Connect with us

News

Insecurity, Others Caused Food Price Hike In Q1 2022-Report

Published

on

The latest report of SB Morgen(SBM) Intelligence has indicated that security challenges in the north, recent petrol scarcity across the country and the activities around the sit-at-home order in the south-east caused the hike in prices of foodstuffs in the first quarter of 2021.
The report, titled, “Jollof Index Q4 2021 & Q1 2022: Geopolitics Comes for Dinner”, provides an explanation of food inflation in Nigeria by using a delicacy that is common to many households — jollof rice.
The Jollof index covers major food items used in making a pot of jollof rice, such as rice, curry, thyme, seasoning, groundnut/vegetable oil, turkey/chicken, beef, pepper, tomatoes, salt and onions.
In the latest report, the research firm said the average cost of making a pot of jollof rice for a family of five rose from N8,007 in Q3 2021 to N8,595 at the end of Q1 2022 — a 7.3per cent increase.
The research firm said it visited selected markets in the six geo-political zones of the country to determine prices of jollof rice ingredients, adding that consumers complained about the hike in prices of beef, turkey and chicken.
“In the North-Central markets, the prices of turkey, beef, and onions increased. The price increase in February and March can be attributed to the fuel scarcity which increased the cost of transportation of goods — some drivers had to spend the night at filling stations to be able to get fuel for their vehicles and others had to buy from black market vendors at higher rates,” the report reads.
“In the North-East, heightened insecurity has sustained price increases in the region even as there was a price reduction in January in other regions. The humanitarian situation created by the activities of various Islamist groups has made farming in the region difficult.
“The sit-at-home protest by separatists in the South-East and associated violence in the region is one of the causes of food insecurity in the region. Prices went up in both Awka and Onitsha between October and November, dropped slightly in January, and took off again in February and March. Turkey, tomatoes, vegetable oil, beef and onions accounted for the increase in these markets.
“The South-West Jollof index showed price swings in the last five months. Balogun, Bodija, Dugbe and Trade Fair markets experienced price swings. Dugbe Market in Ibadan experienced a slight rise in October, dropped through November and January, and rose again in February and March.
“In Port Harcourt, prices increased from October to November and went downward in January, maintained alow in February and increased in March. The same trend is noticeable in Calabar Municipal and BaysideMbakpa markets. Market prices rose in October and November and started a downward trend in January.
“In Kano, the cost of making a pot of jollof rice increased in October, flattened in November and began moving upwards in January, a movement maintained through March. This, according to all our respondents, was due to a sharp rise in the prices of perishable foods such as tomatoes and peppers, caused by the closure of the Tiga Dam for repairs.”

Print Friendly, PDF & Email
Continue Reading

News

World Bank To Fund $30bn Projects In Nigeria, Others

Published

on

The World Bank has said it is set to disburse a total of $30billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis.
According to the bank, it is working with countries on a $12billion new projects fund for the next 15 months.
It said the projects are expected to support agriculture, social protection to cushion the effects of higher food prices, and water and irrigation projects.
It added that most of the funds would go to Africa, the Middle East, Eastern Europe, Central Asia, and South Asia.
The global bank disclosed this when it announced how it plans to be part of a comprehensive, global response to the ongoing food security crisis.
It stated that it intends to roll out this fund in existing and new projects in agriculture, nutrition, social protection, water, and irrigation.
It said, “This financing will include efforts to encourage food and fertiliser production, enhance food systems, facilitate greater trade, and support vulnerable households and producers.”
World Bank Group President, David Malpass, said, “Food price increases are having devastating effects on the poorest and most vulnerable.
“To inform and stabilise markets, it is critical that countries make clear statements now of future output increases in response to Russia’s invasion of Ukraine. Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage.”
The bank added that its current existing portfolio includes balances of $18.7billion in projects with direct links to food and nutrition security issues, covering agriculture and natural resources, nutrition, social protection, and other sectors.
It stated, “Altogether, this would amount to over $30billion available for implementation to address food insecurity over the next 15 months. This response will draw on the full range of Bank financing instruments and be complemented by analytical work.”

