Despite Challenges Telcos Meeting KPIs—NCC

The latest data from the Nigerian Communications Commission (NCC) shows that the four mobile network operators, MTN, Globacom, Airtel, and 9mobile, are meeting their Quality of Service (QoS) Key Performance Indicators (KPIs). According to the Nationwide QoS data released by the Commission, the telcos met their KPIs between July 2022 and June 2023. The operators’ performances are measured by the regulator based on parameters such as Call Setup Success Rate (CSSR), Drop Call Rate (DCR), and Traffic Channel Congestion (TCH CONG). According to NCC, these QoS standards ensure that consumers continue to have access to high-quality telecommunications services by setting basic minimum quality levels for all operators. Based on the latest report, all the mobile operators crossed the threshold of 98 per cent call setup success rate in the 12-month review period. The Call Setup Success Rate (CSSR) is calculated by taking the number of unblocked call attempts divided by the total number of call attempts. In terms of drop call rate (DCR), which is fixed at 1 per cent or less, all the operators performed well as they recorded less than 1 per cent drop calls in the period, according to NCC’s record. A dropped call is a call that is prematurely terminated before being released normally by either the caller or the called party. In terms of Traffic Channel Congestion, (Standalone Dedicated Control Channel Congestion SDCCH), all the operators also met the KPI as they all recorded less than 2 per cent congestion within the period. The regulator’s parameter in this regard is that the congestion rate for the networks should be equal to or less than 2 per cent. The Traffic Control Channel Congestion Rate is the probability of failure to access a traffic channel during call setup. The technical result of operators’ quality of service may, however, be different from the reality based on subscribers’ experience in the period covered by the report and even now. The President of the National Association of Telecoms Subscribers (NATCOMS), Mr. Deolu Ogunbajo disagreed with the regulator. According to him, NCC is looking at the quality of service from the technical aspect and not from the subscribers’ angle. “The KPIs are measured technically and are far from the reality of what the subscribers are experiencing. We disagree with NCC on this. There are lots of complaints on Dropped calls, and even the call setup success rate is nothing to write home about. “There are times you want to call and the call is not just connecting, the call setup rate is poor, all is not well in terms of quality of service as the report suggests” he said. Based on the huge number of mobile subscriptions in the country, the minute percentage of errors allowed the operators to cover a large number of subscribers facing the quality of service challenge.

