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More Nigerians’ll Fall Into Extreme Poverty, World Bank Predicts

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The World Bank has predicted that more people in Nigeria and its Sub-Saharan neighbours are expected to fall into extreme poverty.
According to a report obtained via a World Bank newsletter, last Friday, titled, “Global Economic Prospects,” Russia’s invasion of Ukraine and its effect on the commodity market, supply chains, inflation, and financial conditions have intensified the slowdown in economic growth.
The Washington-based bank further explained that the possibility of high global inflation could eventually result in tightened monetary policy in advanced countries which might lead to financial stress on emerging markets and developing economies.
The report also quoted the World Bank President, David Malpass, as saying that the world was facing the deepest global recession since World War II.
He said, “The global economy is facing high inflation and slow growth at the same time. Even if a global recession is averted, the pain of stagflation could persist for several years- unless major supply increases are set in motion.”
The report added that growth in Sub-Saharan Africa is projected to slow to 3.7per cent this year reflecting forecast downgrades of over 60per cent of regional economies.
Price pressures, partly induced by Russia’s invasion of Ukraine, are sharply reducing food affordability and real incomes across the regions.
It read in part, “More people in SSA are expected to fall into extreme poverty, especially in countries reliant on imports of food, and fuel. Fiscal space is narrowing further as the government ramps up spending on subsidies, support to farmers, and in some countries, security. However, the impact of the war will vary across countries, as elevated commodity prices will help soften the damaging effects of high inflation in some large commodity exporters”.
Among the risks to the forecast, prolonged disruptions to food supply across the region could significantly increase poverty, hunger, and malnutrition, while persistent inflation could ignite stagflation risks and further limit policy space to support recoveries.
An elevated cost of living could increase the risk of social unrest, especially in low-income countries.
On how the global economic situation could worsen the poverty level in Nigeria, an Associate Professor of Economics at Pan Atlantic University, Dr Olalekan Aworinde, said the Russia-Ukraine war would reduce the disposable income of Nigerians, which would, in turn, affect the standard of living.
Aworinde said, “Ukraine is one of the largest producers of wheat in the world and the Russian war invasion will affect the demand and supply of wheat and once the major producers of this agricultural material cannot export the goods, that implies that demand is greater than supply and that will result in a hike in price.
“Once prices increase, knowing fully well the disposable income of the consumer is constant it means the purchasing power will fall. And if the purchasing power falls, it will affect the standard of living and once it affects the standard of living it means these individuals will go into absolute poverty.”
Aworinde added that in terms of the structure of the Nigerian economy as a “mono-cultural economy, meaning that we only produce oil and we cannot eat oil.
“So, Nigeria is mainly an import-dependent country and that means when you are bringing in the goods and it’s expensive imported inflation and the implication is that general prices of goods will increase leading to a continuous inflation.”

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Customs Suspends Rice Sale As Seven Die In Stampede

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The Nigeria Customs Service has announced the suspension of the sale of foodstuffs following a stampede that reportedly killed seven persons at the NCS Old Zonal Headquarters in the Yaba area of Lagos State, last Friday.
A Chief Superintendent of Customs and National Public Relations Officer for Comptroller General of Customs, Abdullahi Maiwada, disclosed the suspension of the exercise in a statement on Monday.
Nigeria Customs had said it was selling seized food items at N10,000 per 25kg to alleviate the people’s suffering as a result of the current high cost of living and other economic hardships.
Last Friday, a pregnant woman and six others reportedly died in a stampede after some suspected hoodlums attempted to force their way into the Yaba Customs office compound.
Some Lagos residents who thronged the NCS office in Yaba expressed disappointment on Monday following the suspension of the initiative.
However, in a statement on Monday evening, the NCS said the suspension became necessary considering “the recent unfortunate event.”
“We regrettably announce the suspension of this exercise until we establish what transpired on Friday, February 23, 2024,” the NCS spokesman said.
He explained that: “The disposal of the food items got off to a smooth start at about 0800hrs. We enjoyed the cooperation of the large crowd that obliged us, giving preferences to the elderly, people living with disabilities, pregnant women, and other vulnerable Nigerians who showed up for the exercise.
“This was the case up until about 1700hrs, as attested to by the over 5,000 beneficiaries and members of the press. However, unforeseen challenges arose when we ran out of stock and announced the continuation of the exercise the following day, leading to a regrettable outcome.
“The crowd became desperate and charged through our barricades in search of rice bags inside emptied containers. In the stampede that ensued, some fatalities and injuries were regrettably recorded.”
The Customs extended its “heartfelt condolences to the families of those who lost their lives during the unfortunate incident.”
The service said it was working with health authorities to establish contact and engage directly with the victims’ families on their next steps.

