The report by SB Morgen that skipping inflation has never triggered political agitation in Nigeria but warns the trend could change if the government does not take urgent steps to manage the current rising prices “responsibly” is one of the trending stories in Nigerian newspapers on Friday.
The Guardian reports that a report by SB Morgen, Nigeria’s geopolitical intelligence platform, notes that skipping inflation has never triggered political agitation in the country but warns the trend could change if the government does not take urgent steps to manage the current rising prices “responsibly”.
The report, which traces the inflationary trend since Nigeria’s independence, explains the underpinnings of inflation, suggesting that the country has had productivity issues since 1970s.
“Drastic measures need to be taken with laser focus to improve the productivity of Nigerians and the Nigerian economy. This will be achieved by improving education, providing tools and infrastructure, and securing lives, property and property rights.
“Education will also include disabusing the Nigerian psyche from destructive mantra such as equating the strength of the economy not with its productivity but with the strength of the currency, mantras that became entrenched in the book years of the 1970s and which continue to be employed as a tool by a greedy elite to mobilise the people against reforms that would ultimately be better for the country,” the report states.
It stresses that as people’s purchasing power gets eroded and they are unable to purchase essential commodities, the fabric of social cohesion begins to tear. This, it says, increases social tension and political unease. It argues that this informs the priority attention modern economies give to maintaining price stability.
The newspaper says that almost two years after the Federal Government launched the Autogas Initiative on the back of National Gas Expansion Programme, prevailing circumstances, especially with rising cost of diesel, is forcing motorists, most importantly those with high fuel-consuming vehicles, to convert their diesel engines to petrol, Compressed Natural Gas (CNG) or Liquefied Petroleum Gas (LPG).
The Guardian learnt that many of such operators, who hitherto, preferred diesel engines due to its heavy capacity and low combustion rate, are beginning to find the cost of sustaining their operations unbearable, notwithstanding the many hours of travel time due to traffic congestion.
Though the price of natural gas trades higher, operators noted that at N110 per scm, the equivalent of a litre of petrol, CNG remains the cheapest alternative in the country, ahead of petrol and diesel.
At almost N850 a litre of diesel as of yesterday, as well as scarcity of Premium Motor Spirit (PMS), otherwise known as petrol, the global market is in an unusual state of turmoil and uncertainty as fuel prices are high everywhere, spiking inflation.
The government had anticipated that within one year, one million of the estimated 12 million vehicles plying Nigerian roads would be running on CNG and LPG as part of measures to mitigate tension over the proposed removal of subsidy and save the environment from hazards of PMS. It was also believed that it would facilitate the transition to a clean energy source.
The plan, however, witnessed setback, going by what stakeholders described as high cost of conversion and non-availability of the one million conversion kits promised by the Federal Government.
The Guardian had earlier reported that infrastructure, high cost of gas, lack of proper planning, prevailing harsh economic realities and safety concerns continue to frustrate President Muhammadu Buhari’s autogas plan.
A major operator in the gas value-chain told The Guardian that the cost of conversion is a disincentive for many people that desire the service.
The Punch reports that the Specialist Crime Team of the Metropolitan Police in London has arrested a former Deputy Senate President, Ike Ekweremadu, and his wife, Beatrice.
They were arrested for alleged conspiracy to harvest the organs of a child, who is currently in protective custody.
If convicted, the couple may get a maximum of life sentence or 12 months imprisonment or a fine or both on summary conviction under the United Kingdom’s Modern Slavery Act 2015.
The Act read, “A person guilty of an offence under Section 1 or 2 is liable (a)on conviction on indictment, to imprisonment for life; (b)on summary conviction, to imprisonment for a term not exceeding 12 months or a fine or both.”
A statement by the Metropolitan Police said, “A woman and a man were charged today (Thursday) with conspiring to arrange the travel of a child into the UK to harvest organs.
The newspaper says that a human rights lawyer, Malcolm Omoirhobo, on Thursday, caused a stir due to his mode of dressing at the Supreme Court in Abuja.
Photos circulated on social media showed Omoirhobo dressed in a lawyer’s robe mixed with other materials that made him look like an African native doctor.
The lawyer had a gourd with cowries around his neck and a feather on his wig.
According to him, he wore the attire to show gratitude to the Supreme Court which had, on Friday, June 17, 2022, granted the use of hijab by female Muslim students in government-owned schools in Lagos.
Addressing journalists, Omoirhobo said: “I am very grateful to the Supreme Court. Just last week Friday, they made a very resounding decision that promotes Section 38 of the constitution. That is our right to freedom of thought, conscience, and religion.
“That we are free to express our way of worship in our schools and in our courts. That decision was reached on Friday and that has encouraged me.
“Because I am a traditionalist and this is the way I worship. Based on the decision of the Supreme Court, this is how I will be dressing henceforth in court because I am a strong adherent to ‘Olokun’, the god of rivers.”
Reacting, a Professor of Linguistics at the University of Ibadan, Francis Egbokhare, told The PUNCH that the lawyer’s action exposed the ridiculousness that is sometimes associated with law.
He said, “I believe this is just basically sarcasm, as far as I’m concerned, bringing to our attention the ridiculousness sometimes of law when you stretch it out to such an extent.
“For instance, if dress code does not matter, or if you are to modify a dress code, the question is what are the boundaries or limitations, and where do you draw the line?”
The Nation reports that the Nigerian economy recorded lower net foreign exchange inflow in January this year, driven, mainly, by net flows from the Central Bank of Nigeria (CBN) and autonomous sources over the implementation of Treasury Single Account (TSA), the apex bank has said.
The aggregate foreign exchange inflow into the economy declined by 36.7 per cent to $4.36 billion in January 2022, from $6.89 billion in December 2021.
In its economic report for January, the apex bank said the total foreign exchange outflow dropped to $3.41 billion, from $3.59 billion in the preceding period.
It said a net inflow of $0.95 billion was recorded in January, compared with net inflow of $3.29 billion in the preceding period.
Further analysis showed that foreign exchange inflow into the CBN dropped to $1.82 billion from $2.88 billion, attributed to 45.4 per cent decline in non-oil components, mainly, TSA and third-party receipts/Ministries, Departments and Agencies transfers, other official receipts and swaps.
It said autonomous inflow also decreased to $2.54 billion, from $4.01 billion, due to reduction in invisible purchases.
GIK/APA