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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has identified the government’s bulk purchases of foodstuffs for palliative distribution as a key factor exacerbating the food inflation crisis in Nigeria.
Speaking during the March Monetary Policy Committee (MPC) meeting, Cardoso expressed concerns about the inflationary impact of these purchases, with the details published on the CBN’s official website.
Naija News recalls that the MPC increased the benchmark interest rate to 24.75% from 22.75% in an effort to combat rising inflation.
Despite these measures, the national inflation rate soared to 33.2% in March, with food inflation particularly severe at 40.01%, a significant increase from the previous year’s rate of 24.45%, according to the National Bureau of Statistics.
The spike in food prices comes in the wake of the Federal Government’s decision to eliminate fuel subsidies, prompting an allocation of ₦5 billion to each state and the Federal Capital Territory for food purchases intended for the economically vulnerable. This move, however, has contributed to inflationary pressures.
“Despite notable stability in the foreign exchange market resulting from decisions taken at that 293rd MPC meeting, inflationary pressure remains unabated,” Cardoso stated.
He highlighted that the government’s interventions in the food market have introduced new inflationary dimensions, exacerbated by seasonal fluctuations during religious and festive periods.
Emphasizing the structural nature of the current inflation, Cardoso argued for a combined fiscal and monetary strategy to address the issue effectively.
“This could be considered as evidence of the impact of decisions reached at the 293rd MPC meeting,” he noted, pointing out that primary drivers of inflation now include hikes in food and energy prices due to structural factors.
MPC member Bala Bello also commented on the inflationary trend, noting its impact on the economy.
He said, “Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions, and broad output performance.”
Bello acknowledged the government’s initiatives to mitigate food insecurity, such as distributing seeds and supporting dry-season farming, as critical, though insufficient to counter the broader inflationary trends.
The Governor of Lagos State, Mr Babajide Sanwo-Olu, has appointed Basirat Damilola Marshall, daughter of Fuji maestro, King Wasiu Ayinde Marshall, a.k.a KWAM1, as his Senior Special Assistant on Tourism.
This was according to a viral video of her father thanking the governor, and congratulatory messages sighted by PUNCH Online on her Instagram page, @damimarshall_ on Thursday.
In the viral video, her father, KWAM1, while performing on stage at the coronation and birthday reception of Oba Sikirullah Apena on Thursday, thanked Sanwo-Olu for appointing his daughter into his cabinet.
The fuji singer noted that it was his daughter, Damilola, who asked him to publicly thank the governor for her appointment.
Congratulating her on the appointment, a Nigerian, Olanrewaju-Smart Wasiu wrote, “Congratulations Barr. @damimarshall_ on your appointment as the Senior Special Assistant to the Lagos State Governor on Tourism. This is a deserving recognition for your hard work and contributions to our party”, to which she responded by saying “Thank you, sir.”
Another person, Balogun Basia wrote, “Please, join me in congratulating my friend K1 and the entire family on the appointment of my daughter Barrister Basirat Damilola Marshall as the SSA to the governor of Lagos State on Tourism. Damilola, this shall be the beginning of many good things that will come your way and that of your siblings Insha Allah, Alaumoh Amin.”
Until her appointment, Damilola was a principal partner at a law firm, Damilola Ayinde Marshal and Co.
As of the time of this report, efforts to reach the Special Adviser, Media and Publicity to the Lagos State Governor, Gboyega Akosile, for confirmation proved abortive, as messages sent to his WhatsApp line were not responded to.
Any possible merger of political parties aimed at ousting the ruling All Progressives Congress at the centre during the 2027 general elections will not see the light of the day unless the masterminds drop their personal interests.
The former Chairman of APC in Enugu State, Dr Ben Nwoye, stated this in Enugu on Thursday during a programme. He however said it would be in the interest of democracy if there was a strong opposition, but played down anything concrete coming from the merger of Alh Atiku Abubakar, Mr Peter Obi and Engr Rabiu Musa Kwankwaso.
Atiku was the presidential candidate of the Peoples Democratic Party, Obi was that of the Labour Party while Kwankwaso was the standard-bearer of the New Nigerian Peoples Party during the 2023 elections. It was won by APC’s Ahmed Bola Tinubu.
There have been reports of a possible merger of the trio. Nwoye said because it was unlikely for any of them to cede their presidential ambitions, the talk was dead on arrival.
According to him, “The so-called merger ahead of 2027 polls will be a welcome development. For democracy to thrive, there should be competition. But if the merger is self-serving, it will fail. It will be a case of strange bed fellows.
