Kwara State Governor, AbdulRahman AbdulRazaq, has approved N10,000 monthly palliative for workers.

The N10,000 monthly palliative is to help workers cope with the recent fuel subsidy removal and its attendant economic impacts.

The government’s decision was announced at a press conference addressed by the Chief Press Secretary to the governor, Rafiu Ajakaye, at the Government House, Ilorin on Monday.

Ajakaye said, “On top of the palliatives is a cash support of N10,000 for every public sector worker in the state, which will begin this month (July) and last until a new minimum wage is introduced to enable workers to cope with the economic shocks created by the subsidy removal.

“In deference to the new advisory of the National Economic Council for states to design their own independent responses to the development, the governor has directed the leadership of the civil service to continue a staggered work schedule — not exceeding three days a week — to reduce transportation expenses for workers,” he said.

Kwara had earlier introduced a 3-day work schedule for its civil servants but suspended it in deference to an earlier advisory of the NEC for states to await a more holistic response to the development.

The staggered work plan will not cover ‘essential workers, the governor’s spokesman clarified.


“The governor has similarly approved the payment, from this month, July, of new hazard and skipping allowances, and 100% CONMESS for consultants and medical doctors under the government’s payroll.

“He also approved a new regime of allowances for nurses working for the state government. The whole essence is to check attrition rate in the health sector, and attract and retain medics and specialists to provide improved, qualitative healthcare services for the people of the state,” he added.

“The governor has also endorsed immediate cash-backing of 2019 and 2020 promotion for Teaching Service Commission workers. The administration had earlier cash-backed arrears of promotion for TESCOM for the years 2015-2018.

“In the same vein, he has approved cash-backing for the 2021 promotion exercise of teaching and non-teaching staff of SUBEB and restoration of steps to all of them. This is a policy response to the yearnings of SUBEB workers since 2016 when SUBEB workers no longer had steps.

“The Governor also approved the extension of free bus rides for students of tertiary institutions in the state, while modalities for occasional distribution of food to poor and most vulnerable households are to be activated in the next few days.

“This shall be nonpartisan and would be coordinated by a government team to be supported by respected stakeholders who would get inputs from traditional rulers, religious bodies, market leaders, trade unionists, and community-based organisations to generate the lists of beneficiaries and disburse accordingly.

“The whole idea of these interventions, which gulp billions of naira of public funds, is to show empathy and deploy as much resources as the state can afford to support the people at this special time.


“The Governor has also approved the Kwara State Social Investment Programme (KWASSIP) to activate N500m worth of conditional support for petty traders and MSMEs in the state.

“The state government will receive fertilisers and grains from the Federal Government and pay for same. It is not free. Modalities for the handling of these will be made available later. This is to boost farming outputs and food security in the state.

“The government, meanwhile, will be setting up a committee to interface with marketers on the need to curb extortionist tendencies as seen in the arbitrary fixing of prices of foodstuffs.

A total of 529 foreign-trained medical and dental graduates failed the assessment examination conducted by the Medical and Dental Council of Nigeria.

This is according to the examination report obtained from the MDCN on Sunday.

The two-day assessment examination was conducted on Wednesday, July 12, and Thursday, July 13, 2023, at the University College Hospital, Ibadan in Oyo State.

The MDCN said 704 medical and 30 dental foreign-trained graduates participated in the assessment examination.

The council, however, said only 189 medical graduates and 16 dental graduates passed the examination.

It also revealed that 515 medical graduates and 14 dental graduates failed the examination.

The MDCN regulates the practice of Medicine, Dentistry, and Alternative Medicine in the country to safeguard the nation’s health care system.


The PUNCH reports that the MDCN assessment examination is compulsory for all foreign-trained doctors who plan to practise in Nigeria.

The assessment examination tests the candidates’ ability to apply their basic medical sciences and clinical skills in a health care setting.

Commenting on the result, the MDCN Registrar, Dr Tajudeen Sanusi, said, “The pass is at 27.4 per cent, which is poor. However, the assessment exam is necessary because we cannot put the health of Nigerians in jeopardy; it is better we have a few doctors than have doctors that will put the health of Nigerians in danger. All hands must be on deck to put this country in the right place.”

