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  •  Financial experts say the increasing inflation rate in Nigeria has impacted negatively on the living standard of Nigerians The experts who spoke to the News Agency of Nigeria said the rising inflation rate has reduced the purchasing power of individuals leading to a decline in living standards Acccording to the National Bureau of Statistics NBS Nigeria s inflation rate increased to 17 71 per cent on a year on year basis in May 2022 The NBS also said that prices of selected food items had increased in the last 12 months in its latest Food Price Watch report in the same period Prof Aminu Usman of the Kaduna State University said the rising inflation rate meant devaluation of individual income which amounted to falling purchasing power Usman a lecturer at the Department of Economics said individuals would now purchase fewer commodities with the same given amount of money This scenario implies that people s living condition are deteriorating especially for low income groups whose income is rigidly fixed while prices are skyrocketing It signifies the descent of many poor to further poverty and worsening conditions of living He said that a major contributor to the inflationary pressure was food inflation caused by rising food prices adding this is expected because the rains have set in and old stocks are finishing This is coupled also with the high cost of fertiliser and heightened insecurity which combined to discourage farmers and farming This has also caused very low projections for agric output he said Mr Ben Ekeyi a Public Financial Management Consultant said that Nigeria s inflation rate had a negative impact on the purchasing power of Nigerians in diverse ways Ekeyi said one of the impacts included reduced ability to purchase needed and required goods and services especially where there was no corresponding increase in income Others are a lower standard of living increased poverty level as Nigerians are increasingly unable to access necessary goods and services Increased school dropouts especially at primary and secondary levels More Nigerian families have become unable to sponsor their wards education thereby leading to drop out from schools He said that economists had established a link between lower purchasing power resulting from inflation and an increase in crime rate According to him where households are unable to cater for the needs of their members there is a likelihood that some will go into criminal activities Ekeyi also said low purchasing power had been linked to increased social vices like prostitution thuggery youth restiveness and suicide rates among others He said that low purchasing power had also increased urban rural migration as some Nigerians living in the cities were gradually relocating to their rural communities to due to the high cost of living in the cities According to him the low purchasing power also has the potential of leading to death When a person is unable to meet basic needs especially in the area of health care he is most likely to die he said Mr Paul Alaje a Senior Economist with SPM Professionals said with the high inflation rate it means that someone who had N100 000 this time in 2021 now has less than N85 000 this year for committing no crime It means that the value of what money can buy has reduced What is the implication People will now be able to buy less If they could buy two bags of rice before with their income now they can buy less than two bags Does it mean that hunger in the family has reduced The answer is No People are still hungry but their livelihood resources now have weaker purchasing power Alaje said this situation may put several families in jeopardy as some members may lose their jobs because of the failure of their employees to pay them due to a decline in sales So when inflation and unemployment set in you have what we call stagflation that is a situation where people s hunger poverty and deprivation is elevated or increased significantly He said the general socio economic implication was an increase in the crime rate Alaje said the average inflation rate for a nation should be between three to five per cent but unfortunately in the last seven years Nigeria s inflation rate had been in double digits A cross section of Nigerians who spoke to NAN said the increasing inflation rate had reduced their standard of living and made saving impossible Mr Isaac Ighure a pensioner said the inflation rate had reduced his standard of living adding that it was the same situation with many pensioners in the country Ighure said many families were cutting corners in a good way just to be able to eat Among pensioners and the elderly inflation is wreaking a lot of havoc we are barely managing to survive Pensioners are on their own they are suffering the government does not support pensioners in any way and there is no policy for the elderly in general How do you pay your children s fees pay rent treat medical issues etc as a pensioner Some pensioners are maintaining their graduate children who do not have jobs You see many old people dying of hypertension because of all these problems Their life span could be prolonged if the government can take the responsibility for the health of the elderly he said Mrs Tosin Ajayi a Public Servant and mother of three said the high cost of living caused by the inflation had become unbearable As a mother and a public servant it has not been easy to survive in today s economy You will not believe that 90 per cent of the family s income is used for expenses You cannot save anymore The cost of living is high and it is becoming unbearable for everyone From food items to other consumables gas electricity etc it is