Tinubu’s 100 Days: Navigating the challenges, high expectations

President Bola Ahmed Tinubu achieved his lifelong aspiration of becoming Nigeria’s president when he was declared the president-elect of the February 25, 2023, presidential election. On May 29, 2023, during his inauguration as the President and Commander-in-Chief of the Armed Forces, he wasted no time in expressing his commitment to hit the ground running. In his address, he humbly requested not to be pitied, emphasizing that he had actively pursued the presidency. President Tinubu’s first 100 days in office were marked on September 5, 2023. However, an in-depth assessment of his administration within this relatively short timeframe may not fully reflect the promises he made to the Nigerian people. It is essential to consider the challenges inherited from the previous administration under Muhammadu Buhari, which endured eight years of economic difficulties. President Tinubu had pledged to alleviate the burdens faced by the poor, and this commitment generated enthusiasm and high expectations among the populace. One notable policy shift was the sudden removal of the controversial oil subsidy without accompanying palliative measures mentioned during his inauguration speech. Following this move, Nigerian oil marketers and fuel racketeers swiftly increased the pump price of Premium Motor Spirit (PMS) from N186/ltr to N575/ltr and later to N617/ltr. Their rationale was that the price adjustment was a response to global oil prices and associated costs. Additionally, changes in the exchange rate led to a depreciation of the Naira against other currencies. Subsequently, Nigerians experienced increased living costs, including rising food prices, transportation expenses; rent hikes by landlords, and higher school fees, among other challenges. Before he assumed office Nigerians had eagerly awaited the 2023 general elections as an opportunity for change. Youth and political sentiment were strongly geared toward effecting a transformation in various aspects of the country’s political landscape. Some politicians capitalized on the public’s anger and youth mobilization, switching parties they viewed as more conducive to their political ambitions. It is widely acknowledged that the previous administration, led by former President Buhari, faced significant criticism for its handling of the economy. While promising change, the administration was perceived to have delivered misery and despair, corruption, which the government pledged to combat, appeared to flourish. While it is essential to address economic challenges and leadership issues in Nigeria, this article primarily focuses on the treatment of individuals who have served the nation diligently and those, who upon identifying institutional weaknesses or leadership shortcomings, have sought to enrich themselves. Recent developments in the political arena bring into question the treatment of individuals like Mr. Godwin Emefiele, the suspended CBN Governor, and Abdulrasheed Bawa, the suspended Chairman of the Economic and Financial Crimes Commission (EFCC). Both face various charges, possibly related to their actions while in office during the previous administration. It is important to recognize the valuable contributions of these individuals during their tenure. For instance, Godwin Emefiele, as the CBN Governor, played a pivotal role in propping up the economy during times of fiscal uncertainty. His interventions and policies were instrumental in averting economic crises, particularly during the COVID-19 pandemic. Similarly, Abdulrasheed Bawa demonstrated zeal and effectiveness in his role as the anti-corruption czar. However, they may have inadvertently crossed ethical boundaries while executing their duties as directed by the Commander-in-Chief (C-in-C) in alignment with political agenda. For example, Godwin Emefiele’s foray into politics and a controversial Naira redesign policy attracted political criticism, while Abdulrasheed Bawa’s aggressive pursuit of corruption cases earned him powerful enemies. While this discussion does not intend to justify their actions or inactions in office, it however raises questions about the treatment they currently face. Is this treatment an incentive or disincentive for individuals to serve their nation? President Tinubu’s administration has already made bold policy moves, although they have resulted in unexpected hardships for Nigerians. With the appointment of his cabinet after nearly 80 days in office, Nigerians anticipate selfless dedication from him and his team. Concerns have arisen regarding the inclusion of certain politicians, including former governors with underwhelming performance records, in the cabinet. Nigerians hope to avoid a repeat of past experiences, where ministers seemed ill-prepared, leaving the Central Bank of Nigeria to take on responsibilities beyond its mandate to prevent economic collapse. Given the current economic challenges, Nigerians expect President Tinubu to uphold his commitment to hold non-performing ministers accountable. This approach should ensure that the Central Bank of Nigeria can fulfil its constitutional responsibilities as outlined in BOFIA 2007 without unnecessary political interference. Preserving the CBN’s independence is essential for effective monetary policy and economic stability. In conclusion, while it is crucial to address economic woes and leadership issues, it is equally important to safeguard institutions like the Central Bank of Nigeria from unwarranted political interference. Nigeria’s economy depends on CBN’s stability and effective functioning, and it is essential to protect this national heritage. *Chisom Adindu writes from Umuahia, Abia State

