Connect with us

News

Inflation pushed seven million Nigerians into poverty in 2020 —World Bank

Published

on

 

 

The World Bank has said inflation pushed at least seven million Nigerians into poverty in 2020.

This was contained in a report by World Bank’s Nigeria Development Update (NDU) Resilience Through Reforms, released on Tuesday.

The Washington-based global lender said in reference to Nigeria, “The impact of higher inflation is severe: In 2020, rising prices alone—even without incorporating the direct impacts of COVID-19 on welfare— may have pushed an estimated 7 million Nigerians into poverty.”

This is contrary to the claim made by President Muhammadu Buhari in his Democracy Day broadcast on June 12, where he said his government had lifted over 10million Nigerians out of poverty in the last two years.

The bank added, “Driven by a steep increase in food prices, since September 2019 headline inflation has risen dramatically. Although inflation declined slightly in April 2021, it is still the highest in four years. In contrast to previous inflationary episodes in Nigeria, the current trend arises from multiple demand and supply shocks, compounded by policy distortions and the exigencies of the pandemic.”

Highlighting the effects of unemployment and underemployment on the country, World Bank said, “Marginally employed workers become prime recruiting targets for criminal organizations and insurgent groups like Boko Haram. Intensifying violence and widespread criminality further erode the labor market, contributing to a vicious cycle of underemployment and instability. Creating adequate productive employment is thus a priority not only for economic policy but also for national security.”

See also  Good morning! Here Are Some Major News Headlines In The Newspapers Today: NLC asks national officers, affiliates to accompany Ajaero to police HQ today

While speaking at the launch of the report in Abuja on Tuesday, Country Director for Nigeria, Shubham Chaudhuri, said “Nigeria faces interlinked challenges in relation to inflation, limited job opportunities, and insecurity.”

He, however, warned that “GDP per capita is projected to continue declining because the economy is forecast to grow more slowly than the population.”

The report noted that the economy rebounded from its deepest recession of 2020 since 1983 because of reforms implemented, which were critical and timely to alleviate the impact of the recession on the economy and to create additional fiscal space.

The COVID-19 crisis slowed down the economic; the external context was marked by capital outflows, intensified risk aversion, low oil prices, and shrinking foreign remittances. The World Bank also warned that stopping the reforms introduced in 2020 would threaten the pace of recovery and limit the government’s ability to address gaps in human and physical capital. The report discusses policy options to reduce inflation, protect the poor and vulnerable and support economic recovery.

See also  China warns against interference in Nigeria’s affairs after US threat of military action

“Accomplishing these goals will require a big push in exchange-rate management, monetary policy, trade policy, fiscal policy, and social protection. Some specific recommendations to boost the economy and welfare of citizens the following: “Increasing the transparency and predictability of exchange rate management policies to reduce distortions in allocations in the private and public sector; and to ensure that agents can access foreign exchange in a timely and orderly manner, at an agreed rate.

“Clearly defined monetary-policy priorities and objectives, with price stability as the primary goal.

“The resumption of naira-denominated open-market operations (OMOs) based on a transparent issuance schedule, and signal to markets that OMOs will use short-maturity securities to achieve price stability.

“Full and effective reopening of land borders for trade and strengthening regional cooperation to combat smuggling.

“Facilitation of imports for staple foods and medicines by removing them from the list of foreign exchange (FX) restrictions and replacing import bans and with tariffs that align with the ECOWAS Common External Tariff.

“Establishing mechanisms to monitor and report the federal government’s stock of Central Bank overdrafts to control the growth of the money supply.

See also  Twitter Ban: Govt’s action not a knee-jerk reaction to deletion of Buhari’s tweets – Presidency

“Full elimination of the petrol subsidy; and design of sequenced reforms to mobilize domestic non-oil revenue in a way that does not affect the economic recovery, including increasing excise taxes on harmful consumption goods, rationalizing tax expenditures, removing loopholes in tax laws, and improving tax compliance by strengthening revenue administration.

“Leveraging the National Social Safety Nets Program (NASSP) to provide transfers to additional households, and temporarily increase transfers to current beneficiaries.

“Complementing the NASSP with the National HomeGrown School Feeding Program (NHGSFP) to strengthen the food security of vulnerable households in 26 States: and rapidly implement the World Bank-supported CARES project to support households, farmers, and firms. The report suggested the economy would grow by 1.8 per cent in 2021, “though there is high uncertainty about the outlook.

“The recovery would be driven by rise in oil exports and in domestic demand.

“However, Nigeria’s recovery is expected to underperform those of other oil producers, and an unexpected shock to oil prices could threaten the modest growth projected.

“Moreover, high inflation and high unemployment exacerbate macroeconomic risks, and activity in the tertiary sector will not fully normalize unless COVID-19 is contained.”

