The Nation Newspaper

Tag: Economic hardship

  • Economic hardship: Ekiti NBA offers 50% subsidy on cooking gas

    Economic hardship: Ekiti NBA offers 50% subsidy on cooking gas

    In efforts to ease the burden of current economic hardship, the Nigerian Bar Association (NBA) Ado-Ekiti Branch on Saturday, provided members with a 50% subsidy on cooking gas.

    The initiative dubbed the “Lawyers Gas Station’’ operated between 10am and 12 noon at Abound Gas station in Ado-Ekiti, the Ekiti state capital attracted members who came in large numbers to refill their cooking gas cylinder.

    The discounts provided significant relief to the lawyers, with a kilogram of the LPG worth N1,300 sold for N650, thereby allowing them to allocate their resources on other necessities.

    Read Also: CBN commences spot checks on banks to alleviate cash scarcity

    Speaking to journalists, the NBA branch chairman, Taiwo Omidoyin said that the initiative was conceived to address the effects of current harsh economic climate in the country.

    Omidoyin said that the initiative would go a long way to help relieve financial burden on members in the face of the rising cost of living.

    He explained that cooking gas was sold to financial members at 50% discount of the general market price with a limit of LPG a member can buy was 12.5kg.

    He said: “The leadership of the Branch is not unaware of the skyrocketing price of cooking gas and the general high cost of living in the country.

    “There is the dire need for the leadership of the Association to periodically come up with palliative measures to cushion the current harsh economic atmosphere in the country.

  • Exploring solutions to Nigeria’s economic hardship

    Exploring solutions to Nigeria’s economic hardship

    SIR: Nigeria, like many countries, faces significant economic challenges that impact the daily lives of its citizens. From rising prices of essential goods to unemployment and income inequality, economic hardship is a pressing issue that requires thoughtful analysis and effective solutions. In this letter, we delve into the root causes of economic hardship in Nigeria and explore potential policy interventions to address these challenges.

    Understanding the economic landscape:

    One of the primary factors contributing to economic hardship in Nigeria is inflation. The steady increase in the prices of basic necessities such as food, fuel and housing has placed a heavy burden on households, particularly those with limited income. Additionally, unemployment rates remain high, especially among the youth, exacerbating the economic strain on individuals and families.

    Policy recommendations:

    To combat economic hardship and promote sustainable economic growth, policymakers must consider a range of targeted interventions. These include:

    Inflation management: Implementing effective monetary policies to curb inflationary pressures and stabilize prices of essential goods. This may involve tightening monetary supply, managing exchange rates, and promoting agricultural productivity to boost food supply.

    Job creation initiatives: Investing in job creation programs, vocational training, and entrepreneurship support to reduce unemployment rates, particularly among youth and marginalized communities. Creating an enabling environment for small and medium-sized enterprises (SMEs) can also spur economic activity and employment opportunities.

    Social safety nets: Strengthening social safety nets such as cash transfer programs, food assistance, and healthcare subsidies to provide immediate relief to vulnerable populations facing economic hardship. Targeted interventions can help alleviate poverty and ensure basic needs are met.

    Read Also: Economic hardship: Indomie to offer freemeals for 2m less privileged Nigerians

    Investment in infrastructure: Prioritizing infrastructure development, including roads, energy, and telecommunications, to enhance productivity, attract investment, and facilitate economic growth across sectors. Improved infrastructure can also reduce costs of doing business and enhance competitiveness.

    Fiscal reforms: Implementing prudent fiscal policies, including effective tax administration, budget transparency and debt management to ensure fiscal sustainability and promote public trust in government economic management.

    Addressing economic hardship requires a comprehensive and multi-faceted approach that combines monetary, fiscal and social policy interventions. By implementing targeted policies aimed at inflation management, job creation, social safety nets, infrastructure investment and fiscal reforms, Nigeria can chart a path towards economic resilience, inclusive growth and improved well-being for its citizens.

    As stakeholders including policymakers, civil society organizations and the private sector collaborate and prioritize sustainable solutions, Nigeria can overcome economic challenges and build a more prosperous future for all.

