A cross-section of Nigerian workers on Friday in Abuja expressed growing frustration over the increasing cost of transportation, attributing it to the persistent rise in fuel prices.
In separate interviews, the workers decried the impact of high transportation costs on their finances and overall well-being.
Godson Anosike, a dentist, noted that his regular route to work now costs N500, up from N200 a year ago.
“The difference is staggering, and it has drastically affected my daily expenses,” said Mr Anosike.
Mr Anosike decried that salaries have remained stagnant despite the steep increase in transportation costs, adding, “And it’s tough.”
Ubokabasi Ekam, an engineer, called for fuel price control to reduce transportation fares.
“Transportation prices have tripled, making it unmanageable,” said Mr Ekam.
Ubong Udoekpo, a lawyer, said transportation now consumes more than half his salary. “Most workers consider resigning due to unsustainable salaries.”
Joy Light, a civil servant, stated that transportation expenses equal her salary.
“I’ve had to reduce my workdays. How can one survive if all the money earned goes to transport?”
The workers emphasised that the fuel hike has triggered a ripple effect across the economy, driving up prices of essential goods and services.
(NAN)
BDCs accuse IMTOs of ambushing external remittances, creating dollar scarcity in the parallel market
Admin
Bureau De Change (BDC) operators in Nigeria have attributed the recent depreciation of the Naira in the parallel market to scarcity of forex in the sector as major sources become drastically reduced.
The Chairman of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe told Nairametrics that sources of forex to that segment of the forex market have been severely impacted by the recent policies of the CBN.
According to him, members of the Association no longer get as much forex from relevant sources such as exports and external remittances and now rely on irregular intervention from the Central Bank of Nigeria (CBN).
However, Mr. Gwadabe explained that the major culprit for the condition of BDCs is the International Money Transfer Operators (IMTOs).
He said, “The liberalisation of the market has hindered supply inflows which is being reduced drastically and has made it difficult for our people. The International Money Transfer Operators (IMT0s) have ambushed the international remittance payment as most remittance payment now go their direction.”
“Another source of FX for us, which is non-oil exports, has also been reduced and the CBN intervention is not regular. In the past, we use to do up to $40k weekly but now it’s not more than $20k.”
Need for CBN intervention for BDCs
Mr. Gwadabe noted that the Naira will continue to depreciate in the parallel market except there is regular intervention by the CBN. He explained that the BDCs is the language of the invisible players in the retail end of the market and any sentiment of scarcity by buyers as well as sellers affects the value of the Naira.
The Naira fell to the lowest point in seven months in the parallel market by the end of September at N1,700/$ but recovered marginally at the beginning of trade on the 2nd of October. Although, the official market saw a wide depreciation of up to 8%.
The CBN in the past one year has sought to regulate the IMTOs and enable them to play a more prominent role in attracting foreign exchange into official channels from international sources. In 2023, Nigeria received around $19.5 billion- around 35% of total remittances to Africa according to the World Bank.
However, Mr. Taiwo Oyedele, the Chairman of the Presidential Committee on fiscal policy and tax reforms stated that only about 10% of the nearly $20 billion remittance entered the official forex exchange market as the parallel market swallowed up almost 90% of remittance inflows.
CBN regulation of IMTO and increase in international remittance inflow
In light of this, the CBN instituted reforms in the IMTO industry first in January by removing the exchange rate cap of +2.5% and –2.5% around the previous day’s closing rate for transactions. The removal of the -2.5% to +2.5% cap marked a major move by the CBN towards liberalizing Nigeria’s foreign exchange market.
By the end of January, the apex bank issued revised guidelines for IMTO operations, raising the IMTO licence application fee from N500,000 in 2014 to N10 million, a 1,900% increase over 10 years. The CBN also set a minimum operating capital requirement of $1 million for foreign IMTOs and an equivalent amount for local operators.
These regulation coupled with the approval in principle given to 14 new IMTOs by the CBN has resulted in increased remittances from IMTOs this year. During the last MPC meeting, the Governor of the CBN, Mr. Yemi Cardoso stated that international remittances via IMTOs increased by 130% to $585 million in August 2024 compared to the same period of last year.
International remittance inflows in the first quarter of 2024 reached $1.07 billion, a 39% rise from the $770.23 million recorded in the same period in 2023. Compared to the last quarter of 2023, which had inflows of $965.82 million, this represents an 11% increase.
CBN data reveals that international remittance inflows have been gradually increasing monthly from $383 million to $585 million in August 2024.
It can be inferred that the regulation by the CBN on IMTOs is paying off as witnessed in the rise in international remittances from the IMTO sector. How BDCs deal with this challenge remains to be seen as intervention from the apex bank become rare.
The decline in FX supply to the BDC segment of the currency market comes on the heels of recent guidelines for BDC operations from the apex bank where it increased where it increased the minimum capital requirement for tier-1 BDCs by over 5000% from N35 million to N2 billion.