worrisome What I do as a mother is to tell my kids the reality on ground I tell them that it is unacceptable to waste food and to be appreciative of what your parents give you We are calling on the Nigerian government to seek out ways to reduce the inflation rate 17 7 per cent rate is unacceptable to us This is crucial to prevent crime rate and illegal activities she said Mrs Lynn Ikechukwu a housewife and mother of three said the inflation rate had made it difficult for her to plan and budget for her home It is not easy to plan and budget with the increasing inflation rate For instance between September 2021 and May 2022 the cost of diapers has gone from N6 000 Naira to N7 000 to 7 500 and now N9 500 Every time you go to the market the price of food items keeps increasing now it is almost impossible to buy tomatoes You have to forgo some food items Tell me how someone can plan in such a situation Ms Chioma Ibeh an online food vendor said the inflation rate had resulted in a decline in customers which had slowed down her business The prices of food have increased enormously For almost every food item I buy the prices have increased to as much as N2 000 Before my 2 4 litres of edikaikong soup used to go for N15 500 and N16 000 but now I sell for N18 000 to N18 500 When I tell clients the amount for a particular size bowl of soup or stew they complain and say it is too expensive But at the end of the day that is the reality of the situation in the country I wish the economy can have a balance because inflation is making my business very slow In a week I can go without having any food orders and this is bad for people like me that have this business as my only source of income how do I pay my bills Mrs Amaka Eze a market woman said the increasing inflation made it impossible for her to make profit from sales adding that things had never been this bad for her business Since I started this business of selling foodstuff I have never seen anything like this before I used to buy a carton of Titus fish for N20 000 now it is between N40 000 to N45 000 A carton of Panla used to be N6 000 now it is N12 000 I buy a dustbin basket of tomatoes for N4 000 people are no longer coming to buy food items like before because there is no money It is so bad that some decent guys even come to my shop to beg for a cup of garri to drink because they have no money to buy food to eat she said NAN recalls that the World Bank s latest Global Economic Prospects Report said the damage from COVID 19 and the war in Ukraine had intensified the slowdown in the global economy The report said this had led to a period of weak growth and increased inflation which had raised the risk of stagflation with potentially harmful consequences for middle and low income economies alike NewsSourceCredit NAN
    Financial experts attribute decline in living standards to high inflation rate
     Financial experts say the increasing inflation rate in Nigeria has impacted negatively on the living standard of Nigerians The experts who spoke to the News Agency of Nigeria said the rising inflation rate has reduced the purchasing power of individuals leading to a decline in living standards Acccording to the National Bureau of Statistics NBS Nigeria s inflation rate increased to 17 71 per cent on a year on year basis in May 2022 The NBS also said that prices of selected food items had increased in the last 12 months in its latest Food Price Watch report in the same period Prof Aminu Usman of the Kaduna State University said the rising inflation rate meant devaluation of individual income which amounted to falling purchasing power Usman a lecturer at the Department of Economics said individuals would now purchase fewer commodities with the same given amount of money This scenario implies that people s living condition are deteriorating especially for low income groups whose income is rigidly fixed while prices are skyrocketing It signifies the descent of many poor to further poverty and worsening conditions of living He said that a major contributor to the inflationary pressure was food inflation caused by rising food prices adding this is expected because the rains have set in and old stocks are finishing This is coupled also with the high cost of fertiliser and heightened insecurity which combined to discourage farmers and farming This has also caused very low projections for agric output he said Mr Ben Ekeyi a Public Financial Management Consultant said that Nigeria s inflation rate had a negative impact on the purchasing power of Nigerians in diverse ways Ekeyi said one of the impacts included reduced ability to purchase needed and required goods and services especially where there was no corresponding increase in income Others are a lower standard of living increased poverty level as Nigerians are increasingly unable to access necessary goods and services Increased school dropouts especially at primary and secondary levels More Nigerian families have become unable to sponsor their wards education thereby leading to drop out from schools He said that economists had established a link between lower purchasing power resulting from inflation and an increase in crime rate According to him where households are unable to cater for the needs of their members there is a likelihood that some will go into criminal activities Ekeyi also said low purchasing power had been linked to increased social vices like prostitution thuggery youth restiveness and suicide rates among others He said that low purchasing power had also increased urban rural migration as some Nigerians living in the cities were gradually relocating to their rural communities to due to the high cost of living in the cities According to him the