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NLC Urges Federal Govt. to Address Cash Crunch Immediately

By
Rhoda Onuzulike
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The Nigeria Labour Congress, NLC, has urged the Federal Government to quickly address the current cash crunch in the country to alleviate the hardships on its citizens.

NLC President, Joe Ajaero, who said this on Tuesday in a statement, said the congress was deeply concerned about the recent cash crunch that had gripped the Nigerian economy.

Ajaero said the NLC became worried over the development as the nation approached the festive season.

NLC, TUC suspends nationwide strike

According to him, the economic crisis bedevilling the nation has far-reaching implications for the citizens.

“There is a need for urgent steps to be taken to address this issue to prevent further hardships for the already suffering Nigerian populace,” he said.

Ajaero alleged that the ill-conceived and ill-implemented currency redesign policy of the immediate past government orchestrated the previous cash scarcity.

He lamented that Nigerians now spend more time sourcing for cash, stressing that the development undermines confidence reposed in the Nigerian banking system.

“Nigerians are spending more time in the banks trying to source for cash, not for monies that are not in their accounts but for their own money.

“This is undermining confidence of the public in the banks and may discourage the citizenry from participating actively in banking,” he said.

Nigeria’s Debt Hits N87.91trn — DMO

By
Rhoda Onuzulike
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Nigeria’s total public debt rose marginally by 0.61 per cent quarter-on-quarter to N87.91trn in the third quarter of 2023.

This is according to new debt stock data from the Debt Management Office released on Wednesday.

According to the data released, total external debt stood at N31.98trn and domestic debt amounted to N55.93trn in the period being reported.

Debt Servicing: Developing Countries Pay $443.5 Bn

DMO said, “At N87.91tn, the total public debt stock represents a marginal increase of 0.61 per cent when compared to the June 30, 2023 figure of N87.38tn. This trend is explained by the decrease in external debt from $43.16bn as of June 30, 2023, to $41.59bn as of September 30, 2023 and a relatively moderate increase of N1.8tn in the domestic debt.

“External debt decreased due to a redemption of a $500m Eurobond and the payment of $413.859m as the first principal payment of the $3.4bn loan obtained from the International Monetary Fund in 2020 during Covid-19.”

It noted that the servicing of these debts denotes a clear demonstration of the Federal Government’s commitment to honour its debt obligations.

“The initiative is for the masses. Air is luxury. The masses don’t use air transport. So they are our main target,” he explained.

Tinubu Approves 50% Reduction in Transport Fare

By
Rhoda Onuzulike
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President Bola Tinubu on Wednesday approved a 50 per cent slash in price of interstate transport fare for Nigerians traveling during the yuletide from Thursday, December 21, 2023 to January 4, 2024.

This is as the President approved free rides for commuters on all train services within the period.

The Minister of Solid Minerals Development, Dele Alake, announced this to State House Correspondents at the Aso Rock Villa on Wednesday.

Subsidy Removal: Niger Gives Free Transport to Public Schools

Alake said, “It is in this wise that the President is announcing through us that beginning from tomorrow, December 21, Nigerians willing to travel can board public transport via mini buses, luxury buses at 50 per cent discount of current cost and all our train services on the route the trains currently serve at zero cost on their travels this holiday season.

“This special presidential intervention will commence tomorrow, Thursday, December 21 and it will end on January 4, 2024.

“The Federal Government, through the Ministry of Transportation, will be working with transporters, road transport unions, the Nigerian Railway Corporation to seamlessly deliver on this special presidential initiative.”

Alake added that, “I can tell you that all the relevant stakeholders in that industry have been discussed with or been engaged and all the parameters laid out and the Minister of Transportation has the full details and it’s on top of the game.

“In fact, the Presidents of the various transport unions have been met…and everything is in top shape in terms of execution.”

However, Alake said air travel was excluded from the initiative because the initiative is targeted at the masses.

FG Partners With UNICEF To Empower 16,000 With Digital Literacy, Skills, And Entrepreneurship

By
Precious Obazee
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The Federal Government, through the support of the United Nations Children’s Fund, UNICEF, says it has empowered about 16,000 girls in Katsina State with digital literacy, skills, and entrepreneurship.

The Master of the trainer of the Nigerian learning passport Dr. Babangida Zubairu, disclosed this at the end of a training session at the Katsina State School of Nursing, Katsina.

According to him, the exercise started with the training of 2,000 teachers, to step down the training to pupils and other secondary school students in the state.

Zubairu explained that last week another training of about 5,000 female students of some selected secondary and primary schools, and also out-of-school girls within the state was conducted.