[Nairametrics]
VIDEO: Adam Touched His ‘Tithe’, Reason God Sent Him Out Of Garden Of Eden – Pastor Ibiyeomie Asserts
AFOLABI
The founder and presiding shepherd of Salvation Ministries, Pastor David Ibiyeomie, has asserted that God sent the first creation, Adam, out of the garden of Eden because he touched his tithe.
Naija News reports that Pastor Ibiyeomie’s claim regarding the biblical figure Adam and his purported connection to tithes has generated heated arguments on social media.
In a viral video seen online, Pastor Ibiyeomie linked Adam’s tragic downfall as a result of eating the ‘forbidden fruit,’ the Apple to imply an ill-fated decision to handle what God had explicitly commanded him to avoid.
With passionate conviction, Pastor Ibiyeomie explored the profound implications of tithing, framing it as a religious obligation and a divine principle of immense significance.
He asserted that the essence of Adam’s transgression was rooted in his failure to adhere to God’s directive concerning the tithe, claiming that this act of disobedience ultimately set the stage for humanity’s fall from grace.
Naija News reports that Christians have been familiar with scriptures that vividly depict the apple as the forbidden fruit, representing the alluring temptation God specifically instructed humanity to shun.
This fruit, taken from the tree of the knowledge of good and evil, has long been associated with the Genesis of sin.
It is worth noting that Adam and Eve’s ill-fated choice led to their expulsion from the idyllic paradise of Eden.
However, Pastor Ibiyeomie has shared a different belief with his congregation on the issue of Tithing and Adam’s punishment for allegedly refusing to pay the tithe.
Watch the video clip below.
Media
The World Bank has given the green light to a $500 million loan to support the Sustainable Power and Irrigation for Nigeria (SPIN) initiative to mitigate challenges of climate conditions.
World Bank’s Regional Director, Sustainable Infrastructure Development for West and Central Africa, Chakib Jenane, announced this during a visit to the Minister of Water Resources and Sanitation on Thursday in Abuja.
Jenane said the SPIN project was approved during the World Bank’s Board meeting on September 26, adding that it was scheduled to commence in January 2025.
He added that the project is designed to address climate-related issues, including floods and droughts, through enhanced dam safety, improved water resource management, and expanded irrigation services.
Janane stated that the project would benefit approximately 950,000 people, including farmers and livestock breeders, emphasising the need for Nigeria to continue preparations to meet the remaining conditions for the project to be effective by the target date.
The World Bank team also provided an update on the Transforming Irrigation Management in Nigeria (TRIMING) project, which is nearing completion.
The team also gave an update on the Sustainable Urban and Rural Water Supply, Sanitation, and Hygiene (SURWASH) programme, and stressed the importance of involving more states in the initiative.
Jenane encouraged the ministry to explore the establishment of a National WASH Fund, a key objective under the SURWASH programme’s Disbursement Linked Indicator (DLI) 1.
The Minister of Water Resources and Sanitation, Prof. Joseph Utsev, expressed his appreciation to the bank for its continued support of Nigeria’s development, particularly in sustainable infrastructure and water resource management.
He assured the delegation that the Nigerian government would provide the counterpart funding support to ensure the successful implementation of all World Bank-backed projects.
Utsev also emphasised the importance of completing the TRIMING Project on schedule and reaffirmed the ministry’s commitment to meeting the January 2025 deadline.
Minister of State for Water Resources and Sanitation, Dr Bello Goronyo also thanked the World Bank for its approval of the SPIN project, reiterating the ministry’s commitment to the project through collaborative efforts.
[Leadership]
‘My Ex-Husband Blocked Me From Movie Roles After Our Divorce’ – Nollywood Actress, Mama No Network
AFOLABI
Yoruba Nollywood actress, Atinuke Kazeem, better known as Mama No Network, has opened up about her broken marriage to her colleague, Baba Lanko.
Naija News reports that the comic actress, in an interview with her colleague, Biola Adebayo, on the YouTube show, ‘Talk with B’, revealed how she and Lanko worked together to produce films.
The movie star said Lanko sought to marry another wife after he found fame and money.
Atinuke also stated that after the dissolution of their marriage, Lanko blocked her from appearing in the same films as him.
The thespian further recounted the struggles she faced with infertility during their marriage, including undergoing extreme measures like drinking kerosene, which made her bloated.
She added that God eventually “answered her prayers” by making her conceive naturally.
In her words, “My ex-husband, Lanko, and I worked hard to produce many films. But when money and fame came, he told me he wanted to marry a new wife.
“After we parted ways, he told producers not to feature me in the same projects as him. Today, however, he now uses his money to call me for movie roles, and I give glory to God.
“I wasn’t the one who left the marriage; he simply stopped coming home. During our time together, I faced immense difficulties while trying to have a child. I went through hell.
“At one point, I was given kerosene to drink. All those desperate measures affected me, leading to my bloated stomach. When I finally gave up hope, God answered my prayers, and the pregnancy came naturally.”