MAN lists high energy costs as major challenge

The Manufacturers Association of Nigeria (MAN) CEOs Confidence Index (MCI) for the second quarter of 2023 has revealed that rising energy costs remain a major challenge facing manufacturers in the country. Challenges facing manufacturers according to the survey includes, energy costs; high cost of credit/inadequacy of loanable funds; multiple taxes/charges/levies/same tax policy for local producers and importers; unavailability of raw materials/delay in receiving imported raw materials; high cost of raw materials and scarcity of forex/high exchange rate/poor allocation of forex. According to the survey, about 63.1 per cent of manufacturers enumerated disagreed that government capital expenditure encourages productivity in the manufacturing sector; 23.9 per cent of those enumerated agreed, while about 13.1 per cent were unsure. MAN said the aggregate index score of MCCI in the second quarter of 2023 declined by 1.4 points to 52.7 points from 54.1 points obtained in the first quarter of 2023, which is also 2.3 points less than 55.0 points recorded in the fourth quarter of 2022. According to the survey findings, manufacturers within the country continue to grapple with the reverberations of the Naira Redesign policy, which was implemented during the tenure of Godwin Emefiele, the former Governor of the Central Bank of Nigeria (CBN).  Furthermore, manufacturers lament the hindrance caused by two concurrent factors, among which is the upswing in motor vehicle insurance expenses, which continues to add to the operational burden of manufacturers. Additionally, the escalation in logistics costs is a concern that stems from the heightened pricing of premium motor spirit (PMS), commonly referred to as petrol. This is of particular significance as manufacturers need to distribute their goods extensively across the various states of the country, entailing substantial transportation expenses. The survey’s observations underscore that the second quarter of 2023 witnessed a substantial uptick of 17.3 per cent in both production and distribution costs for manufacturers. This surge in costs further accentuates the challenges faced by the manufacturing sector and calls for a comprehensive examination of strategies to mitigate these adverse effects. Director General of MAN, Segun Ajayi-Kadir, in the report said government’s capital expenditure should address the issues of economic infrastructure such as roads, electricity, water, etc. that support industrial sector businesses. “The absence of economic infrastructure contributes significantly to the high cost of operating environment which obstructs the development of manufacturing in Nigeria. “It is highly expedient that the government strives to ensure the harmonisation of fiscal and monetary policies that will pave the way for a stable macroeconomic environment needed to promote productivity in the manufacturing sector and improve the ease of doing business,” he said.

IPMAN opposes state governments’ bid for downstream regulatory control

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed strong disapproval towards the recent endeavours of various State governments to assume the role of regulators in the Southeast’s downstream petroleum operations. Mr. Chinedu Anyaso, the Chairman of IPMAN’s Enugu Depot, which oversees Anambra, Ebonyi, and Enugu States, conveyed these concerns during an interview in Awka on Sunday. Anyaso underscored that State governments lack the necessary standardized and approved equipment essential for accurately measuring dispensing machines. Moreover, he asserted that these governments do not possess the authority to oversee the intricate operations within the downstream petroleum sector. IPMAN has vehemently criticized the actions of state governments, which have involved entering marketers’ establishments under the pretense of price enforcement and dispensing machine monitoring. Anyaso highlighted that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) remains the sole constitutionally-empowered entity responsible for regulating downstream sector activities. He emphasized that if states intend to collaborate in this sphere, they should work in conjunction with NMDPRA. In his explanation, Anyaso reinforced that state governments lack the requisite authority to perform regulatory functions concerning downstream operators. Their lack of expertise is evident, and even the instruments they employ—termed “seraphim bottles”—have not been certified as properly calibrated for accurate measurements. “NMDPRA is the only body empowered by the Petroleum Industry Act (PIA), Sec 48 (1), to carry out all the regulatory activities in the sector. “IPMAN Enugu depot condemns the invasion of our filling stations; Anambra government did it and we protested but most recently, the Enugu State government is doing the same thing with deliberate effort to blackmail some of our members. “This is sheer overzealousness on the part of some aides of governors. We call on our governors to call these people to order, to avoid putting IPMAN on a collision course with state governments,” he warned. Anyaso said IPMAN was not absolving its members of sharp practices but insisted that state governments should collaborate with NMDPRA, established by the Federal Government to supervise the sector if the need arises. “IPMAN is not by any means saying that all our members are free from malpractice. We are not holding brief for them either; all we are saying is that things should be done properly by the appropriate authority. “NMDPRA has offices in almost all the states, so state governments should work with them. On our part, IPMAN has a taskforce as an internal mechanism to check infractions by our members,” he said.