According to him, the assessment examination is a required global practice.

“It’s a global practice that if you train in a particular jurisdiction and, you want to go to another jurisdiction, you subject yourself to an assessment exam. Even if you are a professor of medicine here and you’ve never practised in the United Kingdom or the United States, when you go there, you subject yourself to their assessment exam. So, it’s a global practice,” he said.

• Igbo make greatest contribution to Nigeria’s GDP, says Iwuanyanwu
The Chidi Ibeh faction of Ohanaeze Ndigbo, yesterday, urged the South East residents to ignore the two-week sit-at-home order by Finland-based acclaimed Biafra agitator, Simon Ekpa. The group has also asked the people of the zone to rise and put an end to Ekpa’s nefarious and infamous activities.

In a statement in Abakaliki, the Ebonyi State capital, the Secretary-General of the Ohanaeze faction, Okechukwu Isiguzoro, said that the Igbo organisation has placed a substantial bounty of $500,000 on Ekpa, as a reward to anyone who can provide useful information that would lead to his arrest.

The Ohanaeze added that it is resolute, in collaboration with South East political leaders, to bring Ekpa to justice for his atrocities and alleged sponsorship of armed groups in the region.

 

The group further called on every Igbo to play an active role in preventing violence and disruptions of economic activities in the region.

The statement reads: “Ekpa is responsible for the recent surge in violence and insecurity in the region. He has declared another two-week sit-at-home from July 31 to August 14, 2023, undermining the authority of South East governors, who are constitutionally mandated to protect life and property of citizens.

“Ohanaeze has placed a substantial bounty of $500,000 on Ekpa’s head. The reward is offered to anyone who can provide useful information that would lead to his capture and subsequent arrest.

IN a different development, the President General of Ohanaeze, Emmanuel Iwuanyanwu, has said that the role of the Igbo community in Nigeria’s social, political and economic history and development came to the fore at the weekend, in North London.

The Ohanaeze leader pointed out that aside from recognising Igbo for living and working in every part of the country, they are said to make the topmost economic contribution to the Gross Domestic Product (GDP).

Iwuanyanwu enumerated some of the contributions at a reception the United Kingdom (UK) branch of Ohanaeze held in his honour at St. Edmund’s Church Hall, in Edmonton Green.

The Igbo leader, who came in the company of former Chief of Naval Staff, Rear Admiral Allison Madueke (Rtd), told the gathering that not only are the Igbo everywhere and doing business , they make the greatest contribution to the GDP of Nigeria.”

Addressing the audience, Iwuanyanwu disclosed plans to have a Hall of Fame and Museum of Igbo history erected in honour of notable Igbo people who have helped in shaping and preserving them.

[Guardian]

 

*Analysts predict tough call 

*CPPE: N9tn increase in money supply pressuring FX market

*Calls on apex bank to develop intervention measures

As the Monetary Policy Committee of the Central Bank of Nigeria (CBN) holds its first meeting since President Bola Tinubu assumed office, issues in the foreign exchange market, particularly the recent floating of the naira, high benchmark interest rate, removal of petrol subsidy, and rising inflation are expected to shape discussions.

The two-day meeting would commence today, the first since the suspension of Godwin Emefiele as the CBN Governor.
Analysts told THISDAY yesterday that the meeting – the first to be presided over by the acting CBN Governor, Mr. Folashodun Shonubi, would be a difficult call amid rising prices of goods and commodities, high cost of funds in the economy, floating of the foreign exchange which has continued to encounter supply challenges and weakening against the US dollar as well as the hardship brought about by the stoppage of the fuel subsidy regime.

With FX parallel market rate at N865 to the US Dollar as of yesterday and inflation currently at 22.79 per cent as well as the Monetary Policy Rate which stood at 18.5 per cent, some analysts are already divided on what the outcome of the meeting would be -whether to further tighten, ease or retain policy rate.
They argued the MPC would be in a dilemma given that Tinubu, who had appointed Shonubi to replace Emefiele, favours monetary easing which might not be palatable amid current economic headwinds.

