Inflation

Inflation, hunger loom over fresh strike by food sellers –

The Guardian The Amalgamated Union of Food Stuff and Cattle Dealers of Nigeria (AFUCDN) has threatened to cut the supply of foodstuff nationwide if insecurity is not addressed by the Federal Government. A drastic drop in food supply would have an adverse effect on inflation and household incomes. The National President of the union, Muhammed Tahir, who disclosed this at the end of an emergency meeting of the union in Abuja, said since Governor Yahaya Bello of Kogi State intervened last three months in a move that led to the suspension of six days old industrial action, nothing has been done to address the concerns raised by the union. The union had in March 2021, gone on strike following alleged illegal roadblocks and extortion of her members and unnecessary attacks of her members across Nigeria. Tahir said after reviewing the concerns, the union also resolved to throw her weight behind the onion union that also commenced cutting off supply to the southern part of the country. 

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Rise in Nigeria’s Total Debt

Nigeria’s total debt rises by N191bn in three months, hits N33.1tn - 

Punch Nigeria’s total debt stock rose by N191bn in the first quarter of this year, according the figures released by the Debt Management Office on Wednesday. The DMIO said the debt stock rose to N33.107tn as of the end of March 2021 from N32.916tn in December 2020It said the country’s external debt however reduced due to the redemption by Nigeria of the $500m Eurobond in January. The debt office said, “Total public debt stock, which comprises the debt stock of the Federal Government of Nigeria, 36 state governments and the Federal Capital Territory, stood at N33.107tn or $87.239bn.“The debt stock also includes promissory notes in the sum of N940.22bn issued to settle the inherited arrears of the FGN to state governments, oil marketing companies, exporters and local contractors.“ ‘Compared to the total public debt stock of N32.92tn as at December 31, 2020, the increase in the debt stock was marginal at 0.58 per cent.’

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Pension For Retirees

FG begins payment of new pension to retirees – Vanguard The Federal Government through the Pension Transitional Arrangement Directorate, PTAD, has begun the payment of the consequential adjustment to pensioners under the Defined Benefit Scheme, DBS. The Executive Secretary of PTAD, Chioma Ejikeme, disclosed this development through a statement by the Directorate’s Head of Corporate Communications, Mr. Gbenga Ajayi, informing that the payment was in fulfillment of the promise she made following the announcement of President Muhammadu Buhari’s approval of the implementation of the consequential adjustment to the pension benefits occasioned by the new minimum wage increase of 2019.

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Special Economic Zones

FG targets 3,000 jobs with airports as special economic zones - Punch The Federal Government has said that it is targeting the creation of about 3,000 direct jobs with the airports that have been designated as special economic zones. Recall that in May, The PUNCH reported that the President, Major General Muhammadu Buhari (retd.), approved four airports in the country as special economic zones. The approved airports include Murtala Muhammed International Airport, Lagos; Port Harcourt International Airport, Rivers; Mallam Aminu Kano International Airport, Kano and Nnamdi Azikiwe International Airport, Abuja. The Managing Director, Nigeria Export Processing Zones Authority, Prof. Adesoji Adesugba said, “We expect that with direct employment we should have nothing less than 30,000, however, direct and indirect employment will be much more than that.” He noted that the zones would create indirect jobs by engaging the services of suppliers, producers, marketers, transporters who will be involved in the economic activities within the airports.

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Social Media License

Social media firms wanting to operate in Nigeria must register a local entity and be licensed, the country’s information minister said on Wednesday, the government’s latest move since it banned Twitter (TWTR.N) last week. "We are insisting that for you to operate in Nigeria you must first be a Nigerian company and be licensed by the broadcasting commission," said Lai Mohammed, Nigeria's information minister, of social media companies. The new regulations will include conditions for continued operation, Mohammed said, without elaborating. The move comes amidst what critics say is a broader crackdown on freedom of expression in Africa's most populous country that has drawn comparisons to Nigeria's decades of military rule in the 20th century.

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