low purchasing power also has the potential of leading to death When a person is unable to meet basic needs especially in the area of health care he is most likely to die he said Mr Paul Alaje a Senior Economist with SPM Professionals said with the high inflation rate it means that someone who had N100 000 this time in 2021 now has less than N85 000 this year for committing no crime It means that the value of what money can buy has reduced What is the implication People will now be able to buy less If they could buy two bags of rice before with their income now they can buy less than two bags Does it mean that hunger in the family has reduced The answer is No People are still hungry but their livelihood resources now have weaker purchasing power Alaje said this situation may put several families in jeopardy as some members may lose their jobs because of the failure of their employees to pay them due to a decline in sales So when inflation and unemployment set in you have what we call stagflation that is a situation where people s hunger poverty and deprivation is elevated or increased significantly He said the general socio economic implication was an increase in the crime rate Alaje said the average inflation rate for a nation should be between three to five per cent but unfortunately in the last seven years Nigeria s inflation rate had been in double digits A cross section of Nigerians who spoke to NAN said the increasing inflation rate had reduced their standard of living and made saving impossible Mr Isaac Ighure a pensioner said the inflation rate had reduced his standard of living adding that it was the same situation with many pensioners in the country Ighure said many families were cutting corners in a good way just to be able to eat Among pensioners and the elderly inflation is wreaking a lot of havoc we are barely managing to survive Pensioners are on their own they are suffering the government does not support pensioners in any way and there is no policy for the elderly in general How do you pay your children s fees pay rent treat medical issues etc as a pensioner Some pensioners are maintaining their graduate children who do not have jobs You see many old people dying of hypertension because of all these problems Their life span could be prolonged if the government can take the responsibility for the health of the elderly he said Mrs Tosin Ajayi a Public Servant and mother of three said the high cost of living caused by the inflation had become unbearable As a mother and a public servant it has not been easy to survive in today s economy You will not believe that 90 per cent of the family s income is used for expenses You cannot save anymore The cost of living is high and it is becoming unbearable for everyone From food items to other consumables gas electricity etc it is worrisome What I do as a mother is to tell my kids the reality on ground I tell them that it is unacceptable to waste food and to be appreciative of what your parents give you We are calling on the Nigerian government to seek out ways to reduce the inflation rate 17 7 per cent rate is unacceptable to us This is crucial to prevent crime rate and illegal activities she said Mrs Lynn Ikechukwu a housewife and mother of three said the inflation rate had made it difficult for her to plan and budget for her home It is not easy to plan and budget with the increasing inflation rate For instance between September 2021 and May 2022 the cost of diapers has gone from N6 000 Naira to N7 000 to 7 500 and now N9 500 Every time you go to the market the price of food items keeps increasing now it is almost impossible to buy tomatoes You have to forgo some food items Tell me how someone can plan in such a situation Ms Chioma Ibeh an online food vendor said the inflation rate had resulted in a decline in customers which had slowed down her business The prices of food have increased enormously For almost every food item I buy the prices have increased to as much as N2 000 Before my 2 4 litres of edikaikong soup used to go for N15 500 and N16 000 but now I sell for N18 000 to N18 500 When I tell clients the amount for a particular size bowl of soup or stew they complain and say it is too expensive But at the end of the day that is the reality of the situation in the country I wish the economy can have a balance because inflation is making my business very slow In a week I can go without having any food orders and this is bad for people like me that have this business as my only source of income how do I pay my bills Mrs Amaka Eze a market woman said the increasing inflation made it impossible for her to make profit from sales adding that things had never been this bad for her business Since I started this business of selling foodstuff I have never seen anything like this before I used to buy a carton of Titus fish for N20 000 now it is between N40 000 to N45 000 A carton of Panla used to be N6 000 now it is N12 000 I buy a dustbin basket of tomatoes for N4 000 people are no longer coming to buy food items like before because there is no money It is so bad that some decent guys even come to my shop to beg for a cup of garri to drink because they have no money to buy food to eat she said NAN recalls that the World Bank s latest Global Economic Prospects Report said the damage from COVID 19 and the war in Ukraine had intensified the slowdown in the global economy The report said this had led to a period of weak growth and increased inflation which had raised the risk of stagflation with potentially harmful consequences for middle and low income economies alike NewsSourceCredit NAN
    Financial experts attribute decline in living standards to high inflation rate
    Economy3 months ago

