WHAT’S NEWS? October 17, 2023
By Ezinwanne Onwuka
● Nigerian Government earmarks N26 trillion for 2024 budget
The Nigerian government plans to spend a jumbo-size budget of N26.01 trillion [$33.9 billion] in 2024. Debt servicing will gulp N8.25 trillion [$10.7 billion] and N7.78 trillion [$10.1 billion] will be set aside to cover salaries and pensions for civil servants.
Atiku Bagudu, minister of budget and economic planning, speaking to reporters on Monday after a ministers meeting with the President, Bola Tinubu, said the Nigerian government is working with an oil price of $73.96, oil production of 1.78 million barrels per day, and an exchange rate of N700/$1 under the 2024 spending plan.
The Budget Minister also projected that the Nigerian economy would grow at a rate of 3.76 per cent next year, with inflation currently at an 18-year high of 26.72 per cent, moderating to 21 per cent. The budget is expected to be sent to the legislature, the National Assembly, for approval before December 31.
Read the full story: https://www.vanguardngr.com/2023/10/fg-proposes-n26-01trn-for-2024-appropriation-2/
● Inflation rate in Nigeria jumps to 26.72%
Nigeria’s annual inflation in September surged to its highest level in approximately two decades, reaching 26.72%.
The latest figures show a disturbing trend since President Bola Tinubu’s assumption of office on May 29, exacerbating the cost-of-living crisis in Africa’s largest economy.
Notably, food inflation, which constitutes a substantial portion of Nigeria’s inflation basket, climbed to 30.64% in September, up from 29.34% in August.
The National Bureau of Statistics (NBS) on October 16 reported that the September inflation rate marked the ninth consecutive month of growth, rising from August’s 25.8%.
Millions of Nigerians are currently grappling with impoverishment, largely attributed to the impact of President Tinubu’s reforms.
According to the NBS, the September inflation rate represents a 0.92% increase from August’s 25.80%, as revealed in its Consumer Price Index (CPI) report for September 2023. Comparing this figure to the rate recorded in September 2022, which stood at 20.77%, the latest rate is 5.94% higher. This marks the highest annual inflation rate for Nigeria since 2005.
The NBS attributes the upsurge in inflation to various factors, including the removal of petrol subsidies, the deteriorating security situation in certain parts of the country, which has disrupted agricultural activities and supply chains, and the depreciation of the naira against major currencies, leading to increased costs of imported goods and services.
● Abuja Minister seeks accountability from UN on donor funds
At a televised press conference in Abuja on Monday, Uju Kennedy-Ohaneye, minister of women’s affairs, hinted that the United Nations [UN] might be spending funds running into millions sourced from donors for intervention programs to better the lives of Nigerians.
The Minister gave a 30-day ultimatum to the Antonio Guterres-led institution to provide a detailed report of how the aid received on behalf of the Nigerian government has so far been spent. According to her, “We want to see the account of what they did.”
She demanded that the report should be published no later than November 15 to avoid legal repercussions. “From the 16th of October to November 15th, if we don’t see these reports published for Nigerians to see, we are heading to court. From 16th of October to November 8, they get our pre-action letters,” the Minister said.
Read the full story: https://www.thecable.ng/extra-women-affairs-minister-threatens-to-sue-un-over-unremitted-donors-funds/amp
● Nigeria seeks fresh $1.5 billion loan from the World Bank
Nigeria would receive a “relatively cheap” loan of $1.5 billion [N1.14 trillion] from the World Bank before the year runs out, finance minister Wale Edun said on Monday, adding that $80 million [N61 billion] is also expected from the African Development Bank [AfDB]. Edun said the World Bank’s loan would be interest-free.
The Minister said the World Bank and the AfDB are willing to lend to Nigeria because of the tough policies made by Bola Tinubu since he assumed office as Nigeria’s President in May. “The bold, brave, courageous and decisive measures that Mr President has taken are being rewarded,” he said.
Nigeria’s debt stock stands at N87.38 trillion ($114.29 billion), according to the Debt Management Office [DMO]. Yet, the International Monetary Fund [IMF] thinks that Africa’s largest economy is not in debt distress.
Read more: https://punchng.com/fg-gets-over-1-5bn-fresh-w-bank-afdb-loans-dec-edun/?amp
● Nigerian government begins disbursement of N25,000 to poor Nigerians
Nigerian government marked this year’s International Day for the Eradication of Poverty by flagging off a cash transfer programme targeted at 62 million Nigerians.
The Minister of Humanitarian Affairs and Poverty Eradication, Betta Edu said in Abuja that the programme entails the disbursement of N25,000 [$32.70] between October and December to 15 million poor households.
President Bola Tinubu, in his October 1 Independence Day speech, pledged to provide relief to “15 million vulnerable households” to cushion the impact of soaring inflation as a result of the petrol subsidy removal.
Read the full story: https://www.channelstv.com/2023/10/17/just-in-tinubu-launches-conditional-cash-transfer-for-15-million-households/
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Ezinwanne Onwuka reports for TruthNigeria from Abuja.
