₦airaland Forum

dre11:
Demolition: Lagos yields to pleas, gives property owners options to re-establish setbacks



https://guardian.ng/news/demolition-lagos-yields-to-pleas-gives-property-owners-options-to-re-establish-setbacks/

Kukutente23:
https://punchng.com/nnpcl-not-transparent-on-subsidy-dollar-revenues-wbank/

Racoon:
Really! A padre is the coven of bloodsuckers

dre11:
https://punchng.com/dangote-refinery-diesel-jeta1-hit-market-january-petrol-delayed/?amp

Nigeria is not earning enough revenue to support its developmental needs, the International Monetary Fund has disclosed.

According to the IMF, the country’s nine per cent revenue to Gross Domestic Product ratio is very low and not enough to support the country’s social safety nets, development spending, and protect its vulnerable households.

The Director of the IMF’s Communications Department, Julie Kozak, revealed this during a press briefing on Thirsday.

Responding to a question on Nigeria at the briefing, she said, “As we mentioned in our Article IV Consultation, which was held in February of 2023, raising revenue from the very current low revenue to GDP ratio of nine per cent is essential to create fiscal space for social and development spending.

“Nine per cent of GDP is a very low revenue to GDP ratio, and it is really not high enough to be able to support strong social safety nets, and development spending, to help protect vulnerable households and also to meet Nigeria’s development needs.”

She, however, noted that Nigeria’s 2024 budget hopes to prioritise priority spending, both on the social and development side.

She stated, “The 2024 budget aims to reduce the fiscal deficit while also creating space for these priority spendings, both on the social side and also on the development side.”

Low revenue has become a concerning in Nigeria, with the Federal Government recently moving to improve its revenue to GDP ratio.

During the 2024 budget presentation, the Minister of Budget and Economic Planning, Abubakar Bagudu, said, “Revenue generation remains the major fiscal constraint to Nigeria’s fiscal viability. However, government is reviewing current tax and fiscal policies with a view to improving revenue generation.

“The target is to increase the ratio of revenue to GDP from less than 10 percent currently to 18 percent within the current term of this Administration. Efforts will however focus on improving tax administration and collection efficiency.”

At the World Bank/IMF Annual Meetings in Marrakesh, Morocco, in October, the Assistant Director, Fiscal Affairs Department, IMF, Era Dabla-Norris, declared that Nigeria’s revenue-to-GDP ratio is quite low relative to other emerging markets and developing countries.

Further commenting on Nigeria at the press briefing, the Director of the IMF’s Communications Department, Kozak, noted that inflation in the country is very high, crossing the 27 per cent mark in October.

She stated that the IMF expects the CBN to hike rates further at its next MPC meeting.

She declared, “The Central bank, under its new leadership, has started to withdraw excess liquidity that was in the system and contributing to high inflation. The next Monetary Policy Committee meeting should further raise policy interest rate. So, the Central bank is taking action to try to address the high inflation problem.”

However, it remains to be seen whether the CBN will hike its rates considering its governor’s stance on interest rates.

At the Chartered Institute of Bankers of Nigeria’s annual dinner held recently in Lagos, Olayemi Cardoso, said, “Our monetary policies will aim to achieve price stability, foster sustainable economic growth, stabilize the exchange rate of the naira, and reduce interest rates to facilitate borrowing and investments in the real sector.”

It might also be until 2024 before the next MPC meeting, with Cardoso, stating, “For the avoidance of doubt, the Central Bank of Nigeria Act 2007 requires that the meeting of the Monetary Policy Committee of the Bank be held at least four times a year, and the Bank has satisfied this requirement for 2023. Our focus has been on ensuring these meetings are useful and effective.”

In its new outlook, global rating agency, Moody declared that high inflation in Nigeria is raising the risk of social unrest.

It said, “Increasingly high inflation generates spending pressure on the government and raises social risks, while the extent of fiscal relief from the removal of the oil subsidy remains unclear at this stage.”

At least 750 persons have been killed by bandits, terrorists and other non-state actors, while no less than 45 persons were abducted from various educational institutions in the country in 2023.

According to a report by Policy and Legal Advocacy Centre (PLAC) the year which opened with reports of attacks on unarmed civilians by insurgents and other non-state actors on one hand, and the security forces on another is also ending the same way.

The 2023 human rights report was issued on Friday in Abuja by PLAC’s Executive Director, Clement Nwankwo at an event to commemorate the 75th Anniversary of Human Rights Day themed “Freedom, Equality and Justice for All.”

