From the World Bank came a frightening report, yesterday, that the Nigerian economy has sunk into its lowest level in the nation’s history as it recommended the deployment of sound fiscal and monetary policies to tow it out of the doldrums.
The gloomy picture, which was contained in global bank’s Development Updates on Nigeria, presented in Abuja, said inflation would push seven million more Nigerians into poverty by the end of 2022.
The report stated that petrol subsidies could cost Nigeria as much as N5.4trillion in 2022, much higher than “all of the resources allocated to health, education, and social protection together”.
It also projected that net oil/ gas revenue for 2022 will fall to N1.6trillion from N2.6trillion recorded in 2021.
The startling report was presented by the Lead Economist for Nigeria at the World Bank, Dr. Marco Hernandez, who attributed the economic nightmare to a plethora of policy distortions on the part of the Nigerian government and global shocks that have fuelled inflation.
He painted a particularly worrisome picture of the Nigerian situation, that it was not just the price of imported products that were skyrocketing, but includes locally-produced goods.
Hernandez noted that the high inflation has crashed the value of the national minimum wage of N30,000 ($82), which is now worth N22,000 ($37).
The fast-eroding minimum wage aside, the World Bank reckoned that most Nigerian families earn N15,000 monthly which was worsening the poverty situation in the country.
He further stated that there is a nexus between foreign exchange rate and inflation, adding that when the former’s rates go up at the parallel market, inflation rate follows automatically.
He said: “suboptimal exchange rate management is fuelling inflation due to FX supply constraints and lack of predictability, which is ultimately leading to a rise in the parallel exchange rate which is closely associated with inflation.
“Import and FX restrictions reduce the supply of food and key staples, increasing their prices and those of associated goods. The monetisation of fiscal deficits by the Central Bank of Nigeria (ways and means) and CBN’s subsidised lending to firms add to inflationary expectations”.
The report noted that despite that the rising price of crude in the international market due to the Russia-Ukraine war, Nigeria’s oil production and revenue have continued to slump because of several factors.
The bank said it was quite concerned about Nigeria’s fiscal side, emphasizing that Nigeria needs to address fiscal deficits most urgently.
Reacting to the report, the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, who spoke virtually noted that the huge amount spent on petrol subsidy has put the economy on ventilators and threatening its survival.
She passed the buck on subsidy removal to Nigerians.
“We really are at a crossroads and there are very difficult times. It is actually paradoxical. At a time when growth is accelerating there are so many other challenges that have gathered and are impacting the lives of the people.
“On our part, we are going to reduce the fiscal pressures caused by the increase in our deficit caused by increase in PMS subsidies. These PMS subsidies are costing us an additional N4trillion than was originally planned.
NGA PH To Hold Synposium, Arts Exhibition Against Female Victimization
National Gallery of Arts, ( NGA) Port Harcourt, Rivers State in partnership with French Embassy in Nigeria and Alliance Francasie in Port Harcourt says arrangement have been concluded to organise a two day synposium and Visual Arts Exhibition.
The event with the theme ” Victimized” is expected to exhibit art works to preach against woman and the girl child victimization both at home, office etc equally a synposium that will speak on ways to eradicate female violence. The topic is expected to be delivered by International Federation of Women Lawyers ( FIDA) Rivers State chapter.
Head of station/cuator National Gallery of Art, in Port Harcourt, Mrs Uwaoma Ideli Agudosi, said this yesterday while briefing newsmen in of respect of the forthcoming Arts Exhibition in Port Harcourt.
According to her, the event was scheduled to commence 9th through 10th December 2023, at Alliance Francasie building Herbert Marculay Street Old GRA in Port Harcourt and its the major aim was to bring incessant women violence and victimization to the bearest minimum in our society.
” Our focus was bring to bring incessant victimization experienced by women to the barest minimum in all ramifications. We are to let the society know that even though we are seen as weaker vessels, that doesn’t mean we should be trampled on. We should have a voice and men cannot do without us.
” I want to say that we are doing it in line with the United Nations (UN) directive to set aside this season to say No to this monster in our society because we all know that women are mostly molested and victimized in festive season that is close” she said.
National Gallery of Art has been in existence for 30 years now, it was established as a parastatal by Decree No. 86, 1993, and the 2004 amendment act.