    Financial experts attribute decline in living standards to high inflation rate

    Financial experts say the increasing inflation rate in Nigeria has impacted negatively on the living standard of Nigerians.The experts who spoke to the News Agency of Nigeria , said the rising inflation rate has reduced the purchasing power of individuals leading to a decline in living standards.Acccording to the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased to 17.71 per cent on a year-on-year basis in May 2022.The NBS also said that prices of selected food items had increased in the last 12 months in its latest Food Price Watch report in the same period.Prof. Aminu Usman, of the Kaduna State University, said the rising inflation rate meant devaluation of individual income, which amounted to falling purchasing power.Usman, a lecturer at the Department of Economics, said individuals would now purchase fewer commodities with the same given amount of money.“This scenario implies that people’s living condition are deteriorating, especially for low-income groups, whose income is rigidly fixed while prices are skyrocketing.“It signifies the descent of many poor to further poverty and worsening conditions of living.” He said that a major contributor to the inflationary pressure was food inflation caused by rising food prices, adding “this is expected because the rains have set in and old stocks are finishing.“This is coupled also with the high cost of fertiliser and heightened insecurity which combined to discourage farmers and farming. This has also caused very low projections for agric output,” he said.Mr Ben Ekeyi, a Public Financial Management Consultant, said that Nigeria’s inflation rate had a negative impact on the purchasing power of Nigerians in diverse ways.Ekeyi said one of the impacts included reduced ability to purchase needed and required goods and services, especially where there was no corresponding increase in income.“Others are a lower standard of living, increased poverty level as Nigerians are increasingly unable to access necessary goods and services.“Increased school dropouts, especially at primary and secondary levels. More Nigerian families have become unable to sponsor their wards’ education, thereby, leading to drop out from schools.”He said that economists had established a link between lower purchasing power resulting from inflation and an increase in crime rate. According to him, where households are unable to cater for the needs of their members, there is a likelihood that some will go into criminal activities.Ekeyi also said low purchasing power had been linked to increased social vices like prostitution, thuggery, youth restiveness, and suicide rates among others.He said that low purchasing power had also increased urban-rural migration, as some Nigerians living in the cities were gradually relocating to their rural communities to due to the high cost of living in the cities.According to him, the low purchasing power also has the potential of leading to death.“When a person is unable to meet basic needs, especially in the area of health care,  he is most likely to die,” he said.Mr Paul Alaje, a Senior Economist with SPM Professionals said with the high inflation rate, it means that someone who had N100,000 this time in 2021, now has less than N85,000 this year for committing no crime.“It means that the value of what money can buy has reduced. What is the implication?  People will now be able to buy less.“If they could buy two bags of rice before with their income, now they can buy less than two bags.“Does it mean that hunger in the family has reduced? The answer is No. People are still hungry but their livelihood resources now have weaker purchasing power.”Alaje said this situation may put several families in jeopardy as some members may lose their jobs because of the failure of their employees to pay them due to a decline in sales.“So, when inflation and unemployment set in, you have what we call stagflation, that is a situation where people’s hunger, poverty and deprivation is elevated or increased significantly.”He said the general socio-economic implication was an increase in the crime rate.Alaje said the average inflation rate for a nation should be between three to five per cent but unfortunately, in the last seven years Nigeria’s inflation rate had been in double digits.A cross-section of Nigerians who spoke to NAN said the increasing inflation rate had reduced their standard of living and made saving impossible.Mr Isaac Ighure, a pensioner said the inflation rate had reduced his standard of living, adding that it was the same situation with many pensioners in the country.Ighure said many families were “cutting corners ”  in a good way just to be able to eat.“Among pensioners and the elderly, inflation is wreaking a lot of havoc, we are barely managing to survive.“Pensioners are on their own, they are suffering, the government does not support pensioners in any way and there is no policy for the elderly in general.“How do you pay your children’s fees, pay rent, treat medical issues, etc, as a pensioner? Some pensioners are maintaining their graduate children who do not have jobs.“You see many old people dying of hypertension because of all these problems. Their life span could be prolonged if the government can take the responsibility for the health of the elderly,” he said.Mrs Tosin Ajayi, a Public Servant and mother of three, said the high cost of living caused by the inflation had become unbearable.“As a mother and a public servant, it has not been easy to survive in today’s economy. You will not believe that 90 per cent of the family’s income is used for expenses. You cannot save anymore.“The cost of living is high and it is becoming unbearable for everyone. From food items to other consumables, gas, electricity, etc,  it is worrisome.“What I do as a mother is to tell my kids the reality on ground. I tell them that it is unacceptable to waste food and to be appreciative of what your parents give you.“We are calling on the Nigerian government to seek out ways to reduce the inflation rate, 17.7 per cent rate is unacceptable to us. This is crucial to prevent crime rate and illegal activities”, she said.Mrs Lynn Ikechukwu, a housewife and mother of three, said the inflation rate had made it difficult for her to plan and budget for her home.“It is not easy to plan and budget with the increasing inflation rate. For instance, between September 2021 and May 2022, the cost of diapers has gone from N6,000 Naira to N7,000,  to 7,500 and now N9,500.“Every time you go to the market the price of food items keeps increasing, now it is almost impossible to buy tomatoes. You have to forgo some food items. Tell me how someone can plan in such a situation?”Ms Chioma Ibeh, an online food vendor, said the inflation rate had resulted in a decline in customers which had slowed down her business.“The prices of food have increased enormously. For almost every food item I buy, the prices have increased to as much as N2,000.“Before my 2.4 litres of edikaikong soup used to go for N15,500 and N16,000 but now I sell for N18,000 to N18,500. “When I  tell clients the amount for a particular size bowl of soup or stew they complain and say it is too expensive. But at the end of the day that is the reality of the situation in the country.” I wish the economy can have a balance because inflation is making my business very slow.“In a week, I can go without having any food orders and this is bad for people like me that have this business as my only source of income, how do I pay my bills?”Mrs Amaka Eze, a market woman, said the increasing inflation made it impossible for her to make profit from sales, adding that things had never been this bad for her business.” Since I started this business of selling foodstuff, I have never seen anything like this before. I used to buy a carton of Titus fish for N20,000,  now it is between N40,000 to N45,000.“A carton of Panla used to be N6,000 now it is N12,000. I buy a dustbin basket of tomatoes for N4,000, people are no longer coming to buy food items like before because there is no money.“It is so bad that some decent guys even come to my shop to beg for a cup of garri to drink because they have no money to buy food to eat,” she said.NAN recalls that the World Bank’s latest Global Economic Prospects Report said the damage from COVID-19 and the war in Ukraine had intensified the slowdown in the global economy.The report said this had led to a period of weak growth and increased inflation, which had raised the risk of stagflation, with potentially harmful consequences for middle- and low-income economies alike.

