by the escalating prices of goods and services, particularly in the last six months, or so.

The uneasy feeling according to him, has probably become common after every visit to the market, where the smallest available plastic sachet, may be all that is needed to pack your N10,000 purchase (s) from the ubiquitous street corner medicine stores in our cities.

Dangote concrete road construction technology-The Best Ever

Dangote group of companies through their subsidiary, Dangote Industries Limited and the maker of Dangote Cement has announced the commencement of Concrete Road Construction Technology using cement.

This modern road construction technology has been adjudged the cheapest and has a longer life span than the conventional asphalted roads where bitumen and chippings are used. Unlike cements that abound in Nigeria, Bitumen are mostly imported from overseas.
Pilot constructions have already commenced in various states across the country, according to a source at the company’s head office. Lagos, Bauchi, Kogi, Kaduna and Ogun are among the first states to enjoy this new technology.
It would be recalled that the Chairman of Dangote Cement, Aliko Dangote recently reiterated his plea to the Federal Government to consider the use of concrete roads in the country, to replace the hitherto asphalted roads
The African richest man said, it will be to the benefit of Nigerians and even the federal government to embrace the option of using concrete for roads in the country. Aside from being very cheap, he said concrete roads are more durable and that its maintenance cost is near zero.

We are pushing for Nigeria to do a concrete road, it is cheaper to do a concrete road that will last 50 years than to do a bitumen road. It will also help in eliminating corruption because if you go and build a bitumen road, it will have to be adequately maintained unlike a concrete road that is very durable.
Dangote’s Executive Director Stakeholders Relations and Corporation Communications, Engr Mansur Ahmed also strongly canvassed for the use of concrete to construct roads in the country recently at a conference in Abuja. He said: “Using concrete to make roads is a choice that Nigeria must make”
He also said concrete roads makes more economic sense for a country like Nigeria, as the use of Asphalt has left the roads in deplorable conditions. He said Asphalt is no longer evoke in developed climes.
He also revealed that the construction of concrete road is faster and can last for half a century compare to Asphalt, emphasising that concrete roads are 20 per cent cheaper to build.
According to him, in the construction of concrete roads, the cement raw materials are readily available while Asphalt is imported into the country.
It would be recalled that the company has just expanded its frontiers to Asia, by constructing a 3 million metric tons per annum (mmtpa), Cement Plant in Nepal, as part of its new investment of $4.34 billion into 10 African countries.
Currently in 15 African countries, excluding Kenya, Niger and Mali, which are new projects. The company’s current total capacity stands at 48mmtpa, out of which Nigeria alone has the largest chunk of 29.3mmtpa.
We are not only building cement plants in Africa, we have gone far away to NEPAL to build a 3 million metric tons Cement Plant capacity.

Edo workers jubilate over payment of 7 months salary

         Governor Adams Oshiomole, Edo State.

The joy of workers of Egor local government council, Edo State, knew no bound on Monday the 15th August 2016 following the payment of seven months of the 17 months owed them.
The jubilant workers commended members of the State House of Assembly for the approval and timely release of funds for the payment of the salary arrears.
President of Nigeria Union of Local Government Employees (NULGE), Edo State chapter, Comrade Young Ilenikhena, who confirmed the development, expressed the workers’ appreciation and called on the state government to do pay the remaining arrears.
Also commenting on the issue at a plenary session, Speaker of the State House of Assembly, Justin Okonoboh, said the payment of the seven months salaries was as a result of a recent resolution of the House which mandated the State Government to source the sum of N366,467,000 from the Central Bank of Nigeria to pay the workers.
He assured that all categories of workers being owed in the State would be paid, just as he sued for patience on the part of affected workers as they go about their normal duties.
“With this gesture, the council workers have been paid seven months out of the 17 months salary arrears owed workers by the council,” he stated.

Ondo state commissioner, Special Assistant resign and defect to APC

Ondo State Commissioner for Community Development and Cooperative Services, Mrs Yetunde Adeyanju, and a special assistant to the governor, Giwa Rasheed, have both resigned their appointment with the state government. They also announced their defections from the Peoples Democratic party (PDP) which is the ruling party in the state to the All Progressives Congress (APC).
Adeyanju said afterwards that with the resignation, a “huge burden has been lifted off my shoulders.”
She said her relief stems from the fact that she will now enjoy “a refreshing freedom from a political family where impunity reigns, freedom from subversion of democratic principles and indeed, freedom from deification of sycophancy.”
Ondo state goes to the poll later this year to elect a new governor who will replace the outgoing PDP governor, Segun Mimiko.
In the last seven years of the PDP in the state, Adeyanju had previously served as executive chairman of Ondo State Waste Management Board, executive chairman of Ondo State Development Company Limited before being made commissioner.
“Wherever I served, I discharged my duties with utmost dedication and unassailable integrity; notwithstanding the culture of greed, avarice and absolute disregard for the masses,” she said.
“Having exited the conundrum of capricious politics, I have, therefore, decided to align myself with true progressives in the APC. While I salute the patriots in the APC, I also want to hail President Muhammadu Buhari’s anti-corruption crusade,” she said.

Naira falls against Dollar

Nigeria's currency, Naira

The Naira on Monday 15th August 2016 depreciated against the dollar at the parallel market.
The Nigerian currency lost N3 to exchange at N393, from N390 posted on Friday; while it traded at N505 and N435 against the Pound Sterling and the Euro respectively
.
At the Bureau De Change (BDC) segment of the market, the naira closed at N385, N505 and N420 against the dollar, Pound Sterling and the Euro, respectively.
The naira appreciated at the official interbank market to close at N317.34, from N320.25 posted on Friday.
Traders at the market said that the demand for the greenback was still on the high side.
The market was eagerly awaiting the sale of forex by banks to BDCs during the week.

APC not fit to rule, may explode –Prelate Ola Makinde

*Prelate Sunday Ola Makinde

 ABUJA - A former Prelate of Methodist Church of Nigeria, Dr. Sunday Ola Makinde, Monday, said that the All Progressive Congress (APC) administration led by President Muhammadu Buhari is not fit to rule the country.
The cleric maintained that except stringent measures were taken, the country may explode because of the current biting economic hardship.
Makinde told Journalists during the inaugural meeting of retired Christian leaders of major denominations in Nigeria facilitated by El-Rehoboth Global Leadership Foundation, in Abuja.
“The APC is part of the corruption in the country. They are not fit to be there, they must handle the issue of padding very carefully. We are sitting on a keg of gun powder. The day it will explode, it will consume us. So many graduates are not employed. Unemployed people are the people behind the militancy in the Niger Delta region.
“I want to warn Christians in the National Assembly. They should be careful, they should not take the issue of Sharia law and the grazing bill in the National Assembly lightly. Nobody can acquire my land. Northerners cannot acquire my land to graze their cattle. Let them go and graze in their own part of the country,” he stated.
The cleric, popularly called Prelate Emeritus also advised the Federal Government and the ruling APC to be fair in their fight against corruption.