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Duty suspension on imported food will crash prices – Group

Published

2 months ago

July 31, 2024

Duty suspension on imported food will crash prices – Group

A Policy think-tank group, Independent Media & Policy Initiative (IMPI), has predicted a crash in the high cost of food items with the suspension of import duties and taxes on essential food items by the federal government.

The Comptroller-General of Nigeria Customs Service (NCS), Adewale Adeniyi on Monday announced the suspension import duties on essential food items.

Commending President Bola Ahmed Tinubu’s decision, the group maintained that the intervention was timely in view of the prevailing situation in the country and the ongoing agitations by some concerned Nigerians who are threatening to protest high cost of living.

Addressing newsmen in Abuja on the quarterly assessment for the year 2024, Chairman of the IMPI, Chief Niyi Akinsiju, said it was gratifying to note that the Tinubu-led government policies have begun to show initial capacity to redress the challenges they were conceived to address.

“It is on record that the federal government has distributed 60,452metric tons of improved seeds, 887,255metric tons of seedlings, 138 value kits, 501,726 liters of agrochemicals, 62,328.5metric tons of inorganic fertilizers, 1,000kg fungicide, and 33,200 equipment to famers across different value chains to enhance agricultural production.

“This flurry of President Tinubu interventions in agriculture, has at the last count, successfully generated a total of N309bn into the economy in one year, suggesting a resurrection of exporting activities in the agriculture sector. On aggregate, the recent waiver of import duties and tax on food importation will make food abundantly available and affordable locally.

“Grounded on this projection is the $20 billion foreign investment commitments the federal government had secured to revolutionize the agricultural sector, in the bid to ensure food security in the country, and to reinvent Nigeria’s pride of place as the agricultural giant of Africa.

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“Besides, the creation of the Ministry of Livestock Development may have opened a new vista in concerted efforts to advance agriculture. This initiative reveals the true intention of the President to harness Nigeria’s huge livestock potentials and to find a lasting solution to the incessant Farmers-Herders clash in the country as well as reinforce the value chain that will create more employment opportunities.

“We are well aware of Nigeria’s rising year-on-year inflation figure standing at 34.19% in June 2024. This figure is primarily driven by surging food prices, which culminated in higher food inflation at 40.87% in the month.

“The increase in inflation rate may have been aggravated by the depreciation of the Nigerian currency on the back of the harmonization of the foreign exchange windows and the removal of fuel subsidy by the federal government; the twin policies that now define the structural reformation of the economy,” it stated.

Commending the government of Kebbi, Niger and South-west States for their interventions, the group appealed to other state governors to complement the efforts of the federal government in boosting agriculture.

“We are, however, compelled by to register our displeasure over the slowness of the sub-nationals to complement the efforts of the federal government in boosting agriculture. We applaud state governors who are investing in agriculture.

“We urge others to join the efforts to grow the food we eat. State Governors and Local Government Administrators, should utilize the financial opportunity presented by the tremendous increase in their various allocations from FAAC, to support the exemplary efforts of the federal government towards massive food production.”

On the nation’s foreign reserves, IMPI commended federal government efforts, acknowledging the vast improvement in the balance of the nation’s foreign reserve which increased from $32.29 billion in April 2024 to $37.05 billion in July 18, 2024.

“In other sectors of the economy, beginning with power, we are encouraged by the quantum leap in power generation and transmission. The sector recorded a number of interventions through policies and actions by the federal government. It was a remarkable feat when 700 megawatts of electricity were added to the national grid with the commissioning of the Zungeru Hydro- Electric Power Station in Niger State.

“In addition, the power sector also recorded the commissioning of two substations in Kebbi and Ajah in Lagos to consolidate the nation’s electricity distribution capacity. This has led to a considerable improvement in power supply across the country.

“We also commend the President for the payment of the historical N3.3 trillion Naira debt owed the power sector, which for years, crippled the nation’s capacity to generate, transmit and distribute the required electricity, and unfortunately subjected the populace to the agony of endless power outages.

“By our own understanding, it may be slow, it may be painful, but it is certain that as a people, we will witness this upcoming period of economic upsurge and prosperity.

On the proposed nationwide protest, the group appealed to the organisers to ceasefire, grant government more time and embrace dialogue as a means of resolving the demands.

“Those who want to protest have the right to protest, but this must be done in the appropriate context. A protest should be anchored on substantive rationale or reasons that are achievable. Based on this, we appeal for patience so as not to disrupt the gathering momentum being built in the nation’s economic sphere that may be counterproductive.”

Duty suspension on imported food will crash prices – Group

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School teachers begin indefinite strike in Abuja

Published

9 hours ago

September 18, 2024

Trends Admin

School teachers begin indefinite strike in Abuja

Teachers in government-owned schools across the Federal Capital Territory (FCT) have started an indefinite strike. This action follows the expiration of a 14-day ultimatum issued by the Nigeria Union of Teachers (NUT), FCT Chapter, to the six area councils in the territory.

