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Tag: rise

  • Rise in cocoa prices excites farmers

    Global cocoa prices, which forced farmers to abandon their plantations in 2016, are picking up gradually.

    In 2016, the price of cocoa fell from $3,500 to  $1,400 per tonne due to a glut in the market caused by excess production of 400,000 tonnes. Since then, cocoa farmers have not been finding easy to make ends meet.

    But, their story is changing as the two-year meltdown in the global cocoa market seems to be coming to an end.

    The price of a tonne of cocoa  last month ending rose to $1,515 from $1,456 on February 14.

    Welcoming the development, the  National Cashew Association of Nigeria (NCAN) President, Mr. Tola Faseru, said many farmers had abandoned cocoa production because of meltdown.

    He said farmers and exporters lost  billions to the fall in prices.

    Faseru said with rise in cocoa price the wild ride of the past two years was over and farmers were poised to head back to the farms.

    The International Cocoa and Coffee Organisation reported in 2015 there was a boom with growing demand, particularly in the new markets of China and India. This pushed farmers to produce a surplus of 400,000 tonnes of cocoa against the four million tonnes yearly supply. In 2016 and 2017, there was another surplus of about 400,000 tonnes.

    The massive oversupply, which followed led to  global glut, he said, was  detrimental to cocoa production with high price fluctuation.

    With the price gradually picking, he advised that production should not be dropped and the quality of the crop should be controlled by halting early harvests.

  • Teen sexting on the rise, study finds

    Teen sexting on the rise, study finds

    A Sexting, using digital technology to send sexualised text, images or videos, has increased  among youth under 18, according to a report published in the journal JAMA Pediatrics.

    An analysis of 39 studies with over 110,000 participants conducted between January 1990 and June 2016 showed that one in four young people said they’d received sexts, which included sexually explicit images, videos, or messages, and one in seven reported sending them.

    “The prevalence of forwarding a sext without consent and having a sext forwarded without consent were 12.0 and 8.4 per cent respectively,” the researchers added.

    Researchers also mentioned that the prevalence increased with age and greater accessibility to electronic devices, such as smartphones.

    According to CNN, co-author of the study Jeff Temple said the phenomenon was “not terribly surprising” considering teens’ interest in sexuality grows as they grow older.

    Of the 39 researches, 22 were from the United States, 12 from Europe and the rest from Australia, Canada, South Africa and South Korea.

    On average, 47.2 per cent of the participants were male.

    The analysis said there was no significant gender difference in the rate of sending or receiving sexts.

    Some experts said the digital and physical safety of youth should be taken more seriously.

    The study called for further research on nonconsensual sexting so as to target and inform intervention, as well as to improve sex education and policy efforts

  • Foreign reserves to rise on $2.5b Eurobond issuance

    Foreign reserves to rise on $2.5b Eurobond issuance

    Nigeria’s 42.8 billion external reserves will go up, with the successful issuance of the $2.5 billion Eurobond offer, a report said at the weekend.

    Besides,  cumulative transactions in the Investors’ & Exporters’ (I&E) forex window have hit $20 billion, said one of the reports on the economy released by two investment and research firms at the weekend.

    They said Nigeria is showing signs of recovery after a difficult economic period that followed historically low oil prices, a currency devaluation, and high inflation.

    Afrinvest West Africa Limited’s report said the $2.5 billion Eurobond cash raised by the Federal Government to refinance maturing short term local debt securities will push foreign reserves to new heights. “We expect further accretion to external reserves currently at a 48-month high of $42.8 billion with positive feedback on the Central Bank of Nigeria’s (CBN’s) ability to sustain foreign exchange intervention sales,” it said.

    External reserve was $40.4 billion last December. The last time the foreign reserves hit the $40 billion mark was January 2014, about five months before the crash in global oil prices. In September 2008, the country’s foreign exchange reserves hit $62 billion, with the Federal Government spending $12 billion from it to settle external debts.

    The report said that despite downside risks of volatility in the oil market and political uncertainty, the short term positive outlook on forex market stability and liquidity remains intact.

    Another report from Exotic Capital titled: ‘Fragile Recovery, Positive Outlook’, also released at the weekend, said that Nigeria’s forex regime, although still far from ideal, had begun to stabilise.

    “A multiple currency regime evolved after the oil price fall in 2014 and the June 2016 devaluation, which led to a widening divergence between the official and parallel markets (the parallel market premium reached 100 per cent in January 2017). The current regime has shown a vast improvement this year with introduction of the I&E Forex window last April,” it said.

