NEWS AGENCY OF NIGERIA
N1.15trn FCT budget to transform Abuja, rural areas – Wike

N1.15trn FCT budget to transform Abuja, rural areas – Wike

393 total views today

By Philip Yatai

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the N1.15 trillion 2024 proposed FCT Statutory Budget was designed to transform the capital city and rural communities.

Wike stated this when he appeared before the Senate and House Committees on FCT, to defend the proposed statutory budget, in Abuja on Monday.

He explained that out of the N1.15 trillion, N421.44 billion was earmarked as recurrent expenditure, representing 36.7 per cent, while N726.3 billion was set aside for capital expenditure, representing 63.3 per cent.

He also explained that the proposed capital expenditure would be dedicated for the development of infrastructure with emphasis on completion of ongoing projects.

Wike added that out of the N726.3 billion proposed capital expenditure, N80 billion was allocated for SUKUK loan projects, while N29 billion was earmarked for Abuja Light Rail project.

The minister also said that N500 billion was for commercial loans for the completion of some ongoing capital projects in the federal capital city and satellite towns.

He said that the balance of N117.3 billion was dedicated to the completion of ongoing capital projects and other counterpart funded related projects, aimed at enhancing socio-economic activities in the FCT.

Wike said that the Federal Capital Development Authority (FCDA) and Satellite Towns Development Department (STDD) got the larger chunk of the capital budget.

He said that FCDA got N457 billion, STDD N116 billion, while other Secretariat, Departments and Agencies (SDAs) got N153.3 billion.

This, according to him, is to address critical areas like ongoing road construction, completion of water treatment plant and related facilities and few new projects.

He explained that the N457 billion allocated to FCDA was for the provision of infrastructure within and around the capital city, of which N282 billion was for ongoing projects, while N175 billion was for new critical projects.

“Some of the critical projects to be executed by the FCT Administration in the 2024 statutory budget proposal are the completion of Roads B6 and B12 and construction of access road and car park for Abuja Light Rail.

“Full scope development of Arterial Road N20 from Northern Parkway to Outer Northern Expressway (ONEX), provision of engineering infrastructure to Guzape, and provision of engineering infrastructure to Wuye District.

“There is also the extension of Inner Southern Expressway (ISEX) from Southern Parkway (S8/S9) to Ring Road II (RRII), full scope development of FCT Highway 105 (Kuje Road) from Airport Expressway to OSEX with Spur at Kyami District,

“Construction of Northern Parkway from Ring Road II to Ring Road III (6.2Km), full scope development of N5 and N20 and provision of engineering district infrastructure to Asokoro Island Layout in the FCT.

“The sum of N198.5 billion is earmarked for the above eight major roads to speed up their completion before the end of 2024 fiscal year.

“The expansion and rehabilitation of these roads will eventually reduce the travel time and traffic gridlock on our roads within and outside the city,” he said.

The minister added that the transportation sector got N69 billion, of which N32 billion was for the construction of Bus Terminals Development at Kugbo, Jahi and Central Business District.

He said that N80.3 billion was proposed for education sector, while the health sector got N45.7 billion.

“The health budget seeks to complete the construction of hospitals in Gwagwalada, Gwarimpa and Utako Districts to enhance the capacity of some of our hospitals through the procurement of modern ambulances for eight FCTA hospitals,” he said.

Wike also said that a total of N7.9 billion was proposed for FCT Agriculture and Rural Development sector to improve agricultural production and engagement of youths in agriculture,

This, the minister said, would enhance food security, income, and better standards of living in the rural communities.

“We shall invest in the provision of agricultural inputs such as improved seeds, agro-chemicals, and fertiliser among others.

“We shall also develop cluster farm centres in both the livestock and crop production sub- sectors,” he added.

Wike equally said that N5 billion was allocated to the Social Development Secretariat for the promotion of gender, youths, children development, and other vulnerable groups in the FCT.

