Press zooms in on rising inflation, looming cost of living crisis, others

By Agence de Presse Africaine Last updated Aug 17, 2022

APA– Lagos The July inflation rate of 19.64 per cent from 18.60 per cent in June, signaling a looming cost of living crisis in Africa’ s most populous nation dominates the headlines of Nigerian newspapers on Tuesday. According to the National Bureau of Statistics, the 19.64 per cent inflation represents the country’ s highest inflation in 17 years.

APA – Lagos (Nigeria) The July inflation rate of 19.64 per cent from 18.60 per cent in June, signaling a looming cost of living crisis in Africa’s most populous nation dominates the headlines of Nigerian newspapers on Tuesday.

The Punch reports that Nigeria’s July inflation rate jumped to 19.64 per cent from 18.60 per cent in June, signaling a looming cost of living crisis in Africa’s most populous nation.

According to the National Bureau of Statistics, the 19.64 per cent inflation represents the country’s highest inflation in 17 years.

The Statistician-General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Semiu Adeniran, said this in the Consumer Price Index for July 2022 released by the bureau in Abuja on Monday.

Economists and other stakeholders, in separate interviews with The PUNCH, warned that the rising inflation would worsen hunger in the country, adding that the government risked mass protests similar to the one in Sierra Leon recently.

Giving a breakdown of the report in a statement, Adeniran said the CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

According to him, it was a core macroeconomic indicator used in the derivation of the inflation rate for policy, planning, and monitoring of an economy.

Adeniran said the report showed that in July 2022, on a year–on–year basis, the headline inflation rate was 19.64 per cent.

“This is 2.27 per cent points higher compared to the rate recorded in July 2021, which was 17.38 per cent,” he said.

The newspaper says that the Federal Government’s intervention fund to the electricity distribution companies has risen to N2.9trn, from N2trn recorded as of May this year.

This indicates a 45 per cent increase over the period.

By estimation, the N2.9trn is the total funding extended to the sector since privatisation in 2013.

The Director-General, Bureau of Public Enterprise, Alex Okoh, in an interview, said there was an approval of a fresh 2.3 billion Euro loan for the transmission and distribution arms of the sector.

Prior to the 2.3 billion Euros, the last one was the $500m by the World Bank to improve its electricity distribution sector in May.

“There are a lot of interventions going in that regard. There is 2.3 billion Euros for the transmission and distribution so that we can wheel more power for consumers,” Okoh said during the interview.

In November 2013, the Federal Government unbundled the Power Holding Company of Nigeria, PHCN and sold 18 utility firms to private investors.

The Federal Government said it spent a total of N1.7trn on the sector from 2017 to 2020.

An addition of N1.7trn as of 2020, plus $500m WB loan and the fresh 2.3 billion Euro, brings total funding to N2.9trn.

A total of financial investments so far made in the energy sector since privatisation can be said to have hit well over N2 trillion.

The Guardian reports that the Federal Government has said that it would continue to support the Privatisation and commercialisation of critical sectors that pose a huge financial burden to it so as to boost the socio-economic, growth and development of the nation.

Minister of Science, Technology and Innovation, Sen. Adeleke Mamora said this on Monday during the official presentation of the Full Business Case (FBC) certificates for the Public Private Partnership (PPP) in his office, in Abuja.

Adeleke said that the two projects to be concessioned are Planetarium and Broadband facility with specialized theatre in which representations of the solar system galaxy and universe can be projected.

According to the Minister, with satellite, we can gather intelligent information on tackling some of the problems retarding the growth and progress of Nigeria.

Earlier, the Minister of State for Science, Technology and Innovation, Chief Henry Ikechukwu Ikoh, said that Federal Government will not relent in the Commercialization of Innovation, and assured the ministry’s unflinching support to the projects.

The Director General, National Space Research and Development Agency (NASRDA) Dr Halilu Shaba, said that the Planetarium and Museum building was commissioned in April 2018 with the ultimate objective of providing education and entertainment services to Nigeria about space science and technology. This he noted is aimed at generating revenue for the country.

He emphasized that the two projects when operationalized will contribute significantly to the knowledge about space and astronomy of those who shall visit the planetarium and museum which is a major policy direction of the Federal Government.

The newspaper says that the Pan-Yoruba socio-political organisation, Afenifere, yesterday, knocked the Federal Government over poor handling of the nation’s security.

It described the situation as equivalent to ceding the country to terrorists.

A statement by National Publicity Secretary, Mr. Jare Ajayi, described a recent confession by President Muhammadu Buhari’s spokesman, Garba Shehu, as “very unfortunate and an admission of failure” by government.

Shehu had said government was “deceived” into releasing the detained wife and children of a terrorist without reciprocal freeing of the abducted Abuja-Kaduna train attack victims.

Afenifere said: “In view of the fact that government is expected to possess superior power in virtually everything above others in a country; considering the fact that the primary responsibilities of the government are provision of security and welfare for the people; and considering the fact that the current administration has failed to provide either security or welfare for the people of Nigeria in recent times, one may not be wrong to state that President Buhari’s government has greatly lost the confidence, trust and hope invested in it at inception. It is a pity. ”

Shehu, on Friday, had said, in part: “The commander of the terrorist group requested that the government release his pregnant wife, which was done. The government even took her to the hospital for safe delivery and she delivered twins.

“The government went further to show him his wife and the twins, so that he would believe and see that the mother and the babies were in good condition.

“We then handed over his family to his parents. Unfortunately, after all this, he failed to honour the agreement reached. We were deceived.”

The Afenifere spokesman said Shehu’s disclosure confirms suspicion and allegation that have been in public domain for a long time, to wit: government not only knows the terrorists, it is aware of where they are.

He said: “Why the government refuses to confront them and put an end to the needless loses and agonies of Nigerians is a riddle one finds difficult to unravel.”

The Nation reports that the Academic Staff Union of Universities (ASUU) has said that the Nigerian Government is not sincere about resolving the issues that led to its almost six-month strike.

ASUU described as “unfortunate,” government’s belief that it could placate its members into calling off the strike with salary increment instead of holistically addressing the issues affecting university education in the country.

The union, however, disclosed that its leadership would meet again today with the government in Abuja.

Today is the 19th day after President Muhammadu Buhari gave Education Minister Adamu Adamu two weeks to reach a truce with ASUU and other university-based unions on their respective strikes.

ASUU President, Emmanuel Osodeke, who featured on Channels Television’s Politics Today yesterday, accused the government of paying lip service to university education.

Osodeke, lamented the prolonged strike, saying that ASUU members were ready to return to the classrooms once their demands are met.

He said: “The government is not sincere in its dealing with us. This has been the issue all along.”

GIK/APA