    It said the parallel rate for naira is in the N360 to N365 range, nearly identical to the I&E Forex window rate used for international investors as well as importers and exporters, and has seen close to $20 billion in cumulative transactions since its introduction.

    The Exotic Capital report said that despite the relative successes of the I&E Forex window, the current forex regime of multiple windows has hurt, and will continue to hurt, the economy over the medium term. “Not only does it create economic distortions (leading to market inefficiencies and dead-weight loss), it also builds mistrust among market participants who fear that competitors were able to access forex at different rates, doing little to create transparency and move the economy forward,” it said.

    “Furthermore, we suspect that long-term domestic investment has been hampered as uncertainty looms not only over the future value of the currency but also over the regime. Nevertheless, we do not expect the CBN to make any major forex adjustments ahead of the 2019 presidential election unless oil prices / production falls again (as that would hinder its ability to supply forex to meet demand),” the report added.

    It doubted the possibility of the CBN adopting market-determined rate (free float), but “as an interim approach, it could consider unifying its multiple rates around the I&E Forex window rate, which we think would help it to attract more portfolio and direct investment, as well as mitigating some of the previously-discussed issues”, the report.

    Market data showed that CBN last week continued its weekly forex interventions, injecting $100 million on Monday via wholesale SMIS intervention.

    A total of $55 million was auctioned at the Small and Medium Enterprises (SMEs) segment while $55 million was sold to satisfy retail invisible demand (Tuition fee, medical payments and Business Travel Allowance).

    The forex rates traded within a tight band at all segments of the market with the CBN official spot rate trading flat all week after initial five kobo depreciation on Monday to N305.90/$1.00.C

  • Oil prices rise attracting foreign investors, says Afrinvest

    The upturn in commodity prices, impressive performance in the oil sector, and adoption of pro-market forex reforms by the Central Bank of Nigeria (CBN) have made Nigeria’s financial market attractive to investors, Afrinvest (West Africa) Limited has said.

    Speaking during the release of its 2018 Outlook for the Nigerian Economy and Financial Market in a report titled, ‘The Virtuous Cycle… Again!’, its Managing Director, Ike Chioke said the report offers an assessment of growth prospects in 2018, in light of the notable recovery of the Nigerian economy in 2017.

    Chioke said the report, therefore, highlights current macroeconomic conditions that have set the stage to consolidate on the growth een since second quarter of last year.

    He said the 2017 was indeed a year of recovery for the Nigerian economy. “Through deliberate efforts from the government, we saw a rebound in economic activity, as well as strengthened investor confidence and business sentiments. It is against the backdrop of these improving macroeconomic conditions that we have taken a positive outlook for 2018, as we expect the economy to continue on its positive trajectory since its recovery”.

    “Akin to our last 2-year bull run in 2012 and 2013, we have been ushered into a “virtuous cycle” marked by stability in external sector indicators and fiscal balance, declining inflationary pressures, improving growth profile, increasingly accommodative monetary policy and strong capital market returns. In these early days, we have seen market capitalisation and the Nigeria Stock Exchange (NSE) All Share Index at record highs, and we advocate a cautious, active trading strategy in the current bull market.”

    The report also addresses the slow recovery of the Non-Oil sector and proffers strong prospects for growth in anticipation of expansion in fiscal spending, deceleration of inflation rate and increase in private investments.

  • Foreign reserves rise to $40.4 billion

    Foreign reserves rise to $40.4 billion

    •CBN injects $120m into forex market

    Foreign reserves have hit a three-year high at $40.4 billion, data from the Central Bank of Nigeria (CBN) have shown.

    The figure  indicated an increase of about $1 billion between December 2017 and January 2018.

    The CBN said the new reserves level was as projected by Governor Godwin Emefiele in November during the Chartered Institute of Bankers (CIBN) Annual Bankers’ Dinner in Lagos.

    The CBN has injected $210 million into the interbank Foreign Exchange Market in the first round of trading for the year. The fund will enable the regulator meet forex demands at the retail-end of the market, including requests in the wholesale, Small and Medium Enterprises (SMEs) and invisibles segments of the market.

    A breakdown of the figure shows that the CBN offered $100 million to the Wholesale sector. The Small and Medium Enterprises (SMEs) and invisibles windows each received $55 million.

    Confirming the foreign reserves  figure, the Acting Director in charge of Corporate Communications at the CBN, Isaac Okorafor, attributed the accretion to the country’s reserves to the bank’s strategy to effectively manage forex demand by various sectors of the economy.

