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Stakeholders Raise Concern As Nigeria’s Inflation Rate Rises To 31.70%

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The challenge of spiraling inflation and how to stem the tide has been central to stakeholders engagements in recent times.
According to analysts at CardinalStone Finance, an investment house, the rising inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa.
The analysts said that a material jump in prices of food stuff like rice, was a consequence of the increasing depletion of food reserves and incessant insecurity issues in food-producing parts of the country.
The Tide’s source reports that Nigeria’s inflation rate rose to 31.70 per cent in February from 29.90 per cent in January.
This is according to recent data from the National Bureau of Statistics (NBS).
The NBS said that the February headline inflation rate showed an increase of 1.80 per cent compared to the January headline inflation rate.
It said that on a year-on-year basis, the headline inflation rate was 9.79 per cent points higher than the rate recorded in February 2023, which was 21.91 per cent.
“This shows that the headline inflation rate (year-on-year basis) increased in the month of February 2024 when compared to the same month in the preceding year ( February 2023),” the NBS said.
The International Monetary Fund (IMF) also warned that 8.0 per cent of Nigerians are at a high risk of food insecurity if the current inflationary trajectory persisted.
The Governor of Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said that the leading factors driving inflationary pressure in Nigeria included rising cost of energy.
Cardoso said that high fiscal deficits and lingering security challenges in major food -producing areas were also responsible for the high inflation rate.
He said that the apex bank had initiated a raft of inflation-targeting frameworks in its monetary policy measures.
He said that this informed the decision by the CBN to further raise the Monetary Policy Rate (MPR) by 400 basis points to 22.75 per cent from 18.75 per cent.
According to Cardoso, the move followed the success recorded in slowing down inflation in the past using the same mechanism.
Stakeholders, however, believe that the removal of petrol subsidy, closely followed by the decision to float the Naira were largely responsible for the spiraling inflation.
According to Okechukwu Unegbu, a past president of the Chattered Institute of Bankers of Nigeria (CIBN), President Bola Tinubu already took some sensitive policy decisions even before appointing the CBN governor and the finance minister.
“Floating the Naira was a major error that has exacerbated inflationary trend and caused the people so much pain,” he said.
Unegbu urged the government to fix the economy by looking beyond the Organisation of Petroleum Exporting Countries (OPEC) in selling its crude oil.
He also advised that the government should ignore economic prescriptions by the World Bank and IMF and produce indigenous solutions to the nation’s economic challenges.
“Nigeria should do something about pricing its oil in Naira. We should leave OPEC, price our oil independently.
“If inflation can be addressed; if we produce more food, things will improve. It will also address the issue of “dollarisation of the economy,’’ he said.
A renowned economist, Prof. Ken Ife, said that the CBN adopted inflation targeting as a basis for further tightening monetary policy rates, an indication of how serious government took the country’s rising inflation.
Ife, however, said that the support from the fiscal authorities was crucial to achieving monetary policy results.
“The CBN says it is going for inflation targeting, but there should be more support from the fiscal authorities because a lot of the issues with the economy are not really monetary.
“We have N500 billion going for social intervention annually, the money does not go into the productive sector,” Ife said.
He said that the import dependence nature of Nigeria’s economy was a major fuel to the inflation and weak Naira in the foreign exchange market.
According to him, not much has changed in terms of the structure of the economy over the years.
He said that Nigeria was part of an international division of labour, which confines it to the provision of raw materials and consumer of finished products.
“Any attempt to add value to our exports is usually met with stiff resistance.
“When a country is import dependent, it becomes so vulnerable to any external, global headwind, and it affects the economy
“The mortgage crisis in America and the Russian-Ukrainian war affected us because we are import-dependent. What we have is imported inflation,” he said.
Dr Chijioke Ekechukwu, an economist, said that while many countries were having their inflation rate reduced month-on-month, Nigeria’s inflation rate continued to rise because of volatile exchange rate regime.
Ekechukwu said that standard of living had dropped to the lowest ebb while the country’s external reserve was being eroded by inflation.
“Cost of living has become increasingly unbearable, crime has taken over the entire country, and investors are afraid to venture into the country.
“Companies are shutting down and leaving the country and jobs are lost every day.
“The government has to be very decisive as a matter of urgency to remedy the ailing economy by ensuring that the exchange rate improves to less than N800 to the dollar.
“The exchange rate must be stable to enable planning and to restore confidence in the economy,” he said.
Ekechukwu said that every possible avenue should be explored to diversify the country’s export base.
He advised the Federal Government to ensure that the country’s crude oil sales met the OPEC quota of 1.8 million barrels per day.
“The Federal Government should also ensure that revenue from crude oil sales came in on a daily basis through the CBN, “ he said..
He said that such a step would provide the country with enough liquidity to check inflation and other economic challenges.