ASUU bemoans delay in releasing 8-month salaries, other issues

The Academic Staff Union of Universities (ASUU) has raised concerns regarding the prolonged withholding of university academics’ salaries for nearly eight months due to the fallout from the 2022 strike action. The President of ASUU, Emmanuel Osodeke, highlighted this issue in a statement. The matter was discussed during the union’s National Executive Council meeting held at the University of Maiduguri, Borno State, from August 19th to August 20th, 2023. Osodeke noted that this challenge is just one among several plaguing the Nigerian University System (NUS), as deliberated during the meeting. He emphasized that the application of the ‘No-Work-No-Pay’ policy to academics fails to consider that only the teaching aspect of their work was suspended during the strike action. Moreover, he highlighted the diligent efforts made by academics to make up for lost time under extremely challenging economic conditions, following the suspension of the strike through interventions by key figures including Rt. Hon. Femi Gbajabiamila, who is now Chief of Staff to the President and Visitor to Federal Universities. The statement acknowledged the resilience of Nigerian academics, commending their unwavering determination and courage in enduring economic, social, and emotional hardships due to the non-payment of their salaries. ASUU attributed past strike actions to successive governments’ failure to honour agreements and memoranda established through the collective bargaining principle endorsed by the International Labour Organisation (ILO) and adopted in Nigeria’s labour laws. ASUU called upon the government led by President Bola Tinubu to expedite the renegotiation of the 2009 ASUU/FGN Agreement based on the recommendations of the Professor Nimi Briggs Committee. This move is essential to restore the credibility of the NUS. The union recognized ongoing efforts to secure the release of the withheld salaries and urged national leadership, including the Nigeria Labour Congress (NLC), to actively pursue this matter. ASUU underlined the significance of releasing the withheld salaries in boosting the morale of Nigerian university educators. The statement also lamented the accumulation of promotion arrears owed to members due to disruptions stemming from the enrollment of academics in the Integrated Payroll and Personnel Information System (IPPIS). Despite numerous attempts by the union and university administrations, the Office of the Accountant-General of the Federation (OAGF) has yet to address this issue. Consequently, ASUU appealed to the OAGF to promptly resolve the backlog of promotion arrears, considering the impact on industrial harmony and peace. The union’s concerns highlight the challenges faced by academics in Nigeria and the urgent need for comprehensive resolutions to safeguard their welfare and the integrity of the education system. The statement further read, “NEC was disturbed by reports of massive employment racketeering perpetuated by operators of the discredited IPPIS, including scandalous revelations at the recent sittings of House of Representatives Probe Panel on IPPIS. “NEC observed that the unsavoury trend has eroded university employment tradition in violation of the provisions of the Universities (Miscellaneous Provisions) Act 2003, and Guidelines for Appointments and Promotions of individual universities. ASUU rejects all illegal appointments sponsored by the IPPIS and its agents in Nigerian public universities. “NEC observed with dismay the Government’s moves to further erode the autonomy of universities as contained in the Universities Miscellaneous Provisions Act in respect of the dissolution of Councils. ASUU had cause to protest to the immediate past Federal administration over the same matter in 2015, and the decision was accordingly reversed. “Dissolution of Governing Councils of federal and state universities before they serve their full terms does not only violate extant laws on university autonomy, but it also adversely impacts operations of the universities. NEC therefore calls for the reversal of the recent dissolution of councils of federal universities to ensure their smooth operations and stability. “NEC reviewed the strenuous efforts of the National Universities Commission (NUC) to impose the Core Curriculum and Minimum Academic Standard (CCMAS) on Nigerian universities, despite well-founded criticisms and rejection by members of university senates and academic associations. NEC subsequently directed the leadership of ASUU to pursue the Union’s rejection of CCMAS to its logical conclusion. “Painfully, NEC reviewed reports of mass exit of experienced academics and professionals from Nigeria’s public universities owing to disabling working and living conditions. NEC submits that a salary regime that places the professor- at-bar on four hundred and sixteen thousand Naira (N416,000.00) or less (no thanks to amputation by IPPIS) for more than ten years is disconcerting, debilitating and dehumanizing for scholars. “NEC, therefore, advises governments at the federal and state levels to urgently arrest the growing ‘Japa’ syndrome on university campuses to reposition Nigerian universities for competitiveness in the global knowledge economy. “NEC noted with dismay the continued onslaughts on ASUU members at the Federal University of Technology, Owerri (FUTO), by the Vice-Chancellor, Prof (Mrs.) Nnenna N. Oti, and her agents over the questionable appointment of Dr. Isa Ibrahim Ali Pantami as a Professor at the University. “NEC reaffirms its earlier position that the promotion of Dr. Isa Ibrahim Ali Pantami as a Professor in FUTO while serving as a minister of the Federal Republic of Nigeria was a breach of the University’s Appointments and Promotions Guidelines. “NEC further reaffirms its recognition of the ASUU-FUTO Executive Committee (EXCO) led by Comrade Chinedu Ihejirika, currently being subjected to unwarranted attack and persecution in the University. NEC subsequently resolves that ASUU would hold the FUTO Vice-Chancellor, Prof. (Mrs.) Nnenna Oti, liable should any harm come the way of Comrade Ihejirika and other committed members of our Union in FUTO as well as those of their respective families. “NEC was grieved by the deepening crisis of governance occasioned by the mindless acceptance and crude implementation of neo-liberal socio-economic policies of the international money lenders by successive governments since the birth of Nigeria’s Fourth Republic. NEC sadly noted the recent anti-people, draconian policies of the government that have brought millions of Nigerians to their knees and crippled businesses. “We note that the expectation of democratic dividends which heralded civilian rule in 1999 has almost evaporated, as more Nigerians are daily gasping for breath under the suffocating grips of