    Citing the CBN’s policy restricting access to forex to importers of some 41 items as the major turning point, Okorafor said the policy helped to stop the bleeding of the country’s external reserves, which witnessed heavy depletion due to huge import bills and other debt obligations.

    According to him, the CBN’s policy ensured a decline in Nigeria’s import bills from over $5 billion monthly in 2015 to about $1.5 billion in 2017.

    He expressed optimism that with determination of the bank and the cooperation of fiscal authorities, the external reserves will continue to enjoy more accretion in  2018.

  • Rise in cancer cases

    Rise in cancer cases

    •Governments have to focus more on how to fight the scourge than merely churning out statistics 

    The Federal Ministry of Health in a release of health statistics confirmed that 250,000 new cancer cases are recorded annually in the country. The country already has over two million people diagnosed with cancer. The rise in number of patients calls for robust intervention from the government.

    Incidentally,we observed, on this page about four months ago the poor medical facilities for cancer treatment and prevention: “Nigerians diagnosed with cancer are in serious danger, as all the radiation treatment machines are out of use in various parts of the country. Out of the eight radiotherapy machines procured by the Federal Government over 10 years ago and distributed to seven states and the FCT, none is functioning at present…. Most cancer patients cannot afford to patronise private hospitals because of prohibitive cost of such hospitals. The few government hospitals that would have been available to such patients are now unable to treat people in dire need of immediate medical attention.”

    Despite the lack of adequate facilities to treat existing cancer cases; 250,000 additional cases annually is bound to call for more serious commitment of funds to cancer treatment and prevention, more so when there is no assurance that the problems raised in an earlier editorial about lack of medical equipment to treat cancer had been adequately addressed. Therefore, the new Intervention Fund announced in Akure by the Federal Minister of Health, though long overdue, is welcome.

    It is remarkable that the Federal Ministry of Health is constantly giving citizens more information about health statistics than previous governments. But what is the significance of such facts and figures without any concrete effort by governments at all levels to provide the right condition needed to solve the problem? Admittedly, the country has had various challenges in recent times: Ebola, Lassa Fever, Monkey Pox, etc., to which the government has reacted with concern. But the health of millions of Nigerians deserves serious strategic intervention that goes beyond periodic release of health statistics. As reassuring as good plans of action are, such actions need to become in good time deliverables that can improve the condition of citizens with cancer.

    For example, the health minister said in relation to the government’s new Health Intervention Project: “In total, we plan to screen 250,000 eligible poor Nigerians who hitherto could not pay for these services. May I appeal to private sector players, including foundations, to support the Federal Government in her quest to screen Nigerians for cancers by collaborating with us? We are open to suggestions and advice to making this effort sustainable.”

    We believe that there is no need to re-invent the wheel about how to address the country’s mounting health problems, especially with respect to cancer. Most of our political leaders travel abroad often enough to see what other governments do to improve and sustain the health of their citizens. Other countries provide well-equipped cancer centres; establish cancer research centres; and provide comprehensive health insurance schemes to alleviate the financial burden of preventing and treating cancer. Throwing N300 million at about 30 federal medical facilities to fight cancer may sound significant but this is not likely to go far enough, given that the average cost of one Linear Accelerator (LINAC) is about N20 million. While allocation of 8% of over N8 trillion budget to the health sector remains a concern, given the poor state of health care in the country, we call for reprioritisation of the Health Intervention Project. It is more logical to have at least six well-equipped Cancer Centres across the six geopolitical regions than to give an average of N300 million to over 30 federal medical institutions.

    It is remarkable that the Federal Government’s Health Intervention Project includes revitalising 774 primary health centres across the country. But cancer is a tertiary issue and is bound to be more capital and labour-intensive. We therefore appeal to the government to step up to the plate accordingly. While commending the health ministry for giving more attention to health statistics, we urge the federal and state governments to take concrete steps to address the problem of caring for over two million cancer patients ,and early screening for breast, cervical, and prostate cancer.

  • Diabetes cases on the rise, warns WHO

    THE World Health Organisation (WHO) has warned that the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014 as the world marks this year’s World Diabetes Day (WDD).

    WHO lamented that the global prevalence of diabetes among adults over 18 years of age has increased from 4.7 per cent in 1980 to 8.5 per cent in 2014.

    Experts are canvassing for routine diabetes screening in hospitals across the country.

    Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin or when the body cannot effectively use the insulin it produces.