In May 2023, Mama No Network tied the knot to a younger partner.
Popular Ghanaian actress, Habiba Sinare, has tied the knot with Akeju, a Nigerian media and music executive based in the U.S., in an intimate and beautiful wedding ceremony.
The joyous event celebrates the union of two creative forces from the entertainment industry, merging the worlds of film and music uniquely.
Known for keeping her personal life private, Habiba surprised her fans by sharing glimpses of her special day on Instagram.
In one heartfelt post, she expressed her gratitude and happiness, writing, “My Answered Prayer, Alhamdulillah. Mr and Mrs Akeju,” reflecting the deep emotional bond she shares with her new husband, describing their marriage as a dream come true.
The wedding came after months of speculation and rumours about their relationship, which the couple had kept relatively under wraps.
Sinare’s decision to share moments from their wedding on social media has since put the speculations to rest, confirming the love story that has captivated the public’s interest.
Fans and fellow celebrities were quick to congratulate the couple, flooding Sinare’s social media with warm messages and well-wishes.
The news of their marriage has not only excited their fans but also brought attention from the entertainment community, uniting the support of both film and music industry colleagues.
Akeju, known for his impactful work as a producer and executive in the music industry, has also made a name for himself with his diverse talents and contributions.
His marriage to Sinare, a celebrated figure in the Ghanaian film industry, symbolizes a blending of their artistic worlds, and many are looking forward to seeing how their partnership will inspire their creative journeys.
The couple’s beautiful union has inspired many of their followers, who continue to celebrate their love story. Fans are now eager to see what this new chapter holds for both stars, who have proven that love can bloom in even the most private corners of the public eye.
[TheNation]
Analysis: Nigeria inflation rose from 22.4% to 32.15% in 16 months - Here’s why prices of goods and services are likely to continue to rise
AFOLABI
The sustained rise in the prices of goods and services in Nigeria is driven by a complex interplay of domestic economic challenges, monetary policy decisions, and external factors. The trends identified by manufacturers, agricultural experts, and economic analysts reveal that inflationary pressures are likely to persist, affecting both the productive and service sectors. This analysis will explore the various underlying causes and how they are expected to shape price trends in Nigeria.
1. Monetary Policy and Rising Interest Rates
The continuous increase in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria (CBN), now at 27.25%, has had a ripple effect across the Nigerian economy. The Manufacturers Association of Nigeria (MAN) has expressed concerns that higher borrowing costs, which now exceed 35%, are compounding the challenges faced by the manufacturing sector. With the cost of credit rising, manufacturers are forced to either raise prices to cover costs or reduce production capacity, exacerbating supply shortages.
As production costs rise, the prices of manufactured goods inevitably increase, further eroding consumer purchasing power. This cost-push inflation is particularly damaging for a country like Nigeria, where many industries depend on imports for raw materials. As the Naira continues to depreciate, manufacturers pay more for inputs, worsening the inflationary spiral.
2. Depressed Consumer Demand and Inventory Buildup
Despite rising production costs, many manufacturers face the challenge of declining consumer demand due to reduced purchasing power. With inflation soaring, consumers are spending more on essential goods like food and fuel, leaving less disposable income for other goods and services. As a result, manufacturers are accumulating unsold inventory, which reached ₦1.24 trillion in the first half of 2024—a significant increase from ₦869.37 billion at the end of 2023.
This situation is unsustainable for the manufacturing sector, as companies must either continue raising prices to offset losses or cut production, leading to layoffs and potential business closures. The resulting unemployment would further suppress demand, creating a vicious cycle of stagnating economic activity and rising inflation.
3. Food Inflation and Agricultural Challenges
The agricultural sector, a crucial component of Nigeria’s economy, is also grappling with significant challenges that are contributing to rising food prices. Worsening insecurity, particularly in the northern regions, has severely disrupted farming activities, reducing both output and productivity. Armed conflicts and banditry have prevented farmers from accessing their lands, while attacks on rural communities have driven many farmers away from agricultural activities altogether.
Moreover, Nigeria suffers from a lack of adequate storage and processing facilities. According to the Food and Agriculture Organisation (FAO), Nigeria loses up to 50% of its agricultural produce post-harvest due to poor infrastructure, inadequate storage, and inefficient food processing methods. This wastage leads to shortages, driving up the prices of staple foods such as grains, fruits, and vegetables. Even during harvest seasons, when prices typically ease, the lack of proper storage ensures that these gains are short-lived, with prices quickly rebounding after seasonal abundance passes.
The combination of insecurity, high post-harvest losses, and inefficient food distribution systems guarantees that food prices will remain elevated in the near and medium term, putting further pressure on household budgets.
4. The Depreciation of the Naira and Smuggling
One of the most significant factors driving inflation in Nigeria is the persistent depreciation of the Naira, particularly against stronger currencies like the CFA franc in neighboring countries. As the Naira weakens, the price differential between Nigeria and its neighbors increases, creating opportunities for smugglers to move food items and other essential goods out of Nigeria to sell them at higher prices.
