APA – Lagos (Nigeria)
The report that the external reserves of Africa’s largest economy recorded a drop to the tune of about $77.23m or 0.23 per cent in December 2023 due to the lingering foreign exchange instability in Nigeria is one of the trending stories in Nigerian newspapers on Wednesday.
The Punch reports that external reserves of Africa’s largest economy recorded a drop to the tune of about $77.23m or 0.23 per cent in December 2023 due to the lingering foreign exchange instability in the country.
As of December 28, 2023, according to figures obtained from the Central Bank of Nigeria, Nigeria’s external reserves also known as foreign reserves, stood at $32,892,386,111. The liquid portion was $32,164,718,095 while $727,668,016 was not available for use (blocked).
At the beginning of the last month of the year 2023, the external reserves figure was close to $33bn at ($32,969,611,433) with $32,212,850,183 available for use while 756,761,250 was blocked.
The nation’s foreign reserves stood at $33,004,054,737 as of November 30, 2023.
Foreign exchange reserves are cash and other reserve assets such as gold held by a central bank or other monetary authority that are primarily available to balance payments of the country, influence the foreign exchange rate of its currency, and maintain confidence in financial markets.
The country’s monetary policy managers have failed in their quest to grow and sustain foreign reserves over time.
Nigeria’s foreign reserves rose to about $47.37 billion as of April 5, 2018, but had recorded a sustainable decline in the past five years.
The newspaper says that the National Automotive Design and Development Council has proposed a ban on the importation of used vehicles that are more than 20 years old. This move is intended to prevent the country from being a dumping ground for old cars and to encourage the growth of the local automobile industry.
The Director-General of NADDC, Joseph Osanipin, said the council planned to collaborate with relevant authorities to enforce age limits on used cars and specify minimum standards for imported vehicles.
He said, “We are going to start what we call deletion policy, which is contained in the NAIDP being reviewed today because that is the only way we can grow our local content.
“That is the only way we can develop our parts. We are working to identify the parts we can produce in Nigeria.”
“We are looking at the production of tires, plastic, foams, leather, and even batteries.”
“The sooner we identify these and component manufacturers that can do this according to our standard, the better for us.”
He further said that producing those local components would enable the council and relevant agencies to delete the importation of all items produced locally in the country.
Nigerians depend heavily on imports for their automobile needs, despite several attempts to revamp the comatose local industry.
Data from the International Trade Administration of the United States showed that Nigeria’s annual vehicle demand was 720,000 units, while local factories could only produce a fraction, 14,000 units annually, resulting in a substantial shortfall that necessitates imports to meet consumer needs.
According to the National Bureau of Statistics, in the first nine months of 2023, the country imported used vehicles valued at N926.09bn from the United States and the United Arab Emirates.
Industry experts argued that such a measure could be the catalyst needed to stimulate local production.
However, others contend that the industry’s vitality relied heavily on the influx of imported vehicles, including damaged ones, which serve as a crucial source of spare parts.
The Guardian reports that the Nigerian Government, through the Ministry of Finance, on Tuesday, directed all Ministries, Departments, and Agencies (MDAs) to remit 100 per cent of their internally generated revenue (IGR) to the Sub-Recurrent Account, which is a sub-component of Consolidated Revenue Fund (CRF).
This is to improve revenue generation, fiscal discipline, accountability and transparency in the management of government financial resources and prevent waste and inefficiencies.
Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, issued the directive in a circular dated December 28, 2023.
Consequently, the circular stated that the Office of the Accountant-General of the Federation shall open new Treasury Single Account (TSA) sub-accounts for all federal agencies/parastatals listed on schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance, except where expressly exempted.
“All MDAS that are fully funded through the annual FG budget (receiving personnel, overhead and capital allocation) and on schedule of Fiscal Responsibility Act, 2007 and any addition by Federal Ministry of Finance should remit one hundred percent of their IGR to the Sub-Recurrent Account which is a Sub-component of the CRF”, the circular reads.
The circular stated that all partially funded FG agencies/parastatals (receiving capital or overhead allocation from the budget) will remit 50 per cent of their gross IGR, while all statutory revenue like tender fees, contractor’s registration, sales of government assets should be remitted 100 per cent to the sub-recurrent account.
The Vanguard newspaper says that the Nigerian Government yesterday announced suspension of evaluation and accreditation of degree certificates from Togo and the Republic of Benin.
The action followed media report that exposed fraudulent acquisition of degree certificates by some desperate degree seeking individuals.
Recall that Daily Nigerian Newspaper had in its publication,dated 30th December 2023, exposed how its undercover reporter who had already graduated from a Nigerian university and served the nation’s one year mandatory National Youth Service Corps, NYSC, bagged Cotonou varsity degree in just six weeks and participated in NYSC scheme.
Reacting to the development in a statement, the Federal Ministry of Education suspended evaluation and accreditation of degree certificates from both Benin and Togo indefinitely.
Government explained that the suspension would be in effect, pending the outcome of an investigation that would involve the ministry of foreign affairs of Nigeria and the two countries, the ministries responsible for education in the two countries as well the Department of State Services, DSSS, and the National Youths Service Corps, NYSC.
The statement, released by Mrs. Augustina Obilor-Duru, of the ministry’s Directorate of Press and Public Relations, read: “The attention of the Federal Ministry of Education has been drawn to the commendable work of investigative journalism that led to the publication by the Daily Nigerian Newspaper dated December 30, 2023, titled “UNDERCOVER: How DAILY NIGERIAN reporter bagged Cotonou varsity degree in 6 weeks, participated in NYSC scheme”. This was also carried in various social media.
“This report lends credence to suspicions that some Nigerians deploy nefarious means and unconscionable methods to get a Degree with the end objective of getting graduate job opportunities for which they are not qualified.
GIK/APA
Nigeria: Press spotlights dip in external reserves in December 2023, others

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