According to Zubairu, the training is aimed at promoting digital literacy, digital skills, and entrepreneurship of female students in Nigeria.

He noted that at the end of the training, each participant is expected to be enrolled in three different courses in Nigeria’s learning passport program adding that,  by the time they finish the courses, the participants would be issued with a certificate signed by the Federal Ministry of Education, UNICEF, and Microsoft.

FCT Water Board Generates N3.1bn In 11 Months

By
Rhoda Onuzulike
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The Federal Capital Territory Water Board says it has generated N3.1 billion revenue from January to November.

The acting General Manager of the Board, Daniel Salka who disclosed this during the Board’s end of year media briefing in Abuja on Thursday, explained that the amount was higher than the N2.5 billion generated in 2022.

Salka added that currently, the Board’s monthly Internally Generated Revenue (IGR) has increased from about N200 million to over N300 million.

The acting MD described the FCT Water Board as one of the “key” revenue generating agencies of the FCT Administration, explaining that the main source of the revenue was the sales of water which constitutes about 95 percent.

Salka added that other revenues were generated from lifting points, water connections, water analysis, tender fee on procurement matters and prepaid metres.

The acting MD also said that the Board had been able to reduce non-revenue water, explaining that non-revenue water was water that was being lost to either leakages on the pipes, illegal connections, or faulty metres among others, which does not accrue to the Board as revenue.

The Task Team on Revenue Drive and Illegal Connections discovered several illegal connections and disconnected or formalised them, while those that were not paying water bills were made to pay their bills to avoid being disconnected, Salka added.

Nigerian Government Seeks Innovative Solutions To Water, Sanitation

On the supply of water to residents of the city, the acting MD said that the Board was able to sustain improved water supply, despite the exponential increase in FCT population.

“Presently, we are supplying 13,00O cubic metres of water per hour, amounting to 312,000 cubic metres per day. This is, however, not enough due to the inability of the facilities to convey more.

“Our Water Treatment Plants 1 and 2 have the capacity of producing 5,000 cubic metres of water per hour, while plants 3 and 4 has the capacity to produce 10,000 cubic metres each per hour.

“In the whole, the four plants have the capacity of producing 30,000 cubic metres per hour for distribution to customers across the areas covered by the water distribution lines in Phases I, II and III.

“However, Phases III and IV of the Plants are mainly meant to service reservoir Tanks 1 and 6 but have been under construction for a while now.

“Similarly, it is important to mention that Plant 2 is also undergoing renovation and therefore, not functioning for now,” he said.

identified some of the challenges affecting the performance of the Board to include inadequate infrastructure, population growth and lack of functional metering system.

Salka, nonetheless, expressed optimism for improved service in 2024 as he reaveled part of activities earmarked for 2024 is to improve service delivery which includes; improved community engagements and sensitization of the public to pay for water and protect water infrastructure.

Inflation, Exchange Rate To Decline In 2024 – CBN

By
Rhoda Onuzulike
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The Central Bank of Nigeria (CBN), says the soaring inflation and exchange rates currently being recorded in the country will witness a sharp decline in 2024.

CBN Governor, Olayemi Cardoso gave the assurance while addressing the National Assembly joint committee on Banking, Insurance and other Financial Institutions in Abuja on Thursday.

Nigeria’s Inflation Climbs to 28.20% in November

Cardoso also projected less revenue from oil exports in the fiscal year, just as it declared that total trade from Nigerian Foreign Exchange Market ( NFEM), stood at N18.804billion in the third quarter (Q3) of 2023.

The Apex bank boss, explained to members of the joint committee from both chambers of the National Assembly, that the outlook for domestic economy in Nigeria for 2024 is very positive as both the inflation and exchange rates, would withstand fluctuating  pressures on them and get stabilised.

“The outlook for the domestic economy remains positive and expected to maintain the positive trajectory for 2024. Inflation pressures may persist in the short – term but is expected to decline in 2024. Exchange rate pressures are also expected to reduce significantly with the smooth functioning of foreign exchange market,” he said .

Cardoso specifically informed the committee members that the unification of the exchange rate windows in June 2023, has ushered in a new approach to the management of the exchange rate, aimed at reducing arbitrage, rent seeking behaviour and speculation in the market.

“The policy aims at creating a market where the demand and supply of foreign exchange determines the exchange rate. The premium has narrowed and our focus on increasing the autonomous FX supply , would lead to more stability and further narrowing of the premium. Total Trade in the third quarter of 2023 , stood at N18.804.68billion. Exports were valued at N10.346.60billion while total imports stood at N8.457.68billion. This represents positive trade balance, which would lead to increase of the external reserves”, he added .

