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Economy

Lack of investment will push 250m Nigerians into poverty, says UNFPA

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By Francesca Iwambe

The United Nation Population Fund (UNFPA) says 250 million Nigerians will be pushed into poverty if the federal government fails to invest in healthcare and education in the coming years.

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UNFPA Country Representative, Ms Ulla Mueller, disclosed this in Abuja at a parliamentary summit to fast track Nigeria’s demographic transition.

She said, “The imperative we have is to take actions now, in a world of 8 billion people, in a country that in a very few years will be the third most populous in the world, there could be 250 million people that could feel sense of opportunities and possibilities, but with the wrong investment, there could be 250 million people living in increased poverty and increased insecurity.

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“We have to record this. To do that without family planning, there’ll be no universal health and demographic transition.”

On his part, Nasir Isa Kwarra, noted that harnessing the demographic dividend is not automatic, “but requires each nation to meet certain conditions that start with achieving a rapid and speedy fertility decline, holistically to permit sufficient demographic transition for economic transformation to occur.”

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Economy

Explanation: See what 9 oil producing states received as refunds

Petroleum, Oil, government. prices
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Kayode Sanni Arewa.

The Federal Government says 9 oil-producing states received a total of N625.43 billion, 13% oil derivation, subsidy and SURE-P refunds from the Federation Account in the last two years, 2021-2022.

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Naijablitznews reports this was contained in a statement by Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, the states that received the refunds dating from 1999 to 2021 are Abia, Akwa-Ibom, Bayelsa, Cross River, Delta, Edo, Imo, Ondo, and Rivers.

It says data obtained from the Federation Account Department, Office of the Accountant General of the Federation, shows that a total of N477.2 billion was released to the 9 states as refund of the 13% derivation fund on withdrawal from Excess Crude Account (ECA) without deducting derivation from 2004 to 2019, leaving an outstanding balance of N287.04 billion.

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The states also got N64.8 billion as refund of the 13% derivation fund on deductions made by NNPC without payment of derivation to Oil Producing States from 1999 to December.

It explains that the benefitting states still have an outstanding balance of N860.59 billion windfall from the refunds, which was approved by President Muhammadu Buhari.

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According to the figures, under the 13% derivation fund on withdrawal from ECA without deducting derivation from 2004 to 2019, Abia State received N4.8 billion with outstanding sum of N2.8 billion, Akwa-Ibom received N128 billion with outstanding sum of N77 billion, Bayelsa with N92.2bn, leaving an outstanding of N55 billion.

Cross River got a refund N1.3 billion with a balance N792 million, Delta State received N110 billion, leaving a balance of N66.2 billion, Edo State received N11.3billion, with a balance of N6.8billion, Imo State, N5.5 billion, with an outstanding sum of N3.3 billion, Ondo State, N19.4 billion with an outstanding sum of N11.7 billion, while Rivers State was paid 103.6 billion, with an outstanding balance of N62.3 billion.

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The statement explains that the States were paid in 8 instalments between October 2, 2021 and January 11, 2022, while the 9th to 12th instalments are still outstanding.

On the 13% derivation fund on deductions made by NNPC without payment of derivation, the 9 Oil Producing States were paid in 3 instalments this year, with the remaining 17 instalments outstanding.

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Under this category, Abia State received N1.1 billion, Akwa-Ibom, N15 billion, Bayelsa, N11.6 billion, Cross River, N432 million, Delta State, N14.8 billion, Edo State, N2.2 billion, Imo State, N2.9, billion, Ondo State, N3.7 billion, and Rivers State, N12.8 billion.

Meanwhile, the benefitting States shared N9.2billion in 3 instalments in April, August, and November 2022, as refunds on the 13% derivation exchange rate differential on withdrawal from the ECA.

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The three largest benefitting States were Akwa Ibom, N1.6billion, Delta State, N1.4billion, and Rivers State, N1.32billion.

Similarly, all the 9 states received N4.7 billion each, totalling N42.34 billion as refunds on withdrawals for subsidy and SURE-P from 2009 to 2015.

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The refund, which is for all the states and local government councils, was paid on November 10, 2022.

The Federation Account also paid N3.52 billion each as refund to local government councils on withdrawals for subsidy and SURE-P from 2009 to 2015 on the same date in November.

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The statement says refunds to the Oil Producing States will continue.

END

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Economy

TRENDING! Economic hardship: Kerosene hits N1,000/L as food prices soar

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The average retail price of Household Kerosene (HHK) paid by consumers in October was N1,041.05 per litre, said the National Bureau of Statistics (NBS), on Wednesday.

The NBS stated in its ‘National Household Kerosene Price Watch’ for October 2022 that the average price was a 9.90 per cent increase over the N947.30 per litre recorded in September 2022.

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“On a year-on-year basis, the average retail price per litre of the product increased by 145.87 per cent from N423.42 recorded in October 2021.”

The highest average price per litre of kerosene in October 2022 was recorded in Cross River at N1,304.17, followed by Enugu at N1,300 and Lagos at N1,294.44.

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The lowest price was recorded in Borno at N783.33, then Rivers at N804.17 and Bayelsa at N805.67.

The South-East recorded the highest average retail price per litre of Kerosene at N1,191.14, followed by the South-West at N1,142.60. North-East has the lowest at N905.18/l.

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Economy

Alleged 206bn Insertion: Finance Minister admits error in budget

projects , Zainab
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…as Reps insist Humanitarian Minister must appear

The Minister of Finance Zainab Ahmed on Wednesday admitted error in the budget of the humanitarian ministry as the

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206billion naira captured in the budget proposal of the ministry was wrongly coded by the budget office.

The Minister disclosed this during an investigative hearing by the house of representatives committee on appropriation on alleged insertion in the budget of the ministry of humanitarian affairs and the Defence.

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The dust surrounding the allegations of budget insertions by the Humanitarian and Defence Ministries seems not to have calmed down as the house committee on Appropriation summoned the parties concern to explain what transpired.

The minister of finance Zainab Ahmed while admitting errors in the process said the 206 billion alleged insertion which had generated serious reaction within the week was for the national social safety Nets Project funded by the world bank which is domiciled in the projects of the ministry of humanitarian affairs and disaster management.

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She noted that the wrong coding resulted in the item being wrongly captured as “purchase of security equipment” but that it had nothing to do with Budget padding but an “oversight”

Members were however not pleased with the continuous absence of the minister of Humanitarian Affairs Sadist Farouq for her continued disregard for the house each time she is invited.

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However the permanent secretary of the ministry tried to offer some explanation on behalf of his boss on the alleged insertion claiming it was a costly mistake which the ministry regrets

Earlier the Chairman house Committee on Appropriation while welcoming everyone to the hearing express displeasure over the news of the alleged budget insertion as well as the refusal of ministers appearing before house committee’s.

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The committee adjourned with a stern warning that henceforth, the minister must honour all invitation of the house or face the full wrath of the house as an institution of government.

END.

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