What Nigerians expect from Tinubu’s new cabinet

In a momentous ceremony that marked a significant transition for Nigeria, President Bola Tinubu on Monday inaugurated a new cohort of ministers to consolidate his presidency. With the swearing-in of these individuals into their respective offices, Nigerians are now looking ahead with a mixture of hope and anticipation, more so that, this time, like his predecessor, he did not wait for almost a year to form his cabinet. No doubt, the responsibilities bestowed upon these new ministers are immense, and the citizens’ expectations on them are equally high. Even though Tinubu had inherited a myriad of challenges, ranging from a lame economy to security concerns, Nigerians are fervently hoping that this new cabinet will rise to the occasion and lead the country towards a brighter future. One of the most pressing issues on the minds of Nigerians is the economy. The COVID-19 pandemic dealt a severe blow to the global economy with Nigeria getting its fair share and this has exacerbated existing challenges such as high unemployment rates and inflation. As the new ministers assume their roles, citizens are yearning for innovative economic policies that will stimulate growth and provide much-needed jobs. They expect these ministers to engage in strategic partnerships, attract foreign investments, and diversify the economy beyond oil dependency. A clear roadmap for infrastructural development, with a focus on power generation, transportation, and technological advancement, is eagerly awaited. Nigerians are hopeful that the new cabinet will foster an environment that supports small and medium-sized businesses, driving entrepreneurship and creating a sustainable economic ecosystem. Another paramount concern is security. In recent years, Nigeria has faced an upsurge in security challenges, from insurgency and banditry to kidnapping and communal conflicts. The citizens’ security and safety are non-negotiable, and they look to the new ministers to demonstrate unwavering commitment to restoring stability. Nigerians anticipate comprehensive reforms within the security sector, including equipping and adequately training law enforcement agencies, intelligence sharing, and collaboration with international partners to tackle transnational crimes. A holistic approach that addresses the root causes of these security issues, such as poverty and lack of education, is eagerly awaited. The state of healthcare in Nigeria has also been a cause for concern. The COVID-19 pandemic exposed the vulnerabilities of the healthcare system, shedding light on the inadequate infrastructure, limited access to quality medical care, and the brain drain of healthcare professionals. The citizens expect the newly inaugurated Minister of Health, Prof. Muhammad Ali Pate, to prioritize healthcare reform, ensuring that adequate funding is allocated to build and upgrade healthcare facilities, procure essential medical equipment, and provide training and incentives to healthcare workers. A robust healthcare system not only safeguards the population’s health but also bolsters the nation’s overall productivity and development. Education is another arena where Nigerians are looking for transformative changes. Despite being blessed with a young and vibrant population, the education sector has suffered from inadequate funding, outdated curriculum, and a lack of access to quality education in many regions. The new ministers are being entrusted with the responsibility of revamping the education system, from primary to tertiary levels. Citizens hope for the implementation of policies that prioritize teacher training, curriculum modernization, and the integration of technology in education. Additionally, special attention needs to be given to regions where educational disparities are most pronounced, ensuring that every Nigerian child has equal access to quality education. Corruption remains a significant impediment to Nigeria’s progress. Nigerians are looking to the new cabinet to not only maintain the anti-corruption drive but to intensify efforts in ensuring transparency and accountability in public office. Effective utilization of resources, strict adherence to due process, and the swift prosecution of corrupt individuals are the expectations of the citizens. Furthermore, they anticipate the implementation of policies that promote ethical governance and discourage corrupt practices at all levels of government. Infrastructural development, particularly in the areas of power generation, transportation, and information technology, is crucial for Nigeria’s growth. Citizens eagerly await the unveiling of comprehensive plans that will address the longstanding issues of inadequate power supply, inadequate road networks, and poor internet connectivity. These are fundamental elements that underpin economic development and enhance the quality of life for the population. In the realm of foreign policy, Nigerians hope for a government that will foster strong diplomatic relationships with other nations while advancing the country’s interests on the global stage. Economic partnerships, trade agreements, and international collaborations are seen as critical for Nigeria’s growth and development. The citizens look to the new ministers to represent the nation effectively in international forums and negotiations, projecting a positive image of Nigeria to the world. In conclusion, as President Bola Tinubu’s new ministers assume their respective offices, they should understand that they’re stepping into roles of immense responsibility and great expectation. Nigerians envision a future marked by economic prosperity, enhanced security, improved healthcare and education systems, eradication of corruption, and infrastructural development. The challenges ahead are daunting, but the citizens’ hope and optimism are unwavering. It is incumbent upon Tinubu and his cabinet to translate these hopes into concrete actions, demonstrating their commitment to serving the best interests of Nigeria and its people. As the nation watches, their decisions and actions will determine the course of Nigeria’s journey towards a brighter and more prosperous future.

