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Floating Of Naira Worst Economic Decision—PENGASSAN – Lifestyle Nigeria

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has strongly criticized the government’s decision to float the nation’s currency, blaming it for causing immense hardship and economic woes.

PENGASSAN’s President, Engineer Felix Osifo, expressed concerns about the projected rise in the exchange rate, with speculators anticipating the Naira to weaken further against the Dollar. He emphasized that no country fully floats its currency in US Dollars.

Osifo highlighted the abrupt removal of fuel subsidy, stressing the lack of a proper plan to mitigate its impact on the populace, especially in the transportation sector. He suggested providing free bus services to alleviate transportation costs for Nigerians. The underlying issue, Osifo argued, is not solely the removal of fuel subsidy but primarily the fluctuating exchange rate, which has steadily increased over the years.

The current economic turmoil, according to Osifo, stems from the government’s decision to fully float the currency, allowing speculators to dictate market trends. He criticized the parallel market’s influence on official exchange rates, advocating for a unified and regulated exchange rate to counter speculative activities. Additionally, Osifo urged measures to increase the supply of foreign exchange, such as curbing crude oil theft and incentivizing oil production by International Oil Companies (IOCs).

Furthermore, Osifo called for a review of import duties on critical items like spare parts and raw materials to reduce manufacturing costs. He lamented the Customs’ adoption of a higher exchange rate for duty collection, which adversely affects businesses and contributes to rising food prices. Osifo emphasized the need for Customs to prioritize facilitating trade over revenue collection, suggesting that excessive revenue targets hinder economic growth.

In conclusion, PENGASSAN’s critique underscores the detrimental effects of the government’s economic policies, particularly the decision to float the currency without adequate measures to stabilize the exchange rate. Osifo’s insights highlight the interconnectedness of various economic factors and the importance of proactive measures to address Nigeria’s economic challenges.

Source: Vanguard.

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Lifestyle Nigeria gathered that Lagos State’s Commissioner for Environment and Water Resources, Tokunbo Wahab, on Wednesday said the government discovered 86 partitioned rooms, sized 10×10 and 12×10, under the Dolphin Estate Bridge, Ikoyi, on Lagos Island.

Tenants are said to be paying N250,000 per annum for the makeshift apartment under the bridge.

Wahab shared this information via a post on X.com on Wednesday, along with videos.

He added that the enforcement team of Lagos State’s Ministry of Environment and Water Resources had successfully removed all structures, including a container utilised for various illegal activities, from beneath the Dolphin Estate bridge.

Sharing videos he wrote, “A total number of 86 rooms, partitioned into 10×10 and 12×10, and a container used for different illegal activities were discovered under the Dolphin Estate Bridge.

“They have all been removed by the enforcement team of the Lagos State Ministry of the Environment and Water Resources”

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Daniel Anjorin, 14-Year-Old British-Nigerian Named Victim Of London Daytime Sword Attack

Lifestyle Nigeria gathered that A 14-year-old boy who lost his life on Tuesday after a man wielding a sword stabbed the youth, two police officers and two other people in a street attack in east London has been identified as Daniel Anjorin.

A 36-year-old man has been arrested on suspicion of murder.

BBC reports that Anjorin attended Bancroft’s, the same independent day school as Grace O’Malley-Kumar, one of the victims in the Nottingham stabbing incident.

In an official statement, the Metropolitan Police reported that the suspect rammed his van into a property on Laing Close, resulting in a collision that injured a 33-year-old man.

Subsequently, the suspect physically assaulted the victim, causing a wound to the neck.

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FG Inaugurates PH-Aba Train Service – Declares Free Ride For Four Days

The Federal Government of Nigeria has recently launched the Port Harcourt-Aba train service, which covers a distance of 62 kilometers.

Lifestyle Nigeria reports that to encourage the usage of the train service, the Government has also declared free train rides for a duration of four days, from May 1st to May 4th. Commercial services of the train are expected to start from May 7th.

The transportation sector is one of the key priorities of President Bola Tinubu’s administration, and the Eastern rail corridor project has been receiving special focus since he took office.

This train service is a part of the government’s efforts to facilitate trade, enhance mobility, and accessibility, and promote connectivity between regions.

“With the completion of the rehabilitation of the Port-Harcourt to Aba rail corridor, the Ministry will continue to vigorously drive the contractor Messrs CCECC towards the speedy completion and delivery of the 181 kilometres Aba-Enugu stretch,” Alkali said.

“The fare for the Port-Harcourt to Aba train service has been pegged at #1000 for VIP & #800 for economy class.”

The Nigeria Railway Corporation (NRC), the Managing Director, Fidet Okhiria, stated that the contractor is expected to deliver 50 narrow gauge locomotives and 100 narrow gauge coaches to be deployed along existing train corridors in the country.

The train services were initially set to commence by the end of March, but it was postponed to April 29th and is now scheduled to launch on May 7th. The rail line is a section of the Port Harcourt-Maiduguri railroad project initiated by former President Muhammadu Buhari’s administration.