• Dollar crashes, Naira appreciates due to expection of further CBN intervention in foreign exchange market

    14/Mar/2017 // 4112 Viewers

     

    PARIS, MARCH 14, 2017: (DGW) THE Nigerian Naira reportedly appreciated on Monday against the US dollar on the parallel market due to the expectation of Central Bank of Nigeria (CBN) anticipated intervention in the foreign exchange market, VANGUARD reports.

    Vanguard further reports that the parallel market exchange rate dropped to N454 per dollar at the close of business yesterday from N460 at the end of last week. 

    A BDC operator who spoke to newsmen on condition of anonymity said that market activities were  stagnant with an atmosphere of  suspense as BDCs are yet to receive  communication from the CBN  about  the amount of dollars that t would be sold to each of them BDC this week. 

    The CBN sells $8000 per week to each BDC at N381 per dollar, mandating them to sell at N400 to end users. But last week, President of Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe announced that the apex bank will this week increase weekly dollar sale to $15,000 per BDC. 


    Read More
  • Illegal miners 'on the run' as ANAMBRA blows hot, declares illegal mining in the state serious crime against state gov't

    14/Mar/2017 // 816 Viewers

     

    PARIS, MARCH 14, 2017: (DGW) ANAMBRA State Governor, Willie Obiano has declared the activities of illegal miners and mining and extraction of solid minerals in the state is a crime against the state government.

    He, therefore, announced the ban of the act recently while receiving a delegation from the Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, in Awka, the state capital, adding that they are on a nationwide tour. 

    Obiano said his administration was committed to plugging all leakages in the revenue collection process in the state. He directed all licensed miners to work with the state Ministry of Science and Technology to ensure proper documentation and monitoring of their activities. 

    The head of the delegation, Dr. Casmir Anyanwu said the visit was to sensitize state governments to the need to adopt solid minerals as a viable option to sustain the country’s economy. He added that over 40 mineral resources had been identified across the 774 local councils in the country. 

    Meanwhile, the Senior Special Assistant, SSA, to the Governor on Disability Matters, Chuks Ezewuzie, has disclosed plans by the state government to employ about 200 graduates with disabilities into the state civil service. 

    Ezewuzie said yesterday that 150 applicants had already been screened and were waiting for their postings. He said offering automatic employment to graduates with disabilities was part of Governor Obiano’s pledge to assist vulnerable persons in the state.


    Read More
  • SEC chair to step down, clearing path for Trump to eliminate tough Wall Street regulations

    14/Nov/2016 // 280 Viewers

    SEC Chairman Mary Jo White appears before the Senate Banking Committee on Capitol Hill, June 14, 2016 in Washington, DC. (Photo by Mark Wilson/Getty Images)

     

    NEW YORK – Mary Jo White, the head of the Securities and Exchange Commission, announced Monday that she will step down nearly three years before the end of her term, clearing the way for President-elect Donald Trump to reshape the way Wall Street is regulated.

    The SEC, which polices Wall Street and the financial markets, has been a key part of the Obama administration’s effort to rein in big banks following the 2008 financial crisis and prevent future taxpayer bailouts of the industry. The agency has pushed for more oversight of hedge funds and other asset managers, and established rules that make it more difficult for big banks to make risky bets on the markets.

    White, a former federal prosecutor, is known for a no-nonsense style and attempted to beef up the agency’s enforcement efforts over the last three years, pushing for more companies to admit guilt and taking more cases to trial. But progressive Democrats were often critical of her efforts, complaining they did not go far enough.

    Trump has already indicated he would usher in a period of deregulation, including dismantling 2010’s financial reform legislation, known as the Dodd Frank Act. He appointed Paul Atkins, an industry veteran, who has called Dodd Frank a “calamity,” to lead the agency’s transition.

    Atkins “is a guy in general who wants to let companies do their thing and not get in the way very much,” Ian Katz, a financial policy analyst with the research firm Capital Alpha Partners, said of Atkins. “You would see a lighter touch on enforcement and a lighter hand on corporate governance issue broadly.”

    Atkins served as an SEC commissioner for six years during the President George W. Bush administration. He could not immediately be reached for comment.