This cross-border smuggling exacerbates local shortages, further driving up domestic prices. With the Naira currently trading at around ₦1,700/$ in the parallel market, there is little hope for a near-term recovery. The government’s decision to float the Naira in 2023, while aimed at addressing exchange rate imbalances, has led to increased volatility in the currency market, with speculative activities and weak foreign investment inflows adding to the pressure on the Naira.
Without robust interventions to stabilize the currency, such as increasing foreign reserves or attracting substantial foreign investment, the exchange rate is likely to remain under pressure. This continued depreciation will ensure that imported goods, including food items and raw materials for manufacturing, remain expensive, further fueling inflation.
5. Energy Costs and Petrol Price Increases
Energy prices, particularly petrol, have been a key driver of inflation in Nigeria. The removal of petrol subsidies by the Tinubu administration has led to a sharp increase in fuel prices, with petrol now selling for around ₦1,000 per liter—up from ₦187 per liter when the administration took office. Given that transportation costs account for a significant portion of the cost structure for many goods and services, the impact on inflation has been profound.
Higher fuel prices have not only driven up the cost of transporting goods but also increased the operating costs for small businesses and households that rely on petrol-powered generators due to the country’s unreliable electricity supply. With global oil prices likely to remain high due to geopolitical tensions and the depreciation of the Naira against the U.S. dollar, petrol prices are unlikely to decline soon, ensuring that energy costs will continue to be a major contributor to inflation.
6. Structural Economic Issues and Foreign Exchange Shortages
Nigeria’s heavy dependence on crude oil exports and the chronic underperformance of the oil sector, due in part to oil theft and declining production, have reduced the country’s foreign exchange earnings. This, in turn, limits the ability of the Central Bank of Nigeria (CBN) to stabilize the Naira through interventions in the foreign exchange market.
With dwindling foreign reserves and limited inflows from non-oil exports, Nigeria has been unable to meet the foreign currency needs of manufacturers and importers. The resulting scarcity of foreign exchange has led to higher costs for imported goods, from industrial machinery to everyday consumer products. Until Nigeria can diversify its export base and increase foreign exchange earnings, these challenges will persist, keeping the pressure on prices.
Crude-for-loans: NNPCL takes out 8million barrels of crude oil monthly to service $8.8bn debt – Report
AFOLABI
The Nigerian National Petroleum Company Limited has pledged 272,500 barrels per day of crude oil through a series of crude-for-loan deals totalling $8.86bn.
By pledging 272,500 barrels daily, it means that about 8.17 million barrels of crude will be used for different loan deals by the national oil firm on a monthly basis.
This is according to an analysis of a report by the Nigeria Extractive Industries Transparency Initiative and the NNPC’s financial statements.
Under these deals, notable projects include Project Panther, Project Bison, Project Eagle Export Funding (Original, Subsequent, and Subsequent 2 Debts), Project Yield, and Project Gazelle.
According to The PUNCH’s findings, NNPC has already fully repaid $2.61bn in loans, representing 29.4 per cent of the total credit facility, while $6.25bn or 70.6 per cent, remains outstanding.
Also, out of the $8.86bn credit facility, only about $6.97bn has been received from seven crude-for-loan deals.
One of the key projects, Project Panther, involves a joint venture between NNPC and Chevron Nigeria Limited, backed by international and local banks.
The project secured a $1.4bn loan facility, with 23,500bpd pledged to service the debt. Repayment is set to commence after a moratorium, with financing terms including an SOFR (Secured Overnight Financing Rate) plus 5.5 per cent margin and a liquidity premium.
Another significant deal is Project Bison, tied to NNPC’s attempt to acquire a 20 per cent equity stake in the Dangote refinery. However, the national oil company only acquired a 7.25 per cent stake.
The project secured a $1.04bn loan from Afrexim Bank, with 35,000 bpd pledged as collateral. NNPC fully repaid this loan in June 2024.
Project Eagle Export Funding comprises three separate loans aimed at meeting various financial obligations.
The original loan, secured in 2020 for $935m, was serviced with 30,000 bpd and was fully repaid by September 2023.
A subsequent loan of $635m was also fully repaid by the same period. The third tranche, known as Project Eagle Export Funding Subsequent 2 Debt, was secured in 2023 for $900m, with 21,000 bpd pledged. Repayment is scheduled to begin in June 2024, and the loan will mature in 2028.
Project Yield, designed to support the Port Harcourt Refining Company, involves a $950m loan, with 67,000 bpd pledged for repayment.
The repayment of the loan, secured in 2022, will begin in December. This seven-year facility is crucial to refurbishing the refinery and enhancing domestic refining capacity.
However, despite this crude-for-loan arrangement, fuel production at the Port Harcourt refinery has yet to commence, despite multiple postponements as of August. Promises from the Federal Ministry of Petroleum Resources and NNPC have repeatedly fallen through.
