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Tinubu’s interventions fail to tackle Nigeria’s economic hardship in H1 2024

Published

3 months ago

July 2, 2024

President Bola Ahmed Tinubu’s interventions may have failed to ease the country’s worsening economic hardship in the first half of 2024 despite the government’s Renewed Hope Mantra.

Economists and financial experts disclosed this in separate interviews with DAILY POST.

President Tinubu, a former Lagos State Governor, who celebrated his first anniversary in office on May 29th, 2024, has not found it easy to give Nigerians a vista of hope.

The development comes on the back of the recent approval by the Federal Executive Council for the disbursement of N555 billion to 100,000 families, with N50,000 payment for three months.

Recall that in October 2023, the President also approved the ‘Conditional Cash Transfer’, under the now-suspended minister of Humanitarian Affairs and Poverty Alleviation, Betta Edu.

The scheme, which comes under the $800 million in loan support from the World Bank, was launched on October 17, 2023, by President Bola Tinubu.

Also, as part of the fiscal measure, the federal government recently approved zero tariffs, excise duties, and Value Added Tax on specialized machinery, equipment and pharmaceutical raw materials to bolster local production of essential healthcare products.

Other fiscal measures include a $3.3 billion crude oil-backed prepayment facility from Afreximbank, $2.5 billion World Bank loans to bolster Nigeria’s foreign exchange supply, and efforts by the Presidential Tax and Fiscal Policy Committee to increase taxes.

Despite the interventions, Nigerians have continued to groan over the impact of headline and food inflation which rose to 33.95 percent and 40.66 percent in May, 2024.

The implication is that the purchasing power of Nigerians has dropped in the face of the increasing misery index.

Worse, Nigeria’s debt burden rose to N121.67 trillion at the end of March 2024.

In the 1Quarter of 2024, the country spent $1.12 billion for servicing foreign debt on N3.94 trillion generated revenue in the same period.

This is as Naira weakened to N1508.99 per dollar at the official market on Monday amid several policies announced by the Central Bank of Nigeria; the latest was the discontinuation of the Price Verification System Portal for importers.

Speaking to DAILY POST on Monday, financial expert and the Chief Executive Officer of SD & D Capital Management, Gbolade Idakolo said Tinubu’s policies in the referenced period have not helped to alleviate the hardship on Nigerians.

According to him, welfare policies by the federal and the state governments were yet to be felt by Nigerians.

“My major concern about these measures is the parameters being used to determine those eligible for those grants for three months.

“These welfare policies of the Federal and the state governments have been seen not to get to the intended beneficiaries and the aim is always defeated in the long run.

“I also believe that this measure would not address the hardships being faced by the very poor citizens that these policies are targeted to assist because of continuous high food inflation and skyrocketing cost of living.

“The fiscal policies of Tinubu’s government in the first half of the year has not helped to alleviate the hardship introduced by its monetary policies. This has led to the unbearable situation the country found itself,” he told DAILY POST.

However, Muda Yusuf, the director, Centre for the Promotion of Private Enterprise, CPPE, said the government has carried out a lot of policies but more needs to be done that will impact the generality of Nigerians.

He urged that the government should roll out more fiscal interventions in the agro-allied industry, construction, Iron and steel, and mining sectors.

“There is a lot the government can do via the fiscal policy level. In terms of direct support to the farmers, it is better to do it directly than through the state governments. I think through that, there should be an impact in terms of food production. I hope the state government will commit to this with all sense of sincerity.

“The measure can help the supply side. I am aware that there are also plans to have similar interventions to the real sector.

“The real sector is responsible for Fiscal Policy measures rather than monetary policy. Fiscal policies are more potent in driving production”, he said.

Prof Godwin Oyedokun, a don at Lead City University in Ibadan, said the recent N555 billion cash disbursement approval is a significant fiscal measure aimed at addressing the inflation-induced hardship faced by many Nigerians.

Oyedokun, however, explained that injecting a large sum of money into the economy could exacerbate inflationary pressures if not accompanied by measures to increase supply and stabilize prices.

