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Author: Chinyere Nwokeoma

  • Uwaleke tasks FG on more strategies against food inflation

    Food
    By Chinyere Joel-Nwokeoma
    Lagos, June 16, 2024 (NAN) Prof. Uche Uwaleke, the President of Capital Market Academics of Nigeria, has advised the Federal Government to initiate more  strategies to tackle  rising food inflation.

    Uwaleke gave the advice in an interview with the News Agency of Nigeria (NAN) on Sunday in Lagos.

    He  reacted to the May inflation figure.

    According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rate increased to 33.95 per cent in May.

    The NBS made  this known in its Consumer Price Index  and Inflation Report for May, which was released on Saturday.

    The figure is 0.26 per cent points higher than the 33.69 per cent recorded in April.

    The NBS  said  that on a year-on-year basis, the headline inflation rate in May 2024 was 11.54 per cent higher than that of May 2023 which was 22.41 per cent.

    The report said the food inflation rate in May 2024 increased to 40.66 per cent on a year-on-year basis, which was 15.84 per cent higher than 24.82 per cent recorded in May 2023.

    The NBS said that in May 2024, food inflation on a year-on-year basis was highest in Kogi, with 46.32 per cent, followed by  Ekiti with 44.94 per cent.

    Uwaleke said that the Federal Government should devise more effective strategies to combat banditry and kidnapping to tackle  inflation.

    He added that the government should hasten repair of  public refineries as well as scale up the number of compressed natural gas buses being introduced to ease  transport.

    “I have always maintained that, to deal with the rising food inflation, the fiscal authority has a lot of roles to play.

    “This is because the major causative factors such as insecurity in the food-belt regions, transport and logistics challenges,  as well as epileptic power supply and high cost of fuel, are all outside the control of the Central Bank of Nigeria,” he said.

    Uwaleke said that Nigeria’s economy was being challenged by a cost-push inflation emanating from high transport and energy costs,  as well as insecurity, among other issues.

    He said that  insecurity aggravated the situation through food supply shortages.

    On the Kogi food inflation figure, Uwaleke attributed it to bad roads which, he said, made it difficult for farmers to convey food items from their farms.

    “I understand the rural roads in Kogi are not in good condition; so, farmers have difficulty conveying food items from their farms. Insecurity is also a cause.

    “Kogi (especially Lokoja) serves as a transit route for many travellers from the North to the South and vice versa, who normally stop over to eat and make purchases before proceeding on their journeys.

    “This tends to push up prices of commodities in Kogi.

    “Even in terms of headline inflation, Kogi has always recorded the highest except for last month when it was second highest after Bauchi,” Uwaleke said. (NAN)
    JNC/IGO

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    Edited by Ijeoma Popoola

  • Ecosystem loss: Environmental experts call for attitudinal change

    Environment
    By Henry Oladele
    Lagos, June 16, 2024 (NAN) Environmental experts have called for attitudinal change and sustainable practices among Nigerians to curb ecosystem loss.
    The experts said this in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos.
    They also noted that all hands must be on deck to tackle human-induced environmental damage that affects the ecosystem.
    Mr Taiwo Adewole, an environmental consultant, told NAN that the human-induced environmental damage had far-reaching consequences for the ecosystem, biodiversity, and climate change.
    Adewole emphasised that there was the need for sustainable practices and environmental stewardship.
    “We can see clearly the various human-induced environmental damage such as the climate change and ecosystem loss.
    “Deforestation is one of the human induced environmental damage.
    “Another one is clearing forests for agriculture, urbanisation, and logging, leading to loss of biodiversity and increased greenhouse gas emissions,” he said.
    He added that another human induced damage was pollution, releasing harmful substances into the environment, such as plastics, chemicals, and industrial waste, which contaminate air, water, and soil.
    “Land degradation is also an human activities that damage soil quality, reduce fertility, and alter ecosystems.
    “Burning fossil fuels and other human activities that release large amounts of greenhouse gases, leading to global warming and altered ecosystems.
    “We must switch from linear to circular economy, from fossil fuel to renewable sources,” he said.
    He added that the people also needed to be educated and sensitise on environmental  issues.
    “We need to integrate environmental education into school curricula and public awareness campaigns to promote sustainability and eco-friendly practices,”he said.
    A climate change enthusiast, Mr Emmanuel Emechete, told NAN that some implementations could help curb human induced environmental damage.
    Emechete said that creating and enforcing environmental policies would help individuals and businesses to practice sustainability in their daily lives and businesses.
    “Without a policy or law, many would take the cheapest or most available practice or method and get away with it.
    “For example illegal waste disposal, deforestation, bush burning, gas flaring among others,” he said
    He said encouraging and pushing for  sustainable behavioural change and practices could also curb human-induced environmental damage.
    Emechete added that the necessary infrastructure should be in place to avoid illegal disposal of waste.
    “If the government establish policies saying no illegal disposal of waste then they must  provide for people to do it the proper way.
    “The samething is applicable to organisations, if organisation wants its employees to work sustainably, they must also encourage this with infrastructure and systems to make it’s possible.
    “Individuals, government, families and communities must be aware of environmental issues.
    “Everyone must be aware of the policies implemented to curb and mitigate environment issues.
    “They must be taught on how to mitigate this event and about the policies, law or guidelines for sustainable environment practices,” he said.
    He added that everyone needed to work together to curb these anthropogenic activities.
    “Private and public sector, government, Families, religious bodies, among others can do more if we work together.
    “With data driven research, we can find out the source of the problems and what to do to fix It.
    “We can look at trends and proffer a solution based on projected predictions. We can know what has happened, why it has happened and predicted what will happen and what to do to change it.
    “For example, the reason we know that the climate is changing is because we have models that help us make research of its happening to the earth’s temperature,” he said. (NAN)
    HOB/JNC
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    Edited by Chinyere Joel-Nwokeoma

