₦airaland Forum

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.

Legal luminary, Chief Wole Olanipekun (SAN) has said that majority of Nigerians currently live in poverty, stressing that over 70 per cent of the citizens were living below the poverty level.

Olanipekun spoke in Ikere Ekiti, his country home.

The legal icon pointed out that there was tension, unrest, anxiety, pressure, confusion, hatred, anguish, pain, distress and transferred aggression among many people.

According to him, the situation in Nigeria is much more challenging, coupled with the burden of insecurity that it had faced for over a decade.

“The poverty level in Nigeria today is not just scary but also terrifying, as over 70 per cent of Nigerians are rudderless and poverty stricken,” he said.

Rising inflation and low economic growth in Nigeria will push a further 2.8 million people into poverty by 2023’s end, the World Bank has disclosed.

This is based on a report titled, ‘Macro Poverty Outlook: Country-by-country Analysis and Projections for the Developing World,’ released recently. The Washington-based bank said, “By the end of 2023, the rise in inflation and low economic growth will have contributed to an increase of 2.8 million people in poverty (y-o-y), a 0.4 percentage points bump to 37.5 per cent of the population.”

It noted that Nigeria’s high inflation reached a17 17-year high of 24.1 percent (y-o-y) in July 2023, partly reflecting surging food prices and the temporary impact of the removal of the fuel subsidy. It stated that a cumulative 725 basis points hike in the monetary policy rate since May 2022 has had little effect on reining in inflation due to clogged transmission channels, also weakened by direct credit allocation by the central bank, and the continued monetization of the fiscal deficit.

The global bank further declared that federal fiscal deficit has risen to 63 per cent higher between January and May 2023 than in the same period in 2022, due to increasing interest payments, higher capital spending ahead of the elections, and the continuous large cost of the fuel subsidy.



The impact of this is set to spike public debt to 45 per cent of GDP and keep debt service above total revenue in 2023. It said. “The fiscal financing need and the devaluation of the naira are expected to push the public debt to 45 per cent of GDP and keep the debt service above total revenues in 2023.

“The current account balance (CAB) recorded a surplus of 2.2 per cent of GDP in Q1 2023, driven by lower imports and income outflows. However, the small CAB surpluses and capital flows since 2022 have been insufficient to increase foreign reserves, as oil export FX flows to CBN contracted, likely as a result of the direct crude sale-direct fuel purchase arrangements.”

The Bretton Woods Institution further predicted that future economic growth in the country will depend on the continued implementation of macro-fiscal and inclusive structural reforms. It stated the current reforms of the government will boost economic growth to an average of 3.4 per cent in 2023-2025.


It also expects inflation to begin to moderate by 2024.

The World Bank added, “The share of Nigerians living below the international poverty line is expected to peak in 2024 at 38.8 per cent before beginning a gradual decline, as inflation cools down and economic growth picks up. Targeted measures, including cash transfers, could mitigate short-term adjustment costs to the poor and vulnerable and mitigate their risk of falling into intergenerational poverty traps.”

Earlier in June, the bank disclosed that inflation pushed an estimated four million people into poverty between January and May 2023. Inflation has since risen to 27.33 per cent as of October 2023.

The Petroleum Tanker Drivers (PTD) have threatened to exit its umbrella body, the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), if its President Williams Akporeha and General-Secretary, Afoloabi Olawale, did not resign.

Mr Gbenga Olawale, an Ex-Officio of the PTD from Ibadan depot, said in a statement on Sunday that their members would begin a nationwide protest to press home their demand.


The statement directed PTD members across the country to move with leaves in front of their trucks to serve as a warning to NUPENG and police against interference and incessant harrassment of their leaders.

According to Olawale, Williams is not a member of NUPENG and as such lacks the competence to lead the union.

He alleged that Williams was drafted into petrol station workers of NUPENG (PSW) to enable him to contest election as NUPENG president which was a departure from the NUPENG constitution.

“Williams is not a worker or a pump attendant on record as at the time he was verifying for the president position,” the statement said.

Olawale further alleged that Williams planted his surrogates to collect all revenue of the union which were not used for the development of the union and tanker drivers.

He called for a fresh election as members of the PTD have decided to stand with Lucky Osusan and Dayyabu Garga to be the new NUPENG President and General-Secretary, respectively.

Olawale added that they decided to support Osusan and Garga because they have sacrificed so much to ensure that their members were free from all kinds of extortion.