    In addition to replacing White, Trump will be able to fill two openings on the five-member commission. Trump could also chose to ignore the more than 20-year old tradition of allowing the opposing political party to pick its own representative on the commission, one industry official said, further bolstering his influence over the agency. Also, Thomas Curry, the head of the Office of the Comptroller of the Currency, another important Wall Street regulator, has less than six months on his term. Together, the openings should give the Trump administration wide latitude to change the way Wall Street is regulated.


     “It is a game changer at the SEC. The commission is going to have a very different agenda over the next four years than it would have,” said Edward Mills, a policy analyst at investment bank FBR Capital Markets. “In the long-term it is going to be a big tilt towards free markets.

    White took office with high expectations. The SEC had long suffered under the popular notion that it was slow, toothless tiger. White appeared to be someone who might change that reputation. Prior to her appointment, she had been a federal prosecutor who took on the terrorists behind the bombing of the World Trade Center in 1993 and the Mafia boss John Gotti.

    “You don’t want to mess with Mary Jo,” President Obama proclaimed while announcing her nomination in 2013.

    White moved quickly to set a new tone at the agency. Soon after taking office, she announced the SEC would begin requiring more companies to admit guilt as part of their settlements with the agency. It was a break from the SEC’s nearly 100-year history of extracting monetary penalties from companies, which typically would neither admit or deny the charges lodged against them.

     “The SEC had more leverage than it realized,” White said in a recent interview. Not requiring admissions of guilt could “undermine, at least, the perception of the strength of a settlement, the strength of its deterrence. In certain cases that public accountability, I think, is very important.”

    Critics would later complain that many large banks were still able to settle SEC cases without admitting guilt and that the agency’s toughest actions were reserved for smaller banks.

    The SEC also poured resources into improving its technical capabilities, hiring experts who could help it better track stock trading and catch fraud. The SEC’s technical capabilities have “really been transformed over the last three years,” White said. There have been several cases, including some involving insider trading, that would have been impossible without these advancements, she said. Examinations of trading patterns that used to take months, can now be done in hours, she said.


    But in the years since, the SEC has also been overwhelmed by the task of implementing dozens of rules called for under the 2010 Dodd-Frank financial reform law and the 2012 JOBS Act, which aims to make it easier for small businesses to raise money. The 4,000-person agency has tussled repeatedly with Congress and complained that as Wall Street became more complex it needed a bigger budget to keep up

    White ultimately became a target of progressive groups who questioned her resolve to crack down on Wall Street. In addition to serving as a prosecutor, White also spent years defending big banks, including Bank of America and JPMorgan Chase, as a white-collar lawyer, they noted. And while White trumpeted that she had secured settlements with nearly 90 high-level executives for financial-crisis related misdeeds, critics noted that officials at some of the country’s largest banks had emerged largely unscathed.

    Last year, CREDO Action, a liberal advocacy group, sent a  “Dump (Mary Jo) Truck” around D.C. to mark the anniversary of the collapse of Lehman Brothers. - The Washington Post
     


    Read More
  • Finally, BUHARI dumps N'Delta OIL, focuses on other sources to fund 2017 budget

    15/Dec/2016 // 776 Viewers

     

    The 2017 budget of N7.298 trillion presented by President Muhammadu Buhari to the National Assembly yesterday will be funded more by non oil revenues.

    This year’s budget of N6 trillion is equally being funded more by non oil revenues.

    About N1.985 trillion or 27 percent of the 2017 budget total is projected to come from oil earnings.

    President Buhari said the budget proposal was based on a benchmark of $42.5 per barrel and an oil production estimate of 2.2 million barrels per day with an average exchange rate of N305 to the US dollar.

     The aggregate revenue available to fund the federal budget is N4.94 trillion, which is 28 percent higher than that of 2016, he said.

    The non-oil revenues, comprising Companies Income Tax, Value Added Tax, Customs and Excise duties, and Federation Account levies are estimated to contribute N2.8 trillion including N565.1 billion from various recoveries

    He said the budget has a deficit of N2.36 trillion, which is about 2.18 percent of GDP and that it would be financed mainly by borrowing, projected at about N2.32 trillion.

