Nigeria’s inflation rate jumped to a more than 18-year high on rising energy and food prices, increasing the odds of a rate hike this month.

Consumer prices climbed an annual 25.8% in August, compared with 24.1% the previous month, according to data published on the National Bureau of Statistics’ website on Friday. That’s the highest level since August 2005 and above the 25% median estimate of eight economists in a Bloomberg survey. Monthly inflation soared to a 15-year high of 3.2%.

The uptick was broad-based. Annual food inflation quickened to 29% in August from 27% a month earlier and core price growth, which excludes farm produce and energy costs, accelerated to 21% from 20.5%.

Nigeria's Inflation Is at Highest Level in More Than 18 Years

The acceleration continues to be fanned by the removal of costly fuel subsides in May, security issues in Nigeria’s food-producing regions, a 40% depreciation in the naira against the dollar since the authorities allowed the local unit to float more freely in June and the continued weakness of the currency on the parallel market.

The drop in the naira and second-round effects on inflation from the removal of the fuel subsidy may persuade the central bank’s monetary policy committee to raise interest rates at its Sept. 25-26 meeting for an unprecedented ninth consecutive time.

“There is only one tried and tested way to end the depreciation on the parallel market: tighten monetary policy and allow price discovery on the official FX market,” said Razia Khan, chief economist for Africa and the Middle East at Standard Chartered Bank. “Nigeria’s inflation rate speaks to the urgency of doing so.”

The MPC has lifted rates by 725 basis points since May 2022 to 18.75% to combat inflation that’s exceeded the top end of its 6% to 9% target range for more than eight years.

Bloomberg

President Bola Tinubu has approved the nomination Olayemi Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Senate.

The approval, according to Tinubu, is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria.

The President has also approved the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), for a term of five years at the first instance, pending their confirmation by the Nigerian Senate, as listed below: Mrs. Emem Nnana Usoro, Muhammad Sani Abdullahi Dattijo, Philip Ikeazor, and Bala M. Bello.

A statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, explained that Tinubu has further directed the nominees to implement critical reforms at the CBN which will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy toward sustainable growth and prosperity for all.

In 1999 upon return to civilian democratic rule, Cardoso was appointed by Tinubu as his first commissioner for economic planning and budget for Lagos State.

It would be recalled that Tinubu had similarly appointed two of his commissioners, Olawale Edun and Dele Alake, when he served as governor of Lagos State Minister of Finance and coordinating Minister of the economy, and Minister of Solid Minerals respectively.

The Guardian/NewsScroll

A United Arab Emirates (UAE) official has contradicted the claim by President Bola Tinubu that it has lifted the visa ban imposed on Nigerian travellers.

According to CNN, the official from the Gulf state disclosed this in a chat.

“There are no changes on the Nigeria/UAE travel status so far,” the source asked not to be named was quoted to have said.

Presidential spokesman, Ajuri Ngelale, had claimed that the visa ban was lifted after Tinubu met with Sheik Mohamed bin Zayed Al Nahyan, his UAE counterpart, on Monday.

Tinubu proceeded to Abu Dahbi, UAE capital, from India, where he attended the G-20 Summit.

In a statement issued after the meeting, Ajuri had said, “Tinubu and President of the United Arab Emirates, Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi, have finalised a historic agreement, which has resulted in the immediate cessation of the visa ban placed on Nigerian travellers.

“Furthermore, by this historic agreement, both Etihad Airlines and Emirates Airlines are to immediately resume flight schedules into and out of Nigeria, without any further delay.”

But the UAE authorities were silent on these issues in a statement they issued after the meeting, fueling suspicion among Nigerians.

In its statement, the Middle East country said Nigeria and the UAE would work together to reinforce their ties and explore opportunities for further bilateral collaborations.

Apparently reacting to the controversy created by his initial comment, Ngelale had said officials from both countries needed more time to finalise agreement details, a pure contradiction of his previous statement that the issue had been resolved.

“Given the agreement struck between the two Heads of State, there is need to allow cabinet officials from both sides to work out the finer details and finalize the cross-sectoral agreements,” he said, adding that “Everyone can now allow the process to work itself out organically, devoid of speculation.”

Asked to react to the visa ban and flight resumption issue during the Aviation Africa Summit in Abuja on Thursday, Festus Keyamo, Minister of Aviation and Aerospace Development, said there was no timeframe.

He had said: “So, we are beginning to work out all the tiny details. I have met with Emirate before I left UAE, and we are working out the details. We cannot say the time frame. Kicking off an airline operation again on a route, does not mean you will go and grab one empty plane sitting in a place.”

Daily Trust

Visit visa to the United Kingdom for less than six months will now cost £115 (about N111,878.28 ) as opposed to £15 (14,592.70) effective October 4, the UK Home Office has announced.

This translates to about 667 per cent increment.

Student visa fee has also been increased from £127 (N123,537.58) to £490 (N476,677.59); representing a 286 per cent increment.

The increase, the government said, would enable it to pay for ‘vital services and allow more funding to be prioritised for public sector pay rises’, adding that the review would take effect on October 4.

The UK government made this known in a statement, ‘New visa fees set to come into effect next month’ published on its website, gov.uk, on Friday, following legislation being laid in parliament on Friday.

“The changes mean that the cost for a visit visa for less than six months is rising by £15 (N14,592.70) to £115 (N111,878.28 ), while the fee for applying for a student visa from outside the UK will rise by £127 (N123,537.58)  to £490 (N476,677.59), to equal the amount charged for in-country applications,” the statement partly read.