    • Ahmad Babangida Baba, Mass Comm student of Abubakar Tatari Ali Polytechnic, Bauchi, writes from ahmerd08131@gmail.com
  • Engage in farming, Oyebanji’s wife tells Ekiti residents

    Engage in farming, Oyebanji’s wife tells Ekiti residents

    The wife of Ekiti state governor, Olayemi Oyebanji, has encouraged residents of the state irrespective of their status to engage in farming to mitigate the effect of current economic challenges.

    The Ekiti State First Lady stated this while planting vegetables in her garden located at Government House, Ayoba Villa in Ado Ekiti, the state capital.

    She explained that the cultivation of a garden at every home is an initiative of the First Lady of the Federal Republic of Nigeria, Oluremi Tinubu which was needed to cushion the effect of the current hardship.

    Dr. Oyebanji noted that bags and containers could also be used to grow food crops if there was no space to cultivate a garden around the house.

    Read Also: Ekiti Flyover: Oyebanji begins payment of compensation to property owners

    The First Lady added that such activity remained an avenue to exercise the body and promote healthy living through the consumption of organic food crops.

    She said: “The cultivation of a garden at every home is an initiative of the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu as a means of tackling the challenges of the high cost of food materials and mitigating the effects of the current economic challenges.

    “Apart from producing food at a subsistent level, raising a garden at home creates an avenue to exercise the body and promote healthy living through consumption of organic food crops.”

    Dr. Oyebanji was accompanied by the Commissioner for Agriculture and Food Security, Ebenezer Boluwade; Commissioner for Budget, Economic Planning and Performance Management, Oyeniyi Adebayo and Commissioner for Investment, Trade and Industry, Mrs. Omotayo Adeola.

  • Economic hardship: Hold your governors responsible, APC chieftain tells Nigerians 

    Economic hardship: Hold your governors responsible, APC chieftain tells Nigerians 

    A chieftain of the All Progressives Congress (APC) Amb. Mumuni Abayomi has advised thought leaders and elder statesmen to refrain from making statements that could provoke the populace, especially at a time when the federal government is working to address economic and security issues in the country. 

    Mumuni emphasized that the leaders should instead inspire their people with courage and hope.

    In a statement issued on Friday, February 23, by his media aide Rasheed Abubakar, the APC chieftain said: “Unfortunately, what we have seen in recent times is that key figures and elder statesmen in the country throw caution to the winds to make statements capable of inciting the people. If this country should burn down, we have no other place to call our own.”

    Mumuni acknowledged that there are economic and security challenges in the country, noting that President Bola Tinubu is also aware and making spirited efforts to address them.

    He said: “Inasmuch as I understand the plights and frustrations of our citizens on economic and security challenges bedevilling the country, our elder statesmen must be careful not to utter statements that can be misread by some people as a motivation to cause anarchy and unrest. We will all come out of these difficult times. 

    “President Bola Ahmed Tinubu, as we can all see, is making frantic efforts to solve the challenges. Our thought leaders and elders should be torchbearers of hope, courage and resilience. They should advise and work with the government on measures to tackle the challenges.”

    Mumuni, a former gubernatorial candidate of the defunct Congress for Progressive Change (CPC) in Lagos State, said the security situation of the country is improving, charging the various security agencies to maintain their offensive against criminals and terrorists.

    He stated: “We have seen how the strategies on security have improved recently. It shows responsibility on the part of the government. We have witnessed a clampdown on bandit leaders, kidnapping kingpins, terrorists and other criminal gangs. Our security agencies should maintain this energy and prevent criminals from having a foothold in our communities.

    “I believe things would ultimately shape up, even on economy. More policies and measures are now being considered by the federal government to tackle the situation. On security, Mr. President has approved increasing the numerical strength of forest rangers and training them so that they can keep forests and borders safe. He has also finally agreed to work with various organs of government to bring state police.

    Read Also: Economic hardship: Toyin Abraham set to give out food, N5k to Nigerians on Fridays

    “On the economy, the federal government has also met with various stakeholders to arrest the increasing prices of goods and services. The meeting with cement producers in the country ended with great resolutions. 

    “The government is also taking the battle to fifth columnists who are trying hard to sabotage its reform efforts. The withheld salaries of ASUU has been paid, and the President has directed the civil service to treat issues of workers’ welfare with dispatch. We should expect more policies and directives that will bring relief to the people.”

