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President Buhari rejects same currency for Ecowas countries

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President Muhamadu Buhari on Tuesday in Niamey, Republic of Niger, has advised member countries of the Economic Community of West African States to be careful in pushing for a single currency for the sub-region by 2020.

He cited the challenges faced by the European Union in realising the same goal to buttress his position.

According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President made his position known in his speech at the fourth meeting of the Presidential Task Force on the ECOWAS Currency Programme.

Buhari said the necessary economic fundamentals among countries continued to differ over the years, making it more difficult to pull through with the project by 2020.

“Nigeria advises that we proceed cautiously with the integration agenda, taking into consideration the above concerns and the lessons currently unfolding in the European Union.

“To that end, Nigeria will caution against any position that pushes for a fast-track approach to a monetary union, while neglecting fundamentals and other pertinent issues,” the President was quoted as saying.

Buhari noted that some of the obstacles to realising the road map for the implementation of a single currency included diverse and uncertain macro-economic fundamentals of many countries; unrealistic inflation targeting based on flexible exchange rate regime; and inconsistency with the African Monetary Cooperation Programme.

The President said domestic issues in ECOWAS member countries relating to their constitutions and dependence on aids had continued to affect the framework for implementing the single currency in the sub-region

He said, “Although the ECOWAS Commission has anchored its pursuit of the new impetus to monetary integration on the information presented to the heads of state, which were the basis for their recommendations, we are concerned that we have not properly articulated and analysed a comprehensive picture of the state of preparedness of individual countries for monetary integration in ECOWAS by 2020.

“In previous meetings, we had specifically raised observations on the state of preparedness of the member states, the credibility of the union if anchored on watered down criteria, and the continuing disparities between macroeconomic conditions in ECOWAS countries, amongst others. And I would like to reiterate this concern.”

The President told the heads of state that the conditions that pushed Nigeria into withdrawing from the process in the past had not changed.

“Nigeria had earlier withdrawn from the process because its key questions and concerns were ignored and till date, none of the issues has come up as an agenda issue to be considered by the taskforce.

“Consequently, the road map which did not involve widespread consultation with national stakeholders is not sufficiently inclusive,” he added.

Going forward with the project, Buhari suggested a thorough review of the convergence road map and the constitution of an expert committee on each of the subject areas to come up with acceptable time frame, defined cost and funding sources identified.

“This should also consider stakeholders such as the Ministry of Finance, Customs, parliamentary groups, tax authorities and immigration authorities to achieve comprehensiveness,’’ he said.

The President said there should be a push towards ratification and domestication of legal instruments and related protocols, while fiscal, trade and monetary policies and statistical systems, which had not gone far, could be harmonised.

Buhari noted that the West African Economic and Monetary Union countries should make a presentation on a clear road map towards delinking from the French treasury.

But the President of the ECOWAS Commission, Marcel Alain de Souza, said the single currency for the West African sub-region was a laudable and historical project, regretting that it had taken too long to be actualised.

He said the creation of a central bank for the West Coast would accelerate the process.

Source: ( Punch Newspaper )

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1 Comment

1 Comment

  1. pureman

    October 25, 2017 at 9:28 pm

    if this can be actualized, it would be one great step in the right direction for all ECOWAS.

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End SARS: No Fatality At Lekki Toll Gate, Says Sanwo-Olu

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End SARS: No Fatality At Lekki Toll Gate, Says Sanwo-Olu

 

Sanwo-Olu Extends Lagos Curfew By 72 hours

Babajide Sanwo-Olu

Governor of Lagos State, Babajide Sanwo-Olu has denied that death occurred at the Tuesday night shooting.

Recall that men of the Nigerian Army reportedly opened fire on protesters following the declaration of 24 hours curfew by the Lagos State Governor, Babajide Sanwolu.

However, the Army had denied the presence of its soldiers at the scene of the incident.

Speaking on Thursday, Sanwo-olu who blamed the incident on forces beyond his direct control said he went round hospitals, mortuary and confirmed that no death was recorded during the incident.

“Fellow Lagosians, as we pray for the swift recovery of the injured, we are comforted that we have not recorded any fatality against widespread circulation on social media.

”Both myself and the leadership of my ministry of Health have been going round hospitals and mortuaries to see and monitor for ourselves what had happened.”

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Sanwo-Olu Extends Lagos Curfew By 72 Hours

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Sanwo-Olu Extends Lagos Curfew By 72 hours

Sanwo-Olu Extends Lagos Curfew By 72 hours

Lagos State Governor, Babajide Sanwo-Olu, has stretched the 24-hour curfew in the city.

The lockdown has been extended by 72 hours.

Sanwo-Olu made the announcement on Wednesday in a live broadcast.

The development followed the growing violence in different parts of Lagos.

His full speech:

“Dear Lagosians, I address you today with a heavy heart, but not just as your elected Governor. I do so as a father and a brother. I do so as one who is touched by the infirmities and feelings of his people. I do so as a part of the collective humanity that we all share.

Yesterday’s events were no doubt some of the darkest gradients of our history as a State and as a people. As you are perhaps aware, I have been engaging the #EndSARS protesters since Monday 12 and Tuesday 13 October 2020 respectively.