    NewsSourceCredit: NAN

  •   Global Disability Inclusion CBM a non governmental organization NGO has sought a partnership with the federal government to safeguard people with disabilities on the ground Ms Ekaete Umoh CBM Country Director made this known while briefing journalists on Tuesday in Abuja following the outcome of the second Global Disability Summit GDS The Nigerian News Agency reports that the GDS Summit was recently hosted by the Disability Alliance and the governments of Ghana and Norway from 16 17 February She said In line with this CBM Global is willing and able to engage with the Nigerian government to bring the 2022 GDS commitments into alignment with our strategic goals as an organization CBM will work with the government to advocate for disability sensitive laws and end practices that prevent people with disabilities from being considered equal citizens and ensure that their organizations participate fully in legal matters CBM Global is committed to working with the Nigerian government and the press to develop inclusive education sector plans ranging from early childhood education to higher education including vocational education among other commitments he said Some people with protected physical disabilities Inclusion CBM According to Umoh CBM Global will make itself available to work with the Federal Government to ensure that government intervention programs for people with physical disabilities are monitored The head of CBM committed to building working relationships with key sectors of government including monitoring the progress of implementing collective SPM commitments for better accountability to CBM partners and the disability community According to her CBM Global s hallmark includes Authentic partnerships with disability movements inclusion expertise as a dual mandated organization field programs advocacy and consulting Umoh listed other key CBM priority areas to include Community Based Development Humanitarian Action Inclusive Vision Topical Neglected Health and Diseases including community mental health challenges among people with disabilities reports that CBM is an International Christian Development Organization and a world leader in global disability inclusion It works alongside people with disabilities in the poorest places in the world to fight poverty exclusion and transform lives It also reports that Nigeria has signed and domesticates a set of goals to drive the promotion of the rights of persons with disabilities The general commitments of the GDS summit include Strengthening the capacity of organizations of people with disabilities in the global south They also include Inclusive education health employment livelihoods and inclusion in crisis situations including a focus on climate change
    NGO seeks FG`s partnership on safeguarding persons with disability
      Global Disability Inclusion CBM a non governmental organization NGO has sought a partnership with the federal government to safeguard people with disabilities on the ground Ms Ekaete Umoh CBM Country Director made this known while briefing journalists on Tuesday in Abuja following the outcome of the second Global Disability Summit GDS The Nigerian News Agency reports that the GDS Summit was recently hosted by the Disability Alliance and the governments of Ghana and Norway from 16 17 February She said In line with this CBM Global is willing and able to engage with the Nigerian government to bring the 2022 GDS commitments into alignment with our strategic goals as an organization CBM will work with the government to advocate for disability sensitive laws and end practices that prevent people with disabilities from being considered equal citizens and ensure that their organizations participate fully in legal matters CBM Global is committed to working with the Nigerian government and the press to develop inclusive education sector plans ranging from early childhood education to higher education including vocational education among other commitments he said Some people with protected physical disabilities Inclusion CBM According to Umoh CBM Global will make itself available to work with the Federal Government to ensure that government intervention programs for people with physical disabilities are monitored The head of CBM committed to building working relationships with key sectors of government including monitoring the progress of implementing collective SPM commitments for better accountability to CBM partners and the disability community According to her CBM Global s hallmark includes Authentic partnerships with disability movements inclusion expertise as a dual mandated organization field programs advocacy and consulting Umoh listed other key CBM priority areas to include Community Based Development Humanitarian Action Inclusive Vision Topical Neglected Health and Diseases including community mental health challenges among people with disabilities reports that CBM is an International Christian Development Organization and a world leader in global disability inclusion It works alongside people with disabilities in the poorest places in the world to fight poverty exclusion and transform lives It also reports that Nigeria has signed and domesticates a set of goals to drive the promotion of the rights of persons with disabilities The general commitments of the GDS summit include Strengthening the capacity of organizations of people with disabilities in the global south They also include Inclusive education health employment livelihoods and inclusion in crisis situations including a focus on climate change
    NGO seeks FG`s partnership on safeguarding persons with disability
    General news7 months ago

    NGO seeks FG`s partnership on safeguarding persons with disability

    Global Disability Inclusion (CBM), a non-governmental organization (NGO), has sought a partnership with the federal government to safeguard people with disabilities on the ground.