    Insulin is a hormone that regulates blood sugar. Hyperglycaemia or raised blood sugar is a common effect of uncontrolled diabetes and it overtime leads to serious damage to many of the body’s systems, especially the nerves and blood vessels.

    This year’s theme is: ‘Women and diabetes – our right to a healthy future’. It is a campaign to promote the importance of affordable and equitable access for women at risk or those living with diabetes to receive the essential diabetes medicines and technologies, self-management education and information they require in achieving optimal diabetes outcomes and strengthening their capacity to prevent type 2 diabetes.

    According to WHO, diabetes prevalence has been rising more rapidly in middle- and low-income countries, including Nigeria.

    It added that diabetes is a major cause of blindness, kidney failure, heart attacks, stroke and lower limb amputation.

    In 2015, an estimated 1.6 million deaths were directly caused by diabetes. Another 2.2 million deaths were attributable to high blood glucose in 2012. Almost half of all deaths attributable to high blood glucose occur before the age of 70 years. WHO projects that diabetes will be the seventh leading cause of death in 2030.

    A healthy diet, regular physical activity, maintaining a normal body weight and avoiding tobacco use are ways to prevent or delay the onset of type 2-diabetes. Diabetes can be treated and its consequences avoided or delayed with diet, physical activity, medication and regular screening and treatment for complications.

    A Senior Lecturer/Honorary Consultant Endocrinologist of the Department of Medicine, College of Medicine, University of Lagos/Lagos University Teaching Hospital, Dr. Ifedayo Odeniyi, said it had become expedient that persons living with diabetes know their status in order to seek treatment promptly. He spoke at a capacity-building workshop on diabetes organised by Sanofi Aventis Pharma Nigeria to mark this year’s WDD.

    Odeniyi said there was need for the introduction of routine diabetes screening in public hospitals in the country.

    And having diabetes is not a death sentence, and those living with the condition can live normal life and not subject to a diabetes diet, he said.

    “The idea of a diabetes diet was a myth. We have often heard that the diet of diabetics should be beans and unripe plantain, but that is not correct. There is no special diet for diabetes, and there is nothing like diabetes diet. A diabetic can eat everything. Diabetes is not a death sentence and not as deadly as it is often being portrayed. A lot of people have been put in bondage and sentenced to a life of beans and unripe plantain.

    According to WHO, simple lifestyle measures have been shown to be effective in preventing or delaying the onset of type 2 diabetes.

    “To help prevent type 2 diabetes and its complications, the global body said people should achieve and maintain healthy body weight; be physically active – at least 30 minutes of regular, moderate-intensity activity on most days. More activity is required for weight control; eat a healthy diet, avoiding sugar and saturated fats intake; and avoid tobacco use – smoking increases the risk of diabetes and cardiovascular diseases. Early diagnosis can be accomplished through relatively inexpensive testing of blood sugar,” it said.

  • Naira value to rise in the next six months, says Ajimobi

    Naira value to rise in the next six months, says Ajimobi

    •Oyo holds prayers for Buhari, nation

    Oyo State Governor Abiola Ajimobi has predicted that the value of the Naira will rise in the next three to six months, saying things are getting better.
    He spoke at a special prayer organised by the state for the nation and President Muhammadu Buhari at the Lekan Salami Stadium, Adamasingba, Ibadan.
    As early as 9am, thousands of Muslims, and Christians gathered at the stadium for the inter-faith prayer tagged: “Prayer for the nation”. Security personnel were strategically positioned to maintain peace and orderliness.
    To begin the event, Muslim and Christian bands engaged in praises and worship to “charge” the atmosphere.
    Ajimobi said emerging economic indicators have shown that things are getting better in the country.
    “Nigeria produce two million barrel per day and the price of oil has increased tremendously. I know for sure, the way things are going, within the next three to six months, things will begin to get better, but we need to work. Let’s join hands and make the country better,” he said
    Reacting on the rumour trailing the President’s health status, the governor wondered why some Nigerians were wishing Buhari dead, instead of praying for him .
    Ajimobi said: “We are here to appreciate God. If you appreciate God regularly,he will help you regularly. We are here to pray for God’s guidance as leaders and followers. We are here to pray for unity, peace, progress and prosperity, we are here to pray for our President,Speaker, Senate President, and all the governors. I want all of us to desist from lying and gossiping.”
    In their separate remarks, State Chairman of the Christian Association of Nigeria (CAN) Pastor Benjamin Akanmu and the State Chairman of Pilgrims Welfare Board, Muslim Wing, Alhaji Akewugbagold, unanimously agreed that prayers and regular intercession have become necessary in the face of several national challenges.
    In their messages of exhortation, Apostle Sunday Popoola and Sheikh Muyideen Bello implored Nigerians to imbibe godly virtues always. They cautioned against derogatory comments against leaders and the nation.
    The Special Adviser to the governor on Community Relation, Abidemi Siyanbade, said the event was to seek divine grace from God for the country and its leaders.
    According to him, “the country is bedeviled with various crises, economic sabotage, insurgency, kidnapping and others. It’s only through prayers that all this can be solved.”

