NEWSLETTER.
(Looking at Nigeria's Political System from a Godly Perspective).
A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria. {Vol. 13. NO 551. 3rd March 2024} “…ONLY The Truth, Will Set You Free! (John.8:32). PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!
NIGERIA MUST JOIN THE BRICS!
China remains the biggest International trade partner with Nigeria.
In 2018 there was a three-year bilateral trade agreement between Nigerian and China in respect of currency swap deal which allowed for both countries use their national currencies to purchase goods and services from their respective countries for economic gains.
In 2021 the three-year agreement was renewed for another 3 years which should terminate in 2024. But Nigeria has not taken the swap currency deal with much seriousness because virtually everything in respect of its economy has been dollarized!
As at March 2024, $1 US Dollar exchanged for NGN1, 600 naira which is a most outrageous exchange that has ever been experienced in Nigeria's economic transactions due to policy blunders by Mr Bola Ahmed Tinubu who committed economic atrocities when he unilaterally remove fuel subsidy without placing any form of palliative in place!
He went further to merge official and bureau de change forex market figures and also floated the naira for its value to be decided by market forces.
And in spite of all the blunders he became so extravagant in government by appointing 48 ministers an uncountable advisors into an economy that is virtually comatose.
He imported not less than 1,000 exotic special utility vehicles (SUVs) at unit cost of NGN 160 million naira each for the legislators the executive, the Judiciary and Ministries, Department and Agencies.
As at the time of this publication Mr. Tinubu was in DOHA, QATAR ON A STATE VISIT with an entourage of about 36 people including his two sons!
According to media reports, he has set up an Economic Advisory Committee just to assuage public outcry against his policy somersaults.
BUT JUST LIKE HIS PREDECESSOR IN OFFICE, NIGERIA WOULD RATHER DANCE TO THE TUNE OF IMF AND WORLD BANK DOLLARS LOANS WITH EXCRUCIATING INTERESTS RATHER THAN TRADE IN LOCAL CURRENCIES THAT WOULD CATER FOR THE SOCIO-ECONOMIC AND WELFARE DIVIDENDS FOR ITS CITIZENS ACCORDING TO SECTION 6 OF THE 1999 CONSTITUTION OF THE FEDERAL REPUBLIC OF NIGERIA!
Human rights lawyer and activist Femi Falana (SAN) has taken up The Gauntlet against Bola tinubu's administration and has asked why Nigeria would continue to trade in $US DOLLARS instead of taking advantage of joining BRICS other comprising of Brazil, Russia, India, China and South Africa who all agreed to trade with their nations currencies for greater gains and to minimize extravagant costs of good and services to the economic advantage of their citizens!
The currency swap deal with China will terminate this 2024 and from all indications all trade transactions with China would exchange for the dollars as the naira has become a worthless paper at NGN1, 600 naira in exchange for $1US dollar.
Mr Femi Falana reiterated that the Nigeria's currency swap deal with China was still valid but he did not consider the fact that Nigeria's naira was actually worthless paper!
According to The Cable, published 28th August 2023, The Central Bank of Nigeria (CBN) says its bilateral currency swap agreement with China was renewed after the expiration of the deal in 2021.
"The apex bank released the details of the 2018 currency swap agreement with Peoples Bank of China (PBoC) in a freedom of information (FOI) request sent by Femi Falana, a human rights lawyer.
BACKGROUND
"In May 2018, CBN and PBoC signed a currency swap deal valued at renminbi (RMB) 16 billion (about $2.5 billion).
"The swap deal was signed by Godwin Emefiele, the suspended CBN governor, and Yi Gang, the former PBoC governor.
"The deal was designed to provide the Chinese and Nigerian currencies directly to industrialists and other businesses from both countries.
“This agreement will provide naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively, thereby improving the speed, convenience, and volume of transactions between the two countries,” CBN had said after the signing of the deal.
"In June 2023, Falana sent an FOI request to the CBN to disclose the details of the currency swap agreement.
CBN’S RESPONSE
"In a response to Falana’s request, the apex bank said the swap deal, which commenced in July 2018, is renewable every three years, adding that the agreement was renewed after it expired in April 2021.
"The CBN disclosed that the sum of 15 billion Chinese yuan renminbi (CNY) was the “amount usable within the year”.
"The financial regulator said since the renewal of the deal, nine billion yuan have been “drawn”, six billion yuan utilised, while the sum of three billion yuan is outstanding.
"According to the bank, out of the six billion yuan utilised, the sum of 5.10 billion yuan had been repaid, while 2.10 billion yuan had not been utilised.
“The swap commenced in July 2018, expired in April 2021, and was subsequently renewed. The sum of CNY 15.00 billion was the overdraft amount usable within the year,” the apex bank disclosed this in a response dated August 8, 2023.
“Since its renewal, CNY9.00 billion had been drawn, CNY6.00 billion utilized and CNY3.00 billion outstanding, and out of the CNY6.00 billion utilized, the sum of CNY5.10 billion had been repaid, while the sum of CNY2.10 billion had not been utilized, leaving the sum of CNY900.00 million yet to be repaid. Furthermore, the next renewal is expected to take place in 2024.”
FALANA ASKS NIGERIANS TO TRANSACT BUSINESS WITH CHINESE PEOPLE IN NAIRA
"Commenting on the development, Falana claimed that despite the currency swap agreement, the federal and state governments, and business community have been “prevented from transacting business in naira and yuan”.
“The swap was also designed to improve the speed, convenience, and volume of transactions between the two countries. But the International Monetary Fund and the World Bank, which superintend the Central Bank of Nigeria, have colluded with the Central Bank of Nigeria to frustrate the currency swap.
“The purpose of the economic sabotage is to promote the dominance of the United States Dollar in Nigeria. Hence, the federal government, state governments, and the business community have been prevented from transacting business in Naira and Yuan. Thus, by compelling Nigerians to pay dollars for goods imported from China, the Central Bank has continued to promote the unwarranted dollarisation of the Nigerian economy.”
"The human rights lawyer asked Nigerians to use naira as payment for goods imported from China."
TINUBU MUST BE AFRAID OF HIS SHADOW!
The people of Nigeria are HUNGRY AND ANGRY! Tinubu MUST SHIP IN! There's no middle course for him now than actualize the unicameral parliamentary system of government!
A developing Nation like Nigeria CANNOT THRIVE in an expensive Presidential atmosphere!
In 2012 TINUBU protested with other activists when fuel subsidy was to be removed by the government GOODLUCK JONATHAN!
The option open to him to salvage whatever remained of his dented image is to champion and sponsor an executive bill for a REFERENDUM to establish a UNICAMERAL PARLIAMENTARY SYSTEM OF GOVERNMENT in Nigeria so that maybe posterity will reluctantly forgive him and is cabal for the grievous pains they have caused all citizens.
THE DAY OF DIVINE VISITATION IS CLOSER THAN MR TINUBU THINKS!
"He that refuseth instruction despiseth his own soul: but he that heareth reproof getteth understanding" (Proverbs 15:32.)
[EXPECT A PRIME MINISTER IN NIGERIA NOW!]
Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to: facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,
Please look forward to divine revelations in The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace, and The Wedding Mascot Died
If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!
I am, yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08080243066. g-mail-dvdolufon@gmail.
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