“It will also be used for the promotion and preservation of Nigeria’s art and culture within the FCT, including the development of sports through the provision of sporting, cultural and recreational facilities,” he said.

Wike also said that the Legal Services Secretariat got N5.6 billion for the provision of legal services, while N1.2 billion was earmarked for the Abuja Geographic Information System.

The minister further said that the sum of N4.2 billion was proposed for the Area Council Services Secretariat to ensure effective and efficient service delivery for rural transformation, improve the quality of lives of citizens.

“The secretariat is also expected to strengthen the traditional institutions as effective tools for mobilisation of people at the grassroots to achieve the developmental goals of the FCT Administration,” he said.

Earlier, the Chairman Senate and House Committees on FCT, Ibrahim Bomai, and Muktar Betara respectively, who commended the minister for the development stride in the FCT, assured him the full support of the National Assembly. (NAN)

Edited by Abiemwense Moru

Edo PRP Gov. candidate promises human capital development

Edo PRP Gov. candidate promises human capital development

263 total views today

By Naomi Sharang

Ms. Patience Key, the gubernatorial candidate of the Peoples Redemption Party (PRP) for the September 21 Edo governorship election, has pledged to focus on human capital development.

Receiving the PRP’s Certificate of Return for the Edo governorship election in Abuja on Monday, Key emphasised her commitment to development, particularly in human capital.

”I am running for the governorship of the state to bring about development.

“We are looking at human capital development. When we talk about human capital development which our party believes in; it is about believing in the capacity of every citizen.

“We believe in serving the people; the poor people; the under severed population. What we want to do is to take them from where they are and transform their livelihoods.

“We want to make sure every single citizen in Edo does not cry of poverty, unemployment and that the state does not cry of retrogression anymore,” she said.

She outlined her vision for addressing poverty, unemployment, and retrogression in Edo State, emphasising a strategy of uplifting the underprivileged and transforming livelihoods.

Key, a former Chairman of the Nigerians in Diaspora Organisation, Americas, also pledged to prioritise women empowerment and increase female representation in leadership positions.

“We will give them that opportunity, what we call empowerment, to be able to understand that leadership is not competition; leadership is collaboration,” Key affirmed.

Expressing optimism about her chances in the election, Key emphasised the resolve of the people of Edo State and the need for a new direction in governance.

Malam Falalu Bello, the party’s National Chairman, presented the certificate to Key and expressed confidence in her ability to secure victory in the Edo poll.

Bello was represented by the party’s National Treasurer, Mr Abdullahi Bayawo.

“We have ruled in Kano, Kaduna, and by the grace of God, our candidate will be the first female governor in Nigeria,” Bello remarked, highlighting Key’s track record of service and dedication to the people.

He urged the electorate to consider PRP as a viable alternative to the major political parties, emphasising the potential for positive change under Key’s leadership.

“People have tried APC and PDP. Now is the time for them to try PRP. If she is voted into power, a lot of changes will take place in Edo,” Bello concluded. (NAN)

Edited by Ali Baba-Inuwa

African Games: Falconets daze Uganda 2-0 to reach finals

African Games: Falconets daze Uganda 2-0 to reach finals

187 total views today

By Aderonke Ojo

Nigeria’s Under-20 female football team, the Falconets, on Monday reached the finals of the women’s football event at the 13th African Games in Ghana.

They defeated their Ugandan counterparts 2-0 in the semi-finals
of their match at the Cape Coast Stadium.

The News Agency of Nigeria (NAN) reports that the Falconets have therefore boosted their quest to clinch the gold medal in their event.

NAN reports that Monday’s encounter was closely contested with both teams vying for a spot in the final.

Falconets had beaten Morocco 2-0 in their first match before a 4-0 humbling of Senegal in their second group B game to qualify for the semi-finals.

Both teams had pushed for a breakthrough in the first half of the match which ended goalless.

Substitutes, Adaobi Okoh and Chiamaka Okwuchukwu, scored the goals that lifted the Nigerians over Ugandans for a place in the final of the African Games 2023.