    “Our intention is to source N1.067 trillion or about 46% of this borrowing from external sources while, N1.254 trillion will be borrowed from the domestic market.”

    Tagged, “budget of recovery and growth”, out of the N7.298 trillion budget size, N419.02bn is for statutory transfers; N1.66trn for debt service; N177.46bn for sinking fund to retire certain maturing bonds and N2.98trn for non-debt recurrent expenditure, while the sum of N2.24trn is for capital expenditure, including capital in statutory transfers.

    He said 30.7 percent is dedicated to capital projects with the ministry of power, works and housing getting the lion’s share of N529bn.

    The sum of N500bn is retained for special intervention programme, comprising home-grown school feeding programme, government economic empowerment programme, N-Power Job Creation Programme, Conditional Cash Transfers to the poorest families and the new Family Homes Fund (social housing scheme), he added.

    The ministry of power, works and housing got the lion’s share of the capital component with N529bn, followed by the ministry of transportation, which has N262 billion, Defence, N140bn; water resources, N85bn; industry, trade and investment, N81bn; interior, N63bn; education N50bn; Universal Basic Education Commission (UBEC), N92bn; health, N51bn; Federal Capital Territory, N37bn; Niger Delta ministry, N33bn and Niger Delta Development Commission (NDDC), N61bn with N92bn for agriculture.

    Buhari also said that the allocation for the Presidential Amnesty Programme has been increased to N65bn from N20bn in 2016 budget, N45 billion for the rehabilitation of the North East to complement the funds domiciled at the Presidential Committee on the North East Initiative as well as commitments received from the multinational donors.”

    The sum of N15 billion has been provided for the recapitalization of the Bank of Industry and the Bank of Agriculture. In addition, the Development Bank of Nigeria will soon start operations with US$1.3 billion focused exclusively on Small and Medium-Sized Enterprises.”

    The judiciary budget has been increased from N70bn in the 2016 budget to N100bn in the 2017 proposal.

    As for recurrent expenditure, the president said a significant portion has been allocated for the payment of salaries and overheads in institutions that provide critical public services.

     

    The proposed amounts for such services are:

    N482.37bn for the ministry of interior;  N398.01bn for education ministry ; N325.87bn for defence ministry and N252.87bn for the ministry of health.

    As part of efforts to fast-track the modernization of the railway system, he said, the sum of N213.14 billion has been allocated as counterpart funding for the Lagos-Kano, Calabar-Lagos, Ajaokuta-Itakpe-Warri railway, and Kaduna-Abuja railway projects.

    The sum of N50bn has been set aside as Federal Government’s contribution for the expansion of existing as well as the development of new Export Processing and Special Economic Zones, which would be developed in partnership with the private sector, he said.

    He said the ministry of finance was directed to cut some overheads by 20 percent to eliminate all non-essential costs so as to free resources to fund capital expenditure.

    “We have maintained personnel costs at about N1.8 trillion.

    “The effort to diversify the economy and create jobs will continue with emphasis on agriculture, manufacturing, solid minerals and services. Mid- and Down-stream oil and gas sectors are also key priority areas.”

    Buhari said the implementation of the 2016 Budget was hampered by the combination of relatively low oil prices in the first quarter of 2016, and disruptions in crude oil production which led to significant shortfalls in projected revenue.

     

    “As at 30 September 2016, aggregate revenue inflow was N2.17 trillion or 25% less than projected projections. Similarly, N3.58 trillion had been spent by the same date on both recurrent and capital expenditure. This is equivalent to 79% of the pro-rated full year expenditure estimate of N4.54 trillion as at the end of September 2016, “he said. 

     

    The president said in spite of these challenges,”we met both our debt service obligations and personnel costs. Similarly, overhead costs have been largely covered.

    “Although capital expenditure suffered as a result of project formulation delays and revenue shortfalls, in the five months since the 2016 Budget was passed, the amount of N753.6 billion has been released for capital expenditure as at the end of October 2016.

    “It is important to note that this is one of the highest capital releases recorded in the nation’s recent history. In fact, it exceeds the aggregate capital expenditure budget for 2015,”he said.

