Connect with us

News

Higher food prices, forex pressures push inflation to 29%

Published

on

Food, forex pressures push inflation to 29%
• Food prices soar
Spread the love

Soaring food prices and foreign exchange pressures may have pushed up push inflation rate beyond 29 per cent, it was learnt yesterday.

The National Bureau of Statistics (NBS) will today release the Inflation Report.

Intelligence reports by many economic and finance firms surveyed yesterday by The Nation showed that inflation may have risen by between 50 to 80 basis points last month, the highest since August 2005.

But, experts expressed optimism that early gains from the reforms introduced by the government would ease the pressure on Nigerians and put the economy steady path of recovery.

The increase in inflation in December 2023 indicated that average costs of basic living items rose for every month last year.

Ahead of today’s release of the inflation report by the NBS, independent consumer surveys and econometric models indicated that inflation remained unabated, although the momentum of price increases appeared to be slowing down.

Maduka College Advert

The reports indicated that inflation may rise from 28.2 per cent in November 2023 to estimated ceiling of about 29 per cent in December 2023. It had started the year with 21.8 per cent in January 2023.

Analysts at Afrinvest West Africa expected inflation at 29.0 per cent while Financial Derivatives Company (FDC) estimated current inflation at 28.7 per cent.

Experts agreed that the increase in inflation rate was due mainly to naira depreciation, foreign exchange (forex) pressure and the lingering effect of the removal of subsidy on premium motor spirit (PMS), otherwise known as petrol.

FDC noted that while December inflation will be at a record high and raises concern of Nigeria becoming an outlier, Nigeria will likely see moderation in inflation in 2024.

The Bismarck Rewane-led FDC pointed out that “inflation is estimated to decline in 2024”, noting that inflation expectations are more important than historical inflation.

“Though, inflation in Nigeria has increased consistently in 2023, many experts are projecting a significant decline in 2024. According to EIU, inflation in Nigeria is expected to fall to 23.6 per cent in 2024 and 17 per cent in 2025. These projections are not unrealistic, as Nigeria is likely to see a moderation in inflationary pressures in second half 2024,” FDC stated.

Rewane urged the government to back up its revenue reforms with increased fiscal spending and unlocking the economy from several bottlenecks.

According to him, in order to balance the reforms, government should implement two contemporaneous actions, including boosting fiscal spending to increase earnings for businesses and households and to prioritize removing the embedded structural bottlenecks that bookend extreme poverty, constrained growth, and macroeconomic instability.

“Going into 2024, it is imperative for policy communication to be coherent and consistent to avoid the unintended consequences of market reactions to policy inactions or wrong policy therapy,” Rewane advised.

Managing Director, Arthur Stevens Asset Management, Mr. Olatunde Amolegbe, said inflation may continue to rise in the early part of 2024, but this will slow down later in the year.

He said: “I think it will still rise in the first half of the year but at a slower pace since most of the issues contributing to rising inflation seems to be already factored in. The coming on stream of Dangote Refinery should reduce forex demand pressures and rising crude oil price will hopefully improve liquidity.”

He noted that food prices could moderate if farm production improves as on the back of reduced insecurity while consumer resistance on the back of lower disposable income could also contribute to slow rate of inflation growth.

Amolegbe, a former president of Chartered Institute of Stockbrokers (CIS), said: “So, to tackle inflation we need to deal with insecurity, supply chain issues, stabilize forex supply and prices and curb interest rate increases.”

Managing Director, Highcap Securities, Mr. David Adonri, said inflation will reduce in the months ahead.

He said: “Rising inflation is expected to moderate in 2024. The economy will readjust to the new price level precipitated by last year’s market reforms. Coming on stream of local refineries will reduce pressure on forex and hence reduce depreciation of the naira. Nigeria’s inflation is fueled by insecurity which depresses production and forex scarcity which escalates cost of production and imports. Addressing these issues will certainly subdue inflation.”

FDSH Group stated that it expected to see more collaboration between the Central Bank of Nigeria (CBN) and fiscal authorities on inflation, especially in dealing with the non-monetary triggers of inflation, otherwise the bank’s efforts to squeeze liquidity will only yield negative outcomes.

The Group said: “Challenges associated with agricultural productivity, logistics bottlenecks, infrastructure deficit and activities of non-state actors in imposing charges on businesses have implications for inflation in Nigeria, and efforts must be made to address them.

“The CBN must also be aware of its limits in taming inflation using monetary policy, especially given the peculiarities of the Nigerian economy – a large informal economy, a huge population of financially excluded individuals, etc.

“Therefore, constant dialogue with fiscal authorities is required, and we believe that the process of engaging with non-monetary authorities needs to be institutionalised to ensure proper coordination.”