“Remember that Atiku, Obi and Kwankwaso are originally of PDP. In fact, people forget that Obi was Atiku’s running mate during the 2019 presidential election. So, their coming together again can’t be called a merger.”
Nwoye, however, admitted that if Atiku, Obi and Kwankwaso had jettisoned their selfish interests, the outcome of the 2023 elections would have been different.
He said, “If they had stayed together and ceded their ambitions to one of them, PDP should have defeated APC going by the ratio of votes cast. But the problem with our politics is that Nigerian politicians are simply after their personal interests. So, it has been a case of self-serving.”
On alleged crisis in APC, Nwoye said, “There is no implosion in APC. APC has been solid. The truth is that after party primaries, there must be crises. This is because Nigerians hardly accept defeat. Every contestant will claim they won. That creates tension and litigations. It is not perculiar to APC.”
Shell Nigeria Gas (SNG) and the Oyo State Government have entered into an agreement aimed at developing a robust gas supply and distribution infrastructure to cater to the needs of industrial and commercial users in the state.
As disclosed in a statement released by Shell Nigeria’s Media Relations Manager, Abimbola Essien-Nelson, the agreement outlines plans for SNG to construct and operate a gas distribution network across Oyo State for a period of 20 years. This network will facilitate the delivery of gas to various customers throughout the state.
The project will commence with the construction of gas distribution infrastructure spanning a 15-kilometre pipeline route, with provisions for expansion to accommodate the delivery of up to 60 million standard cubic feet of gas per day across Oyo State.
At the signing ceremony, Oyo State Governor Seyi Makinde hailed the project as a pivotal catalyst for development, aligning with the state’s strategic goals of fostering innovation and industrialization.
Governor Makinde expressed his readiness to collaborate with additional companies and organisations to facilitate the execution of vital projects that will enhance socio-economic progress in Oyo State.
In his remarks, the Managing Director of SNG, Ralph Gbobo, emphasised the agreement’s significance in bolstering economic activities within Nigeria by supplying industries and manufacturers with natural gas, a more reliable, cost-efficient, and environmentally friendly source of energy.”
He explained: “The gas distribution project will be a game-changer in the industrialization drive of the Oyo State Government, help boost internally generated revenue, and result in more job opportunities. For SNG, the project is a milestone in our effort to continue growing the energy supply to businesses in Nigeria in line with Nigeria’s ambition to drive progress on the back of natural gas availability across Nigeria under the Decade of Gas initiative.”
The project will start with the construction of gas distribution infrastructure along a 15-kilometre pipeline route and will grow to deliver up to 60 million standard cubic feet of gas per day across the state. The first gas is expected in Q4, 2025.
Managing Director of The Shell Petroleum Development Company of Nigeria Ltd. and Chairman, Shell Companies in Nigeria, Osagie Okunbor, said: “This event points to the value of partnership as Shell continues to power progress in Nigeria through more and cleaner energy solutions for commercial and industrial customers. Building on our presence in the country since the 1960s and the wide marketing and trading reach of Shell Energy, we are excited about developing gas distribution solutions and delivering competitive and reliable energy for power generation and industrial use across Nigeria.”
SNG was incorporated in 1998 as a fully Shell-owned company. Over the years, the company has grown as a dependable supplier of gas and now serves over 150 clients in Abia, Bayelsa, Ogun, and Rivers states.
The Nigeria president, Asiwaju Bola Ahmed Tinubu, has revealed his administration scorecard for the month of April.
This was posted on the President Bola Ahmed Tinubu Media Centre ‘X’ account on Thursday, 2st May, 2024.
Highlighting Tinubu’s progress towards the fulfillment of his Renewed Hope Agenda; here are list of April progress:
Approval for the takeoff of the first phase of the Consumer Credit Scheme.
Launching of the National Single Window to boost productivity and enhance trade
Approval for N25 billion funding for 8,800 health facilities nationwide in a bid to combat maternal mortality and improve newborn survival rates.
Secured an investment commitment of $600 million from Danish shipping and logistics company to rehabilitate and upgrade ports across Nigeria.
Secured a $250 million grant from GAVI support to overhaul Nigeria’s healthcare infrastructure.
Approved the design of Sokoto-Badagry Highway project as part of efforts to improve economic diversification in the country.
Approved substantial increase in consolidated salary of the civil service, police, paramilitary and few other MDAS.
Directed NYSC to consider inclusion of National Open University Graduates in the NYSC scheme..
Announced the launch of the first batch of Compressed Natural Gas vehicles to be inaugurated before May 29.