    Meanwhile, Mumuni charged the people to also hold their state governors to account, noting they are closer to them.

    He added: “The monthly FAAC allocation to states has increased dramatically. The people should hold their state governors to account for what they are doing with the funds.

    “The state government is closer to the people than the federal government and their interventions will go a long way to bring relief to the people in these difficult times.

    “It is surprising that while some state governors have risen up to the occasion, majority of them have been docile. The people should ask questions from the governors too.”

  • Economic hardship: No need for food importation – FG insists

    Economic hardship: No need for food importation – FG insists

    The federal government has said there would be no need to import food items into the country.

    The Minister of Information and National Orientation, Mohammed Idris, who made the disclosure shortly after a meeting between President Bola Tinubu and the state governors, on Thursday, February 15, said the government had ordered a clampdown on food hoarders.

    Idris said that numerous interventions taken by the president to ensure food security would soon start to yield fruits.

    Read Also: NBA asks FG to address insecurity, economic hardship, justice reform

    According to the minister, security agencies would collaborate with state governments to arrest the hoarders and make food commodities available to Nigerians at the appropriate price.

    Idris said: “The governors and Mr President have decided that security agencies will collaborate with the state governors to ensure this ends.

    “Number two, a decision has also been taken, that in the interest of our country, there will be no need for food importation at this point.

    “Nigeria has the potential to feed itself and even be a net exporter of food items to other countries. What we’re seeing now is just a temporary difficulty that will soon be over.”

    Idris said that Tinubu had declared a state of emergency on agriculture many months ago and that the federal and state governments have made massive investments in crop production and livestock development and management.

  • Tackling current economic hardship

    Tackling current economic hardship

    Sir: Nigeria is facing unprecedented economic hardship that has left millions of its citizens struggling to make ends meet. The confluence of various factors, including the global economic downturn, dwindling oil revenues, and the still ravaging COVID-19 pandemic, has exacerbated an already challenging situation. In these trying times, it is imperative for both well-to-do individuals and the government to step up and extend a helping hand to those in need.

    The economic challenges faced by Nigeria are multi-faceted. The nation’s heavy reliance on oil exports has made it susceptible to fluctuations in global oil prices. When oil prices plummeted, as they did during the COVID-19 pandemic, Nigeria’s revenue stream took a massive hit. This, coupled with longstanding issues like corruption and mismanagement of resources, has led to a dire economic situation.

    Unemployment rates are soaring, and inflation is making it increasingly difficult for ordinary Nigerians to afford basic necessities. Families are struggling to put food on the table, and access to healthcare and education is becoming more of a luxury than a right. The economic hardship has left vulnerable populations, such as widows, orphans, and the elderly, in dire straits.

    At this critical juncture, well-to-do individuals in Nigeria have a moral obligation to extend their resources to help those in need. Philanthropic gestures from individuals and private sector entities can make a significant impact on alleviating suffering. This includes providing financial aid, donating food and essential supplies, and supporting local initiatives that aim to empower communities.

    Read Also: YCE raises concern over economic hardship, Ilorin religious issues

    Furthermore, successful business leaders and entrepreneurs can create job opportunities through investments and expansion, thus contributing to reducing the alarming unemployment rates in the country. By doing so, they not only aid the needy but also strengthen the economy in the long run.

    The government bears a fundamental responsibility to address the economic hardships plaguing the nation. Comprehensive policies and strategies should be implemented to stimulate economic growth, reduce poverty, and create a more equitable society.

    This may include investments in infrastructure development, diversification of the economy beyond oil, and the establishment of social safety nets to protect vulnerable citizens. Additionally, there must be a commitment to transparency and accountability to tackle corruption and mismanagement of public funds, which have long hindered progress.

    The most effective response to Nigeria’s current economic hardship is a collaborative effort between well-to-do individuals and the government. The government should create an enabling environment for philanthropic activities, offering incentives to encourage private sector support for social causes.

    Moreover, well-to-do individuals and philanthropic organizations can work alongside the government to identify areas of need and develop sustainable solutions. This synergy will maximize the impact of humanitarian gestures, creating a more resilient and prosperous society.

