The report by the International Monetary Fund that the rate of inflation in Nigeria is expected to remain elevated in 2022 and the plan to concession 17 airports under the management of the Federal Airports Authority of Nigeria are some of the leading stories in Nigerian newspapers on Friday.
The Punch reports that the International Monetary Fund has said that the rate of inflation in Nigeria is expected to remain elevated in 2022.
According to the lender, the fiscal deficit of the consolidated government is expected to remain high at 6.1 per cent of the nation’s Gross Domestic Product majorly due to costly petrol subsidies and limited tax revenue collections.
This was contained in a statement on the IMF’s website issued after meetings between an IMF team and Nigerian authorities.
The IMF team was led by Ms. Jesmin Rahman with meetings from June 6 – 10, 2022, to discuss recent economic and financial developments, and the economic outlook for the country.
According to Rahman, Nigeria’s economic growth is driven by services and agriculture, with the GDP growth reaching 3.6 per cent (year-on-year) in the first quarter of 2022.
Despite this growth, she said that the oil sector had been dragging the economy with weakening oil production driven by persistent security and technical challenges.
She further said that a renewed surge in food prices, exacerbated by the war in Ukraine, and raising food security concerns pushed inflation to 17.7 per cent in May, adding that over 40 per cent of the Nigerian population live below the poverty line.
The IMF official said that despite supportive oil prices, gross foreign exchange reserves fell to $38.6bn at end of May 2022.
The newspaper says that at least 17 airports under the management of the Federal Airports Authority of Nigeria that are currently not up for concession are going to be given to concessionaires, the Federal Government announced on Thursday.
It also announced that the country’s civil aviation regulations were currently being reviewed for unbundling in order to make the entry requirements for aviation investors much easier.
The Minister of Aviation, Hadi Sirika, who disclosed this at the ongoing National Aviation Conference in Abuja, stated that aside from the current concession of Nigeria’s major international airports, other airports would follow suit.
The concession process for Nigeria’s four international airports in Lagos, Abuja, Port Harcourt and Kano is currently ongoing. FAAN manages 21 airports on behalf of the Federal Government.
Speaking on investment opportunities in the aviation sector, Sirika said, “For investments in the airports, airport concessions, starting with the five international airports are also excellent opportunities for investments. Other airports too gradually will be out on concession.
“There are a lot of state airports, a lot of private airports, I believe that needs resources and investments and I’m sure the owners/operators of these airports will welcome investments from the private sector to enable them to achieve their strategic goals for implementing these projects.”
The minister, who was represented by the Director-General, Nigerian Civil Aviation Authority, Musa Nuhu, added, “So, by and large, the Nigeria aviation industry offers several opportunities for investments and we as the regulator, we are working at the regulations to unbundle them and make it easier for people to invest in all areas.
“This is especially in general aviation which has significant sectors and we are going to be unbundling our regulations to make the entry requirements much easier so that people are encouraged to invest.”The Guardian reports that the Ondo State Governor and Chairman of South West Governors’ Forum, Rotimi Akeredolu, yesterday, warned the Federal Government that its inability to secure life and property would soon leave citizens with no choice but to arm themselves in self-defence.
Akeredolu, who gave the warning while delivering the keynote address at a meeting of Attorneys-General of the 36 States of Nigeria, held in Lagos, said the police are overwhelmed.
He asked the security agency to “close shop” if Federal Government is unable to meet its equipment needs.
Akeredolu added: “The current spate of insecurity in the country leaves us with no room for equivocation on the right of states to maintain law and order through the establishment of state police.
“The growing distrust in the polity is a direct result of the disconnect between the Federal Government and the constituent units of the country. The economic adversity currently experienced in the country points directly at the defective political structure.
“A unitary system cannot work successfully in a country like Nigeria. The 1999 Constitution has been amended twice. There is another promise of further amendments arising from the manifest irregularity in many provisions.”
But in his address at the event, Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), said governors cannot continue to agitate for restructuring and state police when they are responsible for compromise and mismanagement of the current system.
The newspaper says that the former Chief Justice of Nigeria (CJN), Walter Onnoghen has warned that unless the Supreme Court is adequately funded, it might soon, at best, end up as a glorified high court.
He lamented that justices of the apex court had been suffering in silence since 2008 when their salaries and emoluments were last reviewed by the Federal Government.
Onnoghen, who spoke yesterday, in Abuja, at the public presentation of Nigeria’s first book on Construction Law, regretted that some justices of the apex court still live in rented apartments in unsuitable areas within the Federal Capital Territory (FCT).
Besides parlous residences, the ex-CJN clarified that the chambers of the judges were unbefitting of their status. He, therefore, appealed that the court be properly funded and a conducive environment provided to enable the justices to perform optimally.
The Cross River State native recalled that while in office, he headed a team, comprising the Attorney General of the Federation (AGF) and the Solicitor General of the Federation, which prepared a new welfare scheme on the order of government.
He decried that since his exit, the Welfare Scheme Report, which would have enhanced the condition of service of the jurists, had been jettisoned.
Onnoghen, consequently, pleaded that funding of the judiciary should be immediately looked into with a view to improving the arm of government due to its critical role in nation-building.
The Nation reports that the Central Bank of Nigeria (CBN) Governor Godwin Emefiele hinted yesterday of new plans to combat the nation’s forex crisis.
He said the apex bank was looking beyond monetary policy measures to deal with the challenges.
According to Emefiele, monetary policies cannot sufficiently address the problem in the face of rising demand for foreign exchange for goods, services and other needs.
Speaking at the maiden bi-annual Non-Oil Export Summit in Lagos, Emefiele described the RT200 FX Programme recently unveiled by the apex bank as one of such strategies.
The RT200 FX Programme is an initiative of the Bankers’ Committee aimed at raising $200 billion in non-oil export earnings over the next three to five years.
Emefiele listed value-adding exports facility; non-oil commodities expansion facility; non-oil fx rebate scheme; dedicated non-oil export terminal and biannual non-oil export summit as the five pillars anchoring the programme.
According to him, the CBN has been working overtime to manage the demand and supply side to meet forex obligations.
GIK/APA