    Ms. Ekaete Umoh, CBM Country Director, made this known while briefing journalists on Tuesday in Abuja, following the outcome of the second Global Disability Summit (GDS).

    The Nigerian News Agency reports that the GDS Summit was recently hosted by the Disability Alliance and the governments of Ghana and Norway from 16-17 February.

    She said: “In line with this, CBM Global is willing and able to engage with the Nigerian government to bring the 2022 GDS commitments into alignment with our strategic goals as an organization.

    “CBM will work with the government to advocate for disability-sensitive laws and end practices that prevent people with disabilities from being considered equal citizens and ensure that their organizations participate fully in legal matters.

    “CBM Global is committed to working with the Nigerian government and the press to develop inclusive education sector plans, ranging from early childhood education to higher education, including vocational education, among other commitments,” he said.

    Some people with protected physical disabilities Inclusion (CBM)

    According to Umoh, CBM Global will make itself available to work with the Federal Government, to ensure that government intervention programs for people with physical disabilities are monitored.

    The head of CBM committed to building working relationships with key sectors of government, including monitoring the progress of implementing collective SPM commitments, for better accountability to CBM partners and the disability community.

    According to her, CBM Global's hallmark includes: Authentic partnerships with disability movements, inclusion expertise as a dual-mandated organization, field programs, advocacy and consulting.

    Umoh listed other key CBM priority areas to include: Community-Based Development, Humanitarian Action, Inclusive Vision, Topical Neglected Health and Diseases, including community mental health challenges among people with disabilities.

    reports that CBM is an International Christian Development Organization and a world leader in global disability inclusion.

    It works alongside people with disabilities in the poorest places in the world to fight poverty, exclusion and transform lives.

    It also reports that Nigeria has signed and domesticates a set of goals to drive the promotion of the rights of persons with disabilities.

    The general commitments of the GDS summit include: Strengthening the capacity of organizations of people with disabilities in the global south.

    They also include: Inclusive education, health, employment/livelihoods and inclusion in crisis situations, including a focus on climate change.

  •   Mr Isiyaku Abdullahi managing director of the Petroleum Products Marketing Company PPMC said that complete deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years Abdullahi spoke at the 15th Africa Downstream Oil and Logistics OTL Week 2021 on Wednesday in Lagos The Nigeria News Agency reports that the theme of the conference is The Nigerian Downstream Oil and Gas Sector in Transition Getting Ready He said At 80 of crude oil 60 million liters of daily consumption and 411 N per dollar of exchange the under recovery gasoline subsidy of Premium Motor Spirit PMS per liter will be 138 N per liter The daily under recovery from PMS will be 8 3 billion naira The annual SPM under recovery will increase to three million naira Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure health care and education He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling According to him with the signing of the Petroleum Industry Act PIA the country is moving towards a total deregulation of the downstream sector which will attract more investment Likewise Mr Adeyemi Adetunji Group Executive Director Downstream Nigerian National Petroleum Corporation NNPC argued that petroleum product prices would be determined under the PIA He said The PIA has provided an enabling environment to attract investment ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry The fuel market is expanding given the emerging opportunities in gas Investors and existing players must seize these opportunities to create value for all stakeholders For his part Dr Muda Yusuf former director general of the Lagos Chamber of Commerce and Industry LCCI said the government must show political will to end the subsidy regime Yusuf who is the managing director of the Center for the Promotion of Private Enterprise said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five decades However Dr Obinna Ogbonna National Auditor for the Congress of Trade Unions TUC said the unions had given the government certain conditions that should be met before the subsidies were cut He said What we are saying is that for there to be complete deregulation the government should provide palliatives to the masses and should ensure that there are no job losses in the implementation of reforms in the sector Source NAN
    Deregulation will save Nigeria N12trn in 4 years – PPMC
      Mr Isiyaku Abdullahi managing director of the Petroleum Products Marketing Company PPMC said that complete deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years Abdullahi spoke at the 15th Africa Downstream Oil and Logistics OTL Week 2021 on Wednesday in Lagos The Nigeria News Agency reports that the theme of the conference is The Nigerian Downstream Oil and Gas Sector in Transition Getting Ready He said At 80 of crude oil 60 million liters of daily consumption and 411 N per dollar of exchange the under recovery gasoline subsidy of Premium Motor Spirit PMS per liter will be 138 N per liter The daily under recovery from PMS will be 8 3 billion naira The annual SPM under recovery will increase to three million naira Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure health care and education He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling According to him with the signing of the Petroleum Industry Act PIA the country is moving towards a total deregulation of the downstream sector which will attract more investment Likewise Mr Adeyemi Adetunji Group Executive Director Downstream Nigerian National Petroleum Corporation NNPC argued that petroleum product prices would be determined under the PIA He said The PIA has provided an enabling environment to attract investment ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry The fuel market is expanding given the emerging opportunities in gas Investors and existing players must seize these opportunities to create value for all stakeholders For his part Dr Muda Yusuf former director general of the Lagos Chamber of Commerce and Industry LCCI said the government must show political will to end the subsidy regime Yusuf who is the managing director of the Center for the Promotion of Private Enterprise said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five decades However Dr Obinna Ogbonna National Auditor for the Congress of Trade Unions TUC said the unions had given the government certain conditions that should be met before the subsidies were cut He said What we are saying is that for there to be complete deregulation the government should provide palliatives to the masses and should ensure that there are no job losses in the implementation of reforms in the sector Source NAN
    Deregulation will save Nigeria N12trn in 4 years – PPMC
    General news11 months ago