    “We continue to face the most challenging economic situation in the history of our Nation. Nearly every home and nearly every business in Nigeria is affected one way or the other. Yet, I remain convinced that this is also a time of great opportunity.

    In the past 18 months, the President said the country has experienced low oil prices that brought down the foreign exchange earnings  by about 60 percent.

     

    “I will stand my ground and maintain my position that under my watch, that old Nigeria is slowly but surely disappearing and a new era is rising in which we grow what we eat and consume what we make. 

     

    He said the demand of the urban consumer has presented an opportunity for the rural producer.

    “Across the country, our farmers, traders and transporters are seeing a shift in their fortunes. Nigerians who preferred imported products are now consuming made in Nigeria products. From Argungu in Kebbi to Abakalaki in Ebonyi, rice farmers and millers are seeing their products move.

    “We must replicate such success in other staples like wheat, sugar, soya, tomato and dairy products. Already, the Ministry of Agriculture and Rural Development, the Central Bank of Nigeria, the Organised Private Sector and a handful of Nigerian commercial banks, have embarked on an ambitious private sector-led N600 billion program to push us towards self-sufficiency in three years for these products,” he said.

    He said the country’s partnership with Morocco on fertiliser production would create thousands of jobs and save Nigeria US$200 million of foreign exchange and over N60 billion in subsidy.

    “Let it not be lost on anyone that the true drivers of our economic future will be the farmers, small and medium sized manufacturers, agro-allied businesses, dressmakers, entertainers and technology start-ups. They are the engine of our imminent economic recovery. And their needs underpin the Economic Recovery and Growth Plan,” he said.

    Government will however at all times ensure the protection of public interest,” he said.

    Buhari said, “we clearly understand the paradox that to diversify from oil we need oil revenues. You may recall that oil itself was exploited by investment from agricultural surpluses. We will now use oil revenues to revive our agriculture and industries”.

    To meet daily 2.2m barrel oil production, he said they will continue their engagement with the communities in the Niger Delta to ensure that there is minimum disruption to oil production.

    To enhance the efficiency of the management of oil and gas resources, he said from January 2017, the Federal Government will no longer make provision for Joint Venture cash-calls. Going forward, all Joint Venture operations shall be subjected to a new funding mechanism, which will allow for Cost Recovery.

    “This new funding arrangement is expected to boost exploration and production activities, with resultant net positive impact on government revenues which can be allocated to infrastructure, agriculture, solid minerals and manufacturing sectors, “he said.


    Read More
  • : Nationwide jubilation as FG shows 'proof' of Nigeria's economy going out of recession

    15/Feb/2017 // 1727 Viewers

     

    PARIS, FEBRUARY 14, 2017:(DGW) THE  Federal Government yesterday tendered proof that the Nigerian ailing economy which slid into recession is showing signs of receding  which has almost grounded all means of production thereby forcing foreign investors to flee the country and causing untold hardship to Nigerians across the country, The Nation has reported.

    Tendering proof the Federal Government reportedly said  'about eight-fold over subscription of the government’s Eurobond (orders in excess of US$7.8 billion compared to a pre-issuance target of US$1bn).

    Besides, the oversubscription, the government believes, has confirmed the confidence level of the international investment community in Nigeria’s economic reform agenda.

    A report in Issue 23 of Aso Villa’s Newsletter, Government at Work, released on Monday, also gave 11 other reasons why the government believes that the economy is on its way out of recession.

    After two consecutive quarters of negative growth, according to the newsletter, the non-oil economy witnessed in Q3 2016 a modest return to positive territory at 0.03%.

    It attributed this marginal growth to the continued good performance of agriculture and solid minerals, two sectors prioritised by the Federal Government.

    According to it, agriculture grew by 4.54% in the quarter; crop production is at nearly 5% – its highest since the first quarter of 2014.

    Growth in the solid mineral sector, the newsletter said, averaged about 7%.

    The second reason why the government believes the economy is recovering is the Anchor Borrowers Programme (ABP) of the Central Bank of Nigeria, which it said substantially raised local rice production in 2016 (yields improved from two tonnes per hectare to as much as seven tonnes per hectare, in some states) and produced a model agricultural collaboration between Lagos and Kebbi states.

