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‘World Bank Projects Worsening Inflation Rate In Nigeria’

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With increasing prices of things in the country, which is diminishing the welfare of Nigerian households, the World Bank has said that Nigeria may have one of the highest inflation rates in the world, this year.
The bank in its latest edition of its Nigeria’s Development Update, noted that the country is expected to have one of the highest inflation rates in the world, and seventh in the sub- Sahara Africa in 2022.
According to the global financial institution, high inflation hampers the country’s attempt to achieve economic recovery and erodes the purchasing power of most vulnerable households.
“High inflation is frustrating Nigeria’s economic recovery and eroding the purchasing power of the most vulnerable households. In the absence of measures to contain inflation, rising prices will continue to diminish the welfare of Nigerian households”, it stated.
The bank further highlighted the adverse effects of inflation on Nigeria, which include pushing eight million Nigerians into poverty, and the possible disruption of consumption, investment and saving decisions, among other consequences.
“If inflation had been closer to the CBN’s goal of nine per cent in 2021, the average Nigeria’s consumption would have been 15 per cent higher, and eight million Nigerians would have not fallen into poverty.
“If double-digit inflation persists during 2022-2023, rising prices will distort consumption, investment, and saving decisions of the government, households, and firms, with adverse ramifications for long-term borrowing and lending.
“Over time, the disproportionate impact of inflation on lower-income households and those working in sectors with low savings (e.g, agriculture) will exacerbate inequality. Ultimately, inflation will not only negatively affect incomes, but also economic productivity and job creation, further constraining the recovery”, the bank said.
The Washington, United States-based institution, also disclosed that over two years, an increase in food prices accounted for about 70 per cent of the annual increase in the rate of inflation.
It also said that inflationary pressures were triggered by multiple demand and supply shocks.
“Inflationary pressures are being generated by multiple demand and supply shocks. Supply shocks arising from disruption of supply chains linked to Covid-19 and associated containment measures have eased, but security issues, border closures, and limited access to markets continue to fuel inflation.
“The current mix of monetary, fiscal, foreign exchange, and trade policies also plays a prominent role as a driver of inflation. Trade and FX restrictions, including the closure of land borders starting in August 2019, have increased prices for food and consumer goods, and imports of over 40 goods, including many staple foods, are currently ineligible for FX through formal windows.

By: Corlins Walter

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See Fubara’s Victory As God’s Design, Wike Tells Rivers PDP

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Rivers State Governor, Chief Nyesom Wike has described the victory of Hon Siminialayi Fubara at the gubernatorial primary of the Peoples Democratic Party (PDP) in the state as God’s design.
The PDP gubernatorial primary held, last Wednesday, at the Dr. Obi Wali International Conference Centre in Port Harcourt.
Wike, who spoke after Fubara was declared the winner of the primary, said so many people strove to clinch the slot but only one person can emerge.
The governor also declared that with the victory of Fubara, Rivers PDP now has a candidate that will fly its flag in the 2023 governorship election.
“I never knew I’ll be governor when I became governor. You have also heard what the candidate said that he never knew he will become PDP candidate.
“But to the glory of God, he is the candidate of PDP. This is because power comes from God. Whoever God says will be, will be.”
Wike pointed out that when it comes to producing the governor of the state, all tribes need to work together on it because no one particular tribe can do it alone.
He said because his administration has performed credibly well in the state, any candidate that the party presents will easily win in the 2023 general election.
“With the performance of our administration, and with what we have achieved in this state, there is no candidate that PDP will present that will not win election.
“Our campaign focus will be like this, that we made promises to the state to do roads and other projects, ask us, have we done them? Yes, we have.
“We will ask them (other parties), what have you done for Rivers State? Certainly nothing. So, who tells you that any other party can come and win this state? Let no one deceive you about that.”
Wike explained that after the presidential primary, PDP leaders in Rivers State will set up a team that will work to ensure that the party wins the 2023 gubernatorial election.
He expressed optimism that those who believe in the party will be dutiful in working for the candidate to win.
In his acceptance speech, Hon Siminialayi Fubara, the immediate past Accountant General of Rivers State, described his victory as evidence of grace.
He called on all party faithful to support his victory and the new drive to consolidate on the achievements of Wike’s administration.
“It is victory for Fubara. It is victory for the party. It is not just victory for the party, but victory for moving the state forward.
“The purpose of this special event this night is also to consolidate on the achievements, on every side, of this present administration.
“We are going to work together to sustain the work that this administration has already done for us.”
In his opening address, the Chairman of PDP in Rivers State, Amb Desmond Akawor said the party was poised to conduct a peaceful and successful gubernatorial primary.
Akawor explained that the party was delighted to have conducted peaceful congresses in the 319 wards and 23 local government areas of the state, including primaries for state and National Assembly.
Declaring the result of the gubernatorial primary, Chairman of the Electoral Committee, Prof. Walter Mboto, said Hon Siminialayi Fubara, polled a total of 721 votes to emerge PDP candidate for the 2023 governorship election.
He explained that Isaac Kamalu polled 86 votes to emerge second position, while Dax Alabo George Kelly polled 37 votes and Tammy Danagogo polled 36 votes.
Also, he said, Chief West Morgan polled 4 votes, David Briggs 4 votes and Brother Felix Obuah polled 2 votes, while eight votes were voided.
“The delegate list that we have has a total number of delegates expected to vote as 980. Total number of accredited out of this 980, 898 delegates were accredited. The total number of votes cast in this election is 898. The total number of valid votes cast is 890. 8 votes were voided.”