“The fiscal measures introduced by President Tinubu, including the N555 billion cash transfer program, demonstrate a proactive approach to addressing the immediate economic challenges faced by Nigerians.

“However, the success of these measures depends significantly on the coordination with monetary policies to manage inflation and ensure overall economic stability.

“A holistic approach, combining short-term relief with long-term economic reforms, is essential for addressing the underlying issues causing inflation-induced hardship and achieving sustainable growth,” he told DAILY POST.

CREDIT: DAILY POST

News

BREAKING: Edo guber: 90.33% results uploaded on IReV – INEC

Published

3 hours ago

September 21, 2024

ARS NEWS

The Independent National Electoral Commission, INEC, has successfully uploaded 90.33 per cent of the results from the Edo governorship election to its Results Viewing Portal, IReV, as of the time of filing of this report.

Accordingly, results from 4,082 out of the 4,519 polling units where elections were held in the state have been successfully transmitted on the portal.

This means that only results from 437 PUs are yet to be uploaded on IReV.

Earlier, the Resident Electoral Commissioner for Edo, Anugbum Onuoha, reassured the public during an interview on Arise Television that electronic transmission of results would proceed smoothly, barring any network disruptions.

“We have trained the operators for the BVAS. They are set. BVAS is to accredit the voters and to know the total number of voters that will vote at that level and that polling unit.

“After that, the voters will start voting. At the end of the day, they will count the results, and it will be uploaded to our IReV,” he assured.

This comes as the Peoples Democratic Party’s Asue Ighodalo, All Progressives Congress’ Monday Okpebholo, Olumide Akpata of the Labour Party and others compete for votes from 2.2 million voters with permanent vote cards across the 18 local government areas in the state.

DAILY POST earlier reported that INEC uploaded 86.55 per cent of the results on IReV.

CREDIT: DAILY POST

News

We’ve been fair in distribution of FG palliatives – Abia Govt

Published

3 hours ago

September 21, 2024

ARS NEWS

The Abia State Government said that it has been fair and transparent in the distribution of the four tranches of the Federal Government palliatives to Abia citizens.

The Special Adviser to the Abia State Governor on Policies and Intervention, Rev. Fr. Christian Anokwuru, stated this in Umuahia while briefing the press on the distribution of the palliatives across the state.

He said that the state government first received a total of 16,800 bags of 50kg rice and 13,260 bags of 50kg maize. The government sold the bags of maize and bought rice instead and then added 4,800 bags of 50 kg rice. As a result, a total of 30,800 bags of 50 kg rice were distributed across the state in the first batch.

Anokwuru noted that the state government equally took delivery of 24,000 bags of 25 kg rice as the second batch of palliatives. Out of these, 19,524 bags were allocated to Abia civil servants from salary grade levels 01 to 08. The remaining 4,476 bags were distributed to persons with disabilities, Nigeria Correctional Centre in Abia, Amaudo Itumbauzo Centre for mentally ill, destitute, orphanages, and widows through the Ministry of Women Affairs in collaboration with the Office of the Wife of the Governor.

According to him, the state government received the third batch of palliative of 13,260 bags of 50kg maize and 3,196 bags of 25kg garri. Of these, 601 bags of maize and 144 bags of garri were given to each of the 17 LGAs, while faith-based organisations received 156 bags of maize and 38 bags of garri. Boarding schools received 23 bags of maize and six bags of garri.

In June 2024, the state received the fourth batch of palliative consisting of 8,900 bags of urea and NPK fertilisers, which will be distributed across 15 LGAs, excluding Aba North and Aba South LGAs, as well as a few wards in Obingwa and Osisioma LGAs, which are urban areas with minimal farming activities.

CREDIT: DIALY POST

News

Edo Governorship Election: Live results from polling units trickle in

Published

3 hours ago

September 21, 2024

ARS NEWS

Officials of the Independent National Electoral Commission, INEC, have started announcing results from polling units in the ongoing governorship election in Edo State.

Voting has ended in most polling units and results are being counted and announced in the presence of party agents and voters.