‘European refiners groan as Nigeria’s subsidy removal bites harder’

Petrol subsidy removal by the Bola Tinubu administration is impacting European refiners negatively as demand for the product has reduced by more than 50 per cent, S&P Global Commodities at Sea has said. Imports of petrol to Nigeria plummeted to 106,000 barrels per day, b/d in July from 205,200 b/d in May, according to data from S&P Global Commodities at Sea, after local petrol prices skyrocketed. Total refined product demand has fallen 41 per cent in the same period, the data showed. Scrapping the long-standing subsidy could save Nigeria as much as Naira 11 trillion ($2.6 billion) in 2023, according to estimates from the World Bank in June, providing relief to a growing government deficit. Sinking Nigerian demand, driven by high fuel prices, has also led to a drop-off in demand for European exports, whose refiners had relied on thirsty West African markets. “There is zero demand [in West Africa] at the moment,” a source in the region said. Another European market source said: “Considering the [Nigerian] subsidy removal … demand is indeed depressed.” The 91 RON FOB AR WAF discount to FOB AR gasoline cargoes was $89/mt on August 10, down sharply from before the subsidy was taken away. On May 22, the spread was at a premium of $50.25/mt, but by the end of the month had fallen to a discount. The subsidy removal has shaken up longstanding arbitrage for European refiners. While Nigerian demand in particular has diminished, other destinations have picked up the slack. The US Atlantic Coast made up 28 per cent of total petrol exported from the Amsterdam-Rotterdam-Antwerp region in July amid persistently low stocks, according to Kpler shipping data, increasing its share from the low teens almost in tandem with the shrinking Nigerian demand. As a result, European refiners have been unfazed by sinking demand in West Africa. “The arb is strong. Octanes are tight, so petrol remains well supported” a trader in Europe said. European traders already faced being crowded out by Russian refined products that have flooded into Africa — including Nigeria — since the onset of the war in Ukraine saw European countries boycott Russian oil products. Yet even Russian exports to Nigeria have fallen sharply since the fuel subsidy was scrapped. Nigeria is Africa’s largest oil producer, with an output of 1.32 million b/d last month according to the Platts OPEC Survey from S&P Global, but a lack of refining capacity means the country is forced to import refined products. One potential solution is the long-awaited Dangote refinery inaugurated by former president Muhammadu Buhari in April. The mega project, built by Aliko Dangote, is designed to make Nigeria self-sufficient in fuels, soften the gasoline market, and even to supply countries across Africa and beyond. According to estimates from S&P Global, Nigerian gasoline production could overtake imports in 2025 and exceed them until the 2040s, if the refinery can get up and running.