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FAAC: FG, States, LGCs Share N656.602bn Revenue

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The Federation Account Allocation Committee (FAAC) has shared a total sum of N656.602billion as April 2022 Federation Account Revenue to the Federal Government, states and local government councils.
This was contained in a communiqué issued at the end of a virtual meeting of the FAAC for May 2022.
The N656.602billion total revenue comprised distributable statutory revenue of N461.189billion, Value Added Tax (VAT) revenue of N166.522billion, the sum of N8.891billion being excess bank charges recovered and augmentation of N20billion.
In April 2022, the total deductions for the cost of collection were N29.609billion and the total deductions for transfers and refunds were N147.651billion.
Director (Information, Press and Public Relations), Office of the Accountant General of Federation, HenshawOgubike, said in a statement, yesterday, that the balance in the Excess Crude Account (ECA) was $35.377million.
The communiqué confirmed that from the total distributable revenue of N656.602billion; the Federal Government received N257.611billion, State Governments got N201.256billion and the Local Government Councils received N149.251billion.
The sum of N48.485billion was shared to the relevant states as 13percent derivation revenue.
Gross statutory revenue of N635.037billion was received for the month of April 2022.
This was lower than the N933.304billion received in the previous month by N298.267billion.
From the N461.189billion distributable statutory revenue, the Federal Government received N217.412billion, the State Governments got N110.275billion and the Local Government Councils received N85.017billion.
The sum of N48.485billion was shared with the relevant States as 13percent derivation revenue.
In the month of April 2022, the gross revenue available from the Value Added Tax (VAT) was N178.825billion.
This was lower than the N219.504billion available in the month of March 2022 by N40.679billion.
From the N166.522billion distributable Value Added Tax (VAT) revenue, the Federal Government received N24.978billion, the State Governments got N83.261billion and the Local Government Councils pocketed N58.283billion.
The Federal Government got N4.684billion; the State Governments received N2.376billion and the Local Government Councils pocketed N1.831billion from the N8.891billion Excess Bank Charges recovered.
The N20.00billion augmentation was shared as follows: the Federal Government received N10.536billion, the State Governments got N5.344billion and the Local Government Councils received N4.120billion.
According to the communiqué, in the month of April 2022, Petroleum Profit Tax (PPT) and Excise Duties increased marginally, while Oil and Gas Royalties, Import Duty, Companies Income Tax (CIT) and Value Added Tax (VAT) all recorded significant decreases.

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Children’s Day: FG Establishes Family Court In 16 States 

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Ahead of this year’s International Children’s Day celebration, the Federal Government has established family courts in 16 states to ensure child-friendly justice for children, either as victims or as offenders of violence.
The Minister of Women Affairs, Pauline Tallen who disclosed this at a press briefing on Tuesday noted that the establishment of family courts resulted from the effective advocacy and sensitisation for effective implementation of the Child Rights Law across the country.
According to her, the theme for this year’s celebration is ‘Strengthening Supportive Systems for the Protection of the Nigerian Child; A Wake-Up Call.’
The minister noted that despite efforts by the government and other stakeholders, children were still vulnerable and victims of abduction, ritual killings, rape, child marriage, domestic abuse, and others.
She said, “As a ministry, we are sometimes overwhelmed with these issues and it will seem as if we are not doing enough.
“More worrisome is the recent increase of violence in schools, where children are physically and sexually abused online and offline.
“In the meantime, the ministry, in collaboration with relevant stakeholders, has developed policies and carried out a series of programmes to ensure the safety of children.
“The establishment of family courts in 16 states of the federation is a direct result of the effective and sustained advocacy”.
Tallen also said that to ensure the safety and protection of children, she also reconstituted the technical working group on ending violence against children in the country.

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