  • Residents decry indiscriminate dumping of refuse on Lagos roads

    Refuse
    By Henry Oladele/Fabian Ekeruche
    Lagos, June 12, 2024 (NAN) Lagos residents on Wednesday decried the heaps of refuse on some major roads around the state without prompt evacuation by the Lagos State Waste Management Authority (LAWMA).
    The residents also lamented the indiscriminate dumping of refuse by Lagosians on the roads.
    In a separate interviews with the News Agency of Nigeria (NAN), some residents also faulted LAWMA for the delay in evacuating the refuse in their homes.
    NAN reports that indiscriminate waste disposal is a common issue in many cities, including Lagos.
    It can lead to environmental pollution, health hazards, and other negative impacts.
    A businesswoman, Mrs Ibukun Cole, while speaking to NAN, said that residents can avoid littering and dispose waste properly.
    “I think we really need to be enlightened more on the dangers of improper waste disposal.
    “It will interest you to know that some people even dispose waste in the gutters especially when it rains.
    “I feel there should be a form of community clean-up and awareness programmes in every area to ensure people know the dangers of indiscriminate refuse dump,” she said.
    Cole also urged LAWMA to be prompt in evacuating waste, to remove heaps of refuse all over the state.
    A resident in Agege area of Lagos state, Mr Shina Ibrahim, told NAN that LAWMA was not doing enough in evacuating the heaps of refuse in the area.
    “Refuse dumps are being scattered all over the area and even in our homes, LAWMA does not come regularly as they should.
    “Sometimes, they only come once in a month which should not be so. We need them to regularly show up so that there won’t be heaps of refuse.
    He also urged the government to improve on its waste management infrastructure and services.
    Another resident who lives in the Igando area of the state, Mr Tosin Ogundairo, faulted LAWMA over its inability to promptly evacuate refuse within the area.
    The computer engineer told NAN that residents should take advantage of waste management services and designated bin collection points, rather than indiscriminately dumping refuse.
    “I think LAWMA should increase resources or request for additional funding, equipment, and personnel to enhance waste management operations.
    “They should also implement efficient collection systems or adapt technology-enabled waste collection systems and optimise routes to reduce collection time,” he said.
    A resident in Mushin area of the state, Mr Olamide Johnson, told NAN that the Private Sector Participant (PSP) operators engaged by LAWMA no longer come to their area to pick refuse.
    Johnson added that they dispose their refuse on the roads at midnight.
    “This has become a cause for concern in the area and we appeal to the government and LAWMA to curb the menace,” he said.
    Reacting, the National President of the Association of Waste Managers of Nigeria, Mr Olugbenga Adebola, encouraged tenements across the country, particularly in Lagos state, to patronise PSP operators assigned to their areas for seamless waste evacuation.
    Adebola disclosed this in an interview with NAN against the backdrop of complaints of residents alleging the absence of PSP operators in the regular evacuation of their wastes.
    He said that such issues are locational, not generalised.
    According to him, tenements who pay for their wastes have the right to call on their PSP operators and the appropriate authorities when they experience gaps in refuse disposal in their area.
    “Many tenements don’t pay for their wastes thus cultivating the habit of indiscriminate waste disposal and this is posing great environmental danger to the environment.
    “If you pay, then you can call the attention of government or your PSP directly to say “I have not seen my PSP, and because many people do not pay, that is why they are dodging, that is why they will continue to litter the area, and it is only through enforcement that they come alive to their duty.
    “Waste has stopped being a social service to what we call a quasi-social service, which means he who pollute the environment must pay for the evacuation of that pollution, that is to say that anyone who generates wastes from Lagos must pay for the evacuation of that waste and a lot of people are dodging right now.
    “Maybe because of economic situation and the PSP is not a charitable organisation, it is not a Father Christmas, it’s he who pays the PSP that the PSP wants to service,” Adebola said.
    A General Physician, Dr Tunji Akintade, said that indiscriminate disposal of waste was detrimental to health, leading to the spread of diseases, contamination of water sources, and air pollution.
    Akintade noted that the practice had assumed an alarming proportion resulting in disease outbreaks, which have severe consequences for individuals, families, communities, and the health system.
    According to him, the country is battling a cholera outbreak among other diseases as a consequence of an unhygienic environment.
    He called for collaborative efforts toward ensuring a clean and healthy environment. (NAN)
    HOB/FBO/JNC
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    Edited by Chinyere Joel-Nwokeoma

  • No cause for alarm over Nigeria’s debt profile  – Experts

    Debt
    By Simon Akoje
    Lagos, June 9, 2024 (NAN) Some financial experts have expressed optimism that there is no cause for alarm over the country’s current debt profile.
    They said this in separate interviews with the News Agency of Nigeria (NAN) on Sunday in Lagos, while reacting to the country’s rising public debt stock.