Nwankwo said it was against the backdrop of ravaging insecurity, arbitrariness exhibited by state institutions and deepening levels of poverty that the status of human rights protection in the year 2023 was examined.

He regretted that life in general had remained insecure in most parts of the country, even as soldiers were deployed in virtually all of Nigeria’s 36 States.

VicDs:
Are these people not human beings? Or are they not part of Nigeria ?

Jokerman:
https://nairametrics.com/2023/12/06/pg-to-dissolve-ground-operations-in-nigeria-revert-to-an-import-only-business-model/

Bandits operating on federal highways in Niger State have shot dead a bus driver and kidnapped eight passengers during an attack.

The bandits, who made contact with family members of the captives, are said to have demanded a N17 million ransom for their freedom.

PUNCH Online learnt on Tuesday that the incident occurred last Saturday.

According to residents, the abducted persons were said to be on their way to the coronation of the chairman of kingmakers and chief priest of Bakarabonde in Borgu Kingdom.

The bandits were said to have set the bus conveying the passengers ablaze after they had concluded their operation.

Confirming the incident, Chairman of Borgu Local Government Area, Sulaiman Yerima, described it as unfortunate.

He also confirmed that the kidnappers had made contact with the families of the captives and demanded N17m as ransom.

The Niger State Police Command’s spokesman, Wasiu Abiodun, when contacted, said he had made contact with the Borgu Division and was awaiting their report of the incident.

“I am still awaiting a detailed report of the incident. When I get it, I’ll contact you,” he said

The Minister of Steel Development, Shuaibu Audu, has requested N35bn funding from financial institutions to revive the moribund Ajaokuta Steel Company.

Audu said the collaboration with financial institutions was to seek the best financing options to re-start the light Steel Mill in Ajaokuta and kick-start iron rod production.

The ministry’s Chief Information Officer, Tine-Iulun Maureen, in a statement, said the minister revealed this when he received a delegation from Stanbic IBTC Bank, on Tuesday in Abuja.

The statement read, “It has become imperative to seek funding of about N35bn to enable the re-start of the Light Mill Section of the Ajaokuta Steel Plant for the production of iron rod to achieve the agenda of the current administration to revive Ajaokuta in phases in accordance with its set timelines and benchmark.

“This is in furtherance of achieving its mandate of reviving the steel sector, improving industrialisation in the country, diversifying the economy, providing jobs for the teeming youths and growing the Gross Domestic Product, is collaborating with Financial Institutions, for best financing options to re-start the light Steel Mill in Ajaokuta.”

Speaking further, Audu disclosed that the ministry has an existing agreement with the Works Ministry to be off-takers of the rod produced as well as with the Ministry of Defence to build a Military Complex in Ajaokuta, adding, “We have huge opportunities in Ajaokuta and potentially a lot can be achieved.”

Earlier, the CEO, Stanbic Bank, Wole Adeniyi, who was represented by the Head of Industrials, Debola Seriki, expressed the bank’s willingness to partner with the Ministry, while requesting further details for their consideration towards realising the project.


In the same vein, the statement added that the minister met with top management of United Bank of Africa and Voda Infrastructure Management Ltd with a view to ensuring that funds are raised for the immediate take-off of the project for sustainable development of the Steel Sector.

slivertongue:
dividends of APC's disasterous rule

The skyrocketing cost of medicines over the last few months is taking a toll on Nigerians. Findings revealed that many people suffering from minor and common ailments and those who require life-long management of their ailments, such as diabetes, asthma, hypertension are increasingly finding it difficult to meet up with the costs of their prescribed and over-the-counter medicines.

Some brands of popular medicines have also become scarce across many pharmacies, health facilities and retail outlets. As a result, patients have to travel long distances to access them and at very high prices, compared to previous prices.

Daily Trust Saturday reports that the situation is dire for some patients with chronic ailments, such as cancer, heart, kidney and liver diseases as some have to resort to partial treatment or abandon it all together.

Nigeria has been described as Africa’s largest drug market with over 70 per cent of medicines used in the country imported from India, China and other countries.

Experts also said over 70 per cent of payment for health care services in Nigeria is done from out-of-pocket expenditure, meaning that people pay most of their health care bills from their little income.

This has made it difficult for many, particularly poor Nigerians to access health care, especially with the skyrocketing cost of medicines.

Reasons for rising cost of drugs

The president of the Pharmaceutical Society of Nigeria (PSN), Prof Cyril Usifo, blamed the hike in prices of drugs on the increase in the prices of Active Pharmaceutical Ingredients (APIs).