The Ugandans fought well until Okoh, who replaced Olushola Shobowale, found the back of the net in the 74th minute with her first touch in the game.

Okwuchukwu added the second goal in the 89th minute to give Nigeria the desired victory.

The Falconets will face the winner of the second semi-final tie between hosts Ghana and Senegal.

The looser in the second semi-final match will meet Uganda in the bronze medal’s match of the women’s football event.

NAN reports that Falconets won the gold medal in the event at the 12th African Games in Rabat, Morocco, in 2019.

The 13th African Games, which started on March 8, will be rounded off on March 23.

The ongoing games are being held across three cities in Ghana – Accra, Kumasi and Cape Coast. (NAN)(www.nannews.ng)

========
Edited by Dianabasi Effiong

Soldiers’ killing: Dialogue important mechanism in conflict resolution – NGO

Soldiers’ killing: Dialogue important mechanism in conflict resolution – NGO

182 total views today

By Angela Atabo

The United Global Resolve for Peace (UGRFP), a Non-Governmental Organisation (NGO), has underscored the urgent need for peaceful conflict resolution mechanisms following the killing of soldiers in Delta State.

The Chairman of the group, Mr Shalom Olaseni, said in a statement on Monday in Abuja.

Olaseni said the devastating loss of military personnel could have been averted with effective dialogue between the warring communities.

It would be recalled that 16 soldiers, including a commanding officer and two majors, were killed in the coastal village of Okuama, in Ughelli South Local Government Area, in land dispute with Okoloba community.

Olaseni described the killing as senseless and wondered why citizens should kill those responsible for their safety.

“The UGRFP emphasises the invaluable importance of peaceful resolution in preventing further bloodshed and fostering sustainable peace and development.

“We wish to reiterate our unwavering commitment to promoting peace and conflict resolution as essential catalysts for growth and development.

“We urge all stakeholders to prioritise dialogue, reconciliation, and cooperation in resolving disputes and building a harmonious society,” Olaseni said.

He, therefore, called for immediate intelligence-based action to identify and bring the perpetrators to justice.

“We urge the relevant authorities to spare no effort in ensuring that those responsible for this heinous act face the full wrath of the law.

“In the light of this tragedy, we appeal for calm and communal support for the military as they conduct a thorough investigation into the matter.

“It is imperative that we come together as a community to support our security forces in their efforts to maintain peace and security in our nation,” he added. (NAN)(www.nannews.ng)

==============
Edited by Chinyere Joel-Nwokeoma

FG appeals to SSANU, NASU to call off warning strike

FG appeals to SSANU, NASU to call off warning strike

198 total views today

By Joan Nwagwu

The Federal Government has appealed to the Senior Staff Association of Nigerian Universities (SSANU) and Non-Academic Staff Union of Educational and Associated Institutions (NASU) to call off their seven-day warning strike.

Mrs Nkeiruka Onyejeocha, Minister of State, Labour and Employment, made the appeal on Monday in Abuja in a statement signed by Mr Olajide Oshundun, Director of Press and Public Relations in the ministry.

It would be recalled that the Joint Action Committee of SSANU and NASU had directed its members to embark on a seven- day warning strike over the non-payment of four months withheld salaries.

Recall that President Bola Tinubu had in October 2023, directed that the university workers that embarked on prolonged strike in 2022, be paid four months.

Recall also that the Academic Staff Union of Universities (ASUU) who were part of the unions that embarked on the strike had been paid their own withheld four months salaries.

Onyejeocha also expressed displeasure at the action of the unions, which she described as a total disregard of Federal Government’s concerted effort to address the concern of the unions.

According to her, the Ministry was not officially notified by the unions of their intention to proceed on a seven-day warning strike.

“This is contrary to the provisions of section 18 of the Trade Dispute Act.

“The ministry got wind of the intended warning strike and it reached out to the leadership of the unions for an emergency meeting in order to avert the strike.