DAILY POST reports that the leading contenders for Saturday’s election include Asue Ighodalo of the Peoples Democratic Party, Senator Monday Okpebholo of the All Progressives Congress and Labour Party’s Olumide Akpata.

Follow this thread for results from Polling Units, PUs.

Location: PU11, Ward 06, Oredo LGA

Results

PDP: 41

APC: 19

LP: 32

Ward 3, Unit 21, Etsako West

Results

APC: 28

PDP: 30

LP: 11

NNPP: 1

PU05, Ward02 GRA/Etete, Oredo LGA
Results
APC: 15
PDP: 58
LP: 12
The following results are from OREDO WARD 1.
UNIT18
APC—25
LB—-23
PDP—-104
VOID VOTE —2
UNIT19
APC—8
LB—10
PDP—-46
VOID VOTE 0
Unit 20
APC—-38
LB—-10
PDP—105
VOID VOTE —4
UNIT21
APC—-19
LB—-4
PDP—41
VOID VOTE—6
PU62, Ward 01, Ogbe, Oredo LGA, Edo state.
APC: 13
PDP: 19
LP: 02
Location: Ward 11 Unit 14 Etsako West LGA
Result
APC: 157
PDP: 35
ADP: 2
LP: 7
Location: PU1, Okada primary school, Ovia north/east
PDP=51
APC=51
LP=4
Location: PU2, Okada primary school, Ovia north/east
PDP=57
APC=36
LP=2
Location: PU3, Okada primary school, Ovia north/east
PDP=45
APC=25
LP=1
Location: PU21, Amufi primary school, ward 3
PDP=136
APC=38
LP=8
PU001, Uwessan 1, Esan Central LGA
APC: 102
PDP: 1
LP: 1
PU2, Afegbua primary school, Etsako East LGA
PDP: 121
APC: 128
NNPP: 1
Ward 11 PU13 Etsako West LGA
APC: 136
PDP: 34
LP: 4
Location: PU21, Amufi primary school, ward 3
PDP=136
APC=38
LP=8
Location: PU1, Okada primary school, Ovia north/east
PDP=51
APC=51
LP=4
Location: PU2, Okada primary school, Ovia north/east
PDP=57
APC=36
LP=2
Location: PU3, Okada primary school, Ovia north/east
PDP=45
APC=25
LP=1
PU3, Ward 1, Ewohimi, Esan south-east, Edo state
APC 45
PDP 200
Oshiomhole’s polling unit
Ward 10 PU 1 Etsako West
APC: 403
PDP: 1
ADC: 1
PU14, Community Hall Idumodin, Orhionmwon LGA, Igbanke West ward 12
PDP: 95
APC: 84
LP: 5
PU1, Orhionmwon LGA, Igbanke west ward 12, Idumodin Primary School, Idumodin III (Community Hall)
APC: 67
PDP: 35
LP: 2
PU4, Egor LGA, Egor ward 4, Egor secondary school, Egor I
APC: 21
PDP: 32
LP: 5
PU10, Orhionawon LGA, Ugboko ward 5, Ugbugo, Ugbugo Town Hall II
APC: 26
PDP: 11
LP: 0
PU7, Agbor/Ogbokpa primary school, Ewatto ward 3, Esan south LGA
APC: 131
PDP: 78
LP: 0
PU6, ward 14, Oluku, Ovia north east LGA
PDP: 84
LP: 21
APC: 11
PU20, Oredo LGA, Unueru/Ogboka ward 10, Ogboka/Unueru III, Urubi Primary School II
APC: 54
PDP: 46
LP: 4
Edo guber election result
PU14, Urora-Akengbuda Primary school VIII, Ikpoba/Okha LGA, Aduwawa/Evbo Modu ward 4
PDP: 90
APC: 23
LP: 3
PU15, Ujoelen-Ugha Square, Emuhi/ Ukpenu/Ujoelenu/Igor ward 7, Esan West LGA
PDP: 96
APC: 100
LP: 4
PU13, Uromi-Amedokhian primary school IV, Amedokhian ward 7, Esan north-east LGA
APC: 130
PDP: 119
LP: 1