The economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget, Financial Derivatives Company Limited has said.

“This suggests that the economic recovery path could be longer than anticipated. Massive investment in job-elastic sectors with minimal control on the pricing mechanism will serve as catalysts and would ensure a sustained ‘take-off’,” the FDC, led by foremost economist Bismarck Rewane, said in its latest economic bulletin.

Last month, a large number of Nigerians, mostly youths, protested for more than 10 days against the activities of the now-dissolved Special Anti-Robbery Squad, which had long been accused of unlawful arrests, torture and extrajudicial killings.

The FDC said the protests magnified existing output challenges and supply chain disruptions.

“This coupled with money supply saturation, higher logistics costs, CBN’s forex rationing as well as forex restriction for imported finished goods have heightened inflationary pressures,” it said.

According to the FDC analysts, headline inflation is projected to rise to 14.5 per cent in October from 13.71 per cent in September.

They said, “This means that inflation will be rising for the 14th consecutive month. It would also be the highest level in 33 months.

“Food inflation will be the most affected as it is estimated to climb to 17.05 per cent. Other sub-indices are also expected to move in the same direction.”

According to the FDC, commodity prices increased by an average of 25 per cent last month as the protests exacerbated existing output constraints and supply chain disruption.

It said, “About 1,800 trucks of commodities, food supply, finished goods, other raw materials and logistics enter Lagos on a daily basis.

“A noticeable trend during our survey was that highly perishable and seasonal commodities were severely impacted.”

The analysts said the price of onions, palm oil and tomatoes jumped by 100 per cent, 30.43 per cent and 16.67 per cent respectively.

They said, “The looting and destruction of public and private properties which followed the massacre at the Lekki toll gate will increase job losses.

“This at a time when cost of living is skyrocketing due to higher electricity and PMS (Premium Motor Spirit) price, meaning that the level of poverty will rise.

“The EndSARS protest is expected to have both direct and indirect costs on government revenue. Government revenue is expected to fall as streams of income such as BRT buses are affected.

“We also expect a squeeze in corporate margins following the looting and destruction of private properties.”

This would in turn affect tax revenue in the coming months, the report added.

The best of nollywood, BON, is set to have its awards for 2020 on December 5 in Ekiti state, South-west Nigeria with nollywood actress Tana Adelana and content creator Debo Macaroni as hosts.

This was revealed by Seun Oloketuyi founder of the travelling, pan-nigeria nollywood industry awards. Speaking on the choice of the duo, Oloketuyi revealed that following careful deliberations by the BON awards team, it was a unanimous selection.

BON awards has over the years taken nollywood industry players and stakeholders alike on an annual excursion to different states in Nigeria to celebrate the industry and award deserving players for the year.

On the 2020 edition, Oloketuyi revealed that this is an iconic year and asides awarding actors, producers and directors for their work in the year past, it is an opportunity to remember those who have contributed immensely to the growth of the industry.

THE Academic Staff Union of Universities has said the University Transparency Accountability Solution can be ready in three weeks if the Federal Government is committed.

Last week, the FG had told ASUU to transit to Integrated Payroll and Personnel Information System pending when UTAS would be ready for use.

However, ASUU President, Prof Biodun Ogunyemi, said there was no need to transit to IPPIS since UTAS could be ready in at most three weeks if government was sincere.

“What is left for UTAS to pass integrity test is what we have started with National Information Technology Development Agency; we have submitted documents to NITDA.

“If government demonstrates sufficient goodwill and support, we can put the final stage behind us as a matter of weeks, maybe two to three weeks at most. It is the goodwill, commitment that we are now looking for.

“Rather than focusing on that, government is insisting that there is a transition; transition for how many weeks, how many months? This last week, they still paid some of our members who are not on IPPIS. So, what platform did they use?

 “We have been telling them, use the platform you have been using to pay people; why the insistence on IPPIS? That is the reason we are saying there is a hidden agenda about IPPIS.

“At the appropriate time, we will expose those who are behind it. We have submitted every document, except if they want to sit on the documents. If they don’t want to sit on the documents why are they saying we should go back to IPPIS,” Ogunyemi queried,

While reacting to the issue of the N30bn Earned Academic Allowance offered by the FG which ASUU said it would be for its members alone, Ogunyemi explained that the union negotiated for ASUU not for other unions.