This was in fulfillment of the provision of the Nigerian cultural policy launched in 1988 in accordance with the recommendations of the committee of patrons of the world decade for cultural Development (WDCA) and currently having offices in 29 States and has its headquarters in Abuja.
” We have invited women , girls , men and boys mostly between the age of 15 to 45 to attend the event. We will use the visual art as a tool to speak out against this scourge in our society.
” I want say this medium is basically to promote peaceful coexistence among the male and female folks and advice men to stop violence against females” she added.
‘Hello Mr Right 2023’: Winner Expresses Gratitude To PMAN, Others
Winner of the second edition of the recently concluded reality TV Show, tagged “Hello Mr. Right’, Danny Tee has expressed joy over the successful hosting of his home coming party by the Performing Musicians and Employers Association of Nigeria( PMAN).
Danny Tee, an artiste and member of the PMAN who disclosed this yesterday to The Tide Entertainment said that he was excited about the warm and loving reception party hosted to celebrate him by his colleagues and members of the PMAN.
According to him, it was heart-warming, and thanked the executives of the PHALGA Unit, the Rivers State chapter of the body and the “Big G Entertainment” who sponsored his participation in the show for their display of love and support, saying that he was humbled by the massive turn out and show of love towards him.
“ I am humbled, l never expected it to be that much, but it happened and l deeply appreciate the show of love towards me”, he said.
The event which was held at the Flashpoint Bar Lounge, Borikiri Port Harcourt Tiwnship saw members of the body turned out in Mass to celebrate with their own on his recent win as ‘Mr. Right’.
The Secretary, Rivers State Chapter, PMAN, Hon Ezekiel Benibo who was also present at the event, said that the home coming party was put in place by the ‘Big G’ Entertainment, a record label under who’s platform Danny Tee got the sponsorship to participate in the reality TV show and the PHALGA unit of PMAN.
It is the second edition of the show which saw Tee cart home a N5million cash prize ,” he said.
By: Nancy Briggs
PHALGA PMAN To Host Entertainment Showcase
Performing Musicians Employers Association of Nigeria – PMAN, PHALGA Unit, says it has concluded, plans to organise a weekend’s event tagged ‘Entertainment Showcase in Port Harcourt City, Rivers State.
The activity is targeted towards creating an enabling environment for entertainers in the unit to improve their crafts in line with global standard.
The Public Relations Officer of the body, Christopher Sokari Briggs who is popularly called Don Christo the missioner, who revealed this to The Tide Entertainment yesterday said that the event is expected to hold every Friday.
According to him, the Chairman, PMAN PHALGA Unit, Vinning Simeon also known as V6 stated this at the monthly meeting of the unit held last month at Benhary Bar, Port Harcourt.
The chairman said he will get this done by commencing the Weekly Entertainment Showcase event which is aimed at seeing various performances from members of the units.
V6 further noted that a committee has already been inaugurated in charge of the Entertainment Club event which is expected to commence today.
He noted that the State Public Relations Officer of PMAN, King Isaac Albert, who was in attendance of the monthly meeting of PMAN, PHALGA Chapter, also known as Solo Blanky during the meeting urged the unit executives to work towards organising an entertainment summit aimed at educating members of the unit about the pros and cons of the entertainment business and to improve on their crafts.
Various ideas and contributions from members to chart a way forward for the new PMAN PHALGA executives were also entertained during the meeting.
The meeting recorded a good number of turnouts of Port Harcourt entertainers and its environs.
Meanwhile, the body recently held the Season 2 of its monthly event christened ‘PHALGA Industry Night” in the Garden City.
The Tide Entertainment reports that the ‘Entertainment Showcase’ is an activity put together to build the entertainment industry at the unit level, as the event is an open one for all entertainers in the industry, ranging from artiste, DJs, dancers, poets to comedians coming together to socialise and improve their crafts.
The PHALGA Industry Night is a platform where the upcoming artistes in the unit are given the opportunity to showcase their God-given talents.
The event which also paves way for hospitality business owners in the area to build their businesses was a huge success, having recorded a massive turn out from entertainers and spectators
It would be recalled that the season 1 of the event ( PHALGA Industry Night) was held last month in Port Harcourt.
By: Nancy Briggs
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