    Nigeria is facing a severe economic crisis that demands urgent attention and action. Well-to-do individuals and the government must join forces to extend humanitarian gestures to the needy during this trying moment. This not only reflects the spirit of Ubuntu, “I am because we are,” but also lays the foundation for a more inclusive and prosperous Nigeria. Together, we can navigate these challenging times and build a brighter future for all citizens. 

    • Usman Abdullahi Koli, mernoukoli@gmail.com. 
  • Nigeria will overcome its problems – Buhari

    Nigeria will overcome its problems – Buhari

    President Muhammadu Buhari on Monday assured that Nigeria has the people and the resources to surmount her economic problems.

    He gave the assurance while receiving President of the African Development Bank (AfDB), Dr Akinwunmi Adesina, at State House, Abuja.

    In a statement by the Special Adviser on Media and Publicity, Femi Adesina, Buhari said: “God has given us people and resources. It will take hard work on our part, but we will make it.

    “We will get out of our problems. We are determined to produce what we eat, and stop importation. We will also chase those who stole, and get them to refund.” He said

    The President said the country appreciated helping hands being lent by the AfDB, assuring Nigerian-born Adesina, who was the immediate past Minister of Agriculture that “we will not let you down. Your country won’t disappoint you.”

    The AfDB President commended President Buhari for the support the country gave him when he ran for AfDB presidency, which made him to emerge as the first Nigerian to occupy such position since the bank was established in 1964.

    He also lauded the Nigerian President for successes recorded in securing the country, particularly in the North East, noting that “there can be no development without adequate security.”

    The AfDB boss described recent economic decisions taken in the country as “bold, tough, uncomfortable, but right,”

    According to him, Nigeria would reap the dividends in the short and long run.

    “You can count on the AfDB as a true friend of Nigeria. You should support massive investment in infrastructure, and we are here to also support. Closing the infrastructure deficit will enable growth, and create employment. Nigeria is too big to fail,” Adesina said.

    He unfolded the packages his institution has for Nigeria, which include; $1 billion of budget support, $300 million to create jobs for 185,000 youths, $250 million towards North East infrastructure development, $1 million grant to deal with challenges of Internally Displaced Persons (IDPs), $300 million for infrastructure development around Abuja, $200 million for Transmission Company of Nigeria (TCN) to deepen facilities, among others.

    Dr Adesina expressed delight with what he called “President Buhari’s push on anti-corruption, and stance on governance,” adding that building institutions was critical.

    To that end, he said AfDB would give a total of $4.8 million as grant for institutional support, with the Economic and Financial Crimes Commission (EFCC) getting $2 million, and $1million to Independent Corrupt Practices and Other Related Offences Commission (ICPC).

    “You can always count on my support, and that of the ADB,” he concluded.

  • Economic hardship’ll soon be over, says minister

    The current economic hardship will soon become history because the Muhammadu Buhari administration is working hard to change the situation, it was learnt yesterday.

    The Minister of Women Affairs and Social Development, Hajia Aisha Alhassan, gave assurance yesterday at a meeting with All Progressives Congress (APC) women at Effurun in Uvwie Local Government Area of Delta State.

    The minister said the current economic crisis was not created by the incumbent administration.

    Hajia Alhassan, who was represented by the Coordinator for Women Empowerment, Chief Angela Akukalia, said the APC administration would put Nigeria back on the right economic footing.

    The minister said the Buhari administration was also committed to developing Nigerian women, adding that her ministry had begun the distribution of forms to women organisations and groups through the National Empowerment Fund (NEF) to boost their professions.

    She said: “The present process of economic recession is not caused by APC led government. Rather, it was caused by the immediate past government, which looted the nation’s treasury and threw the people into hardship.

    “APC will do everything humanly possible to put Nigeria back on the right positive track.”

    The minister stressed the need for increased support for the present administration to deliver on its electoral promises to Nigerians.

    Delta State APC Woman Leader, Dr Janeth Oyubu, accused the state’s Peoples Democratic Party (PDP) government of hijacking the palliatives initiated by the Buhari administration.

    She said: “Don’t be carried away with the peanuts from the ailing PDP. I can assure you that APC has all it takes to transform your wellbeing by empowering you so that you can be helpful to your families and the society.