“Unfortunately, a physical meeting could not be arranged between the unions and the federal government, but a tele-discussion took place between their leadership and the ministry,” she said.

Onyejeocha said that consequently, the ministry suggested another date, Monday March 18, for a proper conciliation meeting.

She added that this was believing that on the basis of that discussion, the intended strike would be put on hold pending the outcome of the meeting; but this date was rejected by the unions.

The minister however, maintained that strike did not serve any useful purpose and should only be resorted to as a last option after exhausting every conciliation effort.

Onyejocha appealed to SSANU and NASU to step back from their hard-line stance and meet the federal government at the table for conciliation.

She however, appealed to all Nigerians to always take steps that were beneficial to the well-being of the country and the citizens. (NAN)(www.nannews.ng)

==========
Edited by Maureen Atuonwu

NAAT announces 3-days warning strike over withheld salaries

NAAT announces 3-days warning strike over withheld salaries

278 total views today

By Joan Nwagwu

The National Association of Academic Technologists (NAAT) says it will begin a three-day warning strike on March 20, over non-payment of four months withheld salaries.

Mr Ibeji Nwokoma, President of NAAT, disclosed this in a letter addressed to the Minister of State for Labour and Employment, Nkeiruka Onyejeocha on Monday in Abuja.

According to Nwokoma, the decision to embark on the warning strike was reached at the union’s National Executive Council, NEC, emergency virtual meeting.

“We are constrained to notify you of the decisions of the National Executive Council (NEC) of NAAT at the end of its emergency virtual meeting held on Wednesday March 13, 2024.

“It was resolved that a three-day warning strike and a nationwide protest on the first day commencing from Wednesday 20th to Friday 22nd March, 2024 be embarked upon.

“This is to enable the union to press home its demand for the payment of withheld salaries of members of NAAT as approved by the Presidency.

“This became necessary due to the unfortunate circumstances leading to the payment of four months withheld salaries of members of a sister union and the exclusion of members of ΝΑΛΤ,” he said.

He added that, “the minister may wish to note that, in spite of our letter of appeal dated 16, Feb. the office of the minister did not deem it necessary to respond or acknowledge it.”

He, therefore, called on the federal government to do the needful or be held responsible for any disruption of academic activities in the universities as they embark on the action.

It will be recalled that President Bola Tinubu in Oct. 2023, directed that the university workers that embarked on prolonged strike in 2022 should be paid four months withheld salaries.

The former administration of President Muhammadu Buhari had invoked the “no work, no pay,” policy which meant that the university workers would not be paid salaries within the period they were on strike. (NAN)(www.nannews.ng)

=≠======
Edited by Rotimi Ijikanmi

DTAC honours 18 volunteers for being good ambassadors

DTAC honours 18 volunteers for being good ambassadors

235 total views today

By Maureen Okon

The Directorate of Technical Aid Corps (DTAC) on Monday honoured 18 volunteers who served in Uganda and represented Nigeria excellently.

The News Agency of Nigeria (NAN) reports that the technical aid corps volunteers returned to Nigeria on Sunday after two years service in Uganda.

The Director-General of DTAC, Dr Buba Yakub, applauded the volunteers for their service to Nigeria and their host community and in helping to bridge the educational gap where they served.

Yakub said that the volunteers willingness to serve was a testament that Nigeria was doing a great service to Africa and humanity.

“What you have done cannot be quantified. We thank you for the spirit of oneness that you have continued to invest in your service to Nigeria and ACP countries as a whole.

“We thank you on behalf of the people of Uganda and Africa as a whole, in the spirit of one Africa, in the spirit of the African solidarity.

“Also in the spirit of Nigeria playing the role of the big brother in Africa, for volunteering to make this dream come true,” he said.

According to him, the technical aid scheme was initiated by Nigeria 35 years ago as part of soft power diplomacy.

“As i speak to you, we have reached over 35 countries within these 35 years. We have impacted in the lives of thousands in Africa, Caribbean and Pacific countries.