 

News

US releases identities of 24 Nigerians arrested for alleged fraud, money laundering

Published

on

By

The United States Department of Homeland Security (DHS) has released the names and photographs of 24 Nigerians arrested by immigration authorities in relation to alleged criminal offences, as the country continues its deportation operations.

According to the DHS, the suspects were arrested in different parts of the United States by Immigration and Customs Enforcement (ICE).

The alleged offences listed against them include wire and mail fraud, money laundering, drug-related crimes, identity theft, assault, forgery and cruelty towards a child.

In a statement announcing the arrests, the DHS said the publication was intended to show non-US citizens with criminal records who had been arrested by immigration enforcement officers.

“The U.S. Department of Homeland Security is highlighting the worst of worst criminal aliens arrested by the U.S. Immigration and Customs Enforcement (ICE),” the statement reads.

“Under DHS leadership, the hardworking men and women of DHS and ICE are fulfilling President Trump’s promise and carrying out mass deportations – starting with the worst of the worst – including the illegal aliens you see here.”

See also  The rich also cry: Regina Daniels accuses hubby Ned Nwoko of domestic violence

The list released by DHS identifies the Nigerian nationals, the alleged offences associated with their arrests and the locations where they were apprehended.

The list published by the department identifies the Nigerian nationals, the offences associated with their cases and the locations where they were arrested.

Emmanuel Omowaiye was arrested for mail fraud in  Richmond, Texas.

Laurene Onwuka arrested for fraud and impersonation in Chantilly, Virginia.

Olusegun Shonekan arrested for wire fraud in Newark, New Jersey.

Olusegun Olaseni was arrested for amphetamine sale in Greencastle, Indiana.

Peter Ude was arrested for wire fraud; in Atlanta, Georgia.

Newton Jemide was arrested for wire fraud, conspiracy and mail fraud in  Fort Dix, New Jersey.

Shedrack Umukoro was arrested for money laundering, Yazoo City, Mississippi.

Olasoji Akinbode was arrested for fraud and impersonation in Kearny, New Jersey.

Oluwatosin Afolabi was arrested for fraud, Conroe, Texas.

Alameen Adetunji Tokosi was arrested for drug possession in Chicago, Illinois.

See also  Insecurity: Ex-military officers to be engaged, says CDS

Joshua Ipoade was arrested for wire fraud in Atlanta, Georgia.

Michael Orji was arrested for weapons violation, fraud, identity theft, wire fraud, false citizenship and money laundering in Oxford, Wisconsin.

Ahmadu Apooyin was arrested for drug-related offence in Baltimore, Maryland.

Teslim Kiriji was arrested for money laundering in Yazoo City, Mississippi.

Onomen Uduebor was arrested for identity theft in Seattle, Washington.

Charles Ochi was arrested for money laundering in white Deer, Pennsylvania.

Daniel Eta was arrested for wire fraud in White Deer, Pennsylvania.

Ifeanyi Ibennah was arrested for cruelty towards a child in Tampa, Florida.

Kazeem Runsewe was arrested for wire fraud in Thomson, Illinois.

Fatiu Lawal was arrested for wire fraud in Lompoc, California.

Justin Akubueze was arrested for money laundering in Orem, Utah.

Moyinoluwaseun Okeowo was arrested for larceny, forgery and concealing stolen property in Orlando,
Florida.

Babajide Oluwaseun Faseyi was arrested for assault in Alden, New York.

Bright Eigbedion was arrested for money laundering in Lompoc, California.

See also  Paris Paralympics: 18-year-old Eniola Bolaji wins Nigeria’s first medal

Continue Reading

News

Ogun 2027: Adebutu faults INEC over exclusion from governorship candidates list, tells supporters to remain calm

Published

on

By


Oladipupo Adebutu, the Peoples Democratic Party (PDP) governorship candidate in Ogun State, has faulted the decision of the Independent National Electoral Commission (INEC) to leave out his name from the list of governorship candidates.

Adebutu, in a statement addressing the development, said he remained a registered member of the PDP and had completed the necessary registration and documentation within the stipulated period.

“I have not at any point left the PDP, and my commitment to our great party remains unwavering,” he said.

According to him, the governorship primary that produced him as the party’s candidate was conducted with INEC officials present as observers, adding that relevant documents were submitted for verification, certification and confirmation.

The PDP candidate said the circumstances surrounding the exclusion raised concerns, particularly as other party candidates contesting for the House of Assembly, House of Representatives and Senate had appeared on INEC’s published lists.

Adebutu said the Ogun State PDP had expressed concern over what it described as undue pressure from the ruling All Progressives Congress (APC) on INEC, adding that the party would pursue the matter through appropriate channels.