The analysts, in separate interviews with THISDAY on the possible outcomes of the MPC expressed different expectations.
President Association of Capital Market Academics of Nigeria, Prof. Uche Uwaleke, said the decision of the MPC would be influenced by the rising inflation expectations due largely to the sudden removal of fuel subsidy, the pressure on the naira and exchange rate volatility occasioned by the recent naira float.

He said the considerations tend to recommend a further rates hike aimed at taming the stubborn inflation, adding that Shonubi, who would be chairing the meeting has been part and parcel of the hawkish MPC stance for months now and so another rates hike will not come as a surprise.
Uwaleke said, “Be that as it may, the MPC should equally recognise that the removal of fuel subsidy has slowed down economic activities considerably with attendant drop in productivity.

“So, economic growth and jobs are already negatively impacted such that a further monetary policy tightening would only worsen the situation through the credit channel as cost of capital is increased and access to credit by small businesses is made more difficult.”
He said a further increase in the MPR was likely to endanger the asset quality of banks through an increase in non-performing loans as deposit money banks reprice their loans.

Uwaleke added, “In this regard, the balance of risks dictates that the MPC should pause the policy rate hikes, which has been on since May last year by maintaining a hold position on all policy parameters during the meeting.
“The MPC should recognise that much as its primary mandate is to maintain price stability, it equally has a responsibility to support output growth. This is against the backdrop of the fact that many of the factors driving inflation in Nigeria, such as insecurity affecting food output and high energy costs are outside the control of the CBN.

“All said, the MPC should seize the opportunity of the meeting to signal readiness to support output growth through policies geared towards fostering a low-interest rates environment while keeping an eye on inflation using a mix of heterodox measures.”
In his contribution, Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said, “Honestly, it’s tough to call. Whilst the president’s policy is to crash interest rates, I am not sure whether this will translate at the MPC just yet. Especially given that the current CBN governor is still in an acting capacity

“Also, with inflationary pressures from rising energy costs, crashing rates may lead to greater demand-pull inflation pressures.”
On his part, Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said he expected the MPC to retain the interest rate at current levels.  
He said, “We expect that CBN should not continue to increase MPR just to check inflation. This is because there are many other factors that are responsible for an increase in inflation.

“If the MPR is increased indiscriminately, it will have a positive correlation with an increase in interest rates. When interest rate is increased, money in circulation will be distorted, and the economy falls short of stimulation. I, therefore, expect that MPR will remain unchanged.”
Also, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, predicted that the CBN would either hold or reduce MPR.
He said, “The MPC meeting may likely hold interest rates or reduce rates due to the policy direction of the new government to boost economic activities in the country.

“The previous meetings have always increased the rate to the detriment of the economy and it has caused a continuous rise in inflation.”
Meanwhile, an economist and Founder of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has stated that the curious growth in broad money supply in June, led to pressure on the naira in the foreign exchange market.

Yusuf also called on the CBN to come up with intervention measures that would moderate the volatility in the country’s FX market.
He made the call yesterday in a statement titled “The Naira Exchange Rate Conundrum,” in which he stated that the curious surge in monetary expansion in June by 15 per cent might have contributed to the source of pressure on the Naira in the FX market.  

He said: “The volatility in the FX market is naturally unsettling.  But it is not unexpected given the long period of distortions in the foreign exchange market.  Correcting the entrenched distortions would take some time.
“But in the meantime, the monetary authorities should come up with a sustainable intervention framework to ensure the moderation of current volatility in the FX market.

“We recognise the FX supply limitations, but the system needs to be managed in way that would not undermine investors’ confidence. Erosion of confidence triggers speculation and influences expectations, which in turn trigger diverse responses among economic players.”
He also attributed the pressure in the country’s FX market to “a curious surge in monetary expansion in the last one month.  Money supply grew by an unprecedented 15 per cent in one month between May and June 2023.”

The economist said broad money grew by over N9 trillion, from N55.7 trillion to N64.9 trillion. “This surge in monetary growth is unprecedented. Obviously, this must have had an effect on the exchange rate.
“The monetary authorities should investigate this drastic growth in money supply and take steps to curb subsequent expansion.  Such dramatic growth in money supply poses a significant risk to macroeconomic stability, especially price stability,” he said.

