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Eidel-Kabir: Subsidy removal, naira devaluation hike Ram price

Published

2 years ago

June 22, 2023

Eidel-Kabir: Subsidy removal, naira devaluation hike Ram price

With a week to this year’s Eidel-Kabir celebration, Muslim faithful across Nigeria are lamenting the high cost of ram and other animals permissible for slaughtering even as traders attribute the exponential increase to the economic realities in the country.

Market surveys by Daily Trust in Abuja, Lagos, Kwara and Kano states revealed as much as 100% increase in the cost of some of the animals, which traders have said affects the volume of trade compared to the previous years.

While many of the traders attributed the increase in the cost of the animals to the high cost of transportation occasioned by the recent removal of subsidy on Petroleum Motor Spirit (PMS), others, especially those that import the animals from neighbouring countries, blamed the increase on the naira devaluation, which has weakened the purchasing power of the country’s currency.

Recall that petrol which was sold at N195 per litre before subsidy removal is now N540 or more depending on the location. Also, the US dollar was sold at N770 at the parallel market yesterday; and N757/$1 at the close of Import and Export window.

On the part of buyers, the biting effect of economic realities has also complicated their decision on whether or not they would be able to afford rams or cattle for the sacrifice. This, they said, is because they have to weigh their decision against other pressing issues demanding equal attention.

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One of Daily Trust’s correspondents who visited some markets in Abuja on wednesday observed that selling points were flooded with rams but with few buyers.

Muhammadu Sani, who sells rams along Mike Akhigbe Way, Jabi, Abuja, lamented that the prices had jacked up even in the rural areas in the far northern states.

“Last year, a ram selling at N200, 000 in the village is now N300, 000. You must also feed the ram apart from the high cost of transportation. A sack of animal feed is N8,000 even in rural areas. It was sold at half the price last year. All these costs must be factored.

“We used to pay N6,000 to N8, 000 to ferry a ram from places like Jigawa and Katsina to Abuja. Presently, each ram can cost you not less than N10,000 to be transported to Abuja,’’ he said.

According to him, the lowest price of rams range from N180,000, saying the big ones sell from N500,000 to N700,000.

At the Kubwa Abattoir, the lowest price for a medium size ram is N60, 000 while big size ones go for as high as N320,000.

At the Abattoir market in Karu, a buyer, Alhaji Yunusa Bello, lamented that he bought a small size ram for N120, 000, saying “I just bought it because there is nothing I can do.”

Another ram supplier who sells under Lake View Bridge at NEPA Quarters, Utako, Husseini Abubakar, told Daily Trust that the current high cost of living affected the price of rams and patronage as well.

A buyer, Haruna Usman, told one of our reporters that he intended to buy four rams for himself and his relatives but was startled by the high price.

Checks by Daily Trust in Lagos also indicated that some rams, which used to cost between N50, 000 and N60, 000 now go for N120, 000 and N130, 000.

At Kara market along the Lagos-Ibadan Expressway, an average small sized ram costs N100, 000.

A buyer, Lukman Aminu, who visited Kara yesterday to price rams ahead of Sallah also confirmed that prices have gone astronomically high.

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“Most of the rams I got are priced between N120,000; N130,000 and N140,000 at Kara Market. You can hardly get any ram of N50,000 or N60, 000 which we were used to. If you are lucky to get any, it would be too small to slaughter and fetch you any reward from Allah,” he said.

In Kano, the situation is similar to what is obtainable in the FCT and Lagos as rams and other animals flooded the markets and streets amid low patronage.

A dealer and one of the leaders of the Yan Awaki Animals Market in Kano, Dauda Sulaiman, said this year’s sales have dropped compared to last year.

He said the price of ram ranges between N30,000 and N270,000, adding that they are costly compared to the previous years.

At another market in the state, where cows are sold, traders lamented over the cost of transportation.

A dealer in Dan Agundi Cattle Market, Malam Usaini Idris, said there was poor sales compared to last year.

“This year, there is no market. The main reason is that people have no money these days. We normally sell 20 to 30 every day in periods like this, but now we hardly sell 10 to 15.

At the site where camels are sold, the marketers said the fall of the naira and costs of transportation are forcing the price to go higher this year.

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Nayaya Mai Rakumi, who sells at the Kofar Naisa Animals Market in Kano, said the average price of a camel starts from N250, 000 to N1, 200,000.

He said they normally buy the camels from Niger Republic, Cameroon, Sudan and Chad.

“People are coming, but the problem is buying. They may come and not buy as the prices are costly. The cost of transportation is the major root of all these. A camel that was normally transported at N15, 000 from the Niger Republic has now doubled to N30,000. This has to affect the whole situation.

“Also, if we go to buy the camels from our neighbouring countries, we found out that our money has fallen against theirs. We had to buy it like that. But despite this, I think in the coming few days, people will buy more,” he added.

Visits to ram markets in Oja Tuntun/Kuntun, Agbooba, Asa Dam, Irewolede and Mandate in Ilọrin, the Kwara State capital, showed that rams sold for between N55, 000 and N400,000 and above.

Some buyers expressed dissatisfaction over the high cost of the ram while hoping for a reduction in price before the celebration.