See also  PDP suspends Fayose, Anyim, Shema over ‘anti-party activities’

“We will pursue this matter through the appropriate channels and insist that due process is respected,” he said.

He also alleged that the party had faced attempts to frustrate its campaign, including restrictions on its billboards, attacks at campaign grounds and harassment of members.

According to him, such challenges would not deter the party from participating in the democratic process or seeking the support of voters across the state.

“No amount of intimidation should prevent the people of Ogun State from having a fair opportunity to choose leaders of choice,” Adebutu said.

He urged PDP members, supporters and residents of Ogun State to remain calm while the party takes the necessary steps to address the omission.

“The party has spoken, and the necessary steps are being taken to address this matter. I remain confident that it will be resolved, and I assure you that I will not abandon the struggle to bring the leadership and relief our people deserve,” he said.

See also  OPEC: Nigeria now second largest producer in Africa as oil output rises to 1.18m bpd

Adebutu described the party’s ambition as a broader effort to improve the welfare and development of Ogun State, rather than a struggle centred on an individual.

“Our cause is bigger than any individual. It is about the dignity of our people, the progress of our state and the right of Ogun people to determine our own future,” he said.

Reaffirming his commitment to the party’s campaign message, Adebutu said, “OGUN FOR OGUN is more than a slogan. It is a call for leadership rooted in our people, responsive to our needs and committed to our welfare.”

He concluded by urging supporters to remain focused and resolute, declaring: “The journey to a better Ogun continues.”

Continue Reading

News

12 killed, over three hundred injured as terror group attacks Saudi Arabia airport

Published

on

By



Twelve people were killed, while 309 others were injured following a deadly attack on the Riyadh’s international airport in Saudi Arabia by suspected Yemen’s Houthis.

The attack, reportedly the deadliest on Saudi soil in more than a decade, has prompted the Saudi-led coalition to vow on Sunday a decisive response against the group.

The coalition described the attack as a “full-fledged war crime” that a diplomatic source attributed to a missile.

The attack came during an unprecedented wave of Houthi strikes on the kingdom since a truce in the group’s long-running war with Yemen’s Riyadh-backed government unravelled in July.

The spiralling violence has raised the possibility of a wider escalation, with US President Donald Trump signalling Washington could join military action against the fighters.

A passenger told AFP they witnessed a strike in the airport’s domestic terminal.

“I was on gate 403,” the witness said. “I saw 401 hit, I saw injured in front of my eyes. Everyone was running.”

See also  US stops visa processing for Nigeria, 74 other countries

According to reports, four Saudi citizens were among those killed in the attack, as well as two Bangladeshis, one US citizen, one Egyptian, one Jordanian, one Syrian, one Palestinian and one Sudanese, the kingdom’s civil aviation authority said in a statement.

It said some of the 309 wounded were in serious condition.

Operations at the airport were suspended following the attack and authorities said damage assessments were ongoing.

The attack prompted health officials to activate a rare mass call-up of doctors to deal with the “serious emergency situation”, a medical source said.

Two doctors said that several pilgrims headed to Mecca were among the wounded.

Schools in Riyadh switched to remote learning for the second time in a month.

Parents in the capital received emails Sunday seen by AFP, citing an order from the education ministry, saying “all schools in Riyadh will switch to distance learning for the entire week”.

“The cowardly terrorist attack by the Terrorist Houthi Militia… which resulted in deaths and injuries among civilian passengers and airport staff, constitutes a full-fledged war crime,” coalition spokesman Major General Turki al-Malki said in a statement on X.

See also  Super Eagles romp into last 16 with win over Guinea-Bissau

Earlier, the coalition said it had intercepted missiles targeting Saudi Arabia and destroyed launch platforms.

The Houthis claimed a series of attacks targeting the airport on Thursday that killed three people and damaged a plane, though they did not immediately take responsibility for any new strikes on Saturday.

Saturday’s attack was the deadliest in the kingdom since May 2015, when a suicide bombing by the Islamic State (IS) jihadist group killed 21 worshippers in a Shia mosque in the eastern Qatif governorate.

The civil war in Yemen flared back to life in July after a four-year, UN-brokered truce collapsed, months into a wider Middle East war that has rocked the region and roiled energy supplies and markets.

Saudi Arabia leads an international coalition that has supported Yemen’s government militarily since 2015 and is now being drawn deeper into its impoverished neighbour’s conflict.

Asked on Saturday whether he had changed his mind about joining Saudi strikes on the group, Trump said: “We may.”

See also  Paris Paralympics: 18-year-old Eniola Bolaji wins Nigeria’s first medal

He said he would be speaking with Saudi Crown Prince Mohammed bin Salman, calling what happened in the kingdom “not acceptable”.

US media outlets have reported that previous Saudi requests for US military assistance in dealing with the Houthis have been rebuffed.

Continue Reading

Trending News