  • Why oil prices may not rise soon, by expert

    Why oil prices may not rise soon, by expert

    The oil prices dip is different from previous cyclical scenarios in which  prices don’t take so long to rebound, the Chairman of Society of Petroleum Engineers (SPE) Nigeria Council, George Kalu, has said.

    Kalu, who spoke at the Oloibiri Lecture Series and Energy Forum (OLEF) in Abuja, said besides oil supply glut, most of the oil consuming countries have huge stocks, which may considerably delay a quick rebound of the prices.

    He said: “With an all-time high crude oil inventory by the Organisation for Economic Co-operation and Development (OECD) countries, the oil prices dip this time around is different from previous cyclical scenarios. This was partly occasioned by the demand-supply landscape in the global oil market and need to hedge against supply shortfall to the OECD.

    “The emergence of oil supplies from the United States shale areas plus the decline in oil demand from Europe and North America has contributed to a large extent. Simple innovative technology deployed such as water shut-off, short radius horizontal sidetrack in existing assets will ensure low cost oil production.”

    According to him, this year’s theme Technological advances in hydrocarbon exploration and exploitation: Solutions to global oil price stability,”is pertinent coming in a low oil price scenario. It thus provides Nigeria with the unique opportunity of maximsing benefits from adoption of low cost technology in asset management as well as industry collaboration between buyers, suppliers and vendor with operators in the oil and gas industry.

    “It is our hope and expectation that through OLEF 2016’s theme and the subtopics, we will stimulate discussions aimed at mitigating the effect of low oil prices and helps chart the right course towards a sustainable future for the Nigeria oil and gas industry.

    “Permit me to mention that OLEF 2016 also coincides somewhat with 60 years of oil exploration and exploitation in Nigeria since the first discovery in Oloibiri in commercial quantity. During this period, Nigeria has operated within the league of oil producing and exporting nations. The industry has experienced much transformation along the way,” he said

    Speaker of the House of Representatives, Hon. Yakubu Dogara, said: “This year’s partnership demonstrates the hallmark of the cooperation between the Executive and Legislature on non-partisan professional body the opportunity to address and proffer common solution geared towards growing in-country capacity to meet the challenge posed by the ongoing reforms and divestments in the upstream sector and petroleum industry at large.

    “As Nigeria aspires to maintain its current growth forecast and sustain the year 2012 GDP growth rate of 6.48 per cent, Morgan Stanley has predicted that Nigeria is expected to become an economic power overtaking South Africa by 2025 in its terms of GDP.

    “The theme is timely given that the role of a strong local refining in maximising benefits for economic growth in a declining oil prices environment and linkages to the manufacturing industry as well as the agricultural sector; which creates growth in the real sector of the economy. This shall enable Nigeria achieve its desired growth aspiration.”

    He said the National Assembly shall consider and expedite the passage of legislation of the Petroleum Industry Bill (PIB) to enable the restructuring and deregulation of the downstream sector; thus, allow for competition in all segments including open access to the pipeline as well as providing a robust tariff mechanism for all players.

  • Petrol subsidy claims rise to N521b

    Petrol subsidy claims rise to N521b

    •Ministers defend budget before Senate
    • CBN grants BVN waivers to soldiers on battle front

    The controversial fuel subsidy claims as contained in the 2015 Supplementary Budget presented to the National Assembly by President Muhammadu Buhari has risen from N413 billion to N521 billion.

    The original N413 billion subsidy claim included N120.552billion outstanding claims from 2014 and N292.8 billion to cover claims from January to September.

    But Permanent Secretary, Ministry of Petroleum Resources, Mrs. Jamila Soara, who represented the Minister of State, Dr. Emmanuel Ibe Kachikwu, told the Senate Committee on Appropriation that is considering the Supplementary Budget that another N108 billion will be required to cover fuel subsidy for October to December.