Approved the establishment of the National Health Fellows Programme.
Approved the DOTS policies for comprehensive overhaul of the education sector.
Launched the Citizen Tracker App to enable citizens participation in governance.
Media
- Consumer Credit Take-Off
— President Bola Ahmed Tinubu Media Centre (@PBATMediaCentre) May 2, 2024
- National Single Window
- National Health Fellows Program
President Tinubu’s April came with lots of policies and achievements that will accelerate the realization of the renewed hope agenda.#TheTinubuScoreCard pic.twitter.com/0AYstJMizh
A chieftain of the Peoples Democratic Party (PDP), Dele Momodu said the ruling All Progressives Congress (APC) is doing everything possible to destabilise the opposition.
Momodu stated this in an interview on Channels Television’s Politics Today on Thursday.
The PDP chieftain accused the ruling party of plotting to crush the opposition.
He said, “APC will do everything possible to destroy opposition; buy those who are buyable, to terrorise those who are not buyable and make sure that the party is in disarray, that is all.”
Momodu said President Bola Tinubu is stifling the opposition even after thriving as an opposition leader before his party overtook power from the PDP government.
“You see part of my admiration for then Governor Bola Ahmed Tinubu in Lagos was the role he played as an opposition leader.
“But unfortunately, now we have a former opposition leader in government, and they don’t want opposition, it’s an irony,” he said.
Momodu, however, said he is optimistic that the PDP will resolve its issues and bounce back as a strong opposition party.
The PDP chieftain said the party’s presidential candidate in 2023, Atiku Abubakar, is already making moves to bring every member of the party together to forge ahead as a strong family.
Recall that the main opposition party has been hit with crisis following the its presidential election primary in 2023 and its consequent loss at the 2023 general elections.
The long-running crisis in the PDP saw some of its members exiting the party, with the former governor of Imo State, Emeka Ihedioha resigning from the party recently.
Ihedioha said he resigned due to inability of the party to play the role of opposition as expected.
He said everything going wrong in the PDP is engineered by APC, adding that the ruling party has bought over some PDP members to disrupt the party.
Under-Bridge Apartments: Lagos State Govt Gives Update On Ejected Tenants, Self-Acclaimed Landlords
AFOLABIThe Lagos State Government has arrested the occupants of the 86-roomed apartments located under the Dolphin Estate Bridge in Ikoyi.
Naija News reports that the tenants residing in these apartments were allegedly paying an annual rent of about N250,000, while self-acclaimed landlords were collecting rent from them.
The state government has confirmed that the arrested individuals will soon face prosecution by the authorities.
This information was disclosed by the spokesperson for the Lagos State Ministry of Environment and Water Resources, Kunle Adeshina, during an interview with PUNCH Metro on Thursday, subsequent to the visit to the area.
Adeshina clarified that even though the tenants may have been processed through a mobile court, the self-proclaimed landlords will be prosecuted for their use of public street lights to provide electricity to the area.
He mentioned that the state government would ensure that the location is protected from miscreants, in addition to enforcement and arrests.
Adeshina said, “They (the occupants) will be prosecuted if they have not already been taken to court. We have mobile magistrates’ courts that handle such infractions.
“Although the persons collecting money from them are not government officers, it may be difficult to prosecute them. But what we intend to do is, for the fact that we learnt that they were tapping power supply from the street lights, this will be a basis for prosecuting the persons who were purported to be housing them and collecting money.
“We will not allow miscreants to take over the place again. The place was discovered based on complaints from some residents. I can assure you that place will be taken over and protected by the government.”
The news of the occupants being arrested for paying a whopping N250,000 as annual rent to live under the bridge left many in shock. Some Nigerians criticized the desperation of the occupants.
The Minister of state for environment Izhaq Adekunle Saleko on Thursday said that 48 million Nigerians which represents 23 percent of total population still practice open defecation despite 2025 deadline to end open defecation while 159 million Nigerians are without washing hand facilities.
He stated this to address the menace which has barely a year to go. The Federal government needs to construct 1 Million public toilets in public facilities across the country, adding that so far only five thousand toilets have been provided.
Saleko stated this while he appeared before the House of Representatives committee on Environment during an interactive session in Abuja.
According to him, Nigeria is lagging behind in putting an end to open defecation, while stating that the Federal government in terms of funding cannot provide toilet for every Nigerian.
The Minister further explained that the Ministry has taken various steps to address the issue of open defecation in the country.
He said that the ministry has developed the National Environmental Sanitation Policy and its guidelines on sewage and Excreta management to guide the professional conduct on proper excreta disposal and control of open defecation in the country.
