The appeal to Nigerian president to block plans by state governors to withdraw N17 trillion from the country’s pension funds dominates the headlines of Nigerian newspapers on Monday.
ThisDay reports that the Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to instruct the Director-General and Board of the National Pension Commission (PENCOM) to use their statutory powers to stop the 36 state governors from borrowing or withdrawing N17 trillion from the pension funds purportedly for ‘infrastructural development.”
The organisation said this in a letter dated December 5, 2020, and signed by SERAP deputy director Kolawole Oluwadare.
The organisation said, “Allowing the governors to borrow from pension funds would be detrimental to the interest of the beneficiaries of the funds, especially given the vulnerability of pension funds to corruption in Nigeria, and the transparency and accountability deficits in several states.”
SERAP said, “It is patently unjust and contrary to the letter and spirit of the Nigerian Constitution 1999 (as amended), the Pension Reform Act, and the country’s international anti-corruption and human rights obligations for the federal government and state governors to repeatedly target pension funds as an escape route from years of corruption and mismanagement in ministries, departments and agencies.”
SERAP expressed “serious concerns that the proposed borrowing by the 36 state governors from the pension funds would lead to serious losses of retirement savings of millions of Nigerians.”
The Punch says that the Director-General of the Nigerian Civil Aviation Authority, Capt. Musa Nuhu, has foreseen a merger of airlines in the aviation sector due to the current crisis that has engulfed the sector.
He made this statement while assessing the impact of COVID-19 pandemic on the industry during an NTA programme on Saturday evening.
He said, “The COVID-19 pandemic exaggerated a bad situation; some airlines may not survive but the industry will come back better. It has always gone through crisis but has come out stronger. The Airlines Operators of Nigeria are coming together to see what they can do to help the situation and they met with me.
The industry will be different altogether. “I am sure a lot of them will see changes in their model. I won’t be surprised there would be merger activities around airlines to reduce cost and survive.” Reacting to the increase in airfares, he stressed that airlines were in financial distress and required bailouts.
He said, “The airlines carry their maintenance out of the country and it is done in foreign exchange. They need to raise enough money to service the aircraft. “The airlines have to find a source of raising more naira.
The newspaper reports that the Nigerian Government on Sunday said it had commenced the process of reviving its 300 hectares of farmland in Gombe State.
It stated this through the National Agricultural Land Development Authority, adding that it would engage 400 youths under its National Young Farmers Scheme.
The Executive Secretary, NALDA, Paul Ikonne, said in a statement issued in Abuja that his agency was working in collaboration with the Federal College of Horticulture Dadin, Kowa, Gombe State. He said college had also donated 100 hectares of land to the authority as part of its partnership with NALDA to boost the agricultural sector in Nigeria.
Ikonne said the 400 youths being engaged in the state would be empowered to carryout dry season farming, adding that NALDA would work with college to create jobs for young people in the sector.
He explained that the 300 hectares of land, which had been abandoned over a period time, would be reactivate as directed by the President, Muhammadu Buhari.
The Sun says that amidst the poor performing status of Nigeria’s refineries, the country has resumed importation of petrol from China, the world’s top crude oil importer.
According to data from the General Administration of Customs as obtained by S&P Global Platts, the Asian country shipped 37,000 metric tonnes of petrol to Nigeria in September for the first time since July 2019 China, a major exporter of transportation fuels, has extended exports to Africa in recent years.
The first African country to receive Chinese petrol was Togo in April 2018 at 50,000MT, followed by Nigeria in January 2019 at 51,000MT, historical GAC data showed.
The most recent diesel exports from China to Africa were in June, with Kenya and South Africa receiving 40,000 mt and 35,000 mt, respectively, according to the data.
According to the United States Energy Information Administration, China’s annual crude oil imports increased by 0.9 million barrels per day (bpd) in 2019 to an average of 10.1 million bpd.
The EIA said China’s new refinery capacity and strategic inventory stockpiling, combined with flat domestic oil production, were the major factors contributing to the increase in its crude oil imports in 2019.
The Nation reports that Nigerians may pay high prices for meat and milk, going by increasing costs of production, experts have said.
Managing Director, Chanan Elo’a Integrated and dairy expert, Mr Udeme Etuk said with the ongoing recession, stubbornly high prices of cows and inputs will prompt food inflation.
He said a deep recession will lead to lower use of dairy products, given volatile market conditions. He said milk production and productivity is going to be threatened by high costs of inputs and feed. He said quality of animals was critical in determining its milk productivity, adding that the industry has been cross breeding with imported ones.
According to him, there is a risk to the quantity and quality of feed, which could lead to lower milk production growth and higher costs of production for farmers.
To maintain quality of milk, he explained that farmers have been forced to import foreign breeds priced in dollars. Etuk warned that recession is going to have a significant but negative impact on the dairy industry.
GIK/APA