    “There will be more palliatives from the Federal Government and we are all witnesses to what the President’s wife, Mrs. Aisha Buhari, is doing to cushion the hardship faced by the less privileged in the society. We will continue to support her.”

     

  • UNILAG shut down over students protest

    UNILAG shut down over students protest

    The University of Lagos (UNILAG) has suspended all academic activities indefinitely and directed all students to vacate the campus with immediate effect.

    A statement signed by the University management said no student should remain in the halls of residence after 10am on Friday.

    The directive was issued following a protest on lack of water, electricity and increased cost of coming to school to attend lectures by students on Thursday.

    The statement reads in part: “The Senate of the University of Lagos at an emergency meeting held on Thursday, 7th April, 2016, considered the situation on campus occasioned by the ongoing agitation of the student body over poor electricity and water supply in the community, and the difficulty faced by large number of students living off campus to attend classes as a result of the fuel crisis… However, in order to forestall further breakdown of Law and order on campus… All academic activities on campus are hereby suspended with immediate effect; the University is therefore closed with immediate effect; No student should remain in the halls of residence after 10am on Friday, 8th April, 2016; a decision to reopen for normal activities will be taken as soon as municipal services improve.”

    Meanwhile, the University Students Union has countered the Senate’s directive, ordering all students to remain on campus.

    A statement signed by the Students Union said management’s order was impromptu and has left students stranded with nowhere to go and in the mercy of hoodlums.

    It said: “It is unfortunate that despite priding itself as the University of First Choice and the nation’s pride, the University of Lagos Management cannot handle this simple issue. The Vice Chancellor has demonstrated his insouciance towards the welfarism of the students. Despite his availability on campus today, he refused to avail the students of his presence.

    “In light of this public display of irresponsibility, the Union wishes to state that:
    1) It is an inhumane move with a dastardly motive to demand the vacation of students from the University community. This is because it has got to the notice of the Union that certain hoodlums are around the school to waylay students who are trying to leave the school.

    2) Students who live in distant areas have confessed that they do not have transport fare to take them home. This is understandable as the notice for vacation just got to students this morning at about 6:30, leaving us with less than 4hrs to vacate.

    They (management) have displayed that they do not have the interest of the students at heart.

    Hence, we implore the students to stay in school so that they won’t be victims of circumstances. Hoodlums are everywhere and leaving the school now is dangerous.”

  • Economic hardship affected male weightlifters

    Economic hardship affected male weightlifters

    All African Games weightlifting silver medalist,  Maryam Usman has attributed the poor runs of the Team Nigeria’s male athletes at the ongoing 11th All Africa Games in Congo’s Brazzaville to the economic hardship in Nigeria.

    According to her, the male athletes unlike their female counterparts have lesser time for training and concentration on sports as they have to work hard to meet up with their family challenges.

    Out of the 15 gold medals won by Team Nigeria so far at the Africa Games in Brazzaville, eight were from the efforts of female athletes, while their male counterparts contributed seven medals.

    The breakdown of the medals show that the Nigeria’s women won five gold medals in weightlifting event out a total of eight gold medals won in the event.

    In boxing, the women athletes also contributed two gold medals from the four gold medals won by the Nigerian continent in the event. In the beach volleyball event, while the country’s male team crash out of the event in preliminary round, their female counterparts went all the way to the final and defeated hard fighting South Africa’s girls 3-1 to win gold. The nation’s women athletes also won gold medal in cycling event.

    Usman however insisted that Nigeria have strong male athletes that can always win laurels for Nigeria even any world championship, but they are frustrated by hard economic situation in the country and lack of proper care for athletes.

    “We have strong men in Nigeria that can win world title. The problem is just that of distraction from other activities, as they have to make ends meet. We have strong men in Nigeria especially in the weightlifting event that can win world title,  but there are faced with a lot of responsibilities on their shoulders.

    “Men are different from women; they fend for their families. If you frustrate them, they tend to leave the sport quickly, but women can stay.

    So, they frustrated the men and most of them left or slowed down their training. It’s not that the women athletes are better.

    It’s just that they tend to react differently to the situation than the men.

    The psychology of a man is different from that of a woman. They need support and encouragement to come up. Even the female athletes, we can win gold medal in the Olympics. I can win gold medal at the Olympics,

    I assure you that if given the necessary encouragement” she concluded