“One thing is obvious. The things we use to produce medicines, the APIs, are not produced here. It depends on how much we are using to get them. Then, there is no energy to produce these things. You use generators; and you know the price of diesel. If you price all these together, as a businessman, would you sell for less price?

“If you produce with one kobo, won’t you sell it for one and half kobo so that you would be able to pay your workforce?

“So the answer is obvious. The roads are not good. Go to Agbara and see that some people would produce the drugs but by the time they are evacuating them to reach people here, the vehicle breaks down because the roads are very bad.

“What I am saying in essence is that whatever is happening is not particular to the pharmaceutical sector. It is very painful because at the end of the day, what is happening is that some pharmacies would buy a drug at N2 and they would not give me the exact price. By the time they sell it to you and go to buy the same drug, it would be N5.

“They don’t even have their capital recovered and they have to spend more. And when you want to buy from them you begin to complain.The same companies that are producing are increasing within three months. A pharmacy told me they increased the price of a particular drug more than three times,” he said.

The chairman of the PSN, Borno State chapter, Umaru Abdulkareem, said another reason for the rising cost of medicines was the exit of multinational pharmaceutical companies like GlaxoSmithKline (GSK) from the country.

He said that as a result, the cost of the medicines they manufactured, like their brand of salbutamol inhaler called Ventolin, which is used by asthma patients, has gone high.

He said the cost of some drugs for asthma patients that was just N4,000 had increased to N12,000.

While saying that the cost of another of their brand called Augmentin tablet that was just N6,000 has risen to N24,000 , he said there was also a rise in anti-malaria drugs.

Forex scarcity impedes pharmaceutical companies

In recent months, many multinational pharmaceutical companies have exited Nigeria, citing unfavourable business environment.

An acute forex shortage sparked by lower oil revenues has affected multinationals operating in the country.

For some, there weren’t enough dollars to import raw materials, while others were unable to repatriate profits to their parent companies due to the FX challenge.
money to replace them.

He lamented that the rising cost of drugs was really affecting those managing the ailment.

He called on the federal government to subsidise diabetes drugs, saying many have died as a result of the inability to afford the drugs.

Speaking on the development, Daniel Edegbe, a pharmacist and the owner of Gina Pharmacy, attributed the development to lack of forex for importers to bring in drugs, rise in dollar exchange rate to naira, pharmaceutical company leaving the country, as well as fuel increase.

“In September, 500 miligram of Glucopage was N1,000 a sachet, but it is now N1,500. A pack of 1,000 miligram of it moved from N4,500 in August to N6,200 in September.

“Everything has gone up, including drugs. All branded drugs are very costly now. Augmentin, which was sold at N700 in August, is now N26,000 and above,” he said.

Way out

The president of the PSN, Usifo called for increased efforts towards local drug production, saying, “What is going on might look strange but we are beginning to see the realities of things ourselves. It may be an opportunity for us. We need to do more local production.”

Also, Edegbe said government should make forex available to importers.

Umaru Abdulkareem, the chairman of the PSN, Borno State chapter, advised people to patronise other brands registered by the National Agency for Food, Drug Administration and Control (NAFDAC), as well as check the quality of the foods they eat when they cannot find their recommended brands.

He said, “If you cannot buy those expensive ones like the branded Augmentin, there are other brands that are of lower price you can go for. They are also of good quality but just not the GSK brand.

“Government should also look into encouraging local manufacturing of drugs. If drugs are produced in the country, we can try to control and reduce the exorbitant prices.

“I also advise the government to do their best to control the dollar exchange rate.”

He advised Nigerians against patronising quacks or traditionalists for solutions, adding, “If you have an illness, go to the hospital, they would test you and drugs would be prescribed by physicians.”

Gunmen suspected to be armed robbers on Wednesday afternoon reportedly shot dead one Mr Taiwo Oyekanmi, a Director of Finance and Accounts attached to the Governor’s Office at Oke-Mosan, Abeokuta.

Oyekanmi was said to have been gunned down on top of NNPC Bridge, while coming from a bank where he had gone to make withdrawals in preparation for Thursday’s budget presentation by the governor.

He was said to have been rushed to the State Hospital, Ijaye, Abeokuta where he was pronounced dead.

Contacted, the spokesperson for the Ogun State Police Command, SP Omolola Odutola, said she was yet to be briefed about the development.

Two top civil servants at the Governor’s Office, Oke-Mosan, Abeokuta who spoke to our correspondent, confirmed the incident saying that the secretariat is currently in a mourning mood.

joyandfaith:
Lawyers like you with no conscience are the reason people are poor.