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FCCPC Blames Grain Hoarders For Rising Food Inflation In Nigeria

Published

3 months ago

October 24, 2024

‘Unscrupulous actors’ are the major contributors to food inflation in the country, says the Federal Competition and Consumers Protection Commission (FCCPC).

Other causes, according to the commission, are price fixing by bad eggs and entrance levies imposed by market associations.

FCCPC Executive Vice Chairman/Chief Executive Officer Tunji Bello said with time, ’all the bad eggs’ engaged in hoarding, artificial market creation, price fixing, and gouging, would be checkmated by the government.

Bello added that “unethical practices” remained offences punishable under sections 18(3)(c), 62,63,66(1),108 of the FCCP Act 2018.

He spoke during a town hall meeting with industry captains, Micro, small, and Medium Enterprises (MSMEs), market leaders, farmers, transporters, and service providers in Kano.

Noting that the Act prescribes stiff penalties ranging from heavy fine to jail terms for offenders, he told the stakeholders that the commission chose to, first, explore the option of dialogue in the “spirit of democracy.”

Bello explained that FCCP investigators found out that the unscrupulous produce merchants were in the habit of mopping up and hoarding newly harvested grains from farms and markets, thereby ‘’endangering our national food security.’’

His words: “Without caring for the consequences of their action on fellow countrymen and women, some of these unscrupulous actors go as far as taking some of the food items they had mopped up from farmers or the markets and smuggle them across the borders to sell at a premium.

“Don’t get us wrong; we are by no means saying everyone is guilty here. We only have a few bad eggs involved in such unethical practices. It is therefore our collective responsibility to work together to achieve reasonable pricing of goods and services, especially at a time the country is undergoing bold economic reforms which may bring temporary discomfort today but will usher a better economy for us tomorrow.”

Bello consequently solicited the support of the Kano State stakeholders to curb the unwholesome practice in the national interest.

Listing the gains of an earlier engagement by the commission in Lagos, Bello noted that President Bola Tinubu had already responded to some of the yearnings of the stakeholders in the form of new policies.

He said: “We have a very listening President. He feels for the people, shares their pains, and is ever willing to go the extra mile to cushion the effects of the hardship the ongoing economic reforms have brought.

“The Federal Government has also commenced the implementation of zero Value Added Tax (VAT) and excise duties on pharmaceutical products and medical devices. Just as a number of taxes have also been removed to assist micro, small, medium enterprises as well as taxes being removed from public transportation.”

The Executive Vice-Chairman urged the stakeholders to be patriotic by sharing the gains of the concessions granted them by the government with the consumers.

“For instance, when the government assists the operators of public transportation with easy credits to convert their vehicles from petrol to relatively far cheaper CNG(Compressed Natural Gas), we don’t expect them to charge the same fares as those who buy petrol,” Bello said.

News

INEC Chairman Says N126bn Needed To Fund Activities In 2025

Published

8 minutes ago

January 11, 2025

Gloria Ikibah

By Gloria Ikibah

The Chairman, Independent National Electoral Commission, Prof Mahmood Yakubu has said that about N126 billion will be needed in 2025 and also to commence preparation for the 2027 general elections.

The Chairman revealed this at the 2025 budget defense and proposal organised by the Joint Committee of rhe House of Representatives and Senate on Electoral Matters on Friday in Abuja.

Mahmood explained that the N40 billion proposed for the Commission in the 2025 budget proposal by President Bola Tinubu was inadequate putting into consideration payment of salaries and allowances for the year in view of the new minimum wage.

He further stated that in 2024, the commission was allocated the same N40bn which only covered salaries and some social contributions such as NHIS contributions, pension, ITF among others.

He said: “We complained about the allocations and you asked what we thought would be adequate. We made a proposal of N80bn then. We are aware that you made efforts to ensure an increase, but that did not work.

“On our part, we made efforts and approached the executive for more funds and we were able to get about N10.5bn from the executive to take care of the Edo and Ondo Governorship elections. That was why we were able to conduct those elections and came out successful.”

Prof. Mahmood who described the year 2025 as a critical year, said:p “We have the Anambra governorship election coming up later in the year. Provision for preparation for that election is not in the budget. We must prepare for the conduct of the Area Council elections scheduled for February 2026 and the budget for that election is not in this budget. We must monitor party primaries for these elections, including the conduct of bye elections and the budget for that is not in the current budget.

