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Nigeria plans commodity board to regulate food prices

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Nigeria

Nigeria is planning to set up a national commodity board to regulate the price of grains and other items, as rising food costs stoke double-digit inflation in a country where smallholder farmers dominate production. Nigeria’s annual inflation hit a nearly three-decade high of 28.92% in December as food prices surged, adding to a worsening cost of living crisis. Inflation data for January is due on Thursday.

Vice President Kashim Shettima said on Tuesday that the National Commodity Board would maintain a strategic food reserve that could be used to reduce volatility and stabilise prices and tackle escalating food inflation in Africa’s most populous nation.

Food inflation, which accounts for the bulk of Nigeria’s inflation basket, rose to 33.93% in December from 32.84% a month earlier, with higher prices across a broad range of items including bread, fish, meat, fruit and eggs.

Shettima said the government will revitalise food supply inthe short-term through measures such as the distribution of fertiliser and grain to farmers and households, to counter the effect of removing a costly but popular fuel subsidy.

President Bola Tinubu last May embarked on Nigeria’s boldest reforms in decades by scrapping the fuel subsidy and devaluing the currency to try to revive economic growth.

But growth is yet to pick up while inflation has worsened.

Widespread kidnapping and banditry in farming areas has also pushed up food prices.

Shettima said the government will engage its “security architecture” to protect both farms and farmers, so they can return and work without fear of attack.

He added that concessionary funds will be granted to farmers while the government will drive irrigation to ensure year-round food production.

Nigeria scrapped marketing boards that guaranteed farmers minimum prices in the 1980s as part of reforms to end subsidies, promote exports and stabilise markets after prices rose on informal channels.

Source: SABC

Nigeria Breaking News

Nigeria’s constitution not working, paperwork for military – Bode George

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Bode George

A chieftain of the Peoples Democratic Party, PDP, Bode George, on Monday said Nigeria’s constitution is not working. George said Nigeria’s constitution is paperwork for the country’s military. Featuring on Arise Television’s Morning Show, the PDP chieftain said the current constitution gives room to politicians to share largesse in Abuja.George reiterated the call for restructuring Nigeria, stressing that it’s an antidote to secession agitation in Nigeria.

According to George: “The constitution we are running is not working, it’s more like paperwork for a military organization; why should everybody head to Abuja monthly to collect their largess; it’s not working, what does the president do with my local government or that in Sokoto? Nothing.

“Politics is local and we want to see that the restructuring everybody is talking about is the path we should take instead of taking arms and shooting people which is a modern-day Robin Hood.

Source: Naijanews

In other news – I dislike men who wear skirts – Davido

Nigerian Afrobeats star David Adeleke, aka Davido, has revealed the fashion trend that he dislikes. The DMW boss stated that he dislikes men who wear skirts.

 

Davido

He said he would never wear a skirt but may reconsider if he is offered half a million dollars.Davido disclosed this in a recent interview with American fashion content creator, Mysterious Fashioniest. Read more

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Nigeria Breaking News

EFCC vows to probe bank chiefs over COVID funds, World Bank loans

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EFCC

The Economic and Financial Crimes Commission, EFFC, said it has redoubled its investigation into the culpability of bank Chief Executive Officers, CEOs, in the mismanagement of COVID-19 funds and World Bank loans. This is contained in a statement by its spokesman, Dele Oyewale, on Sunday in Abuja.

The statement said that also under probe is the alleged mismanagement of recovered Abacha loot given to the Ministry of Humanitarian Affairs, Disaster Management and Social Development for disbursement to beneficiaries of the Federal Government support-for-the-poor programme. The EFCC also announced that it had recovered N32.7 billion and $445,000 so far from top officials of the ministry under its searchlight, adding that the abuse of naira has become a priority investigation of the agency.

Shedding light on the probe of malfeasance in the Humanitarian Affairs, Disaster Management and Social Development ministry, the agency said: “At the outset of investigations, past and suspended officials of the Humanitarian Ministry were invited by the commission and investigations into the alleged fraud involving them have yielded the recovery of N32.7billion and $445,000 so far.

“Discreet investigations by the EFCC have opened other fraudulent dealings involving Covid -19 funds, the World Bank loan, Abacha recovered loot released to the Ministry by the Federal Government to execute its poverty alleviation mandate.

Source: Dailypost

In other news – Singer Paul Okoye hints at remarrying

Popular singer and half of P-Square, Paul Okoye, aka Rudeboy, has hinted at remarrying. The ‘Reason With Me’ crooner dropped the hint while scolding fans for wishing his divorce from his ex-wife to be toxic.

Paul Okoye

He stated that he would not succumb to their wishes, urging them to accept the reality that he is with his new partner, Ivy Ifeoma.He went on to unveil hashtag options for himself and his partner, Ifeoma. Read more

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Nigeria Breaking News

I dislike men who wear skirts – Davido

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Davido

Nigerian Afrobeats star David Adeleke, aka Davido, has revealed the fashion trend that he dislikes. The DMW boss stated that he dislikes men who wear skirts.

He said he would never wear a skirt but may reconsider if he is offered half a million dollars.Davido disclosed this in a recent interview with American fashion content creator, Mysterious Fashioniest.

Davido

The interview asked, “What’s one fashion trend you dislike? He said, “Skirt; men that wears skirts. I will never wear the skirt. Except if I am offered half a million or a million dollars [laughs

Source: Dailypost

In other news – Junior Pope not buried by river bank – Police

The Anambra State Police Command says the remains of Nollywood star, John Paul Odonwodo, popularly called Junior Pope, were not among those buried by the bank of the Anam River. The Command’s spokesman, SP Ikenga Tochukwu, made the clarification on Sunday, stating that only three of the deceased families agreed that the victims be buried by the riverside.

John Paul Odonwodo

 

He noted that after the burial of the three, one of the families came back to exhume the remains of their daughter for a befitting burial in her country home.Ikenga added that the corpse of Junior Pope was deposited at a morgue. Read more

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