    The permanent secretary told the committee that Kachikwu was in Lagos trying to convince major oil marketers to start importing products.

    Major oil marketers import 52 per cent; PPMC imports 48 per cent for local consumption.

    She noted that the issue of subsidy payment was being handled by the Federal Government.

    Asked why the supplementary oil subsidy budget did not cover October to December, Mrs. Soara said her ministry had drawn the attention of the Budget Office to the fact that the proposal for the last quarter had not really been captured.

    The outstanding subsidy claim for October to December, she said, is N108 billion.

    The N108 billion increment will shoot up the supplementary budget proposal earlier submitted to the National Assembly from N465.69 billion to N574 billion.

    Minister of Budget and National Planning, Senator Udoma Udo Udoma, led other ministers to a budget defence.

    The committee asked the Ministries of Petroleum, Finance, Budget and National Planning to reconcile the supplementary budget to capture the N108 billion required to cover subsidy claims for October, November and December.

    Committee members   frowned at what they described as “half measure approach to fuel subsidy crises in the country”.

    The chairman, Senator Danjuma Goje, expressed dissatisfaction with the way the ministry is treating the subsidy issue.

    Goje said: “It is obvious that there is no synergy between the Budget Office and the Petroleum Ministry.

    “Why is it that we have to leave three months in a year without making provisions for the subsidy?

    The committee wondered why N413 billion would be provided for the payment of subsidy claims to oil marketers while nothing was provided in the supplementary budget for the payment of subsidy claims to NNPC.

    The committee noted that the apparent deliberate omission would create a loophole likely to be exploited by the NNPC to source its subsidy claims directly from the money it generates.

    A member of the committee, Senator Bassey Albert Akpan, asked: What is the subsidy due to NNPC?

    “It appears that the difference between this figure we got through intelligence report and what you have submitted as due to major oil marketers is the one due to NNPC.

    The Accountant General of the Federation, Ahmed Idris, who was at the budget defence, said about N274.290 billion of the N557.378 billion capital budget for 2015 had been released.

    He said: “The capital budget, which is the main focus of the committee, we appropriated N557.378 billion out of which we made releases to agencies.

    “First quarter, we released N112.039 billion, second quarter N88.792 billion.

    “There were also some capital supplementation amounting to N73.459 billion. In total, what has been released so far is N274.290 billion.”

    The Minister of Defence, Musa Dan Ali, who came with some service chiefs, told the committee that the Chief of Army Staff, Maj. Gen. Tukur Burutai, could not attend the meeting because he travelled to Yola, Adamawa State, where there was an insurgency attack on Sunday.

    The Chief of Air Staff, Air Vice Marshall Abubakar Sidique, he said, was in Pakistan, where he is attending a seminar in air operations.

    The minister added: “I appreciate the immense support by the National Assembly in the fight against insurgency

    “To achieve the desired result, additional funding is required.

    “The sum of N29,958,865,912 is appropriated for operation Zaman Lafia Dole.

    “N17,468,992,649 is meant for operational allowance and cash allowance for soldiers on the field.

    “We have also requested for N8,141,434,769 for logistics support of the Air Force.

    “We also have an outstanding balance from the 2015 budget, for the second quarter, which amounts to N4,348,129 billion.

    “Another salary amount is requested because of the recent recruitment to make up what we have in the field.

    “We require N1,987,956,475 as well as additional salaries for soldiers who were not included last year and the short officers commanding the soldiers who were recruited, amounting to N420,365,830.

    “As partners in progress against insurgency, I pray this Senate to approve  N29,958,865,512 for operation Lafia Dole and other outstanding bills.”

    The minister also noted that the essence of the deadline given to the military to end insurgency was just a time line.

    He said the fight against insurgency is in phases.

    According to him, “the first phase, which we have achieved, was to clear the insurgents from taking hold of any part of our country.

    “Fighting insurgency cannot be achieved within a day. All we are working for is to ensure maximum security in our country.”

    The minister requested the committee to persuade the Central Bank of Nigeria (CBN) to grant waiver to soldiers on the field concerning BVN registration.

    He said: “Majority of our staff on the field cannot access their money due to lack of BVN.

    “I wish the Senate can assist us so that soldiers can get extension through the CBN as the families of our soldiers are suffering.”

    Goje urged the CBN to grant extension to Armed Forces, especially those on the war front so that their families do not suffer.

    CBN Deputy Governor (Operations) Suleiman Barau told the committee that the Apex Bank had approved the request.