Nigeria: Press Zooms in on World Bank report on cash transfer programme others

APA – Lagos (Nigeria)
The report that only 0.1 per cent of targeted poor and vulnerable households have received the Nigerian Government’s recently launched cash transfer of N25,000 per month is one of the trending stories in Nigerian newspapers on Monday.
The Punch reports that only 0.1 per cent of targeted poor and vulnerable households have received the Federal Government’s recently launched cash transfer of N25,000 per month.
This is according to data from the World Bank’s Lead Economist for Nigeria, Alex Sienaert, during his presentation of the Nigeria Development Update, December 2023 edition last week in Abuja.
According to his presentation document, the Federal Government plans to make cash transfers to low-income households, paying N25,000 per month for three months.
Sienaert disclosed that “Currently 1.5 million households have received money, and the programme is expected to reach five million households by the end of December.”
With only 1.5 million households paid out of the targeted 15 million, it means that payment has been made to only 0.1 per cent of the projected households.
This also means that 99.9 per cent of the targets are yet to get their monthly N25,000 cash transfers despite the overwhelming hardship in the country.
The elimination of fuel subsidies and other recent policies have had a disproportionate impact on Nigeria’s poor and vulnerable, who stand to benefit greatly from a monthly cash transfer system that the Federal Government intends to fund with the World Bank loan.
The newspaper says that local airlines under the aegis of the Airlines Operators of Nigeria and local producers on the platform of the Manufacturers Association of Nigeria have begun plans aimed at getting Dangote Petrochemical Refinery to priotise diesel and JetA1 supplies to local carriers and manufacturers.
The move came about one week after indication emerged that the Dangote refinery’s diesel and aviation fuel would hit the market by January 2024. This was after about one million litres of crude oil was supplied to the facility.
Months earlier, the Dangote refinery had hinted that refined petroleum products would from the facility be sold in the international market.
But in a brief chat with one of our correspondents on Sunday, the Chairman of United Nigeria Airlines and spokesperson for AON, Prof. Obiorah Okonkwo, said local carriers had begun talks with the management of the refinery, expressing hope that the talks would be fruitful.
“We are talking with him and hope that it will be fruitful,” Okonkwo said while responding to an enquiry on whether local airlines had plans to begin talks on JetA1 supply with the Dangote refinery.
Also, MAN said its members were meeting with the aim of coming up with a position for possible presentation to the Dangote refinery management.
MAN President, Francis Meshioye, told one of our correspondents that the association was meeting to determine whether an arrangement would be made with Dangote Refinery on the supply of diesel to its members.
Aligbe said, “Fuel is the highest single cost factor in airline operation, so, when we have such things skyrocketing, the airlines will be in a very terrible situation.
“They will take a beating and transfer the cost to the passengers, otherwise, they won’t survive. No one expects the local airlines to bear that burden without passing it on to their passengers. That’s the situation we find ourselves in.”
The Guardian reports that the Nigeria Deposit Insurance Corporation (NDIC) sys that it has invigorated its liquidation activities and greatly increased its debt recovery rate leading to the declaration of 100 per cent liquidation dividends to uninsured depositors of over 20 deposit money banks in-liquidation.
Managing Director/Chief Executive, NDIC, Bello Hassan, stated this at the opening ceremony of the 2023 NDIC Editors Forum held in Lagos at the weekend.
Hassan said the corporation introduced the Single Customer View (SCV) framework that has enhanced the speedy payment of insured sums to depositors of closed banks.
He said NDIC has enhanced collaboration with the bar and bench, leading to speedy prosecution and more informed judgments on failed bank cases. Hassan said this also included the resolution of long-drawn cases of closed banks such as Fortune and Triumph Banks in-liquidation and have as well equally put in place policy and framework for out-of-court settlement, which had enabled the corporation to resolve some hitherto protracted failed bank litigations.
He said in complimenting the consumer protection efforts of the CBN, NDIC has enhanced public awareness of deposit insurance and financial literacy to reduce the rate at which small depositors are being defrauded, thereby enhancing confidence in the banking system.
Hassan said the NDIC’s operations, which focus on minimising bank runs and failures through strict banking supervision, reimbursement of insured depositors in the event of bank failure, and orderly liquidation of failed banks, complements the efforts of the Central Bank of Nigeria (CBN) to achieve a secure and stable banking system.
He said it also supports the fiscal authority in maintaining stability within the broader financial system, serving as the foundation for economic growth and development.
As Nigerians prepare for the festive season, many households are contending with soaring prices of goods and services. Consequently, some citizens have called on the government to alleviate their burdens, which they fear may lead to lean celebrations.
The removal of fuel subsidies and rising prices of essential commodities have compounded the challenges faced by Nigerians. Prices of domestic commodities have hit the rooftop in the past 11 months. Items such as garri, rice, beans, tomatoes, pepper and onions have risen by over 200 per cent.
A market survey by The Guardian, at the weekend, revealed that a 50kg bag of garri, which sold for N15,500 in January, now sells at N25,000-N28,500. A 50kg bag of rice was around N65,000, having previously sold at N38,000. A 50kg bag of beans was N58,000, while a 50kg measure of tomatoes was about N120,000. The price of a bag of pepper was N65,500, while a bag of onions was N145,000.
The dreams of many Nigerians moving to their personal homes by the end of the year also suffered a setback as prices of building materials, like iron rods, paints, cement and others skyrocketed by over 100 per cent.
A tonne of iron rods was about N600,000 while a 50kg bag of cement, previously N4,200, was now N5,750. Would-be travellers are also grappling with fare hikes for trips within and outside states, which have soared by over 100 per cent. For instance, an intra-city journey, which was previously N300, is now about N600, while a trip from Lagos to Owerri is over N34,000.
This hike has been blamed on the rise in the pump price of Premium Motor Spirit (PMS), with some Nigerians saying they may forgo their plan to travel during the festive season.
GIK/APA