    Thirdly, it said that the Fertiliser Intervention Project (which involves a partnership with the Government of Morocco, for the supply of phosphate) is on course to significantly raise local production, and bring the retail price of fertiliser down by about 30 percent.

    Another reason given by the government is the taking off of the newly established Development Bank of Nigeria (DBN), with initial funding of US$1.3bn (provided by the World Bank, German Development Bank, the African Development Bank and Agence Française de Development) to provide medium and long-term loans to MSMEs.

    The newsletter states: “A new Social Housing Programme is kicking off in 2017. The ‘Family Homes Fund’ will take off with a 100 billion naira provision in the 2017 Budget. (The rest of the funding will come from the private sector).

    “More than N800 billion  has been released for capital expenditure in the 2016 budget, since implementation started in June 2016. This is the largest ever capital spend within a single budget year in the history of Nigeria. These monies have enabled the resumption of work on several stalled projects – road, rail and power projects – across the country.”
    The government also gave the implementation of the Social Investment and Empowerment Programme (SIP) as a reason for growth of the economy.

    All the four components of the SIP, it noted, have now taken off.
    The newsletter described the SIP as the largest and most ambitious social safety net programme in the history of Nigeria, with more than 1 million beneficiaries so far: – 200,000 N-Power beneficiaries, 23,400 Government Enterprise and Empowerment (GEEP) Scheme beneficiaries, 1,000,000 Homegrown School Feeding Programme (HGSFP) beneficiaries, and ongoing Conditional Cash Transfer (CCT) payments across nine pilot states.

    It said: “Strategic Engagements with OPEC and in the Niger Delta have played an important part in raising our expected oil revenues. Already, Nigeria’s External Reserves have grown by more than $4 billion in the last three months.

    “Collaboration with China, proceeding from President Buhari’s April 2016 visit, has unlocked billion of dollars in infrastructure funding. Construction will begin on the first product of that collaboration, a 150km/hour rail line between Lagos and Ibadan, in Q1 2017.

    “The National Economic Recovery and Growth Plan (NERGP), the Federal Government’s medium-term Economic Plan, is due for launch in February 2017, and will chart a course for the Nigerian economy over the next four years (2017 – 2020).” it stated.


    Read More
  • Buhari has no IQ to manage economy, better off fighting Boko Haram - OBJ

    15/May/2016 // 896 Viewers

     

    Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

    “Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

    The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

    While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

    “I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”

    The former president also said he tried his best in fighting corruption, especially in the recovery of funds looted by the late Gen. Sani Abacha and that as of the time he left the government, about $1bn was still to be recovered.

    Obasanjo said, “For me, we have no hope if we have no future. I am an optimist as far as Nigeria is concerned. If somebody doesn’t get it all right for now, we will get somebody who will come up and fix whatever is missing. The administration before this had no clue on how to deal with Boko Haram, there is no doubt about that.

    “You may not like the way he (Buhari) is fighting corruption. I fought corruption. We recovered over $1.25bn from Abacha and his men. We didn’t make noise. Also, we recovered £100m and about N30m and those who were helping us, the lawyers and the rest said there was still at least $1bn to be recovered at that time. I put it in my handover notes. But rather than encourage scrupulous persons, we had another spate of corruption.”

    Obasanjo added that fighting corruption would not be effective if it did not translate to better life for the citizens.

    He said, “Fighting corruption is not a one-day or a one-regime affair. If where we left it, they continued, we would have gone far. For me, the questions are: Is corruption being fought? And if it is being fought, is it being effectively fought? Are we getting the desired results? And if we are getting the desired results, what impact is it having on our society and on our nation?”

    Other speakers at the event included Nigeria’s Permanent Representative to the United Nations, Prof. Joy Ogwu, and the Associate Vice-President, Research, McMaster University, Canada, Prof. Bonny Ibhawoh.

    They both said if Africa was to experience any development, leaders must match their words or policies with action. - Punch


    Read More
  • Domestic routes air tickets up by 40% , aviation fuel now sells for over N240 per litre as economy sinks (See prices)

    16/Dec/2016 // 1234 Viewers

     

    PARIS, DECEMBER 16, 2016: (DGW) REPORTS  reaching our Paris newsdesk tonight have it that the price of air ticket within Nigeria has jumped by over 40% as scarcity of Jet A1 - aviation fuel bites harder.

