News

FG revenue rising, things are moving in right direction – Wale Edun

Published

5 months ago

April 17, 2024

Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria’s economy is moving in the right direction as policies of the current administration are having positive impact.

The minister spoke on Channels Television’s programme on Tuesday from Washington DC.

Edun alongside other key ministers as well as Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), are in Washington DC for the International Monetary Fund (IMF) and World Bank spring meetings.

According to Edun, the federal government has made significant improvements in terms of oil revenues as well as stabilising the foreign exchange market.

“We are here to emphasise what has been done so far. We’ve all seen what has happened in terms of stabilising the exchange rate and inflation. Though it’s still ticking up, it’s headed in the right direction,” the minister said.

“If you look closely at the numbers that came out yesterday, you’ll see that there is a slowing of the rate of increase of food inflation. So things are moving in the right direction. Government revenues are up, even oil revenues are up not as much as we would like.

“So we’re here to present what the President has done so far and give an indication of what is to come. And I think also to give a sense of the optimism that is really the mood in Nigeria right now.

“What is next is what matters most and there is still a long way to go. We have seen some good signs of recovery, good signs that we’re going in the right direction, but there is much more needed before we get to achieving the real goal of Mr. President, which is growing the economy and reducing poverty.

“For that we need resources. We’re here to sit around the table with financiers. multilaterals that have chief financing, grand financing even bilaterals as well as to encourage investors.

“The important thing about these conversations is that the world is watching and a lot of investors take their cue from the kind of reactions and statements that come out from these types of gatherings.

“So as you’ve noticed, there have been very positive statements made about the progress made given the types of policies that have been implemented so far to come and invest in Nigeria.

“And we always emphasise the interest is in domestic investment. Nigerians investing in the Nigerian economy, as well as of course foreigners who want to invest and add value are welcome.”

Meanwhile, Nigeria’s inflation rate rose to 33.20 percent in March — up from 31.70 percent in February.

On the other hand, food inflation reached 40.01 percent in March, an increase of 15.56 percent points higher compared to the 24.45 percent rate recorded in the same month last year.

However, on a month-on-month basis, food inflation rate in March was 3.62 percent — which shows a 0.17 percent decrease compared to the 3.79 percent rate recorded in February.

Also, the naira appreciated against the dollar in less than two months, moving from about N1,900 per dollar on February 21 to N1,100/$ on April 13.

During the same period, the local currency, at the official window, recovered to N1,136.04/$ per dollar, from N1,551.24/$.

Speaking further, Edun who is also the head of the African finance ministers said the continent wants “a better deal” from the multilateral institutions.

He also said Africa looks forward to receiving lower financing charges and more resources.

“For instance, when you look at climate change, when you look at global warming, Africa accounts for maybe 3 percent or less of the world’s global warming yet, Africa suffers from the effects of climate change much more disproportionately, and therefore, it is looking for much more help in that direction, much more resources being provided,” Edun said.

“And essentially at the end of the day, much more help for the smaller countries, the coastal countries that are suffering so much from flooding, and other effects of climate change.

“So really, Africa is here for a better deal from the world economy and from the managers of the world economy.”

In October 2023, Edun was appointed to chair the African Governors’ Forum of the World Bank.

News

PHOTOS Of Prisoners Who Escaped Borno Prison And Those Recaptured

Published

9 hours ago

September 16, 2024

Naijablitznews

By Mario Deepromoter

Nigerian Correctional Service on Sunday disclosed that about 281 inmates escaped from Maiduguri Medium Security Custodial Centre following severe flooding in the capital city.

NCoS spokesperson, Umar Abubakar, said the agency had alerted the Nigerian Immigration Service, and Nigeria Police Force among other security agencies to help recapture the fleeing inmates.

“Every security agency in the country has been notified and they are on alert to help track down the fleeing inmates wherever they may be. With their help, we will capture them and return them to our custodial centre,” Umar said.

In a statement on Sunday, he said of the 281 fleeing inmates, seven had already been recaptured and returned to the facility.

“The Nigerian Correctional Service has observed the flooding currently being experienced in Maiduguri, Borno State, and its environment.

The unfortunate incident has left scars, bringing down the walls of the correctional facilities, including the Medium Security Custodial Centre in Maiduguri as well as the staff quarters in the city.

“Upon the evacuation of inmates by officers of the service, with support from sister security agencies to a safe and secure facility, 281 inmates were observed to be missing.