Cordros Capital Group outlined disinflationary trend in the second half of 2024 as the macroeconomic environment improves.

Analysts at Cordros Capital said they expected gradual phasing out of the current impact of PMS subsidy and forex reforms on the non-oil sector, higher crude oil production relative to 2023 levels amid supportive oil prices and forex supply improvement in line with the authorities’ expectations of forex inflows from arrangement with international banks.

“Also, we expect foreign investors’ sentiments to improve next year, given the recent monetary authorities’ actions in sucking financial system liquidity and ensuring naira assets are attractive, even as the government is expecting forex inflows up to $10.00 billion from different sources,” Cordros Capital noted.

NATION

Health

NAFDAC urges Stakeholders to lead vigilance on Antimicrobial Resistance, Adverse Drug Reactions

Published

on

Spread the love

The National Agency for Food and Drug Administration and Control (NAFDAC) has called on stakeholders and Nigerians to lead vigilance against Antimicrobial Resistance (AMR) to medicines/drugs and Adverse Drug Reactions (ADR).

The Director-General of NAFDAC, Prof. Mojisola Adeyeye, made the call on during a one-day Pharmacovigilance Workshop and Stakeholders Town Hall Meeting in Enugu.

Represented by NAFDAC’s Director, South-East Zone, Dr Festus Ukadike, the director-general noted that the gravest consequences of irrational medicine use today is AMR.

She explained that the misuse and overuse of antibiotics had accelerated the emergence of resistant microorganisms that no longer respond to conventional treatment.

“This means that infections previously treatable with common antibiotics are becoming increasingly difficult and expensive to manage.

“If urgent action is not taken, antimicrobial resistance may reverse decades of medical progress and place humanity at serious risk.

Maduka College Advert

“This is why Pharmacovigilance is extremely important. Pharmacovigilance refers to the science and activities relating to the detection, assessment, understanding, and prevention of adverse effects or any other medicine-related problems.

“In simple terms, Pharmacovigilance helps us ensure that medicines remain safe and effective even after they have been approved and released into the market,” she said.

Adeyeye noted that no medicine is completely free from side effects.

“However, through effective Pharmacovigilance systems, healthcare professionals and patients can identify harmful reactions early, report them appropriately, and help regulatory authorities take necessary actions to protect the public,” she said.

She said that Pharmacovigilance remained a core mandate of the agency, adding that stakeholders and general public should play active part in monitoring AMR and ADR to ensure effectiveness of medicine and treatment.

Speaking, the Chairman, Enugu State Traditional Rulers’ Council, Igwe Samuel Asadu, commended NAFDAC for the workshop, while urging the agency to put more effort in curbing sales of fake medicines in the hinterlands.

Asadu said that Pharmacovigilance was needed more in the hinterlands of the state to stop people paddling fake medicines and “selling outright chalk as medicine in villages in the state”.

He gave the commitment of royal fathers in the state in providing necessary support to NAFDAC to check paddlers of fake medicines, “as we see our people die due to their activities.”

Corroborating, the State Coordinator of World Health Organization (WHO), Dr Adaeze Ugwu, said that the organisation would continue to support NAFDAC in the agency’s resolve to strengthen food and healthcare in the country.

Also, Dr Oliver Ezemba, Chairman, Nigerian Association of Patent and Proprietory Medicine Dealers (NAPPMED), urged everybody to get concerned on the issues of AMR and ADR to guarantee quality medicines for everyone.

Ezemba called on Nigerians to imbibe the habit of reporting any irregularities observed while using a medicine to NAFDAC for proper investigation, which would serve the benefit of many Nigerians using same medicine.

The participants asked questions on AMR and ADR as well as made pledge on reporting any suspectable AMR or ADR case through the NAFDAC’s Med Safety Mobile App using their cellphone or computer set.

In the workshop, a presentation was made on “Need for Effective Pharmacovigilance by All’, delivered by Mr Chidi Uche and Mrs Ogechi Udeh, who are NAFDAC officials.

Continue Reading

News

Coup trial: Accused colonel rejects military court

Published

on

Col Mohammed Ma’aji
Spread the love

The second accused person in the charges brought against 36 persons accused of alleged mutiny and plot to overthrow the government of President Bola Tinubu, Col Mohammed Ma’aji, has challenged the jurisdiction of the Defence Headquarters Garrison General Court Martial sitting in Asokoro, Abuja, to hear the case.

