Business

Release food items to states immediately, Shettima orders NEMA

Published

1 year ago

July 21, 2023

Release food items to states immediately, Shettima orders NEMA

The National Economic Council (NEC) led by Vice President Kashim Shettima has directed the National Emergency Management Agency (NEMA) to immediately distribute food items including grains to states to bring down prices of food items across the country.

The decision was taken at the NEC meeting chaired by the Vice President at the Presidential Villa, Abuja, on Thursday.

Governor Bala Mohammed of Bauchi State made the disclosure while briefing newsmen after the meeting.

The governor said that Shettima directed NEMA to release the grains immediately, adding that states would be involved in the distribution mechanism.

Mohammed, who expressed concern over the high prices of food items, noted that food was a key component of what was considered by the council.
He said, “The National Economic Council (NEC) discussed giving broader interventions to all the sectors and all the segments of the society.

“Food is a key component of what is on the table in terms of food security.

“On the escalation of prices of food stuff, we are happy because NEC has seriously engaged with NEMA, the Central Bank of Nigeria (CBN) and indeed with the Ministry of Agriculture.

“We have some buffer stock that is already there with NEMA; so council directed that the states will immediately be allocated substantial portions of food items, grains and so on for distribution so that the prices of food stuff will come down.

“These grains will be given at subsidized rates or at the rates they were acquired. The CBN’s Anchor Borrowers Programme and its Agric programme have ensured a large stock of rice and other grains. These will be made available within one week so that they will be distributed to the states.”

He also said states would be at liberty to give out the grains at subsidized rate or free of charge.

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PH refinery: 200 trucks will load petroleum products daily, says Presidency

Published

15 hours ago

November 26, 2024

Trends Admin

Port Harcourt Refinery

PH refinery: 200 trucks will load petroleum products daily, says Presidency

No fewer than 200 trucks are set to load petroleum products at the government-owned Port Harcourt Refinery, the presidency has said.

A presidential spokesperson, Sunday Dare, made this known in a statement through his official X handle on Tuesday.

Newstrends had reported that the Nigerian National Petroleum Company on Tuesday announced that Port Harcourt Refinery has resumed operations and crude oil processing after years of inactivity.

PH refinery: 200 trucks will load petroleum products daily, says Presidency

Business

Breaking: CBN increases interest rate to 27.50%

Published

15 hours ago

November 26, 2024

Trends Admin

Breaking: CBN increases interest rate to 27.50%

The Central Bank of Nigeria (CBN) has raised the lending interest to 27.50 per cent from 27.25 per cent.

This latest increase in the Monetary Policy Rate came after a meeting of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) on Monday and concluded Tuesday.

The Monetary Policy Rate measures the benchmark interest rate.

The CBN Governor, Yemi Cardoso, announced this in Abuja on Tuesday after the MPC meeting, last for the year, held at the apex bank’s headquarters.

He said the MPC voted unanimously to raise the MPR by 25 basis points from 27.25% to 27.50%; and retain the Cash Reserve Ratio (CRR) at 50% for Deposit Money Banks and 16% for Merchant Banks.

The CBN governor also said the MPC retained the Liquidity Ratio (LR) at 30% and Asymmetric Corridor at +500/-100 basis points around the MPR.

Business

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Published

19 hours ago

November 26, 2024

Trends Admin

Nigeria’s unemployment rate dropped to 4.3% in Q2 – NBS

Nigeria’s unemployment rate stood at 4.3 per cent in the second quarter of 2024, the National Bureau of Statistics (NBS) has said in its latest report.

The report released on Monday said the unemployment rate decreased compared to the 5.3 per cent recorded in the Q1 of 2024.

The NBS defined the unemployment rate as the share of the labour force (the combination of unemployed and employed people) who are not employed but actively searching and are available for work.

“The unemployment rate for Q2 2024 was 4.3%, showing an increase of 0.1 percentage point compared to the same period last year,” the report stated.

“The unemployment rate among males was 3.4% and 5.1% among females.

“By place of residence, the unemployment rate was 5.2% in urban areas and 2.8% in rural areas. Youth unemployment rate was 6.5% in Q2 2024, showing a decrease from 8.4% in Q1 2024.”

Report also said the unemployment rate among persons with post-secondary education was 4.8 per cent; 8.5 per cent among those with upper secondary education, 5.8 per cent for those with lower secondary education, and 2.8 per cent among those with primary education in Q2 2024.

Employment rate – 76%

The report showed that the employment-to-population ratio, which measures the number of employed workers against the total working-age population, increased to 76.1 per cent in Q2 2024.

“In Q2 2024, 76.1% of Nigeria’s working-age population was employed, up from 73.1% in Q1 2024,” the report stated.

Self-employment – 85.6%

The report further showed that Nigeria’s labour market saw a notable shift as the proportion of self-employed individuals increased in Q2 2024.

It stated, “The proportion of persons in self-employment in Q2 2024 was 85.6%.”