“Wherever the black man is, we have sent out volunteers and we have impacted on their lives – not just the students you teach or the patients you treat in the hospitals – but the multiplier effect.

“At a time you train one student, you should be sure you are training thousands of others.

“When we went to Uganda, the present Minister of State Education said she was a student of TAC.

“She was a student of TAC, she was taught by some TAC volunteers years ago, and today she is a minister in that country, so you know what that means.

“So what we are doing as a country is something that no country in Africa, and I can boldly say no country in the world, is really doing,” he said.

The Director Administration, Amb. Mohammed Mohammed congratulated the volunteers for completing their tour of duty without any bad report.

Responding on behalf of the volunteers, Prof. Terhemen-Aboiyar Tehemen, said that the directorate made their stay comfortable in their host country.

He said though they initially faced the challenges of integration, “in the end our stay was worthwhile, fruitfully and beneficial both to those countries and also to us.

“Also we did well to represent Nigeria effectively in Uganda.

“All our colleagues here contributed immensely. Some of them shared here yesterday during our debriefing of their impact in the educational sector of that country.

“We do not want to blow our trumpet, but for all of us here who are seasoned academics and well-trained, we made diligent contributions in teaching, in research and community development.

“Many successfully supervised undergraduate and masters programmes, and even Phds to a certain extent, while they were there,” he said.(NAN)(www.nannews.ng)

Edited by Maharazu Ahmed

FG partners U.S. firm to generate 50,000 jobs – Minister

FG partners U.S. firm to generate 50,000 jobs – Minister

252 total views today

By Lucy Ogalue

The Federal Government’s partnership with a U.S. Cybersecurity Institute, Lab Four, will generate 50,000 Business Process Outsourcing (BPO) jobs in three years, an official has said.

Dr Doris Anite, Minister of Industry Trade and Investment, said this during the signing of a Memorandum of Understanding (MoU) on Monday in Abuja.

The News Agency of Nigeria (NAN) reports that the MoU was signed between Lab Four and the National Talent Export Programme (NATEP), the executor of the programme.

According to the minister, the jobs generated through this partnership have the potential to annually attract up to 1.2 billion dollars into the Nigerian economy.

“The MoU being signed between NATEP and Lab Four is to channel 50,000 BPO jobs to Nigeria over the next three years.

“In job categories such as telesales, customer service, virtual administrative assistant, marketing/social media assistant and tech/cybersecurity.

“The jobs generated through this partnership have the potential to annually attract up to 1.2 billion dollars into the Nigerian economy through remuneration to the employed persons.

“In addition to about 60 million dollars that it will provide to develop the BPO ecosystem through direct support to the individual BPOs,” Anite said.

According to the minister, NATEP is a key national initiative that will position Nigeria as a leading global hub for service exports, talent sourcing, and talent exports.

Anite said It served as a dedicated entity to address the unique needs and challenges faced by the talent and service export industry.

“The programme lays special emphasis on enhancing competitiveness, fostering innovation, and driving sustainable growth through trade in services.

“It will serve as a catalyst for the development of the BPO and Talent Export industries and ecosystems, which are the two channels for NATEP’s activities,” she said.

The minister said the four-pronged objectives of the NATEP initiative were to deliver one million service-export jobs over the next five years and increase foreign exchange earnings and revenue for Nigeria.

Anite said it aimed to create economic growth, stimulate the growth of ancillary industries and support services; and also improve skills and strengthen the Nigerian brand.

She said that to successfully implement the mandate of NATEP, there was the need for strategic partnerships – both with institutions within Nigeria and those overseas.

“As such, our partnership with Lab Four will be one of the many partnerships we will have to ensure that Nigeria becomes a global hub for thriving micro, mini, and mega BPOs.

“And as a prime location for high quality for talent. We will create an environment for the growth of the BPO industry across the country.

“To enable workers work in BPOs in close proximity to their locations of residence,” she said.

Also speaking, Dr Femi Adeluyi, National Coordinator, NATEP, in his remarks, said that the initiative would target the Small and Medium Enterprise (SME) sector.