The Association of Licensed Telecommunications Operators of Nigeria (ALTON), has said that there might be an increase in telecom tariff in the country as the current tariff regime in the telecom sector is no longer sustainable.

This was made known by the Chairman of ALTON, Mr. Gbenga Adebayo, in Lagos State during a stakeholders’ meeting with the Executive Vice Chairman of the Nigerian Communication Commission (NCC), Dr. Aminu Maida.

Adebayo said that price review should be considered in line with the rising operating cost, adding that operators are burdened by 52 taxes across the country under President Bola Tinubu.

Daily Trust quoted Adebayo as saying, “Our current pricing regime is no longer sustainable. That is the fact, with the way things are going, I am not sure we can sustain this sector with the current pricing regime.”

The ALTON Chairman who urged the NCC Chairman, Maida to intervene in the Unstructured Supplementary Service Data (USSD) debts owed them by Deposit Money Banks (DMBs), which according to him, had now hit N200 billion, noted that the total debts must be paid.

He stressed that the association would not hesitate blocking debtor banks from accessing the service.

In response, the NCC Chairman who assured Adebayo of the support of stakeholders in the sector said it was important to put a timeline on resolutions reached at the meeting.
The NCC boss who assured the stakeholders of his support and commitment to the growth of the sector, said his action would be guided by the Renewed Agenda of President Bola Tinubu and the policy guidelines enumerated by the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani.

Maida noted that the government sees the telecom sector as critical to the economy, and therefore urged the operators to improve the quality of their services as well as boost job creation in the country.

Also speaking, the President of Association of Telecommunications Companies of Nigeria (ATCON), Mr Anthony Emoekpere, said there is a need to bridge the telecom infrastructure in the country as part of measures to improve the quality of service.

silvoclaira:
Where is that imp TemplarLandryman, come and book space

VIDEO: Commuters Stranded As Lagos Drivers Begin Protest

Commuters are currently stranded at various bus stops and motor parks in Lagos State as a result of the protest held by commercial drivers in the state on Monday, November 13.

PUNCH Online gathered that the commercial… pic.twitter.com/wM1IFuFOdE

— Punch Newspapers (@MobilePunch) November 13, 2023

ogododo:
https://www.thecable.ng/naira-shrinks-to-n1135-at-parallel-market/

LagoS — Against the backdrop of indications that the Federal Government is putting in place measures to achieve exchange rate target of N500-N600/$1, while reorganising the banking sector, various private sector institutions and financial experts have expressed divergent views over the feasibility and the benefits of the goals.


They however, advised government on what it should do to achieve a stable macroeconomic environment that will address exchange rate instability.

Special Adviser to the President on Economic Matters, Dr Tope Fasua, speaking at the “Cowries to Cash” lecture and launch in Abuja on Tuesday, dropped the hint on Federal Government’s plan to shore up the value of the naira.

Alluding to the rise in the value of the naira in the past few days, Fasua said the trend is expected to continue as a result of policies being implemented by the government.

He cautioned Nigerians hoarding foreign currencies with the hope that the local currency will continue to fall, warning that the policies of the government will shock them.

Fasua, who represented Vice President Kashim Shettima, at the event said: “For those who are speculating and praying and wishing that the currency would become nonsense, I believe that policies being rolled out by the Central Bank and the Federal Government that I serve, led by the President Bola Tinubu, will shock some of them.

“You know, he has some very great ideas coming up. Some of them are what you’ve seen reversing the fall in the value of the naira, but he has also challenged us to review forward many of the targets, for example, the idea that Nigeria’s economy will get to a trillion dollars. He wants to achieve it by 2026.

“Some people thought the naira will continue to lose value. Of course, we can already see what’s going on and the naira will strengthen even further to may be N500 or N600. I’m beginning to see some of those.”

NECA reacts
Reacting to this hint, the Nigeria Employers Consultative Association, NECA, and economy experts commended the idea but urged the working policy plans should be disclosed and made clear.


They added that government should focus on local production, address the nation’s propensity to import, make the fiscal and monetary policy authorities work in sync among other things, before dreaming of a lower exchange rate.

Commenting, NECA’s Director-General, Mr Adewale-Smatt Oyerinde, urged government to deepen engagement with organized businesses with the view of building greater consensus and support for the on-going reforms.

Oyerinde stated: “We note the plan by the Government to shore up the value of the Naira to between N500 and N600 to a Dollar in 2024. This plan is quite commendable and ambitious.