Print Friendly, PDF & Email
Continue Reading

News

FG Postpones FAAC Meeting Over AGF’s N80bn Probe

Published

on

The Federal Government has announced the postponement of May, 2022 Federation Account Allocation Committee (FAAC) meeting.
The sudden postponement may not be unconnected with the ongoing investigation of the suspended Accountant General of the Federation, Ahmed Idris, over alleged fraud to the tune of N80billion.
The FAAC meeting is a monthly meeting where the federation allocates monthly revenue among the three tiers of government.
The meeting had earlier been scheduled to hold virtually between May 18 and 19, 2022.
The Ministry of Finance, Budget and National Planning, said this in a letter signed by Director, Home Finance,Stephen Okon.
The ministry said the meeting was postponed due to “certain circumstances.
“I am directed to inform you that the Federation Account/Allocation Committee (FAAC) meetings earlier scheduled to hold/virtually on the 18th and 19th May, 2022 have been postponed due to/certain circumstances,” the circular reads.
“In view of the foregoing, I am to further inform you that the new date for the meetings will be forwarded to you in due course.
“While we regret the inconveniences this change might cause you, please accept the assurances of the Minister’s warm regards,” the letter read in part.
The Economic and Financial Crimes Commission (EFCC) had on Monday arrested and detained Idris over an alleged N80billion fraud.
The Minister of Finance, Budget and National Planning, announced indefinite suspension of Idris, last Wednesday.
Ahmed said the suspension “without pay” was to allow for “proper and unhindered investigation” in line with public service rules.

Print Friendly, PDF & Email
Continue Reading

News

Nigerian Out-Of-School Children Hit 18.5m

Published

on

Nigeria has 18.5million out-of-school children (OSC), the highest number in the world, and out of the figure, 10million are girls, the United Nations Children Fund (UNICEF) has said.
The Chief of UNICEF Field Office in Kano, Rahama Farah, stated this at a media dialogue on ‘Girls’ Education under the Girls’ Education Project 3, GEP 3’, funded by the Foreign, Commonwealth and Development Office (FCDO), and implemented by UNICEF.
“For those lucky to be in school, their condition is also not enviable given the situation of public schools in the country. Only recently, the Universal Basic Education Commission (UBEC), said 50per cent of schools in Nigeria lack basic furniture”Farah said.
The Executive Secretary of the commission, Hamid Bobboyi, said this in Abuja at a one-day civil society organisations’ CSO-Legislative Roundtable Meeting where some National and State Houses of Assembly members were present.
According to him, emerging constraints in basic education delivery in the country may necessitate an increase in the consolidated revenue funds from the current two per cent to four per cent.
He buttressed his position for an increase in funding on the security challenges bedevilling the country, insisting that rising student population also poses urgent need for teaching facilities.
Also speaking, the Chairman of Senate Committee on Basic Education, represented by Senator Frank Ibezim, decried the failure of State Universal Basic Education Boards (SUBEBs), to sustain some UBEC-initiated projects such as classrooms and libraries earlier introduced by the commission in all constituencies in the country.
While commending UBEC over the construction of classrooms in schools across the country, he lamented the poor maintenance culture, noting that there is no school in the country that does not have a dilapidated block.
A representative of MacArthur Foundation, Mr Dayo Olaoye, called on stakeholders to review the impact of the country’s annual budget on education, stressing that it was not enough that the country is increasing its budget to the sector.
“As we think about reforms, let us think beyond buildings that have been delivered, let us start thinking about how many children have been brought to school,” he said.
“If classrooms are dilapidated, and there are not enough furniture, what about teachers and the quality of the ones available? The Registrar, Teachers Registration Council of Nigeria (TRCN), Prof. Josiah Ajiboye, said there are over 300,000 unqualified teachers in the system.
“Education is very important to be left in the hands of quacks and that is why at TRCN, we are stepping up efforts at ridding the system of unqualified hands. We implore teachers and their employers to take advantage of the various windows TRCN is providing to improve the quality of teachers in the country so as to get better results from our education system,” he said.
For the General Secretary of the Nigeria Union of Teachers (NUT), Dr Mike Ene, there is need for better funding of the education sector.
He noted that in many states, teachers are overwhelmed by the number of pupils and students they handle.
“In so many states, there is inadequacy of teachers. Some states have not recruited teachers in the last 10 years and yearly, teachers are leaving the system through retirement, resignation or even death. Worse hit by poor staffing are schools in the rural areas. Such schools are called hard-to-staff schools.”
It is in that regard that the welfare packages announced by the Federal Government are very much necessary,” he said.
Also speaking on the issue, the National President of the National Association of Parent-Teacher Association of Nigeria (NAPTAN), Alhaji Haruna Danjuma, decried the manner some state governments are implementing the Basic Education Policy of the government whereby pupils and students in primary and junior secondary schools are to enjoy free education and are given textbooks in some core subjects.
“Some states are not doing well in that respect. They have abandoned the programme. They are not funding education as it ought to be funded. Even counterpart funds that some states should put down to complement the funds from UBEC are not provided. Some states have even misused UBEC funds and are suspended from getting further grants.
“We are talking now about our tertiary institutions that are grounded by workers’ strikes, the basic education level, which is the foundation, is not faring better too. Something urgent must be done to redress the situation before the sector collapses finally,” he noted.

Print Friendly, PDF & Email
Continue Reading

Trending