I declared my affinity with their crusade against all forms of police brutalities. I took all of their #5for5 demands to President Muhammadu Buhari (GCFR) and the Inspector General of Police, Mohammed Adamu in Abuja. They were all acceded to.

Indeed, I could say we were making progress together though the pace was slow and indeed very slow due to lack of an acceptable leadership amongst the #EndSARS protesters.

However, events took a different turn from Sunday 18, October 2020 as criminal elements took advantage of the firm orders handed down to the officers and men of the Nigerian Police not to resort to shooting as a rule of engagement.

In Ogolonto area of Ikorodu, armed gangs unleashed mayhem on one another. While this was happening, other criminal elements joined in attacking innocent citizens who were returning from church services. There were reported cases of violent robbery of scores of citizens and rape of frightened women scampering for safety.

They are mothers, wives and sisters of our fellow citizens. Other criminal elements in turn began to unleash terror on citizens in different parts of the State like Fagba junction in Ogba and Ebute Metta. In the Ebute Metta incident, 19 officers and men of our Rapid Response Squad (RRS) were severally injured by armed thugs in Adekunle, Ebute Metta. The level of insecurity in different parts of the State became heightened with the multiple attacks on Police Stations.

The lawlessness blossomed into attacking and lynching of Police officers at Herbert Macaulay and Alapere areas of Lagos. Things took a more dangerous turn on Tuesday 20th, 2020 when the Orile and Ilasamaja Police Stations were razed by arsonists.

Chaos took over as Ajeromi Local Government Area offices were completely burnt down and wanton destruction of property followed. In the same Ajeromi, the Local Government Area, Ajegunle in particular, branches of financial institutions were looted and hoodlums attempted to gain access into the Tincan Island Ports.

As these were unfolding, with the help of respected civil society leaders and some concerned parents, we intensified our efforts as a government to persuade the leading lights of the #EndSARS protests to suspend the protests in view of the rising insecurity in the State.

We made the case that their battle has been won. We additionally conceded that they could resume their peaceful protests in Lekki and Alausa once we had succeeded in taming the rising wave of insecurity in the State. To achieve that, we needed a blanket stoppage of all forms of protests so as to make it difficult for violent tendencies to creep into the midst of peaceful protesters.

Our governance of security strategy requires that we do not make a different rule for one group of protesters and another for others. Sadly, we did not succeed in persuading the group of protesters at the Lekki Toll Gate to agree to this.

Unfortunately, while many of the protesters in Alausa dispersed peacefully ahead of the start of the curfew, many of our youths at the Lekki Toll Gate insisted on continuing with the protests. Sadly, there was no leadership to appeal to as they had continually maintained that remaining leaderless was a strategy.
For clarity, it is imperative to explain that no sitting governor controls the rules of engagement of the army. I have nevertheless instructed an investigation into the ordered and the adopted rules of engagement employed by the officers and men of the Nigerian Army deployed to the Lekki Toll Gate yesterday.

This is with a view to taking this up with the high command of the Nigerian Army and seek the intervention of President Muhammadu Buhari in his capacity as the Commander-in-Chief to unravel the sequence of event that happened yesterday.

Fellow Lagosians, while we pray for swift recovery for the injured, we are comforted that no fatalities were recorded as widely circulated on the social media. The leadership of our Ministry of Health led by the Honourable Commissioner, Professor Akin Abayomi worked through the night with different hospitals in Lekki and environ to monitor and provide support for the injured protesters.

It is relevant to let you know that I have also personally visited the 10 patients at the General Hospital, the 11 at Reddington Hospital and the 4 at Vedic Hospital, with mild to moderate injuries as well as the 2 in intensive care. So far, 3 patients have been treated and discharged to reunite with their families.

However, insensitivity with the mood of the nation at this time, I have directed the following: The immediate suspension of all State activities for 3-days except those connected with governance of security in the State and the management of the current issue;

The lowering of the flags in all government establishments for 3-days;

The constitution of a 5-man Fact-Finding Committee into the Rules of Engagement ordered and adopted by the Nigerian Army to be headed by a retired military officer not less than the rank of a General. The report will be presented to the President within 2-weeks.

Fellow Lagosians, this may seem like the darkest hour of our history as a people, our sun will rise again. From the present ashes of our mourning today, a bright morning shall emerge from the womb of time and we shall rise again.

From the lowest place where this incident has thrown us, we shall rise with wings like the Phoenix and regenerate ourselves with new strength for a brighter tomorrow.

As we walk this phase of our history, let us remain one resilient people under God, with absolute faith trusting that we shall indeed rise again. Where we are now is fate. I apologise for everything that happened.”

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They are still shooting at Lekki – DJ Switch

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They are still shooting at Lekki – DJ Switch

Dj Switch, the heroine at the centre of the Lekki Toll Gate massacre who is currently at the Lekki-Epe expressway has said that the shooting by the security agents is still ongoing as she shared a video of a man with a gunshot wound.

In of the videos, Switch was seen giving orders to those around the area to put their heads down as the shots were being fired.

Watch the videos below:

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