Ma’aji, in a preliminary objection filed before the court martial in charge No: DHQ/GAR/ABJ/49/ADM, between the Armed Forces of Nigeria and Brig Gen M.A. Sadiq, Col Ma’aji, alongside 35 others, urged the court martial to strike out the charges instituted against him, arguing that the military tribunal lacked the jurisdiction to entertain the case.

Ma’aji, in the objection, contended that the charges were fundamentally defective and incompetent in law.

The objection, brought pursuant to Rules 36(1) and 37(1) of the Rules of Procedure Army 1972, urged the tribunal to make an order striking out and/or dismissing the charges against the 2nd Accused.

“Take notice that the 2nd accused hereby objects to the jurisdiction of the General Court Martial to entertain Counts One to Nine of the charges preferred against the 2nd Accused in Charge No: DHQ/GAR/ABJ/49/ADM, namely ARMED FORCES OF NIGERIA V. BRIG. GEN. M. A. SADIQ (N/10321) & 35 ORS and hereby prays the General Court Martial for the following reliefs:

“An Order striking out and/or dismissing the charges against the 2nd Accused in Charge No: DHQ/GAR/ABJ/49/ADM for lack of jurisdiction. An order declining jurisdiction to entertain the charge as constituted.

Maduka College Advert

“And for such further order(s) as the Honourable General Court Martial may deem fit to make in the circumstances.”

The second accused in the charge also argued that the complainant, listed as the Armed Forces of Nigeria, lacked the legal capacity to institute criminal proceedings.

According to Ma’aji, “The complainant (Armed Force of Nigeria) is not a juristic person and thereby lacks the requisite competence to initiate and prosecute the criminal proceedings in Charge No: DHQ/GAR/ABJ/49/ADM.”

Ma’aji further maintained that because the complainant allegedly lacked legal personality, the General Court Martial was equally deprived of jurisdiction to hear the matter.

Citing several Supreme Court and Court of Appeal authorities, including Green v. Green, Fawehinmi v NBA, and Mothercat Nig Ltd v Reg. Trustees of the Full Gospel Assembly Nig, the defence argued that only natural persons or entities expressly recognised by law could sue or be sued.

The written address submitted in support of the objection stated, “The name ‘Armed Forces of Nigeria’ described as ‘complainant’ in Charge No: DHQ/GAR/ABJ/49/ADM is unknown to law and destitute of any legal capacity to exercise Prosecutorial powers in respect of the charges preferred against the 2nd Accused.”

The second accused also challenged the competence of counts one to nine of the charge, which allegedly accused him of inciting other officers to join a plot to overthrow President Tinubu.

Ma’aji insisted that the allegations contained in the particulars of the charges did not fall within the offence of mutiny as contemplated under Section 52(1)(b) of the Armed Forces Act, 2004.

He argued that the particulars of the charge “disclose offences against the Sovereign State otherwise known as the Federal Republic of Nigeria and constitutional order rather than offences relating to military or service discipline or command structure.”

He maintained that the phrase “plot to overthrow the government of the Federal Republic of Nigeria” contained in the charge could not be equated with “lawful authority in the Federation” as envisaged under Section 52(3) of the Armed Forces Act.

“It is submitted that the Federal Republic of Nigeria does not fall within the phrase ‘a lawful authority in the Federation’ as used in Section 52(3) of the Armed Forces Act, Laws of Federation, 2004,” Ma’aji contended.

Relying on constitutional provisions and judicial precedents, he argued that the court-martial, being a tribunal of limited jurisdiction, could not extend its powers beyond what was expressly granted by statute.
Ma’aji also cited the Supreme Court’s warning against judicial expansion of statutory provisions, insisting that any ambiguity in penal legislation must be resolved in favour of the accused persons.

Quoting the Supreme Court decision in Nigerian Navy v. Lambert, the second accused submitted: “It is settled law that penal statutes are to be construed strictly to the benefit of the accused person and that where there is a reasonable construction that avoids the penalty in any particular case, the court must adopt that construction.”

The preliminary objection further contended that for a charge of mutiny or incitement to mutiny to stand, there must be allegations of concerted insubordination, defiance of military authority or refusal of lawful command or organised military rebellion against superior military command.

According to the defence, the particulars supplied by the prosecution failed to disclose those essential ingredients.

On this ground, he urged the General Court Martial to uphold his preliminary objection and dismiss the charges against him for want of jurisdiction.

Meanwhile, a witness in the ongoing trial of six alleged coup plotters before the Federal High Court in Abuja, on Wednesday, told investigators that Ma’aji allegedly threatened to force his way into the Presidential Villa, even if insiders refused to cooperate.

The fourth defendant, Zekeri Umoru, made the allegation in a video previewed in court during proceedings in the trial-within-trial over the admissibility of the defendants’ extrajudicial statements.

