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There’ll Be Mass Protest If Food Prices Keep Rising — Former Senate President Lawan

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Former Senate President Ahmad Lawan warns of potential mass protests if the executive, legislative, and judicial branches fail to collaborate to address the high costs of food and electricity.

Lawan’s remarks came during a debate on a motion introduced by Senator Sunday Karimi, representing Kogi West, which focused on addressing “food insecurity.”

Lawan emphasized that the government must not ignore the struggles of Nigerians amidst the worsening economic crisis, urging collective action to mitigate the hardships faced by citizens.

“If we don’t take urgent actions on increased food prices and electricity tariffs, we will not like the actions we will see on the streets,” Lawan said.

“We cannot take the people for granted for too long.”

Earlier, the Kogi west senator said price of food staples have risen by over 300 percent, following the removal of subsidy on petrol.

“Insecurity in food-producing regions, bad roads, increase in the cost of transportation attributable to the removal of fuel subsidy and depreciation of the value of the naira, are possible factors that have contributed to the increase in prices of food items, household commodities,” he said.

“The greater percentage of the increase in prices of food items and consumables is not only due to these factors but to the zest of the merchants, traders, and retailers to make supernormal profits.”

The senate asked the relevant government ministries and agencies to tackle the problem.

The motion was adopted after it was put to a voice vote by Senate President Godswill Akpabio.

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Nigeria’s Foreign Reserves Now $37bn, Up By $2bn In 18 Days — CBN Governor Cardoso

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The country’s foreign exchange reserves have surged to $37.05 billion as of July 18 according to the Central Bank of Nigeria (CBN).

CBN Governor Yemi Cardoso announced this development during a press briefing on Tuesday, following the 296th Monetary Policy Committee (MPC) meeting in Abuja.

The reserves experienced a significant boost, rising by $2.35 billion from $34.70 billion at the end of June to $37.05 billion in just 18 days.

“As of July 18, 2024, external reserves stood at US$37.05 billion, compared with US$34.70 billion as of June 2024. This represents 11 months of import cover for goods and services,” Cardoso said.

However, according to data published by CBN and seen by TheCable, Nigeria’s foreign reserves stood between $35.93 billion as of July 18, and $36.23 billion as of July 22, less than what Cardoso presented.

On July 18, CBN approved the sale of foreign exchange (FX) to eligible bureau de change (BDC) operators at N1,450 per dollar to meet the demand for invisible transactions.

Days after, CBN said foreign currencies worth $106.5 million were sold to authorised dealers.

CBN said the aim is to improve supply in the FX market in tandem with its price stability mandate.

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President Tinubu Signs South-East, North-West Development Commission Bills Into Law

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President Bola Tinubu has officially signed into law the South-East and North-West Development Commission bills.

The South-East Development Commission bill was sponsored by Deputy Speaker Benjamin Kalu, who represents the Bende Federal Constituency of Abia State.

After passing through the Senate and House of Representatives, the bill was transmitted to the President in June for his assent.

With the signing of the bill into law, the Commission will now receive funding to execute various projects in the South-East geopolitical zone.

The allocated funds will be used to address environmental challenges such as erosion, as well as reconstruct and rehabilitate roads in Abia, Enugu, Ebonyi, Imo, and Anambra states.

This move is expected to bring significant development and infrastructure improvements to the region.

In a statement issued by Levinus Nwabughiogu, his chief press secretary, Kalu expressed appreciation to the president for signing the bill into law.

The deputy speaker said the commission will “rehabilitate Igbo land” and foster unity among the people.

Tinubu also signed the north-west development commission bill into law.

Jibrin Barau, deputy senate president and sponsor of the bill, said the signing of the proposed legislation is a “testament” to Tinubu’s “commitment to addressing the challenges facing the north-west geopolitical zone and indeed all parts of the country”.

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Wike Urges Nigerians To Be Patient With FG, Says Planned Protest Political

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Nyesom Wike, Minister of the Federal Capital Territory (FCT), has dismissed the upcoming nationwide protest as a politically motivated move.

Speaking to journalists on Tuesday during an inspection of the Karshi to Apo Road construction project, Wike expressed his views on the planned protest.

The youth-led protest, scheduled to begin on August 1, aims to draw attention to the country’s economic hardship and soaring inflation.

However, Wike believes that the protest is driven by political interests rather than a genuine concern for the welfare of Nigerians.

According to Wike, the government is actively working to address the country’s challenges, implying that the protest is unnecessary and potentially disruptive.

His comments suggest that the government is making efforts to mitigate the economic difficulties faced by Nigerians, and that the protest may be an attempt to undermine these efforts.

“Let’s tell ourselves the simple truth. If we are playing politics let’s say we are playing politics; if we want to be sincere to ourselves, let’s be sincere to ourselves and help our country,” NAN quoted Wike as saying.

“The country is rotten. You know that the country is rotten, and a government has just come to see what it can do to at least, move it from where we are to a certain level, and you say that miracle must be performed within one year.

“You are here now, we are talking about a project that was awarded 13 good years ago, what has happened? Nothing.

“Now a government has come to see how it can fix all these things and we are in too much of a hurry demanding that it must be done now.

“It is not possible. The protest is a political protest.”

The minister acknowledged that people are unhappy due to hunger and unemployment.

“So, let’s not listen to political protesters and political jobbers who just want to be popular. You know there are some people who believe that if they don’t criticise, they will not be popular,” he said.

“We are going to elections very soon; these are political gimmicks.

“Just know that the government is a serious government and working to solve the problem.

“We believe that things will turn around, but we should be patient with the government.”

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