Presently, a total of seven inmates have been recaptured and returned to custody, while efforts are on the ground to track down the rest and bring them back to safe custody,” the statement read in part.

Abubakar further stated that details of the fleeing inmates had been made available to the public while noting that efforts were underway to track them.

“However, it is important to note that the service is in the custody of their details, including their biometrics, which are being made available to the public. The service is working in synergy with other security agencies as both covert and overt deployments have been activated to locate them. While this effort is ongoing, the public is assured that the incident does not impede or affect public safety,” the statement added.

Recall that the flood affected many parts of Maiduguri, leading to the displacement of over 300,000 residents and the deaths of over 30 people, including children.

Meanwhile, Borno State Governor, Babagana Zulum, on Saturday said he was “seriously worried” that jailed Boko Haram terrorists might have escaped from the prison facility.

See Pictures Below;

Prisoners

News

SEE new price of petrol across all 36 states

Published

9 hours ago

September 16, 2024

Naijablitznews

By Mario Deepromoter

Despite the counter accusations by both Dangote Refinery and NNPCL over prices, the price list of petrol has emerged online.

According to reports, this is because NNPCL bought petrol at a higher price from Dangote Refinery on Sunday.

NNPCL also mentioned that Dangote Refinery sold the petrol in US Dollars, not naira, against the federal government’s directive.

However, Dangote Refinery will sell its petrol in naira starting in October.

According to a breakdown from NNPCL, Dangote Refinery sold petrol to NNPCL at N898.78 per litre.

NNPCL paid Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of N8.99, inspection fee of N0.97, a distribution cost in Lagos of N15, margin N26.48.

NNPCL’s statement added that the estimated pump price in:
Lagos will be N950.22
Sokoto State N999.22
Kano State N999.22
Borno State N1,019.22
Kaduna N999.22
FCT N992.22
Oyo State N960.22
Lagos State N950.22
Rivers State N980.00
Imo State N980.22

An analysis of the chart showed that except from Lagos State, other states of the federation will be paying higher because of distribution costs.

The distance from Dangote Refinery and NNPCL‘s depot in Lagos State to other states of the country majorly would determine the price differences.

The report also showed that the six geo-political zones would be paying differently.

The North East states would be paying the highest per liter from N1,019.22, followed by North West states from N999.22, followed by North Central states from N992.22, followed by South East states from N980.22, South South states from N980.22 and South West states paying the least from N960.22, except Lagos State paying from N950.22.

At the time of filing this report, the presidency is yet to speak on the latest development.

News

Rivers 2027: Ogoni powerful men snub Fubara, throw weight behind Wike

Published

9 hours ago

September 16, 2024

Naijablitznews

By Mario Deepromoter

Political heavyweights from the Ogoni and Oyigbo zones have formally withdrawn their support for Rivers Governor Siminalayi Fubara ahead of the 2027 general elections.

The leaders have dumped Fubara and lace their boots with the action packed Minister of the Federal Capital Territory (FCT), Nyesom Wike.

The leaders gathered on Saturday in Nonwa, Tai Local Government Area, at an event tagged “Ogoni, Oyigbo People’s Assembly.”

The assembly, which focused on fostering unity between the two ethnic zones, was heavily attended by politicians loyal to Wike, who remains locked in a bitter political feud with Fubara, his estranged protégé.

Prominent personalities, including Senators Barinada Mpigi and Magnus Abe, Ambassador Desmond Akawor, and Chief Victor Giadom, attended the meeting.

The group emphasized that after years of marginalization, it was time for Ogoni and Oyigbo to produce the next governor of Rivers State.

Speaking on behalf of the assembly, Senator Mpigi declared, “The Ogoni and Oyigbo Peoples Assembly, a multi-political convergence of five Local Government Areas within the Rivers South-East Senatorial District, met today to reaffirm their support for the President Bola Tinubu-led administration and pledged total loyalty to the former Governor of Rivers State and current Minister of FCT, Chief Nyesom Wike.

“We also reiterate the obvious fact that the senatorial district’s upland is due for a governor and should produce the next governor of Rivers State come 2027.”

Tensions between Wike and Governor Fubara have been mounting, with Wike publicly withdrawing his support for his former ally.

Wike, who was instrumental in Fubara’s rise to power, has accused the governor of straying from their shared vision for the state.