    Details from the Debt Management Office show that the country’s total public debt stock has surged to N97.34 trillion as of first quarter of 2023.

    The total debt stock comprises domestic and external debts of the Federal Government, the 36 state governments and the Federal Capital Territory.

    However, the Bola Tinubu government has borrowed N20.1 trillion from domestic investors in its first year, representing a year-on-year increase of 117 per cent from the previous year.

    Nigeria is among the 10 countries on the continent burdened with the highest debt of 2.6 billion dollars owed to the International Monetary Fund, amid its economic challenges.

    The multilateral body has projected Nigeria’s public debt to Gross Domestic Product ratio to reach 46.6 per cent in 2024, and 46.8 per cent in 2025.

    Mr Samuel Agbelaye, the President Chartered Institute of Taxation of Nigeria, said Nigerians should not despair over the recent loans obtained by the Federal Government.

    Agbelaye said there was nothing wrong with obtaining loans if they would be used judiciously for developmental projects.

    “Despite the rising debt, the country is yet a going concern and the indices and outlook of the economy are not as bad as people claim.

    “The loans are not to be used for overhead but for developmental purposes that will add value to the economy,” Agbelaye said.

    He said that Nigerians should not be too perturbed about the country’s public debt stock, or proposal to incur more loans.

    “They should rather be concerned about ways the government plans to increase its cash flow to meet the projected revenue,” Agbelaye said.

    Also, Dr Muda Yusuf, the Chief Executive Officer, Centre for Private Enterprises, said in spite of the huge debt, it was almost impossible for the country not to borrow.

    “The current loan expected to be secured by the government is part of the foreign borrowing plan of the 2024 deficit budget to bridge the financing gap.

    “The foreign loan is usually more concessionary, the rates are low and it’s tied to specific projects,” Yusuf said.

    He, however, noted that the Federal Government could reduce the need to borrow by raising its oil and gas output.
    “Addressing the challenge of oil theft in the Niger Delta region is crucial in attaining the international oil quota,” Yusuf said.
    Also, Mr Okechukwu Unegbu, former President, Chartered Institute of Bankers of Nigeria, said the government should be more innovative in order not to further raise the country’s public debt stock.
    “The government should explore more private equity financing to fix key infrastructure, so as not to borrow for every capital project.
    “Countries in other climes utilise this model in addressing many developmental projects without approaching international developmental partners,” Unegbu said.
    He added that the three tiers of government should cut down their ostentatious lifestyle.
    “This will free funds for more developmental purposes so that the need to source foreign loans may reduce.
    “Most foreign loans earmarked for developing countries come with a blueprint which is not the best for us as an emerging economy,” Unegbu said.
    NAN reports that the Federal Government is proposing to incur more loans from international developmental partners.
    The World Bank is poised to give the Nigerian government a loan of $2.5 billion for economic stabilisation and resource mobilisation reform programmes.(NAN)
    STA/JNC
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    Edited by Chinyere Joel-Nwokeoma

  • Minimum wage: Archbishop urges compromise

    Wage

    By Uchenna Eletuo

    Lagos, June 8, 2024 (NAN) Archbishop Joseph Ojo, General Overseer of the Calvary Kingdom Church, Okokomaiko, Lagos State, on Saturday urged labour leaders and the Federal Government to reach a compromise as regards a new minimum wage.

    Ojo made the appeal in an interview with the News Agency of Nigeria (NAN)in Lagos.

    The archbishop described wage negotiation as a social contract that should be approached with empathy by parties.

    According to him compromise is needed in the matter to save the country from anxiety.

    “They should consider the fact that the unemployed are much more than the few that are in government employment.

    “The federal, states and local governments only employed some workers.

    “Others are in firms owned and operated by individuals that might not be able to pay higher wage.

    “The higher they push it, the higher the inability of the unemployed to survive, because firms, which struggle to pay staff, may not talk of hiring new ones,” he said.

    The cleric said that lack of employment might result in increase in crimes.

    “There are private sector employers, who cannot cope with what the federal or states will offer,” he added.

    The cleric said that high wage bill might compell private schools to increase school bills to meet up with overhead costs.

    “Some parents will not meet up, and their children would be forced to drop out of school,” he said.

    He also advised governments to consider subsisting social-economic variables, such as cost of food items, transport and medical bills, and offer a sustainable minimum wage.

    “The parties ought to put all these into consideration to achieve progress in their negotiation,” the cleric said.

    NAN reports that the Nigeria Labour Congress and the Trade Union Congress are now demanding N250, 000 as a new minimum wage.

    The Federal Government has offered to pay N62,000.

    Negotiations are ongoing. (NAN)

    EUC/NCI/IGO

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    Edited by Nkiru Ifeajuna/Ijeoma Popoola