Umoru and five others in April were arraigned before Justice Joyce Abdulmalik on 13 counts of criminal charges over alleged complicity in an alleged coup plot to overthrow Tinubu’s government.

The six defendants: Maj Gen Mohammed Ibrahim Gana (retd), Capt Erasmus Victor (retd), Insp Ahmed Ibrahim, Zekeri Umoru, Bukar Kashim Goni and Abdulkadir Sani, however, pleaded not guilty to all the counts after the charge was read to them.

At the resumed sitting, Umoru, who worked with Julius Berger on the Presidential Villa clinic project, alleged that Ma’aji, through the third defendant, Insp Ibrahim, asked him to recruit between 18 and 19 persons working inside the Villa, including soldiers, Department of State Service personnel and Julius Berger staff.

According to the video evidence played in court, Umoru alleged that plans were discussed to switch off electricity within the Presidential Villa to aid the operation, but he warned that such an action would immediately trigger investigations and lead to the detention of workers on duty.

He further claimed that Insp Ibrahim later demanded N100m from Ma’aji to facilitate access into the Villa through an ambulance route, but Ma’aji allegedly rejected the amount as excessive, insisting he could still gain entry by force, although “there would be bloodshed.”

The witness also told investigators that he became uncomfortable with the alleged plan and repeatedly attempted to return the money given to him, insisting that the Presidential Villa “was not child’s play.”

He denied having access to the Villa’s solar power plant, despite allegations that he intended to sabotage the electricity supply within the complex.

The court further heard that Umoru did not immediately report the alleged plot to authorities because Insp Ibrahim allegedly advised him to delete messages and avoid contacting Ma’aji due to an ongoing audit in their office.

Following the screening of the video evidence, Justice Abdulmalik adjourned the matter until May 21 for continuation of the trial-within-trial.

Continue Reading

News

Terrorists have infiltrated no less than 40 South-West LGs — Gani Adams

Published

on

Gani Adams
Spread the love

Aare Ona Kakanfo of Yorubaland, Gani Adams, has raised fresh concerns over insecurity in the South-West, claiming that terrorists have infiltrated at least 40 local government areas across the region.

While speaking in a recent interview with The Punch, Adams said the threat in the South-West has become more serious than many people realise.

“We have 137 local government areas in the South-West, and we spotted not remnants of terrorists, but a lot of terrorists in no fewer than 40 local governments. We have many terrorists that have infiltrated those local government areas,” he said.

Adams revealed that his group had documented the development but chose not to make the information public immediately because they hoped to work directly with state governments to tackle the problem.

“We kept that document to ourselves because we were more confident that working with state governments, which are the institutions governing the states, would yield results compared to working with law enforcement agents,” he stated.

The Yoruba leader, however, expressed disappointment over what he described as the refusal of governors in the region to engage with his organisation despite repeated warnings over the past two years.

Maduka College Advert

“As a result, we called for collaboration with state governments for the past two years. This is a government that knows your antecedents, knows that you have a structure across Yorubaland, even beyond Yorubaland and in some northern states, yet refuses to talk to you, refuses to agree with you, or even assist you, despite being in power and benefitting from security votes,” Adams said.

“Yet they didn’t call to discuss with you. So, you have to bear in mind that the only assistance you can give to Yoruba people is to talk to the media and give little information that some states have been infiltrated and that there would be attacks in those states, because you are not helping matters by divulging the entire information,” he added.

Reacting to the recent abduction of pupils, teachers and residents in Oriire Local Government Area of Oyo State, Adams said local hunters and vigilante groups may not possess sophisticated weapons but still have a critical role to play in combating insecurity.

According to him, all factions of the Oodua Peoples Congress (OPC) and other local security groups in the South-West are ready to collaborate against criminal elements.

“All hands must be on deck to confront these criminals. You can have less potential and still know the criminals in your area. Security is not always about carrying sophisticated arms,” he said.

“You need intelligent people. You need people who can infiltrate enemy territories. You need multilingual people who can speak different languages and use that advantage to gather intelligence.

“You also need people with spiritual potential. You even need clerics who will pray for the success of your mission. So, the issue of security has different sectors. By combining those sectors, you can achieve victory against criminals,” Adams added.

His comments come days after gunmen attacked schools and surrounding communities in the Ogbomoso axis of Oyo State, abducting several pupils, students and teachers from Baptist Nursery and Primary School in Yawota, Community Grammar School and L.A Primary School in Esin Ele.

Ondo State and several other communities in the South-West have also witnessed repeated attacks by suspected kidnappers and armed groups in recent months.

Continue Reading

Trending

Maduka College Advert