The Nigerian Apex Bank governor however believed that due to prevailing domestic factors, less revenue would be earned from oil exports in 2024 .

He said : “We expect less revenue from oil exports due to the production limit of 1.78mbpd in 2024. OPEC approved quota for Nigeria is 1.8mbpd , which is higher than the 2024 budget assumption. However, the country ‘s production has been below these thresholds. The budget benchmark for 2023 was 1.69mbpd , but the highest level of production during the year, was about 1.35mbpd in Q3 of 2023. The reasons for the underperformance of the oil production target , include , crude oil theft and pipeline vandalisation , production shut – ins and divestments by major oil companies”.

Earlier before the CBN Governor’s presentation, the Chairman of the joint committee,  Senator Tokunbo Abiru (APC Lagos East), said the interactive session was organised for statutory briefing by CBN in line with extant laws.

The co-Chairman of the committee, Bashir Bello El-Rufai in his remarks, commended the CBN governor and the entire management team on measures being put in place to stabilise the Nigerian economy.

Minister Seeks Quality Training To Bridge Skills Gap

By
Rhoda Onuzulike
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0

Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo has said the provision of quality Aviation training is critical to the development of a sustainable, and safe air transport industry in Africa.

Keyamo made the statement at the 29th Africa Aviation Training Organisation AATO Council meeting and 10th year anniversary of the organisation held in Abuja the nation’s capital.

The Aviation minister represented by the Permanent Secretary, Federal Ministry of Aviation, Emmanuel Meribole said there is the need to plan, cordinate and oversee all complex operations in various aviation infrastructure as the region faces shortage in critical skills in key areas of civil aviation.

“Aviation is a sector of strategic importance that supports a broad set of economic and social development.”

The President, Africa Aviation Training Organisation AATO, Tendani Ndou called on African nations to focus on the development of skills and capacity to bring the expected changes in the aviation industry.

It’s necessary to join forces  together in ensuring that the African Aviation Training Organisation is improving the levels of aviation safety in Africa.

While reacting, the Secretary General,  African Civil Aviation Commission AFCAC  Adefunke Adeyemi represented by the Director, Safety and Technical Service, Henry Okech emphasised on the need for training and empowerment of women and young aviation experts in Africa for the development and sustainability of the sector.

Similarly, the Regional Director for the Eastern and Southern African Office at the International Civil Aviation Organisation, ICAO, Lucy Mbugua highlighted some of the challenges aviation training in Africa is experiencing.

Keyamo: 774,000 jobs to kick off on Tuesday, January 5

“Africa With its vast and diverse landscapes,  faces unique challenges in establishing adequate and sustainable aviation training infrastructure.

“Insufficient funding,  outdated facilities,  and a scarcity of qualified instructors also pose formidable challenges, limited access to cutting-edge technologies training facilities and equipment further compounds the challenges, hindering the development of a skilled workforce capable of navigating  the complexities of modern aviation,” Lucy added

The African Aviation Training Organisation AATO was established in Abuja, Nigeria’s capital in 2023 at a constitutive Assembly hosted by the Nigerian Collage of Aviation Technology Zaria, Kaduna State North West Nigeria.

 The goal was to promote and harmonise aviation training in Africa and encourage the sharing of expertise among its members and other Aviation organisations within the African continent.

Power Sector Liquidity Climbs To N900bn – FG

By
Rhoda Onuzulike
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The Nigerian Government has announced that the liquidity in it’s power sector increased from N282bn in 2015 to N900bn, adding that its financial burden in the industry had been reduced by about N373bn.

The Nigerian Electricity Regulatory Commission made the disclosure at the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Policy.

Liquidity refers to the efficiency or ease with which an asset or security can be converted into ready cash without affecting its market price. The most liquid asset of all is cash itself.

In a presentation at the event, the Chairman, NERC, Sanusi Garba, said, “Liquidity in the market has moved from N282bn in 2015 to N900bn now. We have also created a mechanism for enforcing payment discipline in the industry. This has seen Disco revenue improve greatly.

Power Sector Vital For Economic Growth – Minister

“We have reduced the fiscal burden on the government from N528bn to N155bn in 2022. Without our actions, the subsidy would have been in the region of N665bn.”

Speaking on the sidelines of the closing ceremony of the summit, the Minister of Power, Adebayo Adelabu, appealed to operators and agencies in the sector to work with the government, stressing that those who fail to deliver would be shown the way out.