“While we commend the plan, it is instructive to note that this will require deliberate and focused plan of action to address the shortfall in Dollar supply”.

How they intend to do it is still unclear —Amolegbe

Olatunde Amolegbe, immediate past President of Chartered Institute of Stockbrokers, CIS, said though he has not seen any working paper on how the exchange rate goal will be achieved, he wondered how they would achieve it. He stated: “Though I have not seen where they stated this, how they intend to do it is still unclear to me. We certainly do not have enough information that points to how this will happen in the medium term”.


Govt should not be giving exchange rates targets —Nwizu
Also reacting, Nnamdi Nwizu, of Co-Founder, Comercio Partners Limited, said: “ It is good to see the fiscal and monetary policy authorities working in sync. We have not seen that in a while.

“However, we need them to shed more light on actions being taken and how they intend to use them to strengthen the economy and ensure we have more exports to help the currency.

“I am not sure that a reorganisation of the banking sector alone can bring about the stability we seek. We need to see a lot on the fiscal side for that to happen.

“I also do not think government should be giving exchange rates targets.”

It will lead to fall in inflation in the long run —Kurfi

Mallam Garba Kurfi, Managing Director/CEO, APT Securities & Funds, described the proposition as a welcome development, saying it will lead to a fall in inflation rate in the long run.

He stated: “It is a good development and we will wait to see the plan. If the apex bank decided to do that it is good since they are the most realisable sources of FX. In this context, they are referring to restructuring the banking system for a desired result”.

He further said: “It is a welcome development and if they can achieve that, our inflation will come down because it is cost-push inflation.

“With that, achieving $1 trillion Gross Domestic Product, GDP, as the President promised, will be possible. We will wait to see the monetary and fiscal policies that will make that achievable.”

W-Bank, others will help to boost FX earnings —Omordion

On his part, Ambrose Omordion, an analyst at Invesdata Consulting Limited, said the exchange rate goal is possible, arguing, however, that dollar inflow from the World Bank and other multilateral organisations will help boost the nation’s foreign exchange earnings.

His words: “It’s possible if government will do the needful. Why I said it’s possible is that because for more than one year, the price of crude oil in the international market has remained above $80 dollars. If we are producing at capacity to meet our OPEC quota, it will increase our forex earnings.

Recommendations
NECA and the financial experts, however, made recommendations on how the Federal Government can achieve the desired exchange rate target.

NECA in its recommendation said: “To achieve this, the government must urgently address the nation’s propensity to import, including the fixing and or privatization of the national refineries, ensure maximum crude production in line with OPEC quota and promote local production. “Without producing what we consume, the nation will continue to conspire to put pressure on the Naira, leading to its continued weak state.

“We urge government, in this line to continue to deepen engagement with organized businesses, with the view of building greater consensus and support for the on-going reforms.”

Also, Amolegbe said: “The continuing mop-up of system liquidity via the resumption in the issuance of treasury instruments at significantly higher rates could slow the flows of money going towards the FX market as well as encourage increased foreign investment inflows.

‘’This will need to be coupled with some other significant measures in order to achieve the stated target exchange rate.”

In his recommendation, Nwizu said: “Instead of focusing on reforms, the Ease of Export or Doing Business, should be considered.”

Recommending, Omordion said: “The World Bank has said it’s giving us an interest-free loan facility of $1.5 billion. African Development Bank has also made similar promises to Nigeria. Not only that, we need to encourage more exports from Nigeria.

“We also need to encourage Nigerians abroad to repatriate funds back to the country in hard currency.

“There is need to check the elites, including the political class, who buy and stock dollars. If politicians are not converting their naira to dollar and storing it in their accounts, we won’t be seeing the dollar scarcity.

‘’So, the EFCC should move in and monitor bank accounts of every Nigerian and know those that are stocking dollars in their domiciliary accounts.

“These are the things we should be doing to increase supply. It’s doable but the government needs to encourage production, rather than depending on importation. When we start producing, it will reduce the pressure on dollar demands.”

IkeOnyia:
https://punchng.com/ebonyi-airport-runway-repairs-to-gulp-n13-7bn/

LeoDeKing:
Yet, you keep hopping in and out of the mention of the same person suffering and smiling busy begging for his attention.

Isn't that the height of poppycock?

LeoDeKing:
Already jittery of my comment as usual?

Now scroll up, it is there.

You can now wail and cry over it.