₦airaland Forum

about time

AAC....R.I.P

Nice

See inflation

Who she epp?

Good

Can Wike be a number 2 keeper?

Dead on arival!

More money on order

Cash out,,,,

Story.....

Good news......they should retake the island before the us plant missiles there aiming at China

Proxy warfare.....China should also send Russia some equipment to test on Ukrainians

Collect the money......then vote wisely (not for the Tinubu)

President......then police go follow presidential convoy

if na naija:

The fire engine has no water and the ambulance is transporting a corpse to a mortuary or to its burial!

How to trend......go stage suicide for one lagos bridge

Hushpuppi's boy no get job again........Joblessness

Short man....

Banning bush meat?

Dem dey craze

Dangote and co......those who have cornered key markets

Esama:
Just one year.

Very foolish judgement....

The Lagos Zonal Command of the EFCC on Tuesday, May 31, 2022, secured the conviction and sentencing of one Li Lei Lei, a Chinese national, to 24 months imprisonment for mutilating the Nigerian currency. He was convicted by Justice I. Nicholas Oweibo of the Federal High Court sitting in Ikoyi, Lagos.

The convict was arraigned on a four-count charge bordering on tampering of the Nigerian note, an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Establishment) Act.

One of the count reads: “That you, Li Lei Lei, on or about the 17th day of May, 2022, at the Murtala Muhammed International Airport, Lagos, within the jurisdiction of this Honorable Court, tampered with One Thousand Naira (N1,000) Note, with serial number 947882 issued by the Central Bank of Nigeria and thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Establishment) Act, Cap C4, Vol.1, Laws of the Federation of Nigeria, 2010.”

https://www.vanguardngr.com/2022/05/court-jails-chinese-two-years-for-naira-mutilation/

https://cdn.vanguardngr.com/wp-content/uploads/2022/05/chinese.jpg

What a country....

Crude oil price rose to over $121 per barrel on Monday evening as the increasing price of Automotive Gas Oil (AGO), otherwise known as diesel, persists in Nigeria, with the average cost of the product selling for N780 per litre in some filling stations and as high as N790 per litre in some of them.

The high cost of the product is further exacerbated by the ongoing Russia-Ukraine war which has led to serious supply chain challenges.

The international benchmark, Brent crude, hit $122.20 per barrel, the highest in months and about a $100 per barrel increase from March 2020, representing an increase of $120.50 per barrel that it sold on Monday.

The rally in global crude oil prices comes as supplies of refined products such as diesel remain tight at a time when demand is expected to pick up in the United States and many other countries with lower export of the product from Russia which has been hit with sanctions by the western countries due to the invasion of Ukraine.

The rise is also despite the EU’s failure to reach any agreement among its members on a Russian crude oil ban, with Hungary still holding out for better terms.

Diesel prices surge in Nigeria
Meanwhile, back home in Nigeria, the surge in crude oil prices as well as the persistent depreciation of the naira, has continued to lead to a dramatic increase in the pump price of diesel at the filling stations across the country.

The surge in the price of the product represents about 174% increase in 4 months, when compared to the N288 per litre that it sold in January 2022, according to the figure released by the National Bureau of Statistics (NBS).

The rising cost of diesel which has been fully deregulated as the federal government no longer fix prices but rather allows market forces to determine that, has forced many businesses and households to take drastic steps or seek alternatives in order to continue operations.

The high cost of diesel has been compounded by the epileptic power supply, which has increased the demand for the product as industries, businesses and households would need to power their generators.

What you should know

Recall that earlier in April, the House of Representatives mandated its Committees on Petroleum Resources (Downstream), Petroleum Resources (Upstream), and Gas Resources to investigate the sharp increase in the price of diesel across the country.

Nairametrics had in March upon investigation, reported that the average cost of diesel had risen to about N625 per litre in some of the filling stations that are willing to sell in Lagos State, with some of them selling for as high as N630 per litre.