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Court Dismisses Police Objection Against Fubara’s CoS …Restrains Police From Arresting Ehie

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A Rivers State High Court in Port Harcourt, yesterday, dismissed the preliminary objection by counsel to the Nigerian Police, Celestine Dickson, challenging the jurisdiction of the Court to hear the fundamental rights suit by the Chief of Staff to Governor Siminalayi Fubara, Hon. Edison Ehie against the police for lack of merit.
The trial Judge, Justice Sika Aprioku, in a ruling, yesterday, assumed jurisdiction and held that the non-joinder of the Nigeria Police Force in a matter that the Commissioner of Police is a party to does not render the suit incompetent.
Justice Aprioku said the application by the Police lacks merit and thereby dismissed it with a cost of N100,000 in favour of Hon Edison Ehie.
Aprioku also granted the prayers of the counsel to Edison, Damian Okoro to restrain the Police from arresting, detaining, harassing, or inviting Ehie based on the trumped-up charges in the suit by Rt Hon. Martin Amaewhule in connection to the destruction of the Hallow chamber of the Rivers State House of Assembly.
Speaking to newsmen outside the courtroom, counsel to the Police, Celestine Dickson, said he would study the judgment and advise his clients accordingly.
Dickson stated, “That is the wisdom of the court and we cannot criticise the wisdom of the court. The outcome of court decisions must bind parties.
“If you are not satisfied I think you study the judgement and take the next step. The court made it clear that in a couple of minutes, we were going to have copies of the judgement. That will give us the opportunity to look at the judgement and advise our clients accordingly.
On his part, one of the counsel to the Chief of Staff, Ibioku Mac-Barango said the judgment reflects the position of the law.

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Fubara Expresses Confidence In Tinubu To Address Labour Concerns

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In the midst of the ongoing nationwide protest organised by the Nigeria Labour Congress (NLC), Rivers State Governor, Sir Siminalayi Fubara, has expressed confidence in President Bola Tinubu’s ability to address the concerns raised by the organised labour and alleviate their fears.
Fubara gave the assurance during the NLC’s protest to the Government House, Port Harcourt, yesterday .
The State NLC, led by its chairman, Alex Agwanwor, had joined its counterparts in other parts of the country to protest against high cost of living in the country occasioned by the fuel subsidy removal by the Federal Government in May last year.
Recall that there have been a series of protests across the country over the cost of living, inflation, insecurity and hardship among Nigerians.
The NLC and the Trade Union Congress (TUC) had on February 8 issued a 14-day nationwide strike notice to the Federal Government over the failure to implement the agreements reached on October 2, 2023 following the removal of the fuel subsidy.
Responding to a letter of demands presented to the governor by the State NLC, Fubara noted that the grievances outlined by the protesters primarily fell within the purview of the Federal Government.
The governor, who was represented by the Head of the Rivers State Civil Service, Dr. George Nwaeke, said, “To all who listened to every presentation of the labour leader as it is being read out, we can find out none is local, not originating from local source here. They are all national issues and we have hope in the Renewed Hope Agenda of the Federal Government. We have hope. And I know Governor Fubara will also deliver this message as presented by you to the President.”
Fubara further assured the protesters that his administration remained committed to alleviating the economic hardships faced by the people of Rivers State.
He highlighted initiatives such as the provision of palliative buses in response to the fuel subsidy removal and the ongoing development of 20,000 housing units for low-income earners.
The governor also emphasized his administration’s dedication to improving the welfare of civil servants, citing measures such as the employment of 10,000 youths into the state civil service, promotions, and the provision of bonuses.
He affirmed the significance of the issues raised and reiterated his commitment to prioritizing the welfare of workers in the State.
He, however, assured that the NLC’s demands would be conveyed to the President as presented.

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