Nigeria’s economy resilient despite hard reforms –Report

Cape Economic Research and Consulting, an economic think-tank group, has projected that Nigeria’s economic outlook for the third quarter of 2023 maintains its resilience, albeit with a moderated tone, driven by substantial policy reforms. In its Economic Newsletter for August, which was shared with NIGERIAN ANCHOR on Saturday, the think-tank emphasized that the effects of subsidy removal and the recent exchange rate policy adjustment are gradually permeating the economy, resulting in elevated inflationary pressures and anticipated dampening of aggregate demand. The report underscores the lasting impact of subsidy removal and exchange rate unification until households and businesses fully adapt to the new economic landscape. The implementation of essential support measures is anticipated to bolster the economy’s resilience. Consequently, the report predicts that output growth will remain positive during the third quarter of 2023. CAPE observed that the heightened cost of production, fueled by significant increases in input costs, including wages, has led to a slowdown in production. As the government prepares to roll out relief measures to mitigate the repercussions of recent policies on the economically disadvantaged, aggregate demand and output are projected to respond favorably. The report anticipates a further increase in inflation for August 2023. Projections indicate that headline food and core inflation could rise to 23.51%, 26.41%, and 21.34% respectively. The main drivers of this forecast are food prices, exchange rates, and short-term assets, contributing 5.94%, 1.96%, and 0.44% respectively. CAPE also highlights the macroeconomic implications of persistent negative interest rates, including low savings and investment, the emergence of parallel markets with higher interest rates, inefficient resource allocation, and suboptimal investment efficiency. Additionally, these rates constrain the government’s capacity to raise resources through bond issuance. The newsletter sheds light on the tightening stance adopted by numerous central banks in both advanced and emerging economies throughout 2022 and the first half of 2023. While this approach has led to price moderation in some economies, core inflation remains relatively persistent. However, these measures have brought about output moderation and financial stability, accompanied by an elevated risk of potential financial crises.

Tinubu to address Nigerians amid nationwide hardship

On Monday, July 31, 2023, President Bola Ahmed Tinubu will deliver a broadcast to the nation at 7 pm. The announcement was made on Monday morning by Dele Alake, the presidential spokesman, urging television, radio stations, and other electronic media outlets to tune in to the network services of the Nigerian Television Authority (NTA) and Radio Nigeria for the broadcast. Though the specific content of the address remains undisclosed, it comes at a time when the country is grappling with widespread hardship due to the removal of fuel subsidy, leading to an increase in petrol prices. President Tinubu has consistently appealed for calm, assuring the public that the government is diligently working to improve living conditions and alleviate the prevailing challenges. Interestingly, this address coincides with an upcoming nationwide protest by the organized labour, which is parleying civil society organisations as they prepare for an industrial action on August 2, and the ongoing strike by the Nigerian Association of Resident Doctors (NARD). The NARD has rejected the recent 25% increment in basic salary announced by the federal government, demanding the full restoration of the Consolidated Medical Salary Structure to its original value as approved in 2009. The association, represented by its president, Dr. Orji Emeka Innocent, secretary-general Dr. Chikezie Kelechi, and publicity and social secretary Dr. Umar Musa, vows to continue the nationwide total and indefinite strike action until the government takes significant steps to address their demands, including the release of the circular on the One-for-One policy for the replacement of exited clinical workers to ease work overload caused by brain drain. As Nigerians await President Tinubu’s address on Monday night, the nation is at a crucial juncture, grappling with pressing issues that demand immediate attention and resolution.