    According to the report emailed to our newsroom a while ago, major airline operating in the country complained of their inability to get aviation fuel to fly their planes and where it is available the cost is prohibitive thus forcing the airline operators to increase prices of air tickets.

    One of the airline operators who spoke to our reporter at the airport of Lagos said, “As I am talking to you now Jet A1 has increased to N240 per litre from N210. Honestly, it is not easy at all. We are now running after marketers to get fuel.” 

    Information obtained by our reporter in Lagos, Nigeria shows that Medview Airlines takes between N86,000 and N88,000, Arik Air charges between N70,740 and N76,000 while Dana Airlines takes N73,000 for a round trip ticket on the same route.


    Read More
  • Again, Naira falls abysmally low on Friday (Exchange rate outrageous!)

    16/Dec/2016 // 1789 Viewers

     

    PARIS, DECEMBER 16, 2016: (DGW)  Again the Nigerian Naira reportedly fell on Friday on the parallel as the US dollar scarcity worsens ahead o the f Christmas season, information reaching DailyGlobeWatch has confirmed.

    The Nigerian currency exchanged at N487 to a dollar, from N485 it had maintained for close to two weeks, while the Pound Sterling and the Euro closed at N605 and N510 respectively.

    At the Bureau De Change (BDC) window, the Naira closed at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro traded at N606 and N515 respectively.

    The Naira remained stable at the inter-bank market, trading at N305 to a dollar.

    Traders said that the demand for dollars was putting pressure on the Naira. (NAN)


    Read More
  • Buhari suffers major national disgrace, as another APC policy fails woefully

    16/Dec/2016 // 1571 Viewers

     

    (POST NIGERIA) Some Graduates recently enlisted for the Federal Government’s N-Power Programme in Oyo State, have decried their non-posting, to start the work the government claimed it had secured for them.

    They also urged the Federal Government, especially the office of the Vice President, to investigate, and save them from the improper ways some Local Government Areas in the State are currently managing the scheme.

    Recall, that the Special Adviser to the Vice President, Professor Yemi Osinbajo, Mr. Laolu Akande, had in recent reports, claimed that the 200,000 unemployed youths across the 36 States, and the Federal Capital Territory, FCT, have been posted to their respective places of work.

    He claimed that those employed, will start work and receive their stipend from December 1.

    However, those who spoke at different locations on Thursday, in Ibadan, the Oyo State capital, commended the Federal Government’s efforts to employ 200,000 youths in the first batch of the employment scheme, out of the 500,000 the government promised to employ.

    They however, condemned a situation where none of them have bearing of when, and how to be placed in the scheme.

    They also lamented the way some Local Government Councils in the State, are managing the scheme.

    One of the N-Power beneficiary, who identified herself as Yinka, said she was surprised that in Lagelu Local Government Area, Iyana Offa, there was no one to attend to them, during the submission of their credentials, except serving NYSC corps members.

    She said: “How can serving corpers be given the task of screening us, when some of us have graduated even before some of the serving corpers got admission. It is very ridiculous that in Lagelu Local Government Area, it is the serving corpers that are screening us. It is like when you said the children should screening their parents. Very bad.

    “Even though we have submitted our details, up till now we have not been called, placed, or posted to where we suppose to work.

    “Even, the process is too cumbersome, where they ask unnecessary documents, such as NEPA bill, and National ID card. What does NEPA bill has to do with verification, when they have seen our names and other things on their list. They have the list already, do they need to ask for NEPA bill, before they screen us”.

    Another beneficiary in Akinyele Local Government Area, who simply gave her first name as Kehinde, a graduate of the Polytechnic in Ibadan, said: “Yes, we have submitted our print out, but up till now, we have not been posted. What is worrisome, is the government said we have started to work, they promised that we will collect salary of this month of December, I pray it works out, though, we have not heard anything from them”.

