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Nigeria To Tighten Fiscal And Monetary Policy As Falling Oil Prices Puts Economy At Risk

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Falling global oil prices in the past couple of weeks put Nigeria’s economy at great risk, hence the need to adopt tighter fiscal and monetary policy, Minister of Finance and Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala has said.

With Nigeria’s economy dependent on oil, – crude oil export accounts for about 83 per cent of Nigeria’s total export – continued fall in global oil prices calls for action in order to ensure economic stability. She however said borrowing is not an option for the country.

“As external pressures mount in the face of falling commodity prices, the pressure to ‘go a-borrowing’ to maintain fiscal expansion will also increase. But we cannot afford to do this. We need to make necessary adjustments with tighter fiscal and monetary policy, and we need to build up economic buffers beyond the mere 5.4 months of imports the region is estimated to have,” the minister said at the Institute for International Finance’s 2014 Africa Financial Summit in Lagos, hosted by Access Bank Plc.

She also noted that countries across Africa must rise to the challenge the current global economic situation poses on their economies.

“Without a doubt, this slowdown in global economic activity, coupled with the end in the quantitative easing in the United States of America, will affect sub-Saharan Africa’s economy, in addition to other regions specific challenges we face at the moment,” said Okonjo-Iweala

“As we all know, many countries on the continent depend on commodity exports as the main source of revenue.

“Nigeria and other countries in the African continent must step back and learn the lessons of the ongoing economic transformation in the country. The Federal Government has put in place strong stabilization policy, but the most important thing is that we must be able to sustain it,” she noted.

She also advised that Nigeria and other countries across Africa should look for alternative revenue sources.

“Still on improving macroeconomic performance, countries in the region must aggressively look for alternative sources of revenues and stem leakages. It is now imperative to drive up domestic resource mobilization especially taxes,” Okonjo-Iweala said.

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Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

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Unknown Gunmen Kill Ondo Traditional Ruler, Olufon Of Ifon

Olufon of Ifon

Oba Adegoke Adeusi, the Olufon of Ifon under Ose Local Government Area Ondo State, has been murdered by unknown gunmen suspected to be bandits.

Oba Adeusi was reportedly killed on Thursday evening at a spot around the Elegbeka axis of the town.

According to reports, the monarch was initially kidnapped before he was eventually killed.

Also Read: Shehu Sani Raises Alarm As Bandits Allegedly Kidnap Scores On Kaduna-Abuja Road

The monarch reportedly died at the Federal Medical Centre in Owo, as a result of gunshots he sustained during the attack.

The Police Public Relations Officer in the state, Tee Leo-Ikoro, confirmed the incident to Channels Television.

Describing the event as an unfortunate one, the Police spokesman in the state also revealed that two people in the monarch’s convoy were kidnapped.

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No Pardon For Rapists, Says Sanwo-Olu

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No Pardon For Rapists, Says Sanwo-Olu

Babajide Sanwo-Olu

Governor of Lagos State, Babajide Sanwo-Olu has expressed that there is no pardon for people indicted in reported cases of rape and gender-based violence.

The governor made this remark on Thursday when he received a 54-page compendium on Sexual and Gender-Based Violence compiled by the Stakeholders’ Committee set up by this wife, Dr. Ibijoke Sanwo-Olu.

The Committee was set up to give recommendations on how the fight against sexual and gender-based violence can be won.

Speaking at the occasion, Sanwo-Olu, restated his commitment to protecting the vulnerable demographics and getting justice for victims violated.

Also Read: Don’t Allow Conspiracy Theorists Undermine Lagos Security, Sanwo-Olu Tells Residents

The governor said, “I am delighted by the work done by the Stakeholders’ Committee to bring attention to the problems facing voiceless adults and children in our society. Through your efforts, vulnerable people are building the courage to speak out on offences of sexual violence and heal their wounds.

“We will bring people, who have been perpetrating these crimes, knowingly or unknowingly, to book. We will ensure they never walk freely without the full wrath of the law brought upon them. It is part of our responsibility to ensure that the vulnerable members of our society have a voice and have access to where they can get justice when their rights are violated.”

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Vendor’s Widow Disowns Family Over N500m Lawsuit Against Gbajabiamila

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Vendor’s Widow Disowns Family Over N500m Lawsuit Against Gbajabiamila

Femi Gbajabiamila

Josephine Okereke, wife of the Abuja-based vendor killed by a security aide of Femi Gbajabiamila, speaker of the house of representatives, has rejected the family’s demand of N500 million compensation.

Okereke while speaking to newsmen on Thursday stated that what she wants is justice for her late husband, and not the compensation being sought by his family.

Recall that some days ago, Ifeanyi, her husband, was shot by Abdullahi Hassan, a Department of State Services (DSS) operative attached to the speaker.

Also Read: Family Of Slain Vendor Demands N500m Compensation From Gbajabiamila, Threatens Legal Action

Days after the Speaker promised to ensure justice, the family of the slain vendor wrote the speaker, demanding a N500 million compensation.

Okereke, however, told journalists in Abuja that she was not privy to the N500 million compensation requested by the family.

“I was in my house when within 10 minutes my father-in-law came from Abia, he went out along with his other son and the next day I heard that my husband’s people are demanding N500 million as compensation,” she said.

“I was shocked and asked how will they be doing that and how will the speaker help the children again with such demand. All I want now is that the person that killed my husband to face justice.”

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