More recently, there was the Project Gazelle deal, which aimed to stabilise Nigeria’s foreign exchange market.
In December 2023, NNPC secured a $3bn forward sale agreement, pledging 90,000bpd from Production Sharing Contract assets to cover future tax and royalty obligations.
As of the end of 2023, $2.25bn had been drawn from this facility, with repayments scheduled to begin by mid-2024.
These crude-for-loan deals come at a time when Nigeria is struggling to boost its oil production.
The NEITI 2022-2023 report revealed a significant decline in crude oil output, reaching the lowest levels in a decade. In 2022, the country produced 490.94 million barrels of crude oil, a steep drop from the peak of 798.54 million barrels in 2014.
Although production slightly improved to 537.57 million barrels in 2023, this still represents only 67.16 per cent of the country’s peak production capacity.
One of the major challenges facing the sector is production deferment. In 2023, Nigeria deferred 110.66 million barrels of crude oil, down from 153.44 million barrels in 2022.
The deferment was primarily due to unscheduled maintenance, repair issues, and oil theft.
Despite government efforts to curb these issues, including initiatives to reduce theft and sabotage, operational inefficiencies persist.
NEITI reported that oil theft and sabotage resulted in the loss of 5.25 million barrels in 2023, exacerbating production struggles.
The House of Representatives Special Joint Committee recently directed NNPC to halt further crude-for-loan agreements.
This directive follows reports that the company is planning to borrow an additional $2bn in oil-backed loans amid efforts to settle a $6bn backlog owed to international oil traders, particularly following the removal of fuel subsidy.
The PUNCH earlier reported that the NNPC was in talks for another oil-backed loan to boost its finances and allow investment in its business, according to the Group Chief Executive Officer, NNPC, Mele Kyari.
Kyari said the company wanted the new loan against 30,000-35,000 barrels per day of crude production, though he declined to say how much money it sought.
Nigeria’s government finances rely on oil the NNPC exports, which provides the bulk of crucial foreign exchange reserves. However, pipeline theft and years of underinvestment have sapped oil production in recent years, and the cost of fuel subsidies has further depleted cash reserves.
On August 17, 2023, the NNPC announced that it had secured a $3.3bn emergency crude oil repayment loan from the African Export-Import Bank.
It explained at the time that the oil company would use the loan to support the Federal Government in stabilising Nigeria’s exchange rate.
The facility, among other things, would help the Federal Government attend to some of its dollar obligations, assist the Central Bank of Nigeria in stabilising the foreign exchange market, and provide funding for NNPC.
Providing details about the deal in the document titled, “Everything you need to know about the NNPC Limited’s $3.3bn loan, also known as Project Gazelle,” NNPC said, “This is a financing agreement secured by NNPC Limited to prepay future royalties and taxes to the Federal Government.”
The company also stated that it adopted a lower price benchmark for the $3.3bn crude-for-cash loan to reduce the risk of default and ensure financial stability.
Giving details on the benchmark oil price, the company said the facility used a conservative crude price of $65/barrel to calculate the allocated crude to be produced and sold.
NNPC also said repayments were strategically planned and tied to future oil sales, with conservative pricing in oil sales contracts mitigating the risks associated with oil price volatility.
The Rivers State Police Command has said it would comply fully with the judgment of the Federal High Court, Abuja which barred it from participating in the October 5 local government election in the state.
This came less than 24 hours after some chieftains of the Peoples Democratic Party, led by the state party chairman, Aaron Chukwuemeka, and their supporters protested against the conduct of the election by the Rivers State Independent Electoral Commission.
The protesters marched to the headquarters of the Department of State Services and the State Police Command in Port Harcourt asking the two agencies to respect the extant court order and hands off the poll, even as Aaron submitted a petition and a copy of the judgment to the officials of both outfits.
The police, however, explained that adhering to the court order does not mean that its operatives will fold their arms and allow security breaches.
The spokesperson for the state police command, Grace Iringe-Koko, disclosed this in a statement issued on Thursday in Port Harcourt .
Iringe-Koko, a Superintendent of Police, said the decision is a sequel to the directives by the Force Legal Department that the ruling from the Federal High Court on September 30, 2024, takes precedence.
While insisting that it had studied the two court judgment it received restraining them from participating, she advised citizens to remain peaceful
The statement read, “The Nigeria Police Force seeks to inform all law-abiding citizens and stakeholders in Rivers State about the upcoming local government election, particularly in the light of recent court rulings.
“On July 19, 2024, a Federal High Court in Abuja issued a restraining order preventing the Nigeria Police Force and other security agencies from providing security during the local government election.
“Additionally, on September 30, 2024, the Federal High Court in Abuja delivered a judgment that again prohibited the Nigeria Police Force and other security agencies from participating in the local government election.
“Given these circumstances, the Nigeria Police Force has been advised by the Force Legal Department that the ruling from the Federal High Court on September 30, 2024, takes precedence.
“Recently, an opposition party protested, calling for adherence to the court orders and expressing their determination to prevent any disregard for the law.