He further explained that the ministry has established sanitation desks in the 36 States’ Ministries of Environment and FCT to monitor and ensure proper environmental sanitation at the community and household levels by conducting routine sanitary inspections of premises, and sensitizing the public on dangers of open defecation and the importance of having access to toilet in residential and public places.
Also he called for the commemoration of National Environmental Sanitation Day on 28th June every year to create a massive awareness on the importance of environmental sanitation and good hygiene practices, thereby institutionalizing sound sanitation and hygiene practices among the citizenry.
” The commemoration activities include community cleaning exercises, facilities inspection, organization of quiz competitions among secondary school students to broaden their knowledge on environmental sanitation and hygiene practices and sensitization/awareness creation in selected communities to prevent and control open defecation as well as environmental sanitation-associated preventable diseases such as malaria, cholera, Lassa fever, e.t.c
“Commemoration of world toilet Day on 19th November every year for awareness creation and sensitization of the general public on dangers of open defecation and need to have access and use toilet. The 36 States of the Federation also join in commemorating the day in their respective states.
“Commemoration of Global Handwashing Day on 15th October every year for sensitization and awareness creation on the importance of Sanitation and proper Hand Hygiene.
“Conduct regular sensitization/advocacy and sanitary inspection of toilets in Federal Government owned institutions and Unity Schools Nationwide. The Ministry also liaises with the state Ministries of Environment and Environmental Health department at LGAs to ensure effective routine sanitary inspection of premises in which the presence and status of the sanitary facilities is a major component of the exercise
“The Ministry initiated a programs titled ‘Clean and Green’ in which One of its aims among others is to eliminate open defecation in Nigeria by 2025 and ensure sustainable total sanitation and implementation of green technology initiatives in Nigeria.
“The Ministry is implementing Community Based Intervention on the control of open defecation program nationwide, which has the components of Sensitization/Awareness Campaign and construction/provision of public toilets with Solar Powered Boreholes. This program has been implemented in FCT, Nasarawa, Niger, and Abia states. The Ministry intends to scale up the project to other states of the Federation.
” Flagged off National Environment Sanitation Intervention/Response to Cholera Outbreak prevention and control in Abuja, FCT with series of planned activities targeting control of open defecation nationwide which has been implemented in Kogi, Nasarawa and Kano State.
Minister of Power, Chief Adebayo Adelabu, on Thursday stated that some individuals don’t want the power sector to work because of their selfish gains.
He lamented that despite the number of Ministers the sector has churned, the power sector has continued to face challenges.
He spoke in Lagos at the commissioning of the 63 MVA, 132/33kV mobile station at Ajah, Lagos State.
He said, “We have had over 40 ministers in the past and we are still here, we know there will be resistance and distractions but Nigerians will start seeing our overwhelming impact the moment we complete the TCN projects.”
Daily Trust reports that this is coming amidst the recent increment in tariff which is generating anger and misgivings from Nigerians.
Currently, Nigerians classified in Band A are paying as much as N225/ kilowatts even as some of them have complained about not getting adequate supply.
The minister however admonished Nigerians to endure temporary pains to enjoy permanent pains, saying the government is very concerned about the welfare of its citizenry.
“Nigerians should not be cheated and that is why I don’t call this new tariff cost-reflective but service reflective,” he added.
He reiterated that all discos must provide 20-24 hours electricity before they charge N225/ kwh, saying, “if not they will be fined heavily.”
The Minister stated that the Ajah Mobile Substation represents a strategic deployment aimed at improving the transmission capacity constraints by over 1300MW across the nation.
According to the Minister, the Ajah mobile substation was aimed at enhancing transmission capacity, energy access and overall advancements towards the 4000MW to 6000MW improvement targets.
He said, “Its strategic placement at key sites such as Okene, Amukpe, Potiskum, Apo, Ajah, Birnin Kebbi and others underscores our dedication to enhancing transmission efficiency and reliability nationwide.
“The versatility of this Mobile Substation cannot be overstated. From addressing major load centers to serving as a stopgap measure during maintenance and emergencies, its flexibility ensures swift responses to fluctuating power demands, thereby contributing to uninterrupted service delivery.”
The Lagos State government has uncovered another illegal settlement under the Osborne Bridge in Ikoyi.
The state Commissioner for Environment and Water Resources, Tokunbo Wahab, disclosed this in a post on X with videos.
He wrote,
“Another illegal settlement was discovered under the Osborne Bridge, Ikoyi. Lagos State Environmental Sanitation Corps #LAGESCOfficial (KAI) commenced immediate clearance operation.”