    Deregulation will save Nigeria N12trn in 4 years – PPMC

    Mr. Isiyaku Abdullahi, managing director of the Petroleum Products Marketing Company (PPMC), said that complete deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years.

    Abdullahi spoke at the 15th Africa Downstream Oil and Logistics (OTL) Week 2021 on Wednesday in Lagos.

    The Nigeria News Agency reports that the theme of the conference is “The Nigerian Downstream Oil and Gas Sector in Transition: Getting Ready”.

    He said: “At $ 80 of crude oil, 60 million liters of daily consumption and 411 N per dollar of exchange, the under-recovery (gasoline subsidy) of Premium Motor Spirit (PMS) per liter will be. 138 N per liter.

    “The daily under-recovery from PMS will be 8.3 billion naira. The annual SPM under-recovery will increase to three million naira. "

    Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure, health care and education.

    He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling.

    According to him, with the signing of the Petroleum Industry Act (PIA), the country is moving towards a total deregulation of the downstream sector which will attract more investment.

    Likewise, Mr. Adeyemi Adetunji, Group Executive Director, Downstream, Nigerian National Petroleum Corporation (NNPC), argued that petroleum product prices would be determined under the PIA.

    He said: “The PIA has provided an enabling environment to attract investment, ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry.

    “The fuel market is expanding given the emerging opportunities in gas. Investors and existing players must seize these opportunities to create value for all stakeholders. "

    For his part, Dr Muda Yusuf, former director general of the Lagos Chamber of Commerce and Industry (LCCI), said the government must show political will to end the subsidy regime.

    Yusuf, who is the managing director of the Center for the Promotion of Private Enterprise, said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five decades.

    However, Dr Obinna Ogbonna, National Auditor for the Congress of Trade Unions (TUC), said the unions had given the government certain conditions that should be met before the subsidies were cut.

    He said: "What we are saying is that for there to be complete deregulation, the government should provide palliatives to the masses and should ensure that there are no job losses. in the implementation of reforms in the sector. ”