“The Nigeria Police Force encourages all parties to seek appropriate legal redress if they feel aggrieved by any decisions or actions related to the election process.
“The Nigeria Police Force is dedicated to maintaining law and order and will not stand idly by in the face of potential disturbances.
“Necessary actions will be taken to enforce the court’s orders. All Area Commanders, Divisional Police Officers, and Tactical Commanders have been directed to ensure full compliance with the judgment of the Federal High Court.”
It added, “In view of the above, the Nigeria Police Force has been advised by the Force Legal Department to comply with the judgment of the Federal High Court dated September 30, 2024, which bars the Nigeria Police from allowing, participating in, providing security for, or taking part in the Rivers State Local Government Election on October 5, 2024.
“All other security agencies are also implored to comply with the Federal High Court judgment.
“In light of these developments, the Nigeria Police Force calls on all citizens to remain peaceful and orderly and to cooperate with law enforcement in upholding the rule of law during this crucial period.”
[Punch]
The rising cost of maintaining a healthy diet has put a strain on many Nigerians, as the average daily cost of a healthy diet in the country reached N1,255 per adult in August 2024, according to the National Bureau of Statistics.
The NBS in a report released on Thursday that the increase represented a 28 per cent rise compared to N982 in March 2024.
The bureau collects retail food prices monthly from over 10,000 outlets nationwide to monitor inflation trends, including the prices of more than 200 food items.
“Animal source foods were the most expensive food group in August, accounting for 37 per cent of the total cost of a healthy diet while providing only 13 per cent of total calories,” the report highlighted.
At the state level, costs varied, with Ogun, Lagos, and Rivers states recording the highest average daily costs of N1,641, N1,615, and N1,572, respectively.
“Katsina, Kaduna, and Sokoto, however, had the lowest costs, at N880, N951, and N980 per day,” the report further noted. These regional disparities highlight the unequal access to affordable nutrition across the country.
“At the zonal level, the South West zone recorded the highest average daily cost of N1,554, followed by the South-South zone at N1,381. “The North West zone recorded the lowest cost of a healthy diet at N1,041 per day,” NBS added.
The surge in costs was attributed to the rising prices of key food groups.
“Legumes, nuts, seeds, starchy staples, and vegetables were the main drivers of the increase in the cost of a healthy diet,” the report explained.
Despite the 28 per cent increase over the past six months, there was a 0.8 per cent decline in the cost compared to July 2024, which was N1,265 per day.
In addition to the rising food costs, the NBS report showed that the price of vegetables dropped by 14.5 per cent on a month-to-month basis in August.
As food prices continue to rise, experts warned that more Nigerians may find it increasingly difficult to access nutritious food.
The NBS also compared the cost of a healthy diet with the general consumer price index, noting that since July 2023, the cost of a healthy diet has been rising faster than the prices of other goods and services in Nigeria.
“The cost of a healthy diet increased at a faster rate than all goods and services in the past year,” it stated.
More...
There are indications that the supply of crude oil in naira by the Nigerian National Petroleum Company Limited to the Dangote Petroleum Refinery which should have started on October 1, 2024, has yet to begin as of Thursday, October 3.
Officials at the Dangote refinery and those at the Nigerian Upstream Petroleum Regulatory Commission, Federal Ministry of Finance, and NNPC, among others, stayed mute when contacted for updates on the naira-for-crude deal between NNPC and Dangote.
On Monday, The PUNCH reported that the Technical Sub-Committee on Domestic Sales of Crude Oil in Local Currency had confirmed the preceding day that the supply of crude in naira by NNPC to the Dangote refinery would begin on Tuesday, October 1, 2024.
On September 13, 2024, the committee announced that the Federal Executive Council under the leadership of President Bola Tinubu approved the sale of crude to local refineries in naira and the corresponding purchase of petroleum products in naira.
“From October 1, NNPC will commence the supply of about 385kbpd (385,000 barrels per day) of crude oil to the Dangote refinery to be paid for in naira,” the committee had declared.
The Chairman of the Technical Sub-Committee is Zacch Adedeji, who doubles as Chairman of the Federal Inland Revenue Service.
The Special Adviser on Media to the FIRS Chairman, Mr Dare Adekanmbi, had responded in the affirmative when contacted on Sunday and asked if the plan for the crude oil supply to the $20bn Lekki-based plant was still intact.
“I can confirm that the Chairman of the Sub-Technical Committee, Zacch Adedeji, is working day and night to ensure that things go according to plans. He knows how important it is to have the agreement implemented as has been planned for the benefit of Nigerians,” Adekanmbi had stated.
But on Thursday, impeccable sources with three domestic refineries stated that they were not aware if the deal had commenced.
NNPC officials stayed mute when contacted for updates on the deal, directing our correspondent to the Ministry of Finance to get answers. The finance ministry did not provide answers when contacted.
However, a senior official with a domestic refinery said crude oil refiners including Dangote were still awaiting the Federal Government for the supply of crude in naira.