Yusuf recalled that over the last few years there had been a cumulative backlog of unmet foreign exchange demand, running into billions of dollars as a result of acute illiquidity in the foreign exchange market.
He argued that with a more liberalised FX market, the pressure of the backlog of unmet demands and other maturing FX related obligations have been unleashed on the investors and exporters window.

According to him, “transiting from a repressive market environment to a more liberalised market could be a source of market instability.  However, there is need for vigilance to prevent questionable capital outflows or speculative assault on the currency.
“A free market is not synonymous with complete absence of regulation. Free enterprise has to be complemented with an appropriate regulatory framework to curb illicit financial flows.”

Yusuf also pointed out that the frequency and scope of CBN’s intervention in the FX market had decelerated compared to first five months of the year as shown by recent reports from the CBN.
The reports indicated “a total of $17 billion intervention by the CBN in the FX market in 2022.  This is an average of N1.4 billion per month. Since the inception of the present administration, it is doubtful whether we had seen an intervention of up to $1 billion in total.

“It expected that as the scale of intervention improves, the volatile will be subdued,” he said.  
The CPPE also believed “that the President Bola Ahmed Tinubu’s administration is on the right path and that the current volatility in the foreign exchange market are challenges typically inherent in a major policy transition.  In a couple of months, we expect the instability to subside.”

[ThisDay]

Electricity distribution companies(DisCos) in Lagos say the proposed Standard Transfer Specification (STS),  a metering code, to be introduced soon, is not targeted toward increasing electricity tarrif.

A top official in one of the Discos in Lagos, who preferred anonymity, told the News Agency of Nigeria (NAN) on Sunday that the code, a software which is of an international standard, is to upgrade old meters to STS rollover.

NAN reports that DisCos in Nigeria have already advised its customers to upgrade their meters before Aug. 1 in order not to lose them.

The STS rollover is a secure message system for carrying information between a point of sale (PoS) and a meter.

The official said that the timeline for the upgrade would end in November 2024 and that customers’ meters had to be upgraded to allowed for accessibility.

According to him, every DisCo has scheduled it metering coding, differently.

“Some have scheduled for Aug. 1, but ours is not same date, However,  it will be done before the expiring date of November 2024.

“We will ensure the migration is seamless for our customers on STS TID rollover system.

“The software will be upgraded without affecting reading or payment model.

“In electricity process, there are intelligent units that transfer the load to an alternative source.

“The technology of the remote communication makes possible the function and recharge of prepaid meter,” the staff added.

The source said that the TID – Token Identifier is a 24 bit field contained in STS compliant token that identifies the date and time of the token generation.

He said that it is used to determine if a token had already been used in a payment meter.

The source said that the upper limit for the software would be reached by November 2024, noting that would lead the rollover to zero.

He also said this would be needed for the TID rollover for meter upgrade to enable meter recharge.

The source said that customers need to upgrade their meters by using a Key Change Token (KCT), a special rest token, to be loaded on their meters.

“Customers will get a KCT of the DisCos offices or their agents at the point of purchase of a token alongside the purchased energy tokens.

“Customers will only need to use KCT once and subsequent energy purchases will be as usual,” the official added.

He said no customers’ meters needed to be changed to enable the upgrade, except it is an obsolete or faulty meter.

[championnews]

 

Two people were confirmed dead after a building collapsed partially in a suburb of Lagos, Nigeria's economic hub, on Saturday morning, local authorities said.

The incident occurred at about 11:30 a.m. local time (1030 GMT) on Saturday in the Ishawo area of Lagos, said Ibrahim Farinloye, a coordinator of National Emergency Management Agency in Lagos, in a statement.

Farinloye said the two victims were trapped when their house was partially damaged as a fence from the neighboring house fell on their building during Saturday's heavy downpour.

"It was very unfortunate that no distress call was properly channelled to those whose responsibility is to save lives at the right time," he said, adding the two bodies were recovered from the rubble of the collapsed section.