The NBS in its report said that the surge in the price of the product represented a 118.75% increase in less than 2 months, when compared to the N288 per litre that it sold in January 2022.

https://nairametrics.com/2022/05/31/oil-price-rises-above-122-per-barrel-as-diesel-prices-surge-further-in-nigeria/

Stormtrooper11:
I saw this on the net. Wanted to see how well do Nigerians know assault rifles of similar variants, especially assault rifles of Russian/Soviet origin.

Spot the AK-47 in the picture. If you can name all rifles, do so.

@Mynd44 @Lalasticlala @Seun

The all black one....

The International Monetary Fund (IMF) has said it expects Nigeria’s inflation figure to rise to between 18 and 22 per cent in 2022 following the rise in food and energy prices.

The Central Bank of Nigeria (CBN) had last week raised interest rate by 150 basis point to tame inflationary pressure arising from insecurity and Russia/Ukraine crisis affecting the supply chain, with an anticipated high electioneering spending as Nigeria approaches election year.

The IMF also has also warned that with Nigeria’s public debt set to hit N45 trillion this year, the country may be spending all its revenue on servicing debts in the next four years if the rising debt level is not curtailed.

This was stated by the IMF representative for Nigeria, Mr Ari Aisen, during the public presentation of IMF’s Regional Economic Outlook for Sub Saharan Africa Spring 2022 Issue, entitled “A New Shock and Little Room to Manoeuver.”

Aisen had noted that upon conducting a macro-fiscal stress test, the interest payments on debts could amount to Nigeria using 100 per cent of its revenue to service debt by 2026 if not closely monitored. He also urged Nigeria in the short-term to prioritise its debt, inflation, growth and foreign exchange management.

He therefore called for the aggressive implementation of the Ministry of Finance-initiated strategic revenue growth initiative to effectively expand the tax net and mobilise funds for government spendings for macro-stability.

However, contrary to the 76 per cent debt-to-service ratio as stated by the director-general of the Budget Office of the Federation, Ben Akabueze, the IMF representative noted that Nigeria’s debt to service ratio currently stands at 89 per cent, a stretch away from the 50 per cent target of the government.


“I think the biggest critical aspect for Nigeria is that we have done a macro-fiscal stress test, and what you observe is the interest payments as a share of revenue, and as you see us in terms of the baseline from the federal government of Nigeria, the revenue – almost 100 per cent – is projected by 2026 to be taken by debt service.

“So, the fiscal space or the amount of revenues that will be needed and this, without considering any shock, is that most of the revenues of the federal government are now in fact 89 per cent and it will continue if nothing is done to be taken by debt service. It is a reflection of the low revenue of the country. The country needs to mobilise more revenue to be able to have macroeconomic stability. It has become an existential issue for Nigeria.”

The IMF reaffirmed its revised prediction for Nigeria’s economic growth at 3.4 per cent in 2022, with overall fiscal balance of -5.9 per cent, while it projected the nation’s public debt to grow by 38.8 per cent this year. In terms of level, Aisen said it is still at the moderate level of debt-to- GDP.

IMF said the outlook is challenged by high food and energy prices, spending pressure within narrow fiscal space, persistent insecurity, particularly banditry and kidnapping and elections risks.

Other downsides to the economy, according to IMF, are low COVID-19 vaccination rate, monetary tightening in advanced economies and muted foreign investment inflows and exchange rate pressures.

Aisen said growth in Nigeria has recovered substantially despite uncertainties, adding that Nigeria needs to mobilise more revenue to serve as fiscal support and to deal with macroeconomic issues.

On the effects of the Russia and Ukraine war, he noted that Nigeria and other sub-Saharan Africa are currently facing high food prices and that 57 per cent of the Sub-Saharan Africa population currently face food insecurity which worries the IMF.

https://leadership.ng/imf-projects-22-inflation-rate-for-nigeria-in-2022/

Locals refining what the FG cannot......it is well.