UN supports Nigeria’s economic programme with $250m – Newstrends
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UN supports Nigeria’s economic programme with $250m

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The United Nations has offer Nigeria $250 million to boost the nation’s Economic Sustainability Plan.

This, the UN said was to complement the country’s COVID-19 economic recovery efforts under the Economic Sustainability Plan initiative.

The offer was made known by the UN Deputy Secretary-General, Ms. Amina Mohammed, and top officials of the world body, as an initiative of the UN in Nigeria as well as the Nigeria Development Partners’ Group.

Vice-President Yemi Osinbajo said the offer aligned with the Federal Government’s Economic Sustainability Plan.

This was contained in a statement by the media aide to Osinbajo, Mr Laolu Akande.

The statement showed that out of the $250 million to be mobilised, $13.78 million would be earmarked to develop health response system; $53.3 million to protect people; $30.7 million for macroeconomic stability and economic recovery and $26.6 million for social protection to assist communities in building back better.

Osinbajo stated, “I think that the offer aligns with the government’s Economic Sustainability Plan.

“It seeks to mobilise close to $250 million and will provide targeted support to the development of health response systems ($13.78 m); protecting people ($53.3); macroeconomic stability and economic recovery ($30.7); as well as social protection ($26.6m) to assist communities in building back better. Rallying support and thinking through a programme such as the UN Plus Offer for socio-economic recovery is a demonstration of the kinship that we developed with our partners and the United Nations.”

 Earlier, Mohammed had said the launch of the initiative was a demonstration of an effective partnership between the UN system and the administration of President Muhammadu Buhari.

According to her, various components of the initiative will expedite interventions in four key areas which are also being addressed under the Nigerian Economic Sustainability Plan.

“This offer is aimed at supporting Nigeria in its immediate efforts at risk mitigation by cushioning vulnerable communities, and through medium-term measures that will aid socio-economic recovery while addressing structural drivers of exclusion, inequalities and discrimination as a component of recovering better,” she said.

The statement also quoted the United Nations Development Programme (UNDP) Resident Representative and Chair of Nigeria Development Partners Group, Mr. Mohammed Yahya, as saying that the offer is in response to the UN Secretary General’s call for action, noting that the offer was conceived to support the government’s action on post-COVID-19 medium-term socio-economic recovery.

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Breaking: Nigeria’s inflation rises to 33.2%, says NBS

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Breaking: Nigeria’s inflation rises to 33.2%, says NBS

The National Bureau of Statistics (NBS) says the nation’s inflation rate rose to 33.2 per cent for the month of March 2024.

This represents a 1.5 per cent increase over 32.7 per cent recorded in February 2024.

The NBS disclosed this in a new report released on Monday.

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Nigeria’s oil production drops by 2.8 million barrels in one month 

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Nigeria’s oil production drops by 2.8 million barrels in one month 

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has confirmed the data released by the Organisation of Petroleum Exporting Countries (OPEC), indicating a consecutive decline in Nigeria’s oil production for the second month in a row.

According to NUPRC reports, crude drilling operations in March saw a notable decrease, with production dropping from 1.42 million barrels per day (bpd) in January to 1.23 million bpd in March, marking a significant loss of approximately 2.8 million barrels over the month.

Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, acknowledged the declining trend, attributing it to issues on the Trans Niger Pipeline (TNP) and maintenance activities by oil companies in Nigeria during the period.

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However, beyond crude oil, condensate production, which typically falls outside OPEC’s quota calculation, also experienced a decline in March, further exacerbating Nigeria’s overall production slump.

Despite efforts to address the situation and restore production levels, challenges such as oil theft and dwindling investments continue to hinder Nigeria’s ability to meet its OPEC quota consistently.

The repercussions of Nigeria’s reduced production are compounded by surging global oil prices, fueled by escalating geopolitical tensions, notably the looming threat of conflict between Israel and Iran.

Nigeria’s oil production drops by 2.8 million barrels in one month

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Ore extols ex-NURTW President Yasin’s virtues at 68

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Ore extols ex-NURTW President Yasin’s virtues at 68

Acting President of the National Union of Road Transport Workers (NURTW), Alhaji Aliyu Issa Ore, has described the former president of the union, Alhaji Najeem Usman Yasin, as a trade unionist per excellence with worthy administrative experience.
He stated this in his goodwill message on the 68th birthday of Alhaji Yasin
Ore, a former chairman of the Kwara State council of the union, said the achievements he recorded while in Kwara were as a result of quality advice and guidance from Yasin.
Ore explained that Yasin’s tenure as president of the union witnessed tremendous development and growth of the NURTW.
“His tenure as president of the union recorded first-class growth.
“He took the union to the global stage. For the first time, our union became a strong member of International Transport Federation (ITF).
“Apart from getting international recognition, he also built zonal council offices for all the zones. Before he came in, our zonal councils usually operated from rented apartment but his administration acquired land and built befitting zonal offices for all our zonal councils.
“Again, Alhaji Yasin ensured that the national headquarters of the union assisted many state councils to build their own councils secretariat. Through his guidance, most state councils now operate from their own state councils.”
He recalled the peace enjoyed by members of the union under Yasin, saying this ensured that the body had perfect transition arrangements devoid of thuggery and shedding of blood.
“Before he came into office, our election or change of leadership was usually bloody. But he put a system in place that put an end to thuggery and other violence in the union,” he said.
Ore also said Yasin’s tenure boosted the education of members and workers by ensuring that the union secured partnership with National Open University of Nigeria (NOUN) which enabled members to acquire university education.
“Members of staff also enjoyed opportunities to go for training and workshops to boost their knowledge,” Ore stated.
He prayed that Almighty Allah would continue to preserve him to witness more years in good health.

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