The World Bank’s report that fuel shortage and rising inflation will likely restrain economic growth in Nigeria and the report that the amount spent as subsidy by the Federal Government on every litre of petrol consumed in Nigeria is currently above N600 are some of the leading stories in Nigerian newspapers on Monday
The Punch reports that the World Bank has said that fuel shortage and rising inflation will likely restrain economic growth in Nigeria.
It said this in the June 2022 edition of its Global Economic Prospects report.
The financial institution had projected that Nigeria’s economy would grow by 3.4 per cent in 2022 but decline to 3.2 per cent in 2023 and 2024.
For the first quarter of 2022, the National Bureau of Statistics reported a 3.11 per cent growth, which is still less than the World Bank’s growth projection for Nigeria.
The lender said the growth in Nigeria’s economy would be driven by elevated oil prices, recovery in agriculture and manufacturing, and structural reforms (for example, the Petroleum Industry Act of 2021).
However, it noted that there would be persistent production challenges in the oil sector, which are expected to weigh on growth.
The World Bank also said, “The recovery in non-oil sectors is envisioned to continue, although shortages of fuel and higher food prices would restrain growth.”
The newspaper says that the amount spent as subsidy by the Federal Government on every litre of Premium Motor Spirit, popularly called petrol, consumed in Nigeria is currently above N600, oil sector operators stated on Sunday.
Also, the latest PMS evacuation data obtained from the Nigerian National Petroleum Company Limited on Sunday showed that the year-to-date daily consumption of petrol in Nigeria was 66.8 million litres.
Going by the above figure from the NNPC, it, therefore, implies that the Federal Government spends about N40.1bn daily when subsidising every litre of petrol consumed in Nigeria by at least N600. This also means that the government is spending about N1.243tn on fuel subsidy every month
Oil marketers told our correspondent that the cost of petrol (if not subsidised as done in Nigeria) was often higher than the cost of Automotive Gas Oil, popularly known as diesel.
They said diesel price was currently between N800 and N850/litre, while the approved subsidised pump price of petrol had remained at N165/litre. Diesel is not subsidised.
Their position had earlier been confirmed severally by other operators in the oil sector, including NNPC’s Group Managing Director, Mele Kyari.
Based on this, it implies that the Federal Government through NNPC currently spends nothing less than N600 as subsidy on every litre of petrol consumed across the country.
The Guardian reports that the Federal Government is set to collaborate with the Nigeria Software Testing Qualification Board (NGSTQB) in democratising software testing, which will see licensed professionals providing the services in the country.
The Minister of Communications and Digital Economy, Prof. Isa Pantami, made this known at the weekend while delivering his keynote address at a one-day virtual workshop, organised by NGSTQB, themed: “Role of Software Testing in Nigeria’s Digital Economy.”
Part of the plans is to help the country mitigate influx of foreign and substandard software. About a year ago, experts told The Guardian that Nigeria loses $400 million yearly to foreign software developers, especially software licence renewals without recourse to indigenous software that could perform same task.
But at the virtual meeting, Pantami sought NGSTQB’s cooperation in improving the software sub-sector of the economy. Represented by Director-General of the National Information Technology Development Agency (NITDA), Kashifu Inuwa, the minister stated: “We want to see how we can license some of you to provide these services, that means if I develop software, I need to come to a certified tester to make sure I meet the standard quality assurance; all the basic bug-free and the vulnerability assessment before I am able to sell that software.”
He added: This will eliminate having the market loaded with vulnerable software. We are working on building the capacity of one million developers in the next 18 months, and we know we cannot do it alone – that is why we need people like you – to help us achieve this.
“We are already working with some multinationals to help us on this and we also need the indigenous people to key into this initiative, and we also need as many testers as developers.”
The newspaper says that the African Development Bank (AfDB) is seeking $200 million from Germany and other members of G-7 countries to “urgently” address food crisis in the continent.
The bank is requesting this with a view to funding its $1.5 billion African Emergency Food Production Plan, a flagship intervention to avert the looming crisis.
President of AfBD Group, Akinwumi Adesina, tabled the request at the G7 Ministerial Conference on ‘Uniting for Global Food Security’, saying the support is required in addressing the global food crisis partly caused by Russia’s invasion of Ukraine.
“While the African Development Bank has mobilised $1.3 billion of the $1.5 billion needed for the African Emergency Food Production Plan, we have a financing gap of $200 million. I would, therefore, like to request that Germany and all G-7 countries help provide this balance of $200 million,” Adesina said.
The food intervention roadmap of the bank was laid at its annual general meeting (AGM) held in Accra, Ghana, last month, with the ex-Nigeria agriculture minister insisting: “Africa does not need a bowl in the hand but seeds in the ground” to feed itself and serve as solution to the global food shortage.
He said the funding gap is required urgently to facilitate the desire to make Africa “a global solution to global food crisis.” He pointed out that Africa has the right technology to produce sufficient food for consumption and export.
The African Emergency Food Production Plan was developed by the bank in conjunction with the African Union. It had earlier secured approval of the board.
The AfDB boss said Africa, through the plan, would bring to the table a unique solution to tackling the food crisis. The plan will provide 20 million African smallholder farmers with certified seeds and increased access to fertilisers.
The Nation reports that Nigerian state governors are taking drastic measures to battle worsening insecurity in their states.
Terrorists, bandits and other categories of criminals are unrelenting in their nefarious activities.
To stem the tide, Governor Bello Matawalle gave the directive to Zamfara residents to obtain guns and defend themselves against invading insurgents who threaten their peace and tranquility.
He also mandated security agents to shoot motorcyclists on sight to remind them that the ban on commercial use of motorcycles is still in force.
Some Senior Advocates of Nigeria (SANs) gave their support to the Zamfara governor’s action, but retired Assistant Inspector-General (AIG) police Hakeem Odumosu described it as a recipe for more crisis.
In Ondo State, as a follow-up to Governor Rotimi Akeredolu’s order for the installation of Closed-Circuit Television (CCTVs) in public and private institutions, including schools, churches and mosques, the House of Assembly has unfolded plans to tighten the law setting up the security outfit, Amotekun.
On June 5, terrorists invaded Owo, killing 40 worshipers in St. Francis Catholic Church. Sixty-one others were injured.
In Oyo State, Governor Seyi Makinde ordered the recruitment of another 500 operatives to strengthen Amotekun, while the Imo State Governor Hope Uzodimma issued a 10-day ultimatum to bandits to embrace amnesty or face bombardment.
GIK/APA