“I appeal to the people working with me, the agencies and public servants, that they should support us to ensure that we deliver and not disappoint Mr President. And I say we are using the carrot and stick approach. We are using the carrot now by appealing to ourselves.

“If this does not work, we are going to wield the big stick. Before I’m shown the way out, of course, a lot of people will also leave before me. So this (summit) is just a way of preparing ourselves to achieve the mandate and target of the power ministry,” he stated.

Debt Servicing: Developing Countries Pay $443.5 Bn

By
Rhoda Onuzulike
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0

The World Bank says developing countries spent a record $443.5 billion to service their external public and publicly guaranteed debt in 2022.

In a statement published on its website, the Bank said the increase in costs shifted scarce resources away from critical needs such as health, education, and the environment.

In its latest International Debt Report the Bank indicated that Debt-service payments—which include principal and interest—increased by 5 percent over the previous year for all developing countries.

The 75 countries eligible to borrow from the World Bank’s International Development Association (IDA), paid a record $88.9 billion in debt-servicing costs in 2022.

Over the past decade, interest payments by these countries have quadrupled, to an all-time high of $23.6 billion in 2022, the Bank noted.

“Overall debt-servicing costs for 24 countries are expected to balloon in 2023 and 2024—by as much as 39 percent.”

“Record debt levels and high interest rates have set many countries on a path to crisis,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President.

“Every quarter that interest rates stay high results in more developing countries becoming distressed—and facing the difficult choice of servicing their public debts or investing in public health, education, and infrastructure.

Debt Service: Tinubu Bemoans Use Of Lean Resources

“The situation warrants quick and coordinated action by debtor governments, private and official creditors, and multilateral financial institutions—more transparency, better debt sustainability tools, and swifter restructuring arrangements. The alternative is another lost decade.’’

Surging interest rates have intensified debt vulnerabilities in all developing countries, according to the World Bank.

In the past three years alone, there have been 18 sovereign defaults in 10 developing countries—greater than the number recorded in all of the previous two decades.

“Today, about 60 percent of low-income countries are at high risk of debt distress or already in it,” the statement added.

The report qlso indicated that; “Interest payments consume an increasingly large share of low-income countries’ export, the report finds. More than a third of their external debt, moreover, involves variable interest rates that could rise suddenly. Many of these countries face an additional burden: the accumulated principal, interest, and fees they incurred for the privilege of debt-service suspension under the G-20’s Debt Service Suspension Initiative (DSSI).

“The stronger US dollar is adding to their difficulties, making it even more expensive for countries to make payments. Under the circumstances, a further rise in interest rates or a sharp drop in export earnings could push them over the edge.”

The International Debt Report (IDR), formerly known as International Debt Statistics (IDS), is a longstanding annual publication of the World Bank featuring external debt statistics and analysis for the 122 low- and middle-income countries that report to the World Bank Debt Reporting System (DRS).

Mining Sites: Defence, Solid Ministries Collaborate

By
Rhoda Onuzulike
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0

The Minister of Solid Minerals Development, Dele Alake, and the Defence Minister, Abubakar Badaru, say plans to secure Nigeria’s mining sites are about to be finalized.

The Minister of Defence who for the second time in less than three weeks, paid a courtesy visit to the Alake’s office on Friday in Abuja, stated that the meeting was in furtherance of the collaboration to secure mining sites across the country, reiterating the resolve of the President Bola Tinubu administration to stop the activities of illegal miners, tackle banditry and other security challenges.

Govt Should Leverage On Mining And Geo-Sciences Society For National Devt – Prof Olatunji

“The country needs to make huge revenue from mining, but insecurity is bedevilling the industry. That is why the minister is  pushing so hard for us to provide serious protection around the mining areas.

That is why we discuss always to see how we can protect the mining environment, bring lasting peace to the country so that mining will flourish and the country will earn the much needed foreign exchange from the sector,” Badaru added.

Responding to enquiries about the proposed new security architecture, the Defence Minister restated that plans are underway for clearance operations at flash points as a prelude to the deployment of the specialized mining police.

On the timeline for clearance operations, Badaru revealed that preparations have reached an advanced stage, citing collaboration with the Solid Minerals Ministry to get the data of all mining sites in the country to enable coordinated security operations.

In his remarks, the Minister of Solid Minerals Development, Oladele Alake, read the Riot Act, for the umpteenth time, to illegal miners and their sponsors.

Declaring that their days were numbered, he restated the federal government’s resolve to bring the full weight of the law to bear on those who refuse to desist from such nefarious activities.

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