Friday brief: US investigating Nigeria's secret abortion program
+ Emefiele defends cash policy
Good morning.
We are following up on reactions to the Reuters report on the Nigerian military’s secret abortion program, Godwin Emefiele’s defense of the cash withdrawal policy and an audacious minimum wage plan from the Labour party.
Godwin Emefiele defends cash limit policy as Reps kick
Central Bank Governor, Godwin Emefiele, on Thursday said there was no going back on the nation’s cashless policy, particularly the limits on cash withdrawals announced this week.
Emefiele spoke to reporters after meeting with President Muhammadu Buhari in Katsina. And after lawmakers in the House of Representatives had roundly criticised the cash withdrawal limits, describing it as economic sabotage.
“This decision is totally against commerce,” one lawmaker said. “In the economic situation we are in now, we need more spending than saving. The only way to drive an economy in this situation is for people to be spending money – not saving money – for businesses to be moving.”
Defending the policy, Emefiele said 85 percent of the cash in circulation is outside the banking system and that the CBN was committed to accounting for every naira. He added that the bank will review the policy when necessary.
“We will be reviewing from time to time how this is working because I cannot say that we are going to be rigid,” he said.
“But it is not to say that we will reverse, it is not to say that we will change the timing, but whether it is about tricking some amount to be a little bit higher or a little bit lower, and all the rest of them.”
DSS issues 48-hour fuel scarcity ultimatum
The Department of State Services has ordered all the stakeholders in the fuel supply chain to restore normal distribution of petroleum products within the next 48 hours.
The DSS is convinced the nation has enough fuel stock to service the economy but certain elements are sabotaging its distribution, leading to long queues at filling stations and exorbitant prices.
“We were clear and direct in telling the stakeholders in the fuel distribution system that enough is enough and that whatever is causing the scarcity of petroleum products in the country must be resolved immediately as Nigerians have the right to see and buy fuel at the official price at all times,” DSS spokesperson Peter Afunanya said.
Downturn: Global oil prices fell on Thursday despite the closure of a major Canada-to-U.S. crude pipeline.
Labor party’s N80,000 minimum wage
A Labour party chieftain said the party is planning to increase the minimum wage from N30,000 to between N80,000 to N100,000 if it wins next year’s presidential election.
Deputy National Chairman Ayo Olorunfemi however did not explain how the party would fund such an increase.
“When we get there you would see how this thing would work and I can assure you that Nigerian workers will be happier,” he said. “We don’t have to expose how it will be implemented before they mess it up.”
Peter Obi: The Labour candidate is scheduled to speak at Chatham House on January 16.
PDP: Gunmen attacked the residence of Lee Maeba, chairman of the party’s presidential campaign council in Rivers state.
Mercy Johnson: The Nollywood actress has declared support for the APC presidential campaign.
What else is happening?
Human rights: The US says it is seeking more information on the Reuters report that the Nigerian military ran a secret mass abortion program in its war against insurgency.
Meanwhile, Chief of Defence Staff, General Lucky Irabor said the military will not launch an investigation into the matter because it “is not true.”
"I don't think I should waste my energy in such things," he said.
Windfall: Tech startups in Lagos have attracted $750 million in funding so far this year, according to the state government.
Power: The Lagos state government is also planning to regulate its own power sector, as it eyes universal electricity by 2036.
Film: C.J. Obasi’s ‘Mami Wata’ has been selected for the World Cinema Dramatic Competition at the 2023 Sundance Film Festival. “CJ Obasi has done what nobody else based in Naija has been able to do,” film critic Oris Aigbokhaevbolo said.
Freedom: A traditional ruler abducted in Ondo has been released after the payment of a N10 million ransom.
And that’s it for today and the week. See you on Monday.