The official also noted that the government through its committee on crude-for-naira had assured operators that efforts were in top gear to deliver on the deal.
“You know that said it was to start on October 1, the technical committee is the one in charge now and they are working on it. They are supposed to arrive at a particular agreement and communicate it to us.
“But I can tell you that as of this moment, we haven’t received that communication yet. We are still waiting for them,” the operator who spoke in confidence due to lack of authorisation to speak on the matter, stated.
Another source with a major modular refinery, who is familiar with the deal, said, “The crude oil refiners’ body in Nigeria hasn’t been communicated yet on the deal. So we await the official communication because up till last week, we spoke with them (the government) and they assured us that the deal was still on course.
“However, I’d like to state that deals of this nature take a while before they are completed. There are a lot of things to be sorted before a final decision is reached. So we have to wait for them.”
The government explained in September that the naira-for-crude initiative would help reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products across the country.
“Since then, the implementation committee chaired by the Minister of Finance and we, the technical committee, have worked intensely with NNPC and Dangote refinery to fashion out the details of the modalities for the implementation of the FEC approval,” Adedeji had stated.
While stating that crude would be sold to Dangote in naira from October 1, the committee chairman and FIRS boss said, “In return, the Dangote refinery will supply PMS (petrol) and diesel of equivalent value to the domestic market to be paid in naira.
“Diesel will be sold in naira by the Dangote refinery to any interested off-taker. PMS will only be sold to NNPC. NNPC will then sell to various marketers for now. All associated regulatory costs (NPA, NIMASA, etc.) will also be paid in naira. We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative.”
Adedeji explained that the technical committee that worked to flesh out the initiative would transition to an implementation execution and monitoring committee that would be working out of Lagos for the next three to six months.
There appears to be selective payment of the N70,000 new minimum wage by the Federal Government, which has triggered fresh tension among federal public workers, as most of those yet to be paid have decried the development.
According to some staff of Ministries, Departments and Agencies, MDAs, who haven’t seen any addition to their salaries, this is the height of insensitivity on the part of the government whose policies brought hardship and hunger.
But sources in the Accountant-General’s and Budget Office painted different pictures of the situation on the ground last night.
While the Accountant-General’s office said the new minimum wage was effected along with September salary, the Budget Office said N40,000 was paid across the board to all federal workers but workers are denying this.
Recall that President Bola Tinubu signed the N70,000 minimum wage into law on July 18, 2024, after about two months of protracted negotiations among the tripartite committee members, comprising representatives of government, Organised Private Sector, OPS and organised labour, made up of Nigeria Labour Congress, NLC, and its Trade Union Congress of Nigeria, TUC, counterpart.
One of the staff of an MDA who spoke to Vanguard on condition of anonymity, said: “We are fed up with the whole system. We do not know what the government wants us to do.
‘’It is bad enough that the government removed fuel subsidy and inflicted unbearable suffering and hardship, including hunger on workers and other Nigerians across the country, it is even worse than the minimum wage that has been signed into law for months, in fact, since July, has not been implemented.
“We even heard that some few workers in the core civil service have seen some amount added to their salaries. What sort of arrangement is that? What sort of selective payment is that? Are we not in the same country and experiencing the same hardship and hunger?
‘’It is pure discrimination and salary slavery designed to keep some of us in perpetual bondage. We have been frustrated, denied and even humiliated by the policies of the government. Many of us have resorted to sleeping in offices, while many others who do not want to sleep in offices trek long distances to work.
“To worsen the suffering, many of us now starve or indulge in self-imposed fasts to cope with the situation. We cannot meet responsibilities to our immediate and extended families. Our children have not resumed school as we have no money to pay their fees and other necessities. We do not know why the government has decided to inflict pain and suffering on us.
“Since the new minimum wage was signed into law, the government has also increased the pump price of petrol and electricity tariff, eroding the value of the new minimum wage that has not even been implemented.
“How does the government want us to survive this assault? Prices of essential communities have continued to rise without any palliative from the government. This is wicked and unfair.”
FG pays N40, 000 in lieu of minimum wage
However, a source in the office of the AGF told Vanguard yesterday that the new minimum wage was effected along with the September salary.
But a source in the Office of Budget and National Planning, who pleaded anonymity, said N40,000 was paid to all Federal Government staff across the board instead of the minimum wage.
He explained that the idea was for those formerly on N30,000 minimum wage to have their wages moved to N70,000 with the additional N40,000.
Some federal workers, who spoke with Vanguard, acknowledged receipt of an extra N40,000 in their September salary.
However, a Federal Government explanatory note on the N40, 000 board payment obtained by Vanguard yesterday, read: “On the 40,000 flat rates narrated as ‘minimum wage’ in the September pay slip, it is just a temporary measure to pay something to civil servants before the official template of the minimum wage becomes available.
“As at the time the September salary voucher was prepared, the template for the new minimum wage was yet to be concluded.