On Wednesday, May 1, LIB reported that the state government discovered 86 partitioned rooms beneath the Dolphin Estate Bridge in Ikoyi, Lagos Island. The occupants were reportedly paying an annual rent of N250,000.
Watch the new video below…
Media
VIDEO: Lagos Uncovers Another Under-bridge Apartment
— Punch Newspapers (@MobilePunch) May 2, 2024
The Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab, on Thursday, said the state government uncovered an illegal settlement under the Osborne Bridge, Ikoyi, Lagos State.
Wahab shared this… pic.twitter.com/2zxaY4Cohy
More...
An Iyaganku Chief Magistrates’ Court in Ibadan on Thursday ordered that a 35-year-old man, Dickson Peter, be remanded in a correction facility for allegedly setting his landlord’s house on fire.
The News Agency of Nigeria (NAN) reports that the police charged the defendant with two counts of felony and arson.
The Magistrate, Mr M. Mudashiru, who did not take his plea due to lack of jurisdiction, ordered that he be remanded in the Abolongo Correctional Facility, Oyo Town.
Mudashiru said the remand is pending legal advice from the Director of Public Prosecution (DPP).
He adjourned the matter until July 23, 2024, for reference.
Earlier, the Prosecution Counsel, Insp. Femi Oluwadare told the court that Peter, on April 18, at about 12:30 am, was alleged to have unlawfully set fire to the house of his landlord, Cepas Okeme, and destroyed properties worth N6.5 million.
Oluwadare said that after he set the building on fire, it also spread to the next house property belonging to Bose Ali ‘F’ and destroyed property worth N3.5 million.
He said the offence contravened the provisions of Section 443 of the Criminal Code Laws of Oyo State 2000
A 24-year-old girl, Sophia Nkwor, has been arrested by the police in Delta state for allegedly dumping and drowning her one-year-old son in a well at Araya community, Isoko South Local Government Area, Delta State.
Parading the suspect before newsmen at the state police headquarters in Asaba on Thursday, May 2, the state Commissioner of Police, CP Abaniwonda Olufemi, said the incident happened on April 26.
“On 28th of April 2024, a case of infanticide was reported at Oleh Division, that a suspect named Sofia Nkwor ‘f’ aged 24 years from Isoko South LGA, dumped her child of one year and one month old in a well along the road in Araya community Isoko South LGA. Children who went to play around the tree discovered the abandoned child floating on the well.”
Speaking to newsmen, the suspect said she decided to kill her child because of her inability to cater for him. Identifying the son as Destiny, she said the father of the child rejected him, adding that she was living with her grandmother in the community.
“l have no helper; it was only me that was taking care of the child; l was the only one that was doing everything and l was tired of doing that,” she said, adding that she was in a bad mood when she committed the infanticide
Tech giant, Google has reportedly laid off at least 200 employees from its 'Core' teams, and will be moving some roles to India and Mexico in a bid to cut costs.
Asim Husain, vice president of Google Developer Ecosystem, informed employees about the layoffs in an email last week, saying that this was the biggest planned reduction for his team this year.
“We intend to maintain our current global footprint while also expanding in high-growth global workforce locations so that we can operate closer to our partners and developer communities,” the email read, as per the report
Google's Core unit is tasked with building the technical base for its flagship products and ensuring safety of its users online. It also maintains the company's global IT infrastructure and provides users with internal tools and developer solutions.
At least 50 of the positions eliminated were in engineering at the company's offices in Sunnyvale, California, filings show. Many Core teams will hire corresponding roles in Mexico and India, according to internal documents viewed by CNBC.
The operatives of the FCT police command, on April 27, arrested two female suspects, Kulu Dogonyaro and Elizabeth Ojah, in connection with the trafficking of five children.
The suspects who attempted to escape arrest from Sokoto police operatives, were intercepted and arrested by FCT police operatives at Kagini junction, Abuja, while suspiciously conveying five (5) children into the Federal Capital Territory.
Confirming the arrest to newsmen, the FCT police command, SP Josephine Adeh, in a statement released, said the command has handed the suspects and victims over to Sokoto state police command for further investigation and onward prosecution.
She added that the Commissioner of police FCT, CP Benneth C. Igweh, has urged parents to pay utmost attention to their wards while reaffirming his commitment to ensuring the safety of the residents of FCT. He also calls on residents to be vigilant and take advantage of the police emergency lines in reporting suspicious activities through: 08032003913, 08028940883, 08061581938, and 07057337653 PCB: 09022222352, CRU: 08107314192.