Eidel-Kabir: Subsidy removal, naira devaluation hike Ram price

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NURTW scribe felicitates Nigerians on Xmas, urges caution

Published

2 hours ago

December 22, 2024

Trends Admin

NURTW scribe felicitates Nigerians on Xmas, urges caution

The General Secretary of the National Union of Road Transport Workers (NURTW), Comrade Kayode Agbeyangi, has enjoined Nigerians to imbibe the virtues of peace, love and compassion as taught through the birth of Jesus Christ.

He stated this in his Christmas and end of the year goodwill message to felicitate members of the union and Nigerians in general.

Agbeyangi urged Nigerians to use the festive season to reflect on the values of love, compassion, and sacrifice that Jesus Christ embodied.

“This period is not for merry making alone; we should also spare time to reflect on the birth and life of Jesus Christ.

“His birth teaches humility, love compassion and sacrifice. As Nigerians, we must show love to our fellow county men. We must love our country. As Nigerians, we must be ready to make sacrifices for the nation.”

The NURTW scribe also used the opportunity to appeal to members of the union and other road users to always exercise caution and adhere to all safety protocols while travelling during the festive season.

“As we celebrate, let us not forget the importance of road safety. The roads can be treacherous, especially during the festive season.

“I urge our members and all road users to drive safely, avoid overspending, overtaking at dangerous bends and overloading, and be courteous to other road users,” he stated.

He also advised drivers that all their vehicle papers should be up to date to avoid embarrassment from law enforcement officers on the highways.

Comrade Agbeyangi prayed for a peaceful and joyous celebration, and wished members of the union and Nigerians, a happy prosperous New Year.

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Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam

Published

2 hours ago

December 22, 2024

Trends Admin

Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam

The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody. The banner became a source of controversy after a picture of it was shared on social media, with many calling it an…

The Chief Imam of Lekki Central Mosque in Lagos, Ridwanullah Jamiu, has said the “Jesus Christ is Not God” banner placed on the fence of the mosque was not intended to provoke anybody.

The banner became a source of controversy after a picture of it was shared on social media, with many calling it an attack on the Christian faith.

Addressing his congregation, Jamiu said the banner was displayed to educate Muslims.

He said, “When you come to Lekki Central Mosque, at least you should learn something. You pass by the banners outside, you look here and there, you learn something because Islam treasures knowledge.”

The Imam said all the banners displayed outside the mosque contain Quran and Hadith verses.

He said after a photo of one of the banners went viral, he “received calls from the government, local government, and area command appealing to us to please remove the banners because of the festive period.”

He said the display of the banners was not to provoke anyone, noting that there’s a difference between propagation of Islam and provocation.

“It was not placed there just yesterday. It has been there for about two months or thereabout. We are peace loving people, we don’t provoke anyone. We only propagate our name,” he said.

Jamiu further stated that nobody can monopolise Jesus because Muslims also have what they believe about him as backed by the Quran which calls him Isah.

“If you don’t believe in Jesus, you are not a Muslim. We are Muslims and anything we believe must be in consonant with the Quran and the Quran says Jesus Christ is not God, he’s a messenger of God. We quoted this verse in the banner. Is there anything wrong if we paste what we believe on our territory to educate our congregation? It’s a verse of the Quran. This is freedom of religion, freedom of speech,” he said.

On the removal of the banner, Jamiu said he received multiple calls ascribing the gesture as cowardice.

“It is not cowardice. We removed it to let peace reign, to obey our government because we are peace-loving people and also because we know it’s a festive period, people may think it was actually calculated to enrage others. We are going to modify it and put it back. We are not cowards,” he said.

The banner has since been replaced with another which says “A

llah is the lord of Jesus.”

Why we displayed ‘Jesus Christ is not God’ banner at Lekki mosque -Imam

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CBN fines bank found hoarding cash N150m

Published

6 hours ago

December 22, 2024

Trends Admin

CBN fines bank found hoarding cash N150m

The Central Bank of Nigeria (CBN) has imposed a N150 million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs).

This action follows an unannounced inspection by the apex bank, which uncovered deliberate cash hoarding and ATM manipulation by the erring bank.

Sources within the CBN revealed that the sanctioned bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritizing cash disbursements to select VIP clients.

A staff member of the CBN stressed that the apex bank would not tolerate such practices.

“The Bank will not spare any Deposit Money Bank (DMB) caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated.

To this end, the CBN has intensified spot checks on banks nationwide, exposing various illicit cash-handling practices by some unscrupulous financial institutions.

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For now, the CBN is imposing financial penalties on defaulting banks. However, according to the official, the next phase of enforcement will include publicly naming and shaming offending banks and prosecuting implicated bank officials.

“This fine is just the beginning. The CBN is determined to hold banks accountable for any actions that undermine public trust and the integrity of the banking system,” the official added.

Despite the ongoing challenges, the CBN has reiterated its commitment to promoting cashless banking in the country.

Another senior official disclosed that the apex bank’s management is intensifying efforts to encourage the use of electronic channels for transactions.

“The frustration faced by account holders is undermining our push for a cashless economy. We are doubling down on initiatives to restore public confidence in electronic banking solutions,” the official said.