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ECONOMY

Cooking Gas Price Drops, Govt Promises Further Decrease

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Cooking Gas Price Drops, Govt Promises Further Decrease


The Federal Government  said there are now pressing plans in place to ensure further reduction in the cost of Liquefied  Gas, popularly called cooking gas, aso Naija reports

It disclosed this while reacting to the recent marginal drop in the cost of cooking gas.

According to findings, the price of 12.5kg LPG has dropped from N8,800 to between N8400 and N8200. In some outlets, the price of the commodity dropped to between N7,800 and N8,000 as of Thursday.

In November,it was reported that the cost of LPG kept rising in 2021, jumping by more than 240 per cent between January and October 2021.

The development forced some LPG users to shift to charcoal or firewood, as consumers of the commodity raised the alarm over the persistent hike in its price.

The product had increased by 240 per cent for 12.5kg, moving up from N3,000 to N10,200 within the first 10 months of 2021.

“It is in government’s interest for the price to go down consistently and there are certain initiatives that are being taken at the moment, which hopefully will see to further drops in price regardless of the international cost,” the Programme Manager, National LPG Expansion Implementation Plan, Office of the Vice President, Dayo Adeshina, stated.

When asked to state one of such initiatives, he replied, “The discussions are still ongoing and there are certain things that you can do to stimulate the market which will have an effect. One of them also has to do with storage.”

About 65 per cent of the LPG is imported into Nigeria, while domestic production accounts for 35 per cent, hence the cost of the commodity in the global market affects the price locally.

Adeshina said that the international price of the LPG had risen so high in October last year, but dipped towards the end of 2021 into January 2022, as this also contributed to the recent drop in the LPG price across the country.

He said, “If you look at the international pricing of the LPG, and that might change again because it is not a fixed price, in January last year, it was $250 per tonne.

“It rose to $875 per tonne by the end of October and started dropping by the end of November into December, and came down to around $500 per tonne at some point but went up again in December to $708 per tonne.”

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ECONOMY

Breaking News: Nigeria’s Unemployment Rate Soars to 5% in Q3’23

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According to the latest report from the National Bureau of Statistics (NBS), Nigeria has experienced a significant rise in its unemployment rate during the third quarter of 2023.

The NBS revealed that the unemployment rate surged by 0.8% compared to the second quarter, reaching a concerning 5.0% in Q3 2023.

The NBS Labor Force Survey Q3 2023 report, published on Monday, outlined several key findings.

It highlighted a decline in the labor force participation rate among the working-age population, which dropped to 79.5% in Q3 2023 from 80.4% in Q2 2023.

Delving further into the statistics, the NBS stated, “The employment-to-population ratio witnessed a decrease of 1.5% in Q3 2023, settling at 75.6% compared to the ratio in Q2 2023.

The combined rate of unemployment and time-related underemployment, known as LU2, rose to 17.3% in Q3 2023 from 15.5% in Q2 2023.

READ ALSO: CBN Governor Describes His Job as the Second Most Challenging in the World

Self-employment accounted for 87.3% of workers in Q3 2023, while the proportion of workers in wage employment stood at 12.7%.

The unemployment rate experienced a significant increase to 5.0% in Q3 2023, reflecting a rise of 0.8% from Q2 2023.”

Furthermore, the report highlighted that individuals with post-secondary education faced an unemployment rate of 7.8% in Q3 2023.

The youth demographic, aged between 15 and 24 years, witnessed an unemployment rate of 8.6% during the same period, depicting a 1.4% increase from Q2 2023.

In urban areas, the unemployment rate reached 6.0% in Q3 2023, representing a slight increment of 0.1% from Q2 2023. Time-related underemployment in Q3 2023 stood at 12.3%, marginally rising by 0.5% compared to the previous quarter.

The rate of subsistence agriculture employment among the working-age population reached 4.1% in Q3 2023. Informal employment accounted for 92.3% in Q3 2023, a slight decrease from 92.7% in Q2 2023.

Additionally, the percentage of youth not engaged in employment, education, or training (NEET Rate) was reported as 13.7% in Q3 2023.

The surge, as indicated by the NBS report, raises concerns about the country’s economic stability and highlights the need for targeted interventions to address this pressing issue.

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Nigeria Can Feed Itself — President Tinubu Rules Out Food Importation

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Nigeria Can Feed Itself — President Tinubu Rules Out Food Importation

President Bola Tinubu has said that importation of food items to address the soaring cost of food production in the country is not an option  for this current administration as Nigeria is potentially capable of feeding itself, Aso Naija gathered.

The president, represented by the Minister of Information, Mohammed Idris, made the announcement in Abuja during a meeting with the 36 governors of the federation.

According to the president, Nigeria can become a net exporter of food items to other neighboring countries in Africa. “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.