“So, it was concluded that a flat rate be paid to all civil servants, irrespective of level, pending when the template will be available.
“That is why N40,000 was reflected in the September pay slip as ‘minimum wage’. But in October, the official template that was released yesterday night will come into full effect.
Arrears of new minimum wage
“Note the new minimum wage by law came into effect on July 28. This means that there will be arrears for August only. But the issue is a 40k flat rate has already been included in the September salary.
“So, if arrears were to be paid, there will be a deduction of the N40,000 paid to you in August from the normal amount you are to receive as the increasing figure emanating from the new minimum wage template.”
Labour kicks
Reacting to the development, the President of the Amalgamated Union of Public Corporation, Civil Service Technical and Recreational Services Employees, AUPCTRE, and Chairman of the National Joint Negotiating Council, NJIC, (on the Labour side), Benjamin Anthony, decried the selective payment of the new minimum wage.
He said “An insignificant number of workers has received an addition to their monthly pay, but the majority have not received anything. What that means to me is that nobody has been paid the new minimum wage.
“We are in touch with the office of the Head of Service, HoS, and Integrated Payroll and Personnel Information System, IPPIS. They told us they are making efforts to pay. That to us is very bad news.
“It is as if they do not know that there is hunger everywhere and some children have not gone back to school because of lack of money. This is quite sad.
SSANU, NAAT react
Speaking to Vanguard on the situation, the President of the National Association of Academic Technologists, NAAT, Ibeji Nwokoma, said the delay has brought untold hardship to his members.
“Government has fallen short of expectations of public servants. Everybody was expecting that by now the new minimum wage would have been implemented to cushion the effect of an increase in the pump price of petrol.
“People are suffering, people are parking their cars and are unable to take their children to school and families can no longer cope with the present circumstances. We only hear that the government will pay today or pay tomorrow, nobody is sure.
“Government can no longer be trusted. The situation reduces productivity among the working class because people can no longer come to work and expect to go back happy. It’s really affecting productivity and confidence in the public service,’’ he said.
Similarly, the President of the Senior Staff Association of Nigerian Universities, SSANU, Mohammed Ibrahim, said the delay is causing a lot of economic distress for his members.
He said: “University workers are worst hit as some of our members travel to far distances to get to work, which has in turn affected their morale in terms of productivity.
“We are frustrated with the delay and urge the government to commence the payment immediately to cushion the effect of high cost of living. The salaries members collect currently only take care of fuel and payment of transportation to work.’’
[Vanguard]
Enoch Adeboye, the general overseer of the Redeemed Christian Church of God (RCCG), has apologised for his previous statement that non-tithers won’t make heaven.
The cleric had initially sparked controversy at one of the church’s conventions when he said, “Anyone who does not pay his tithe is not going to heaven”.
He accused some people of misquoting scripture to avoid paying their tithes. He also stressed the importance of paying 10 percent of one’s income to the church.
“You will have to do both. Pay your tithe, and consider weightier matters of law, judgment and mercy. Do both. I will allow everyone to repent tonight,” he had said.
“And to go back immediately after this convention and restitute your ways with your congregation. Make it clear to them. Anyone who is not paying his tithe is not going to heaven.”
But speaking at the 2024 International Youth Convention, the 82-year-old cleric made a surprising U-turn on his previous stance on tithing.
“I am going to be apologising for making a mistake for saying that if you do not pay tithe you might not make it to heaven. Sorry, that is wrong. That is not in the Bible. What the Bible says is you have peace with all men and holiness without which kò man can see God,” he said.
“Now, let me tell you, it is possible to be right and wrong at the same time. I am a scientist I know about it. For years, we taught that light travels in straight lines.
“Later on, we discover that not just straight as a road, light travels in waves. Going in one direction but in waves. It is wrong to limit you to 10 percent. At a time when some of you should be 20 percent, 30 percent, and 40 percent. 10 percent should be for beginners. Giving should be violent.”
[TheCable]
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The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has apologised for saying that Christians who don’t pay tithe might not make it to heaven.… pic.twitter.com/cPxMVz0sRh
The House of Representatives, on Thursday, approved a bill seeking to establish the Nigeria Surrogacy Regulatory Commission for the monitoring and supervision of surrogacy arrangements in Nigeria.
The bill aims to “provide for the registration, regulation, and monitoring of surrogacy agencies in Nigeria and related matters.”
Leading the debate on the general principles of the proposed legislation, the sponsor of the bill, Ayodeji Alao-Akala, stated that the bill seeks to regulate and evaluate surrogacy in Nigeria to ensure that medical and health laws are not violated.
He added that it will also protect those seeking to overcome infertility.
Alao-Akala highlighted that a black market has emerged within the system, which takes advantage of the needs of expectant parents and exploits them.
He further stated that surrogate mothers and the children to be born also require legal protection.
Following its adoption, the Speaker, Tajudeen Abbas, referred the motion to the House Committee on Healthcare Services for further legislative action.