“Also, we must begin preparation for the 2027 general elections this year. We have not commenced the Continous Voter Registration exercise because of lack of money. We have to start this year and end it in 2026. We must also begin redistribution of voters to polling units from those that are over populated. All these activities cost money and that has not been considered in this budget”.

The INEC boss asserted that the Commission has about 11 bye elections in 2025 in the National and state Houses of Assembly as a result of death and resignation, and added that they have been able to secure about N500 million from the government for that purpose, but the money will not be sufficient to cover cost of the exercise.

He said despite inflation INEC was still been allocated N40 billion, according to him, currently the commission has over 14,700 staff members apart from political appointees affiliated to the commission.

He listed the political appointees in the commission to include the Chairman and 12 National Commissioners, 37 Resident Electoral Commissioners, their aides who draws salaries and allowances from the funds allocated to the commission.

Mahmood also said that the Commission has over 850 buildings across the country in need of renovation as well as offices in the 8, 809 wards, 774 local government, 36 state offices and the Federal Capital Territory.

He further revealed that currently, there are 59 local government offices located in Local Government Headquarters which it planned to relocate, and said that if the N126b budget proposal is approved, the commission will relocate of at least 30 of them in 2025.

The INEC Chairman also disclosed that the Commission planned to replace some of its items such as BVAS machines, voting cubiciles and other materials, adding that between the conduct of the 2023 general election and now, the commission has lost about 440 BVAS machines.

He however added that INEC has collected insurance premium of about N205m for the damaged BVAS.

He said “that money was not paid directly to the Commision. It was paid directy to government coffers”.

Reacting to the presentation by the INEC Chairman, Senator Ireti Kingible(LP, FCT) urged the parliament to look inward and come up with adequate funding for INEC to enable it discharge its responsibility to the nation.

She said “INEC has to be independent and whatever we have to do to get funding for the commission must be done. It is not whether the commission will get the money. It has to get the money needed. “

Also contributing, a member of the House of Representatives, Adeboye Paul said “From what we are seeing, it s clear that we are running a dangerous system. We are all participants in the electoral process and we know what goes on. When there are shortfall, the local government comes in to supplement and that is dangerous for the system.

“If the essence of budget defence is that we cannot make input, why then do we embark on the exercise. Last year, we were here in this same situation and we made efforts to improve the budget to no avail. We need to deliberate on how best to assist the commission aand save our democracy. If we allow them to continue going cap in hand to the executive for funds, that is not good for democracy in this country.”

The budget defence later went into a closed-door session between the joint Committee and the INEC Chairman and seven of National Commissioners and Directors also in attendance.

News

NBS to include commercial s3x, other illegal activities in GDP calculation

Published

2 hours ago

January 11, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

To unveil rebased GDP, Consumer Price Index this month
•Proposes 2019 as new GDP base year
•Proposes 2024 as base year for inflation computation

The National Bureau of Statistics, NBS, yesterday said that illegal and hidden activities like prostitution and drugs peddling will now be included in the calculation of the country’s Gross Domestic Product, GDP.

Meanwhile, NBS has proposed 2019 as a new GDP base year and 2024 as new base year for inflation computation.

NBS disclosed this at a sensitization workshop on GDP and Consumer Price Index, CPI Rebasing organised in collaboration with the Nigerian Economic Summit Group (NESG).

According to the bureau, 2019 was proposed as the new GDP base year because economic activities were relatively stable during the year, compared to subsequent years disrupted by the impact of COVID and policy shifts..

The bureau added that the rebased GDP is expected to capture new segments such as the digital economy, activities of pension fund administrators, National Health Insurance Scheme (NHIS), Nigerian Social Insurance Trust Fund (NSTIF), activities of modular refineries, domestic households as employers of labour and coverage of illegal and hidden activities.

Elaborating on the inclusion of illegal and hidden activities in the classification of economic activities for computation of the GDP, Head of National Accounts, NBS, Dr. Baba Madu, said: “Illegal activities will be in line with the national best practices, that is System of National Accounts, SNA 2008.

“If you are into, for instance, drugs, there are some countries, it is this drug that is driving their economy. It is illegal here because there is no legal backing. Also prostitution, they also earn income. Some even live bigger than those in the formal sector. The SNA does not say no to these, it is we. But the challenge is the legal backing and how do we get the data.