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ECOWAS Court Orders Nigeria to Pay N52m compensation to Rivers, Lagos Evictees

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The ECOWAS Court has ordered Nigeria to pay two million Naira compensation each to 26 people who were forcibly evicted from various communities in Lagos and Rivers between 2004 and 2013.

The Tide source reports that the applicants, Mr Edwin Lenyie and 25 others had filed the suit No: ECW/CCJ/APP/34/17), seeking the enforcement of their fundamental human rights.

They also prayed the court to compel the Nigerian government to pay them compensation for forcefully evicting them from their communities without prior notice, compensation, or alternative shelter, rendering them homeless.

Delivering judgment yesterday, the court held that the Nigerian government failed in its responsibility to ensure access to legal remedies for the victims.

According to the community court, the action of the Nigerian government was in violation of Article 7 of the African Charter on Human and People’s Rights.

It held that the Applicants’ rights under Article 7 of the African Charter on Human and Peoples’ Rights (ACHPR), which guarantees the right to a fair trial and access to justice, were violated.

The court said that the hearings on the matter, which were held by the National Human Rights Commission (NHRC) “were never concluded, and no alternative means of redress were provided for them.”

“Inspite of initial hearings by the National Human Rights Commission (NHRC) in 2014, the proceedings were suspended indefinitely, leaving the Applicants without legal recourse,” the court said.

The court further dismissed Nigeria’s objections that the Applicants should have pursued their claims in Nigerian courts and on jurisdiction, saying it had the locus standi to entertain the case.

It further struck out the NHRC as a respondent in the case, and ordered that the Federal Government must bear full responsibility for the actions of its agencies.

The three-member panel of the court which has Justices Ricardo Gonçalves (presiding); Sengu Koroma (judge rapporteur); and Gberi-Bè Ouattara (member) held that the compensation/reparation would ensure that justice is served the victims.

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RSG Moves To Boost Immunization, Commissions Solarized Cold Room, Vehicles

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As part of efforts to ensure efficient immunization and vaccine efficacy, the Rivers state Government has commissioned a solarised walk-in cold room for vaccine preservation and vaccine vial crusher.

 

Also commissioned were nine operational Hilux vehicles and ten motorcycles for disease surveillance across some local government areas in the state.

 

Rivers Deputy Governor, Professor Ngozi Odu, who commissioned the facilities at the Rivers State Primary Healthcare Management Board premises in Port Harcourt, said the development marks a significant milestone in the government’s unwavering commitment to the health care and wellbeing of Rivers people.

 

The Deputy Governor said that with the ceremony, the state government is not only inaugurating the equipment but also strengthening the foundation of the health care delivery system

 

She said: “Today marks a significant milestone in our unwavering commitment to the health and wellbeing of our people.

 

“As we commission the solarised work in cold room to the surveillance motorcycles, we are not only inaugurating the equipment, we are strengthening the foundation of our health care delivery system.’

 

Professor Odu further said the installation of the cold room also represents the government’s dedication to maintaining vaccine efficacy as well as ensuring that every child and citizen receives life savings immunization.