Adeluyi assured Nigerians that the selection process for jobs would be transparent, and qualified candidates would be shortlisted after a rigorous selection process.

He therefore, urged Nigerians to visit the NATEP website (www.natep.gov.ng) for further information on the programme.

Meanwhile, Mr Anthony Okhiria, Executive Director, Lab Four, expressed the firm’s commitment to scale up job creation in Nigeria.

“And that is what this is doing. This is huge because it allows Nigeria to accelerate its talent export much quicker.

“Different businesses across the country can be developed, which generates revenue for them. Also, individuals can make money and take it to their families.

“So we are very excited to be part of the solution to that. I look forward to working with you for this.

Also speaking, a representative of the United States Embassy, Mr John Dunham, said the most valuable resources Nigeria had were abundant human population.

Dunham said: “another very important part is the rapid growth of IT, entrepreneurs and exporters in the country particularly among the young people.

“And I am happy to see that the U.S. is trying to encourage the growth of this sector, that will be a game changer for Nigeria.”

NAN reports that the global talent sourcing industry was valued at 620.381 billion dollars in 2020 and is forecasted to be valued at 904.948 billion dollars by 2027.

Nigeria has the potential to provide high-quality talent for the global service export and outsourcing industry. (NAN)(www.nannews.ng)

========
Edited by Ekemini Ladejobi

Pulaaku Initiative: Don’t allow Tinubu’s efforts to waste, lawyer urges northern leaders

Pulaaku Initiative: Don’t allow Tinubu’s efforts to waste, lawyer urges northern leaders

300 total views today

By Chioma Ugboma

A legal practitioner, Modibo Mustapha, has tasked northern leaders not to allow President Bola Tinubu’s efforts on the Pulaaku Initiative to fail.

Modibo said this in a statement obtained by the News Agency of Nigeria (NAN) on Monday in Lagos.

He urged the Vice-President, Kashim Shettima, governors and leaders of Northern Nigeria to ensure the success of the initiative.

NAN reports that the Federal Government, in February, inaugurated a committee for the implementation of the Pulaaku Initiative.

“Pulaaku” is a Fulani word meaning “to be shy”.

The non-kinetic initiative was set up by the President Bola Tinubu administration to address the root causes of insurgency, banditry and poverty in the northern region.

Modibo said the personal commitment and political will with which President Tinubu approved the establishment of the Pulaaku Initiative could be seen in the prompt release of the N50 billion operational fund for its immediate take-off.

“However, as good and thoughtful as the initiative appears, the challenge still remains that the intended beneficiaries of the new programme need to be effectively mobilised.

“The beneficiaries should be carried along in its implementation. This is absolutely a challenge to the Northern establishment.

“It will amount to failure and self-indictment on the part of northerners in government, either elective or appointive, including the vice president, who coincidentally is the the custodian of the initiative.

According to him, leaders from the North, irrespective of their political leanings or inclinations, are expected to unite and give the Pulaaku Initiative the needed support to succeed.

“The emphasis of the Pulaaku Initiative on the provision of formal education and other social amenities, will go a very long way to give the vulnerable children in the North and the nomadic fulanis a sense of belonging.

“It will also provide a formal orientation needed to interact with their immediate social environment without fear of complex and discrimination.

“The nomadic Fulanis in Northern Nigeria have been neglected for too long, owing to the failure of governments at all levels.

“The Pulaaku Initiative is the first policy of its kind, ever deployed by government with a deliberate intention to create government presence within the nomadic communities in the North,” he said.

Modibo noted that the Pulaaka Initiative should be more important to the North at this crucial point in time, when peace and social stability seemed to have eluded the region.

“It is, therefore, incumbent on the current northern political class to pay more attention to issues like this that will bring genuine development to the people of the region.

“Northern leaders should desist from distractive arguments on mundane issues like the unwarranted controversy over transfer of some Federal Government members of staff to Lagos from Abuja.