    Source: NAN

  •   Petroleum Products Marketing Company PPMC Managing Director Isiyaku Abdullahi said that total deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years Mr Abdullahi spoke on Wednesday in Lagos at the 15th Annual Petroleum Trade and Logistics OTL Africa Petroleum Downstream Week 2021 The Nigerian News Agency reports that the theme of the conference is The Nigerian Downstream Oil and Gas Sector in Transition Getting Ready He said At 80 of crude oil 60 million liters of daily consumption and 411 N per dollar of exchange the under recovery gasoline subsidy of Premium Motor Spirit PMS per liter will be 138 N per liter The daily under recovery from PMS will be 8 3 billion naira The annual SPM under recovery will increase to three million naira Mr Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure health care and education He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling According to him with the signing of the Petroleum Industry Act PIA the country is moving towards a total deregulation of the downstream sector which will attract more investment Likewise Adeyemi Adetunji Group Executive Director Downstream Nigerian National Petroleum Corporation NNPC argued that the prices of petroleum products would be determined by the free market under the PIA He said The PIA has provided an enabling environment to attract investment ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry The fuel market is expanding given the emerging opportunities in gas Investors and existing players must seize these opportunities to create value for all stakeholders For his part Dr Muda Yusuf former director general of the Lagos Chamber of Commerce and Industry LCCI said the government needs to show political will to end the subsidy regime Mr Yusuf who is the managing director of the Center for the Promotion of Private Enterprise said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five years decades However Dr Obinna Ogbonna National Auditor Trade Union Congress TUC said the unions had given the government certain conditions that should be met before the subsidies were cut He said What we are saying is that for there to be complete deregulation the government should provide palliatives to the masses and should ensure that there are no job losses in the implementation of reforms in the sector NOPE
    Deregulation will save Nigeria N12trn in 4 years – PPMC
      Petroleum Products Marketing Company PPMC Managing Director Isiyaku Abdullahi said that total deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years Mr Abdullahi spoke on Wednesday in Lagos at the 15th Annual Petroleum Trade and Logistics OTL Africa Petroleum Downstream Week 2021 The Nigerian News Agency reports that the theme of the conference is The Nigerian Downstream Oil and Gas Sector in Transition Getting Ready He said At 80 of crude oil 60 million liters of daily consumption and 411 N per dollar of exchange the under recovery gasoline subsidy of Premium Motor Spirit PMS per liter will be 138 N per liter The daily under recovery from PMS will be 8 3 billion naira The annual SPM under recovery will increase to three million naira Mr Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure health care and education He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling According to him with the signing of the Petroleum Industry Act PIA the country is moving towards a total deregulation of the downstream sector which will attract more investment Likewise Adeyemi Adetunji Group Executive Director Downstream Nigerian National Petroleum Corporation NNPC argued that the prices of petroleum products would be determined by the free market under the PIA He said The PIA has provided an enabling environment to attract investment ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry The fuel market is expanding given the emerging opportunities in gas Investors and existing players must seize these opportunities to create value for all stakeholders For his part Dr Muda Yusuf former director general of the Lagos Chamber of Commerce and Industry LCCI said the government needs to show political will to end the subsidy regime Mr Yusuf who is the managing director of the Center for the Promotion of Private Enterprise said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five years decades However Dr Obinna Ogbonna National Auditor Trade Union Congress TUC said the unions had given the government certain conditions that should be met before the subsidies were cut He said What we are saying is that for there to be complete deregulation the government should provide palliatives to the masses and should ensure that there are no job losses in the implementation of reforms in the sector NOPE
    Deregulation will save Nigeria N12trn in 4 years – PPMC
    Headlines11 months ago

    Deregulation will save Nigeria N12trn in 4 years – PPMC

    Petroleum Products Marketing Company, PPMC Managing Director Isiyaku Abdullahi said that total deregulation of the downstream oil sector would save Nigeria 12 trillion naira in four years.

    Mr Abdullahi spoke on Wednesday in Lagos at the 15th Annual Petroleum Trade and Logistics, OTL, Africa Petroleum Downstream Week 2021.

    The Nigerian News Agency reports that the theme of the conference is “The Nigerian Downstream Oil and Gas Sector in Transition: Getting Ready”.

    He said: “At $ 80 of crude oil, 60 million liters of daily consumption and 411 N per dollar of exchange, the under-recovery (gasoline subsidy) of Premium Motor Spirit (PMS) per liter will be. 138 N per liter.

    “The daily under-recovery from PMS will be 8.3 billion naira. The annual SPM under-recovery will increase to three million naira. "

    Mr Abdullahi said savings from removing oil subsidies could be funneled into other critical areas such as infrastructure, health care and education.

    He noted that removing subsidies would bring the price of petroleum products in Nigeria on par with its African neighbors and discourage smuggling.

    According to him, with the signing of the Petroleum Industry Act (PIA), the country is moving towards a total deregulation of the downstream sector which will attract more investment.

    Likewise, Adeyemi Adetunji, Group Executive Director, Downstream, Nigerian National Petroleum Corporation, NNPC, argued that the prices of petroleum products would be determined by the free market under the PIA.

    He said: “The PIA has provided an enabling environment to attract investment, ensure fair competition for operators and fair prices for consumers and producers to ensure the stability of the industry.

    “The fuel market is expanding given the emerging opportunities in gas. Investors and existing players must seize these opportunities to create value for all stakeholders. "

    For his part, Dr Muda Yusuf, former director general of the Lagos Chamber of Commerce and Industry, LCCI, said the government needs to show political will to end the subsidy regime.

    Mr Yusuf, who is the managing director of the Center for the Promotion of Private Enterprise, said the failure to fully deregulate the sector was a major obstacle to unlocking its huge investment potential over the past five years. decades.

    However, Dr Obinna Ogbonna, National Auditor, Trade Union Congress, TUC, said the unions had given the government certain conditions that should be met before the subsidies were cut.

    He said: "What we are saying is that for there to be complete deregulation, the government should provide palliatives to the masses and should ensure that there are no job losses. in the implementation of reforms in the sector. ”

    NOPE