 

According to her, the commissioned Hilux vehicles and motorcycles for disease surveillance also demonstrate the government’s proactive stance in safeguarding health facilities across the local government areas.

 

She said the present administration, under the leadership of Governor Siminalayi Fubara, has consistently prioritised health care infrastructure in the local government areas.

 

Professor Odu commended the United Nations Children Funds (UNICEF), the World Health Organization WHO, and others for their immense support.

 

In her remarks, Rivers Commissioner for Health, Dr. Adaeze Oreh, who spoke through her Permanent Secretary, Dr. Comfort Mekele Igwe said the commissioning would greatly enhance vaccine storage, handling, and distribution and underscores the government’s commitment to improve the efficiency, effectiveness, and sustainability of the Primary Healthcare System

 

Also speaking, the Executive Secretary of the Rivers State Primary Health Care Management Board (RSPHCMB), Professor Kinikanwo Green, said the commissioning is to strengthen health care delivery system in the state.

 

Green described the solarised walk-in cold room as one of the best in the country, stressing that it would take care of all vaccines.

 

He also explained that the vehicles will help health officers, especially in the rural areas to ensure proper supervision of immunisation as well as easy dispatches of vaccines to its destination.

 

According to the Executive Secretary, the situation will also enable the state to achieve universal health coverage

 

Speaking in similar vein, the chairman of RSPHCMB, Professor Blessing Jaja, said the board will continue to deliver on it core mandate and commended Governor Fubara for ensuring regular subvention as well promotion of its staff.

 

In their separate speeches, representatives of the World Health Organization (WHO), Dr Kolude Oluwafunmilola, and Dr Anselem Audu of UNICEF said the ceremony represents Rivers state’s commitment to quality health care.

 

They also commended the government for its efforts in advancing immunization in the state and assured of their continuous collaborations.

 

John Bibor

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Fubara Tasks New Surveyor-General On Professionalism  …Says Appointment Based On Merit

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Rivers State Governor, Sir Siminalayi Fubara, has urged the Surveyor-General of the State to work differently with professionalism, diligence and integrity, and ensure that every tenable, pragmatic module is deplored to enhance effective delivery of his duties and responsibilities.

 

Governor Fubara gave the charge shortly after swearing in Surveyor Peter Ogolo as the Surveyor-General of the State and Permanent Secretary of the Survey Department at Government House in Port Harcourt, last Tuesday.

 

The Governor described Surveyor Ogolo as a long serving public officer who ranks high among his peers, and has contributed immensely to the establishment of most development roadmaps for the State, stressing that his appointment was based purely on merit.

 

He said, “If you go into the history of how the then Greater Port Harcourt Development Authority was established, if you go into the history of other developments in this State, if you check the survey plans, you will see that Ogolo was the one who signed virtually all those things.

 

“This appointment is not because he is from Opobo. He is the most senior, most qualified, and even the one who interviewed the person he is succeeding now. The records are there with the Civil Service Commission.”

 

Governor Fubara stated: “So, I don’t need to give you any charge. You are already there. You know what the office entails. You just read your oath of office: do what is right. It is not about the faces you are going to see, do what is right. Be professional, defend and protect the interest of the State. I wish you all the best. God will guide you.”

 

Governor Fubara recalled the challenges that Surveyor Ogolo encountered that would have ended his career quite early but quickly added that because he listened to wise counsel, he is now celebrating being the Surveyor-General of the State.

 

He explained,  “But something happened in the course of his service. He was between losing his job or fighting for his life. He came to me, and I advised him: why don’t you leave, maybe, wait to fight another day.

 

“And that is why today he is alive to be the Surveyor-General. If he had stood to fight, that he is the most senior, that he is the most qualified, he wouldn’t have been here today,” he stated.

 

He advised the new Surveyor-General to serve the State selflessly and honestly, with abiding integrity, so that posterity will remember his legacies forever.

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