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Economy

Increase in electricity tariff ill-timed – MAN

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The Manufacturers Association of Nigeria (MAN), Edo/Delta branch, has described the increase in electricity tariff by the Nigerian Electricity Regulatory Commission (NERC) as ill-time’ due to the economic recession.

Mr Okwara Udensi, Chairman of the branch, told the newsmen in Benin on Wednesday that many businesses were still facing untold hardship caused by the COVID-19 pandemic and EndSARS violence.

He said the manufacturing sector was currently being faced with high cost of production noting that any further increase in electricity tariff would worsen production and purchasing power of consumers.

“The economy is in a bad shape, we are in recession, so an increase in electricity tariff will translate to an increase in the cost of goods and services.

“Besides, the purchasing power of the people is low and people will not buy goods produced at very high cost and this will lead to most SMEs becoming moribund,” he said.

Meanwhile, the NERC had denied that it never increased electricity tariff by 50 per cent as reported in the media.

The commission, in a statement, by its Chairman, Garba Sanusi on Tuesday in Abuja, said it only adjusted its December 2020 Multi Year Tariff Order and Minimum Remittance Order by N2 and N4 among categories of consumers.

The commission blamed the increase on inflation and the current exchange rate of N379.4/$1 as of Dec. 29, 2020.

The agency said the increase would begin in June.

Udensi however, said the increase would further raise cost of production and urged NERC to put its intention on hold.

According to him, all over the world, manufacturing industry contributes a greater percentage of GDP to the economy, but in Nigeria, a lot of SMEs have closed due to the pandemic while many workers have been laid off.

He said that what the SMES needed now was government support to grow rather than increase in electricity tariff.

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Economy

Nigeria’s inflation rate climbs to 28.92%, marks twelfth straight month of increase

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By Sodiq Adelakun

 

Inflation in Nigeria continued to rise for the twelfth consecutive month in December, with the headline inflation rate reaching 28.92%, up from 28.20% in November.

 

The National Bureau of Statistics released its consumer price index report on Monday, revealing the ongoing impact of inflation on the country’s economy.

 

More details to come…

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Economy

Nasarawa Assembly introduces bill to regulate private schools, tertiary institutions

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The Nasarawa State House of Assembly has announced the first reading of a bill aimed at regulating private schools and tertiary institutions in the state.

The bill, titled “A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” was introduced during the House proceedings on Monday in Lafia.

In addition to this bill, the House also passed two executive bills that focus on promoting education and skills training in the state.

The bills, if passed into law, are expected to enhance the quality of education and boost skills training across Nasarawa State.

Three bills have successfully passed their first reading in Nasarawa State, Nigeria.

The first bill, titled “A Bill For a Law to Establish the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other Matters Connected Therewith,” aims to establish a vocati onal and technology institute in Lafia, the state capital. This institute will provide valuable skills training and education to the youth of the region.

The second bill, named “A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof,” seeks to amend the existing law governing the College of Agriculture, Science and Technology in Lafia.

The proposed amendments aim to enhance the college’s operations and ensure it remains at the forefront of agricultural and technological advancements.Lastly, the third bill, titled “the Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” focuses on regulating the establishment and operation of private educational institutions in the state.

This bill aims to ensure that these institutions meet certain standards of quality and provide a conducive learning environment for students.

“The Speaker of the House, Alhaji Ibrahim Abdullahi, announced that the second reading of the bill for the establishment of the Wing Commander Abdullahi Ibrahim Vocational and Technology Institute, Lafia, and other related matters will take place on October 2.

The second reading of the bill to amend the College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and matters connected thereof, will be scheduled for October 3.

These bills demonstrate the commitment of the Nasarawa State House of Assembly to improving the educational sector and providing opportunities for skills development in the state.

“I will slate Oct. 3, for the second reading of A Bill for A Law to Amend College of Agriculture, Science and Technology, Lafia, Nasarawa State Law 2020, and Matters Connected Thereof.

“I will also slate Oct. 4 for the second reading of A Bill for a Law to Regulate the Establishment and Operation of Private Nursery, Primary, Secondary Schools and Tertiary Institutions in Nasarawa State and Other Matters Connected Therewith,” he said.

Earlier, Alhaji Mohammed Omadefu, the Majority Leader of the House, moved motions for the bills to scale first readings.

The Minority Leader of the House, Mr Luka Zhekaba,  seconded the motion.

The House unanimously passed the bills into first readings.

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Economy

Inflationary pressures to ease by December – Economist, Yusuf

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The Director of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf has said the current inflationary pressures might ease by December this year.

Yusuf disclosed this on Sunday in his Half Year Review of 2023.

His review comes amid the effect of fuel subsidy removal and foreign exchange reforms by President Bola Ahmed Tinubu’s administration.

Consequently, the prices of goods and services sharply increased.

The National Bureau of Statistics said Nigeria’s inflation is 22.41 per cent. Nigerians have continued to lament the hike in the prices of goods and services.

Meanwhile, Yusuf said that the effect of fuel subsidy removal and forex reforms would be in the short term.

According to him, the challenges would gradually reduce before the year ends.

Meanwhile, Yusuf said the CBN should implement a sustainable intervention framework to moderate the volatility in the forex market.

“Inflationary pressure is expected to ease before the end of the year.

“It would pave the way for an equilibrium exchange rate which would be more tolerable and sustainable”, he stated.

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