On Wednesday, pupils who arrived at school were sent home by their teachers upon reaching the school gates, leaving them disappointed.

Comrade Ameh Baba, the NUT Chairman in Kubwa, confirmed the strike, explaining that it was initiated to push for the payment of 60 percent of the minimum wage arrears owed by the area councils.

He also criticized the councils for failing to implement the payment of 40 percent peculiar allowances and the 25 percent and 35 percent salary increments for teachers.

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Comrade Ameh stressed the importance of primary education as the foundation of human development and urged the government to treat the matter seriously.

The union warned that if the government does not respond within seven days, they will escalate the strike by picketing the area council secretariats and organizing protests, with secondary school teachers joining in solidarity. He also noted that the strike would impact Junior Secondary School 1 students, as their results are due for release.

School teachers begin indefinite strike in Abuja

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Students can reapply for loans, we’ve resolved BVN verification glitch – NELFUND

Published

9 hours ago

September 18, 2024

Trends Admin

Managing Director of NELFUND, Akintunde Sawyerr

Students can reapply for loans, we’ve resolved BVN verification glitch – NELFUND

The Nigerian Education Loan Fund (NELFUND) has announced the resolution of a technical issue that disrupted the BVN (Bank Verification Number) verification process for students applying for loans.

The issue, which began over the weekend and persisted through the public holiday, caused delays for many applicants.

In a statement posted on NELFUND’s official X (formerly Twitter) account on Wednesday, the organization confirmed that the issue had been fully resolved by Tuesday morning. NELFUND advised all affected students to log back into the portal, complete their BVN verification, and proceed with their loan applications.

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“Dear Students,

“We have observed that many of you experienced issues with BVN verification while applying for the student loan over the last weekend, including the public holiday.

“We are pleased to inform you that the issue has been addressed and fully resolved as of yesterday morning.

“We kindly advise all affected students to log back into the portal, complete the BVN verification process, and proceed with your loan application,” the statement read in part.

NELFUND also expressed gratitude to students for their patience during the disruption and reassured them that the application process can now continue smoothly without further issues.

Students can reapply for loans, we’ve resolved BVN verification glitch – NELFUND

News

Obasanjo reveals how Abdulsalami almost awarded $280m telecom deal for $3m to friends

Published

10 hours ago

September 18, 2024

Trends Admin

Former President Olusegun Obasanjo

Obasanjo reveals how Abdulsalami almost awarded $280m telecom deal for $3m to friends

Former President, Olusegun Obasanjo, has recounted how the former military Head of State, Gen. Abdulsalami Abubakar (retd), almost shortchanged Nigeria in a lucrative telecommunications deal.

Obasanjo revealed that Abdulsalami almost robbed Nigeria of a $280 million deal during nation’s transition to mobile telecommunications.

Obasanjo said when Nigeria was about to make the switch from landline telephones to mobile phones, some major telecommunication companies approached the country and promised to provide mobile lines for the citizenry, but Abubakar wanted to award the deal to his friends for $3 million.

The former President, however, said he suggested that the contract be made public for investors to bid and the highest bidder was awarded the contract, leading to the $280 million sale.

He made the revelation at the launch of a book titled ‘The Catalyst: Nigerian ICT Evolution through a Journalist’s lens,’ authored by an immediate past Editor of The PUNCH Newspapers, Mr Dayo Oketola, in Lagos.

He also disclosed that he was able to get Etisalat to pay $450 million to get the licence to operate in Nigeria.

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Speaking at the event, Obasanjo said: “The story of telecommunications, particularly mobile telecommunication, is a very interesting one. Before mobile telecommunication, we had spent a lot of money, we had all sorts of companies invited from America, France and even from Britain, but we did not get more than 500,000 lines. People had to queue at the telephone kiosk to call their loved ones abroad. And then, of course, the mobile telephone age came in.

“When it came in, my predecessor in office was trying to give it away, I think, to their friend for $3 million. Then we said, what we would do was to auction it. The three that came in first, I think, paid $280 million for the line. $280 million for something about to be given away for $3 million. That was the first thing we did. Not only that, we achieved competition.

“The three of them were competing. And, of course, the one that had the upper hand in terms of spread, I think, was MTN, followed by Glo. And then, there was Econet. They are now Airtel. And then, of course, later on, we had the fourth one, Etisalat. When Etisalat came, I told them the last one we did was $280 million. We told Etisalat to pay $450 million. They did.

“When they paid $450 million, the ball went in the post and then we were playing. That was how we got money to do what we did at the time we did it. That opportunity can still be made available. The money to develop Nigeria is out there, but that money will not come in unless we create a conducive atmosphere for that money to come in.

“What we did or what Nigeria has done in the good days when things were going well, are still there and can still be done today only if we put ourselves and we are honest to ourselves. We have to show character and attitude.”