News
Rising inflation pushes more Nigerians into poverty under Tinubu govt
Nigeria’s rising inflation continues to bite harder, pushing more citizens into poverty as the cost of living and purchasing power shrink under President Bola Ahmed Tinubu’s administration.
This is as headline inflation increased 24 times in two years to 27.33 per cent in October, propelled by food inflation, which soared to 31.52 per cent in October 2023 from 30.64 per cent in September 2023.
Food items, accommodation, clothing, electricity, education fees and other prices have all hit the rooftop.
The Central Bank of Nigeria, CBN, quickly insisted that its recent monetary policy has started yielding results despite not holding the Monetary Policy Committee’s meeting since September.
But, a recent market survey showed that food prices have recently skyrocketed by at least 20 per cent.
For instance, a mudu of rice had moved to N1,700 from N1,500, beans (Red) to N1100 from N800, 1.4-litre of groundnut oil to N3,000 from N2500, a loaf of bread N1100 from N700, eggs to N3000 from N2700 for a crate, garri (Red) N700 from N500 a mudu.
Chinedu Odah, an Abuja resident explaining the impact of inflation on him, said, “Through the past months, I have been on a daily survival mode because of hikes in the price of goods and services.
“At the same time, there is also an upsurge in the cost of education, so I am not only struggling to cater to feed my family but I am also met with the battle to keep them in their various schools regardless of the increment.
“So, truthfully, I derive my strength from a saying: when it gets overwhelming, remember God is too big to owe you.
“Huge sacrifices are being made on my end, given my position and responsibility in the home, just to try and keep up with the running costs.
“Months back, we budgeted and spent N10,000 to provide basic needs for the family in a week. Currently, N20,000 is barely enough to cover the same costs.
“Months ago, I spent N1,000 for daily transportation to work in the Central Area and back home. Currently, I spend N2,500 from my house to the same Central Area and back home.”
Odah is not alone, Amina Zakaria, a resident of Kaduna, said her household is living from hand-to-mouth due to the hike in food prices.
“We no longer eat three square meals, sometimes one, at other times it is two, walahi Nigeria hard for my family”, she said.
Nkechi Nwankwo, a resident of Port Harcourt Rivers State, said, “The prices of food items are increasing daily, the worst thing is that my income has remained the same. Money has value, too. One can’t buy things in the market.”
This is the lamentation on the lips of many Nigerians, whether in the North or South.
According to the World Bank, in the five months of 2023, accelerating inflation pushed four million Nigerians into poverty.
The Washington-based development bank’s data came months after the multidimensional poverty index released in November last year said 133 million people in Nigeria live below the poverty line.
But upon the emergence of President Tinubu, he vowed to take Nigeria’s economy out of the woods with his renewed hope mantra, but months down the line, Nigerians are yet to have the feelgood factor.
Since June this year, the fuel subsidy removal and foreign market liberalisation have negatively impacted the nation’s economy.
Though the government said that after subsidy removal, its revenue jumped from an average of N650 million monthly to over N1 trillion in the last four months, the impact on the well-being of Nigerians is yet to be felt.
News
Uzodimma to Editors: You should be held accountable for what happens to Nigeria
“The narratives you shape between now and the election will determine whether Nigerians approach 2027 with hope or cynicism, with trust or suspicion, with a sense of shared stake or through a tribal lens.”
Senator Hope Uzodimma, the Governor of Imo State, says the Nigerian media industry should be held accountable for what’s happening in the country and to its citizens, both positively and negatively.
“Your reports and comments paint a picture of tomorrow. Therefore, the picture you paint of 2027 is what Nigerians should expect,” said Uzodimma.
In a keynote address , he delivered today during the 21st edition of the All Nigerian Editors Conference in Abuja.
Uzodimma, critique the theme, ‘Democratic Governance and National Cohesion: The Role of Editors,’ and a sub-theme: ‘Electoral Integrity and Trust Deficit: What Nigerians Expect in 2027,’ said : I will not let you escape accountability for electoral integrity, trust deficit, and what Nigerians expect in 2027.
Here is why. If you have a role to play in “Democratic Governance and National Cohesion,’ then you also have a role to play in ‘Electoral Integrity and Trust Deficit.’
Without electoral integrity, there can be no democracy. Electoral integrity begets democracy, and democracy begets good governance, and good governance fast-tracks the exorcism of trust deficit.
In all of these, your role as facilitator, amplifier, or catalyst is key.
“Your reports and comments paint a picture of tomorrow. Therefore, the picture you paint of 2027 is what Nigerians should expect.”
He emphasised that what editors actually do is akin to a pastoral duty.
“You decide what becomes urgent and what disappears.
You choose the lens through which millions of Nigerians see their country, their leaders, and each other.
“That is how the media is structured. A policy shift is either “Government U-Turn” or “Strategic Adaptation.”
A land border closure is either “Economic Protectionism Impoverishing the People” or “National Security Imperative.” Same facts, different frames. Entirely different public perception.,” he said.
He added: ” You are not spectators in 2027. You are active participants. You are catalysts and facilitators, whether r you acknowledge it or not.
The narratives you shape between now and the election will determine whether Nigerians approach 2027 with hope or cynicism, with trust or suspicion, with a sense of shared stake or through a tribal lens.”
News
Editors demand 10-year corporate tax relief for the media industry
The President of the NGE, Mr Eze Anaba, who made the call on behalf of the media organisations, lamented that the present economic realities in the country have put the media in distress.
•President of the NGE, Mr Eze Anaba
The Nigeria Guild of Editors (NGE) is requesting for 10-year corporate tax relief from the federal government.
The guild presented their demand on Wednesday during the opening ceremony of the All Nigeria Editors Conference (ANEC) with the theme “Democracy, Governance and National Cohesion: The Role of Editors”, held at the State House Conference Hall, Abuja.
The President of the NGE, Mr Eze Anaba, who made the call on behalf of the media organisations, lamented that the present economic realities in the country have put the media in distress.
He emphasized that the economic situation in the country has forced some media houses to shut down, while some that struggle to operate cannot pay workers’ salaries.
The NGE boss also called for tax exemption, the establishment of low-interest loans for the media, and a digital transformation and innovation fund.
Anaba further proposed a Media Freedom and Safety Charter to protect journalists from a hostile environment.
News
Ethiopia wins bid to host 2027 COP32 climate summit
•Ethiopian Prime Minister Abiy Ahmed
Ethiopia has been selected to host the 32nd United Nations Climate Change Conference (COP32) in 2027.
Richard Muyingi, chair of the African Group of Negotiators (AGN), disclosed that Ethiopia’s bid was endorsed last week after the country resubmitted its expression of interest , beating Nigeria in a closely contested bid.
“The matter was discussed by the African group in a meeting last week, and Ethiopia was confirmed as the host of COP32,” Muyingi said.
The hosting of COPs rotates among global regions, with Africa due to host the summit in 2027.
The host country for COP31 is yet to be decided between Turkey and Australia.
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