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Rising cost of living could lead to social unrest in Nigeria, AfDB warns
Rising cost of living in Nigeria could lead to social unrest, AfDB warns
The African Development Bank (AfDB) has warned that rising prices of fuel, food and other commodities in Nigeria could lead to social unrest.
It also said rising cost of living could cause social unrest in Ethiopia, Angola and Kenya.
The AfDB stated this in its macroeconomic performance and outlook for 2024.
It however projected Africa’s economy to grow higher than the 3.2 per cent recorded in 2023.
The AfDB projected that growth on the continent would rebound to 3.8 per cent in 2024.
However, the bank cautioned that an increase in fuel and commodity prices occasioned by currency depreciation or subsidy removal in Nigeria, Angola, Kenya and Ethiopia could trigger internal conflicts.
It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.
“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya and Nigeria and the resulting social costs have led to social unrest driven by opposition to government policy.”
The AfDB also said the rise of geopolitical tensions in Eastern Europe and the Middle East in addition with the El Nino phenomenon could trigger supply chain disruptions.
This, it said, could aggravate energy and food inflation across the world with Africa more vulnerable to these shocks.
Already, there have been protests in some parts of the country over rising cost of living.
Street protests were recorded in Minna, Niger State on February 5, with many other states holding similar protests after.
Citizens have blamed the cost of living crisis on the Federal Government’s policies of the petrol subsidy removal and floating of the naira.
The Nigeria Labour Congress (NLC) has also announced a two-day nationwide protest over the hardship being experienced by Nigerians as well as the deteriorating security situation in the country.
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Ohanaeze Ndigbo President-General raises alarm over threats to his life
Ohanaeze Ndigbo President-General raises alarm over threats to his life
Emmanuel Iwuanyanwu, the President-General of Ohanaeze Ndigbo, has expressed concern over threats to his life by individuals he described as anti-Igbo. He revealed that there have been plans to either kill him or burn his house due to his leadership of Ndigbo.
Addressing a press conference in Enugu, Iwuanyanwu highlighted the dangers he faced, mentioning the death of his predecessor, Prof George Obiozor, and an attempt on another ex-leader’s life. He recounted receiving information about people hired to attack him but assured that he remained undeterred in his commitment to serving his people.
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Iwuanyanwu lamented being confronted by such threats despite his efforts to serve his people, citing his extensive career and scholarship schemes that benefited thousands of youths. He recalled the fate of late Prof. Joe Irukwu, who faced similar accusations of working against the interest of Igboland.
Despite the challenges, Iwuanyanwu reaffirmed his determination to serve Ndigbo and vowed not to yield to intimidation.
Ohanaeze Ndigbo President-General raises alarm over threats to his life
News
Rivers crisis festers as new factional Speaker emerges
Rivers crisis festers as new factional Speaker emerges
A new speaker has emerged in Rivers State Wednesday May 8, 2024, to signal the much-awaited showdown in state’s deteriorating political crisis which seems to be here.
Already, hidden cards or fists are appearing every hour to show that both the Nyesom Wike camp and the Governor Siminalayi Fubara camp have been preparing for it.
The Wike camp through the Rivers State caretaker committee of the All Progressives Congress (APC) led by Tony Okocha yesterday gave go-ahead for impeachment action against the governor. The one they one the 27 defected lawmakers loyal to Wike initiated on October 30, 2023, failed when Gov Fubara fought back until a temporary ceasefire was achieved in Aso Rock with an 8-point agreement signed by both parties but largely observed in breach.
Now, it seems both camps have rearmed and may be ready for the final showdown that may make Rivers State tense in the coming days, to say the least.
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The APC has directed that impeachment begin immediately; the next day, the Fubara camp announced their own Speaker, Victor Oko Jumbo from Bonny; same day, hints emerge that screening of LGA caretaker committee members may be going on.
On the other hand, the local councils have staged protests saying their monthly allocations have been withheld. Pressure is thus mounting from that angle covering the 23 local council areas.
The purported screening may lead to appointment of caretaker committees of the 23 LGAs in the state who would get the monthly allocations and hit the ground running.
This action would provoke what the Wike-backed APC group said they would resist. They may begin their own action in the form of impeachment proceedings which the Fubara camp (Rivers State government) said they would resist.
These acts of resistance may plunge the state into violence and make it ungovernable. At that point, President Bola Ahmed Tinubu, who has remained silent since the peace agreement, may unveil the sanctions he had threatened would descend on any person who breached the agreement. Each camp points to the other as the one breaching the agreements. Each clings to Tinubu as the favourite.
The battle seems timed to ensure that the one year anniversary is hindered.
Rivers crisis festers as new factional Speaker emerges
News
Cybersecurity levy suspension tears lawmakers apart, speaker overrules
Cybersecurity levy suspension tears lawmakers apart, speaker overrules
The Speaker of the House of Representatives, Abbas Tajudeen, intervened on Wednesday to halt a motion calling for the suspension of the controversial cybersecurity levy, which has sparked widespread dissatisfaction among Nigerians.
Since the Central Bank of Nigeria (CBN) mandated all banks to deduct 0.5% of the value of electronic transactions from customers, Nigerians from various sectors have vehemently opposed the levy, labelling it an additional financial burden.
During Wednesday’s plenary session, Manu Soro, a lawmaker from Bauchi State, presented the motion, citing concerns about the timing of the levy’s introduction amidst Nigeria’s prevailing economic challenges.
Soro argued that imposing new taxes or increasing existing ones amid the current economic difficulties exacerbated by the removal of fuel subsidies and currency depreciation would only add to citizens’ financial woes.
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He called on the House to urge the CBN to retract the circular on the cybersecurity levy and halt its implementation immediately. Additionally, he urged the Minister of Finance to refrain from introducing new taxes or raising existing rates until the economic situation improves significantly.
However, Speaker Abbas advised Soro to temporarily withdraw the motion to allow the House leadership to deliberate on the best course of action to address the issue.
In a related development, the Trade Union Congress of Nigeria (TUC) threatened to shut down the economy over the plan to implement the cybersecurity levy on electronic transactions. TUC’s president, Mr. Festus Osifo, criticized the levy as illogical, particularly given the current economic challenges faced by Nigerians. He warned that its implementation could worsen poverty and deepen the economic crisis in the country.
Cybersecurity levy suspension tears lawmakers apart, speaker overrules
Ohanaeze Ndigbo President-General raises alarm over threats to his life
Cleric allegedly sets wife’s house ablaze following prayer disagreement in Ekiti
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