Building collapses are not uncommon in Nigeria. Local experts blame them on aging structures, non-compliance with building planning and regulations, and the use of substandard materials during construction.

Source(s): Xinhua News Agency

FOLLOWING the increase in the pump price of Premium Motor Spirit, PMS, known as petrol, from N488 to between N568 and N617 per litre, civil servants in Lagos State have resorted to shift operations to cushion the effect of the increment.

Consequently, most private vehicle owners in Lagos have decided to board public transportation to their offices and various destinations.

The development has reduced the chaotic gridlock in Lagos State, as most of the highways are witnessing free flow of traffic across the state.

Most of the areas visited include Egbeda, Iyana-Ipaja, Dopemu, Ikeja, Oshodi axes, Ikotun, Isolo axis, Agege, Yaba, Ikorodu Road, CMS, Ikoyi, among others.

Residents resort to trekking

Also, many residents have been left with no choice but to resort to trekking as means of transportation due to hike in fares, with many unable to afford the exorbitant fares.

The metropolis, which is gradually becoming a ghost town, has continued to witness commuters trekking to their various destinations daily.

 

The inability to cope with the rising transport fares has forced people from different walks of life to embark on the long walks despite scorching sun.

Commercial buses and taxis have recorded considerable drop in patronage by passengers as more commuters have taken to alternative commercial transportation like Bus Rapid Transit, BRT, and trekking, particularly, short distance journey.

Civil servants in the state are not left out in the hardship as most of them have embarked on shift operation to reduce the financial impact.

As residents of Lagos continue to adapt to the new reality of trekking long distances, many are yearning for a relief package in the much expected “palliative” as promised by the Federal Government to address, cushion the fuel price crisis and restore affordable transportation options for all citizens.

Workers, residents lament

Some of the workers and residents, who spoke to Vanguard in confidence, narrated how they have been coping with economic situation in the country.

Commercial bus drivers have hiked the transport fares as high as 300 per cent. A journey that earlier cost N200, is now N600, while a journey of N100 is between N250 and N300 across Lagos metropolis.

A journey from Ikotun to CMS, which used to be N1000, has gone up as high as N3,000.

A worker, simply identified as Idowu, who resides in Alimosho area of the state, lamented how he has dropped his car at home and dumped commercial buses to join the Lagos State staff bus to avoid the high cost of fuel on his meagre salary.

Idowu said: “The hike in petrol has forced me to drop my car at home, I now join the staff bus home and to the office because I cannot afford the daily cost of fuel.”  

Also Mrs Adeola, who lives in Ifako-Ijaiye area, told Vanguard that most of the ministries have adopted a one day on and one day off for workers to limit the number of days at work due to the situation in the country.

Adeola said: “Since the fuel subsidy and the latest fuel hike, we have resorted to a kind of shift service of one day on, one day off among staff. That is what most of the staff are doing now. This is to relieve staff of financial stress occasion by the fuel hike.”

Shift basis

Meanwhile, a check by our correspondent revealed that most workers operate on shift basis presently as few workers were seen in most of the offices visited.

A senior official, who spoke under anonymity, said: “Anyway, everyone is still regular at their respective offices. It is just that many were thankful for the provision of staff buses that convey them to and fro. That’s the only support at this tough time for now.”

A resident, Ayo Elemide insisted that the new subsidy regime, which enjoyed the endorsement of the APC-led administration, was worsening an already dire economic situation.

According to Elemide, “The increase is worsening the already suffocating economic situation on Nigerians and could crumble the country if not quickly addressed.”

[Vanguard]

Vice President, Sen. Kashim Shettima will on Sunday depart Abuja to represent President Bola Tinubu at two major international Summits in Rome, Italy and St Petersburg, Russia.

 

Mr Olusola Abiola, Director, Information,
Office of the Vice President, made this known in a statement in Abuja on Sunday.

Abiola stated that at the Rome event, Shettima would join other global leaders for the first Stocktaking Moment (STM) Summit themed “Transforming Food Systems for People, Planet and Prosperity,” holding from Monday, July 24 to Wednesday, July 26.