“The President needs to be commended and encouraged to sustain his interest and spirited efforts on the implementation of the Pulaaku initiative.

“This is so, that the goals and objectives of the initiative can be achieved within a reasonable period of time, to the credit of his administration.

“Duty therefore beckons on the Vice President to use his good office to convene a summit of various leaders of the Fulani herdsmen, and owners of Sangaya Islamiya schools in the North,” he said.

He noted that the need for the North to support the Tinubu administration could not be over emphasised in the context of the initiative.

“The appalling neglect of socio economic issues relating to herdsmen and Sangaya Islamic education system by successive governments in Nigeria, is the root of the current insecurity in the North.

“The North must support the President’s creative and pragmatic intervention that will most likely, change the narratives around insecurity in the country,” he added. (NAN)(www.nannews.ng)

================
Edited by Chinyere Joel-Nwokeoma

Experts proffer solutions to rising inflation

263 total views today

 

Some Nigeria food items
Some Nigeria food items

By Simon Akoje
Some economic experts have urged the Federal Government to tackle the food insecurity challenges and check the depreciating level of Naira fuelling the inflation in the country.

They made this known in separate interviews with the News Agency of Nigeria (NAN) on Monday, in Lagos.

Prof. Bright Eregha, an economics lecturer at Pan Atlantic University, advised the government to adopt innovative ways of tackling insecurity and food shortage challenges facing the nation.

According to Eregha, the government should collaborate more with other countries within the subregion to bring the insecurity under control, particularly in agrarian communities.

“These should be sanity in agrarian communities where there are often disputes over land among farmers and herders which is impeding food output,” Eregha said.

He also urged the federal government to ensure fiscal discipline to address rising inflation rates.

He said the government also take measures to discourage the importation of commodities that have local alternatives.

“This will strengthen the local companies and reduce the value of imports into our economy,” Eregha said.

Also, former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN), Dr Uju Ogubunka, advised the monetary authorities to adopt appropriate measures to further halt the steady decline of Naira.

“More emphasis should be on how to incentivise local companies to export oil and non-oil products into the global market.

“This will lead to more foreign exchange inflows into the country and stabilise the Naira against other currencies as well as reduce the volume of importation over time,” Ogubunka said.

He said the Federal Government could support more private companies to establish companies produce petrol chemical products locally.

“This will lead to the country achieving self-reliance in refined petroleum products and stop the immense hemorrhage on our foreign reserves.

“This is one of the factors fuelling the inflation increases currently,” Ogubunka said.

Also speaking, an agric economist, Mr Nnamdi Ifenkwe, said the federal government should fully implement its all-year farming programme to address the food induced inflation.

Ifenkwe, Senior Manager at Nisi Agro Allied Services, said the government could continue to encourage more youths to venture into farming to achieve food sufficiency.

“We need to incentivise more youths to foray into modern-day farming so as to address the food shortage being experienced at the moment.

“Since the country’s population is generally increasing more young people is needed to be engaged in farming to bridge the gap,”Ifenkwe said.

He said the federal government should invest in more food reserves, because the existing ones are currently inadequate for the nation’s growing population.

He added that the government should adopt measures to ameliorate post harvest losses because its one of the factors impeding food output.

NAN reports that the National Bureau of Statistics (NBS) said the headline inflation rate increased year-on-year (YoY) by 1.8 per cent to 31.7 per cent in February l from 29.9 per cent in January.

This represents the highest level of inflation recorded in 28 years.

Looking at the movement, the February 2024 headline inflation rate showed an increase of 1.8 per cent points when compared to the January 2024 headline inflation rate.

On a year-on-year (YoY) basis, the headline inflate was 9.79 per cent points higher compared to the rate recorded in February 2023, which was 21.91per cent. (NAN) (www.nannews.ng)

Edited by Modupe Adeloye/Olawunmi Ashafa

X
Welcome to NAN
Need help? Choose an option below and let me be your assistant.
Email SubscriptionSite SearchSend Us Email