    Similarly, another beneficiary in Ibadan North East Local Government Area, Mr. Abass said: “I don’t know why Oyo State is different, I have a friend who is in Osun State, he said he has been posted, but we are yet to be posted. Even the way this thing is being handled is bad”.

    In his own submission, another yet to be placed beneficiary, Mr. Femi from in Akinyele Local Government Area, urged the State Government, to put the necessary machinery in place, to ensure that it is done properly, so that the benefit will not elude them.


    Read More
  • JUST IN: End of the road, more pain, hunger for Nigerians, as inflation hits 18.72%

    16/Feb/2017 // 283 Viewers

     

    Nigerians are in for more pain and hunger as inflation appears unabated with sharp increase in the prices of major food items across the country.

    A report from the National Bureau of Statistics (NBS), yesterday, indicated that the inflation rate, which stood at 18.55 percent in December 2016, climbed to 18.72 percent in January 2017.

    The NBS report showed that the Consumer Price Index (CPI), which measures inflation, increased in January by 0.17 percent from the rate recorded in December, just as increases were recorded in all divisions that yield the Headline Index.

    Yesterday’s report stated that communication, restaurants and hotels, again, recorded the slowest pace of growth in January, growing at 5.1 per cent and 8.4 per cent (year-on-year), respectively.

    “The faster pace of growth in headline inflation, year on year, were bread and cereals; meat, fish, oils and fats; potatoes, yams and other tubers; wine and spirits; clothing materials and accessories.

    “Others are electricity, cooking gas, liquid and solid fuels; motor cars and maintenance; vehicle spare parts and fuels; and lubricants for personal transport equipment as well as passenger transport by road,” the report said.

    The report also showed that, on a monthly basis, headline inflation was driven by passenger transport by air, fuels and lubricants for personal transport equipment; liquid fuels, cooking gas, oils and fats; fruits, cheese and eggs; fish, meat and bread; as well as cereals.

    The bureau noted that the food index increased by 17.82 per cent (year-on-year) in January,  by 0.43 percent from the rate recorded in December, 2016, (17.39 percent).

    “During the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.8 per cent(year on year).

    “The highest increases were seen in housing, water, electricity, gas and other fuels, with education and transport growing at 27.2, 21.0 and 17.2 per cent, respectively,” NBS said.

    The report further showed that on a month-on-month basis, the headline index increased, although at a slower pace last month. It stated that index increased by 1.01 percent point in January, 0.05 percent from 1.06 percent rate recorded in December 2016.

    “The urban index rose by 20.31 percent (year-on-year) in January from 20.12 percent recorded in December, and the rural index increased by 17.34 percent in January from 17.20 percent in December.

    “On month-on-month basis, the urban index rose by 1.03 per cent in January from 1.08 per cent recorded in December, while the rural index rose by 1.00 per cent in January from 1.04 per cent in December.

    The bureau said the corresponding 12-month year-on-year average percentage change for the urban index increased from 17.05 percent, in December, to 17.91 percent in January, while the corresponding rural index also increased from 14.54 percent, in December, to 15.18 percent in January.

    According to the NBS, the Composite Food Index rose by 17.82 per cent in January, 2017. It attributed the rise in the index to increase in prices of bread and cereals, meat, fish, oil and fats.

    “On a month-on-month basis, the food sub-index increased by 1.29 percent in January and reduced by 0.04 percent points from 1.33 percent recorded in December.”

    Meanwhile, the “All Items Less Farm Produce” or Core sub-index, which excludes the prices of volatile agricultural produce eased by 17.9 percent during the month, 0.20 per cent points from 18.1 percent recorded in December, as all key divisions which contribute to the index increased.

    The report further showed that the core sub-index increased by 0.68 percent in January, 0.06 percent points higher from 0.62 percent recorded in December. The highest increases were recorded in electricity, gas, passenger transport by air, liquid fuel and lubricants for personal transport equipment and solid fuels.

    “Nigeria’s inflation rate increased from 9.6 percent recorded in December, 2015, to 18.55 percent in December, 2016, as a result of sharp increase in the prices of meat, bread, fish, vegetable, and other products,” the NBS said.


    Read More


CLICK TO WATCH BBC WORLD NEWS