We also want to reverse some of the problems we are seeing in terms of food production in this country. What we are seeing now is just a temporary difficulty that we will face head on,” he said.

Furthermore, the President also directed the national security adviser, the director general of the Department of State Services, and the Inspector General of Police to cooperate with governors to end the hoarding of food commodities in the country. He ordered them to monitor warehouses hoarding food items across the country.

 

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“NLC May Demand N1 million as Minimum Wage” — Joe Ajaero

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“NLC May Demand N1 million as Minimum Wage” — Joe Ajaero

Joe Ajaero, the President of the Nigeria Labour Congress has said that organised labour may demand up to N1 million as the new minimum wage for Nigerian workers if the rising inflation remains unattended to, Aso Naija Reports.

Ajaero said the demand for organised labour would be determined by the cost of living which has skyrocketed since President Bola Tinubu came to power following the removal of fuel subsidy and other policies.

The NLC and the Trade Union Congress (TUC) on Thursday issued a 14-day strike notice to the Nigerian government.

The unions, in a statement, said they were furious over the government’s failure to implement a 16-point agreement signed in October 2023, which aimed to address the “massive sufffering” caused by the hike in petrol prices and naira devaluation, policies blamed for the worsening hardship and inflation.

The NLC and TUC issued a stern ultimatum to the government to honour its part of the understanding within 14 days starting from Friday, February 9, 2024.
In an interview with Arise News on Sunday evening, Ajaero said, “This N1 million may be relevant if the value of the Nigerian (naira) continues to depreciate; if the inflation continues unchecked because the demand of labour is equally dependent on what is happening in the society.

You will remember that by the time we were contemplating N200,000 (as minimum wage), the exchange rate was about N800/N900 (to a dollar).

As we talk today, the exchange rate is about N1,400 or even more.

Those are the issues that determine the demand and it is equally affecting the cost of living. And we have always said that our demand will be based on the cost of living index.

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Nigeria Will Become Net Exporter Of Food — President Tinubu

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Nigeria Will Become Net Exporter Of Food — President Tinubu

President Bola Tinubu said his government will do everything possible to expand food production and become a net exporter amid rising hunger and hardship in Nigeria, Aso Naija Reports.

Ajuri Ngelale, Special Adviser to the President on Media and Publicity, disclosed this in a statement on Sunday after a delegation from the Global Tijaniyya Movement, led by Khalifa Muhammad Mahe Niass, visited Tinubu at the Presidential Villa in Abuja.

The president said his administration would transform agriculture to make Nigeria self-sufficient in food production and exportation.

Subsequently, the  president said his administration would support plans and efforts to give ease and assistance to Hajj pilgrims.

Also, he highlighted the need for collaboration between political and spiritual leaders to advance the nation’s interests and promote unity among the people.

On agriculture, the President outlined plans to bolster agricultural productivity through various initiatives, including expanding farmlands, providing low-interest loans to farmers, and significant investments in irrigation infrastructure.

“We are dedicated to equipping hospitals with modern equipment, providing healthcare professionals with training, and ensuring social welfare for every citizen, including comprehensive health insurance coverage.

Nigeria will become a net exporter of food. We are bringing thousands of tractors.

Also, food production will be greatly expanded through aggressive mechanisation.

We must be productive as a people. That is the Sunnah and the principles I grew up understanding,” he said.

Additionally, the president expressed appreciation to the Global Tijaniyya Movement for their prayers and support for the nation.

However, he stressed that the partnership between political and religious leaders is important to promote unity in the country.

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CBN Orders Banks to Pay Customers Money Sent From Abroad in Naira

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CBN Orders Banks to Pay Customers Money Sent From Abroad in Naira

Nigerian banks have begun full implementation of the Central Bank of Nigeria’s revised guidelines on international money transfer operations in the country, Aso Naija Reports.

CBN had on Wednesday, January 31, issued the revised guidelines on international money transfers which halted the payment of dollars to customers, among others.

Subsequently, this means that Nigerians who receive dollars from family and friends in the diaspora, will now be paid in naira, either in cash or through a bank account.

A popular bank in a notice to customers on Friday said:

“We would like to bring to your attention recent regulatory changes affecting international money transfers into Nigeria through Western Union, MoneyGram, Rapidtransfer, Ria, and other CBN approved IMTOS.

The circular issued by the Central Bank of Nigeria dated January 31, 2024, stipulates that all in-bound money transfers to Nigeria (via the above mentioned IMTOS) will be paid only in naira through a bank account or in cash at the prevailing rate in the Nigerian Foreign Exchange Market.

Furthermore, transfers exceeding the naira equivalent of $200 must be credited to the recipient’s bank account.

However, Naira cash payment equivalent for amounts below $200 will require an acceptable means of identification.

Also, the acceptable means of identification is any of the following: international passport, Driver’s licence, National identity card and INEC Permanent Voters Card.”

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