HOW FAKE Naira Notes Flood Nigerian Markets - Ex CBN Chief Reveals

Twenty per cent of the currency in circulation is fake, a former Deputy Governor of Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia, has disclosed. He made the disclosure yesterday while speaking at the opening session of a three-day public hearing on the 2017 budget appropriation process in the National Assembly on the topic: “Public Finance in the Context of Economic Recession: Innovative Options.”
Mailafia who said investors’ knowledge of the huge economic potential in Nigeria was the reason for the recent oversubscription of the $1 billion Eurobond sale by the federal government, adding that it was saddening that the concerned authorities appear to be oblivious of the gravity of the fake currency in circulation, which he said was highly detrimental to the growth of the economy. According to him, when fake currencies of that magnitude circulate, original currencies become scarce, warning that “bad money chases away good money”.

FG Explains Role Of Task Force On Food Prices

The Federal Government has said that the inter-ministerial task force set up to address causes for the continuous increase in food prices was not meant to discourage farmers in the country.

Chief Audu Ogbeh, the Minister of Agriculture and Rural Development, told newsmen in Abuja on Saturday that it was aimed at balancing and equalising food prices across the country.


Ogbeh, who was reacting to some media reports that the idea was anti-farmers, said it was rather intended to ease the transportation of agricultural goods from one place to another, given that high cost of transportation is a major cause of price increases.

NIGERIANS NOT FEEDING WELL, RESPONSIBLE FOR THEIR INCREASED SPENDING ON HEALTHCARE, SAYS THE FED GOVT

I just heard with one ear that the Honorable Minister of Agriculture & Rural Development, Chief Audu Ogbeh has put the blame in the rising cost of family spending more on health care at the feet of Nigerians not feeding well.

Says Mr Minister:

"Most Nigerians often consume carbohydrates and less of protein. This affect their well-beings, especially some children under the age of five who lack access to milk, beef, chicken and other basic proteins."

PRESS STATEMENT: FINANCE MINISTRY HANDLING PAYMENT FOR GES INPUT SUPPLIES

Our attention has been drawn to a malicious and misleading publication onPointblanknews.com, an online medium, accusing the Honourable Minister of Agriculture and Rural Development (FMARD), Chief Audu Ogbeh, and his Minister of State, Senator Heineken Lokpobiri, of bribery in connection with payment of fertiliser suppliers.

The write-up, replete with inconsistencies, contradictions, incorrect details and allegations that were generally baseless and particularly mischievous, alleged that FMARD is in charge of payments to contractors, when, in fact, the Federal Ministry of Finance is saddled with these. The online news medium needs to do thorough investigations before amplifying any allegations brought to it by any complainant.