“And then, of course, the hidden economy. If I ask you, how much do you earn in a month, you will lower your income. Or if somebody is selling provision in a store, and before you know it he started selling India hemp. Those are the things we are seeing. There are challenges all over the world. But the beauty is that they are less than 3.0 to 3.5% of the GDP.”

Highlighting the importance of the GDP and CPI rebasing exercise, Statistician General, Prince Adeyemi Adeniran, said: “The rebasing is a vital exercise that ensures our economic indicators are current and accurate reflections of the economic realities on the ground. As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our statistical measures to capture these changes. Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape. This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that NBS is conducting with significant importance and professionalism.

Highlighting the benefits of GDP rebasing, Chief Executive Officer, NESG, Dr. Tayo Aduloju, in his welcome address, said: “Accurate data enhances credibility. Our debt-to-GDP ratio, a critical indicator of fiscal health, dropped from 19% to 11% after the 2014 rebasing.

“This improved Nigeria’s creditworthiness, making us a more attractive destination for foreign direct investment. Investors are drawn to transparency and growth potential, and rebasing sends a clear message: we understand our economy, and we are open for business.

“Second, rebasing sharpens policymaking. It provides a detailed map of our economic terrain, enabling governments to identify high-growth sectors for scaling and low-growth sectors that require targeted interventions to drive impactful and balanced development. For example, after Ghana’s 2010 rebasing—which resulted in a 60% GDP increase—its policymakers could better plan for infrastructure and social investments, fueling sustained growth.”

Vanguard

News

Man walking from Ibadan to Abuja to Meet Tinubu Stranded, Begs for Help

Published

2 hours ago

January 11, 2025

Naijablitznews

A young man known as Mr. Nigeria101, who embarked on an ambitious mission to trek from Ibadan to Abuja since December 1, 2024, has issued a heartfelt plea for assistance after becoming stranded.

His journey, which he described as a demonstration of loyalty to President Bola Ahmed Tinubu, is aimed at delivering a letter he claims represents the collective voices and concerns of Nigerian youths. Despite reportedly covering over 600 kilometers, his efforts have gone largely unnoticed by both the government and the public.

In a series of emotional videos shared on his TikTok account, Mr. Nigeria101 detailed his struggles and called on Nigerians for help. The videos, which have since garnered significant attention, reveal the extent of his frustration and exhaustion.

Speaking directly to the camera, he said:

“Nigerians, please come to my aid. I need your support. Have mercy on me. I have been on this trekking mission since December 1st last year from Ibadan to Abuja to meet Mr. President Bola Ahmed Tinubu to read out this message to him that Nigerians are suffering.

Nobody wants to attend to me; nobody wants to pay attention to me. I have trekked to the extent that my spirit has almost left my body.”

The young man’s plight has drawn mixed reactions, with some applauding his determination while others question the effectiveness of such actions in addressing Nigeria’s challenges.

Mr. Nigeria101’s journey has taken a more desperate turn as he vows to continue his trek to Abuja, even if it means wandering indefinitely or sacrificing his life. He has expressed his intention to protest until President Tinubu acknowledges his efforts and the message he carries on behalf of struggling Nigerians.

The contents of the letter, according to him, highlight the difficulties faced by ordinary citizens, particularly the youth, amid the prevailing economic hardships in the country.

Observers note that his actions reflect the growing frustration among young Nigerians, who often feel unheard and overlooked by those in power. Whether his efforts will result in an audience with the President remains uncertain, but his story has sparked conversations about the lengths citizens are willing to go to make their voices heard.A determined young man known as Mr. Nigeria101, who embarked on an ambitious mission to trek from Ibadan to Abuja since December 1, 2024, has issued a heartfelt plea for assistance after becoming stranded.

His journey, which he describes as a demonstration of loyalty to President Bola Ahmed Tinubu, is aimed at delivering a letter he claims represents the collective voices and concerns of Nigerian youths. Despite reportedly covering over 600 kilometers, his efforts have gone largely unnoticed by both the government and the public.

Speaking directly to the camera, he said:

Nobody wants to attend to me; nobody wants to pay attention to me. I have trekked to the extent that my spirit has almost left my body.”

The young man’s plight has drawn mixed reactions, with some applauding his determination while others question the effectiveness of such actions in addressing Nigeria’s challenges.

The contents of the letter, according to him, highlight the difficulties faced by ordinary citizens, particularly the youth, amid the prevailing economic hardships in the country.