According to him, during the summit, Shettima would chair a high-level session themed “Innovative Financing for Food System Transformation: the Case of Nigeria”

He added that the side event titled ”Scaling up Multi Stakeholders Collaboration and Investment in the Implementation of Food Systems Transformation Pathways in Nigeria,”

Abiola also said that the event is being organised in collaboration with the Rome-based UN Agencies, the Food and Agriculture Organisation of the UN (FAO), the International Fund for Agricultural Development (IFAD), and World Food Programme (WFP), as well as the UN Food Systems Coordination Hub and wider UN system.

“Shettima will then proceed from Rome to St. Petersburg in Russia to represent the President at the Russia-Africa Summit scheduled from Wednesday, July 26 to Saturday, July 29.

” While in Russia, the Vice President will join other political and business leaders at the 2nd Russia–Africa Summit and Russia–Africa Economic and Humanitarian Forum focused on strategising to enhance relations between Russia and the African continent, among other benefits.

[Guardian]

The Concerned Northern Forum has decried the continued detention of Sarkin Hausawan, Lagos, Alhaji Aminu Yaro, over his alleged connection to former Central Bank of Nigeria, CBN, Governor, Godwin Emefiele, by the Department of State Services, DSS.

The forum described the detention as a violation of human rights and disrespect for the rule of law.

In a statement signed by the Chairman of the forum, Mohammed Danlami, on Sunday, the group said, “We don’t see any legal reason for the DSS to continue to hold such a respected figure in detention, a community leader and renowned businessman along with his wife. This is barbaric; we detest and stand against it; it is not done anywhere in the world, it is not democratic, only under military dictatorship will such a thing happen.”

 

He said an accused person is presumed innocent until proven guilty by a competent court of law, lamenting that the DSS was yet to arraign him.

Danlami said the group could not ignore the perceived injustice being meted out to Yaro and his wife, urging President Bola Tinubu to call the DSS to order.

It also called on Nigerians to come out en masse for a peaceful protest against the leadership of the DSS over disrespect for the rule of law and acting without professionalism.

[DailyPost]

George Akume, secretary-general to the government of the federation (SGF), says President Bola Tinubu is committed to fulfilling his promise of improving the lives of Nigerians.

In a series of tweets on Saturday, Akume reeled out actions the Tinubu administration is taking to fulfil the All Progressives Congress (APC) manifesto.

Some of the plans, the SGF said, is to stabilise the surging price of petrol in the country.

 

In his inaugural speech as president on May 29, Tinubu announced the removal of petrol subsidy which immediately led to a hike in the pump price of the product across the country.

The Nigerian National Petroleum Company (NNPC) Limited, which also increased the price of petrol at its retail outlets, said the change was due to market forces.

TheCable had reported that transport costs soared by over 100 percent in the wake of the president’s speech.

Speaking on the situation, Akume said Tinubu’s vision to restore the country has been in the works for decades and that the president is addressing the solution.

 

He asked citizens to be patient while the government unveils a plan to improve the country’s economy.

“As our team takes shape, I want to remind you all that @officialABAT came prepared- he came with a plan. He knows what to do & he is doing it. He has nurtured this vision for decades and he is now bringing it to life #TheAsiwajuPlan,” the SGF tweeted.

“As a government, we have heard your cries about fuel price increases, and be rest assured, we are working round the clock to normalize & bring solutions that ease the pain. Our job is to give you the quality of life you deserve when you wake up. So far, we are on course.”

The former Benue state governor described the petrol subsidy regime as regressive, adding that the annual payments were not sustainable and that Tinubu “had to act”.

 

Although he noted that the immediate effect is not favourable, the former senator asked Nigerians to be patient.

“To this end, we are already working out modalities to ensure market forces normalize pricing while we drive policies that better your lives & boost your earning power. We have a clear economic restoration plan, so I urge you to trust the process,” he said.

 

Akume said Tinubu’s actions of unifying the exchange rate and rejigging the country’s security architecture were proof of his commitment to using strong measures in securing the country’s future.

“Deregulation is only the first part of this process/plan. Other health, education, agriculture, infrastructure, and more measures will come on stream soon. #HolisticSolution #NigeriaISBack,” the SGF added.

[TheCable]