In July, the government announced a 15 per cent increase in the cost of most work and visit visas, and an increase of at least 20 per cent in the cost of priority visas, study visas and certificates of sponsorship.

The statement added, “Income from fees charged plays a vital role in the Home Office’s ability to run a sustainable immigration and nationality system. Careful consideration is given when setting fees to help reduce the funding contribution from British taxpayers, whilst continuing to provide a service that remains attractive to those wishing to work in the UK and support broader prosperity for all.”

The changes include fees for up to six months, two-, five- and 10-year visit visas.

The majority of fees for entry clearance and certain applications for leave to remain in the UK, including those for work and study were also increased.

Also increased were the fees for indefinite leave to enter and indefinite leave to remain; convention travel document and stateless person’s travel document; health and care visa; fees in relation to certificates of sponsorship and confirmation of acceptance for studies; the in and out of country fee for the super-priority service and the out of country fee for the priority service.

It noted that the settlement priority service would reduce so it would be aligned with the cost of using the priority service. Applications to register and naturalise as a British citizen and the fee for the User Pays Visa Application service were also increased.

However, the statement noted that subject to parliamentary approval, the immigration and nationality fees would increase from October 4.

“Today’s changes do not include the planned increase to the Immigration Health Surcharge, which is scheduled to be introduced later in the Autumn,” it added.

Punch

Former President Olusegun Obasanjo says a democratic system that promotes insecurity and poverty must be abandoned.

Obasanjo spoke in Oyo town on Friday during the inauguration of the rehabilitated 34.8-kilometre Oyo-Iseyin road.

The former president said a democracy that nurtures poverty, unemployment and insecurity should be discarded as it only denotes backwardness.

In a recent interview with TheCable, the former president said Nigeria needed to rethink its democracy.

Obasanjo had said the liberal type of democracy practised in the West would not work for the country.

“Democracy that nurtures a lack of peace and security must be thrown overboard. Democracy dividends must involve peace, security, stability, prosperity, wealth creation, employment and the wholesomeness of the society,” Obasanjo said.

“Democracy that nurtures poverty is abortion. Democracy that nurtures unemployment is a failure.”

He charged political leaders to embrace democracy that promotes prosperity, poverty eradication, employment and adequate security for the good of Nigeria.

“That’s when democracy would continue to survive and people will feel that yes, democracy is a worthwhile system of government that must be embraced,” he said.

Obasanjo also commended the governor of Oyo for the rehabilitation, reconstruction and construction of roads linking the five zones in the state.

He said such projects would fast-track socio-economic development across the zones.

He urged the people of Oyo to support Makinde’s government in its efforts to develop the state’s economy.

Speaking at the event, Makinde said the reconstruction of the Oyo-Iseyin road and other ongoing projects were in line with his administration’s vision to connect all the five zones in the state and mitigate rural-urban migration.

The governor promised to fast-track the completion of all the ongoing projects and rehabilitate all internal roads across the state.

The rehabilitated Oyo-Iseyin road was awarded in 2021 at the cost of N8.4 billion to Kopek Construction Limited.

The Cable

Peter Obi, presidential candidate of the Labour Party (LP) in the February 25 election, says Nigeria is swinging away from the boundaries of democracy.

In a post on his official X page on Friday to commemorate international democracy day, Obi called on Nigerians to remain committed to building and reinforcing the democracy of the nation.

“As witnessed in the country today, the mindless erosion of the very ideals and tenets on which Nigeria’s democracy was built, if not checked, will only push the nation deeper into lawlessness,” Obi said.

“The current trend of endemic corruption, abuse of the constitution, disrespect for the rule of law, and transactional politics which cuts across the executive, legislative, and judicial arms of government, have continued to conflict with our nation’s enforcement of democracy.

“Consequently, our dear nation has continued to swing dangerously away from the boundaries of true democracy.

“Gradually, we are losing one of the biggest intangible assets that makes a nation strong, which is respect for the rule of law. I call on all Nigerians to remain committed to building and reinforcing our nation’s democracy.”

Obi, who came third in the presidential election, said he remains committed to a new and truly democratic Nigeria.

“Once again, I restate my commitment to a new and truly democratic Nigeria. I am in this struggle solely for the betterment of our society,” he said.

“My vision of a new and truly democratic Nigeria is borne out of the deep conviction that Nigeria if given good leadership as I offer to give, will be beneficial to every Nigerian.

“We must not give up on our nation because a New and truly democratic Nigeria is possible.”

Obi and his party had gone to the tribunal to challenge the electoral victory of President Bola Tinubu who was the candidate of the All Progressives Congress (APC) in the election.

But the five-man panel struck out his petitions as lacking merit.

The Cable

WESTERN PERSPECTIVE

Zelenskiy to visit US Congress next week, reports say

Volodymyr Zelenskiy will visit the U.S. Congress next week, according to media reports, after a U.S. official earlier said the Ukrainian president was expected to meet with U.S. President Biden on Thursday.

Punchbowl News on Friday said Zelenskiy's visit with Congress was tentatively scheduled for Thursday. The Washington Post also reported Zelenskiy was set to travel to the U.S. Congress on Thursday, while the Wall Street Journal said he would meet with U.S. lawmakers.

Representatives for Zelenskiy and congressional leaders could not be immediately reached for comment on the reports.

Zelenskiy is expected to head to Washington next week following his trip to New York for the U.N. General Assembly meeting, the U.S. official told Reuters on Thursday.

His visit comes as Biden, a Democrat, presses U.S. lawmakers to provide an additional $24 billion for Ukraine and other international needs amid Russia's ongoing invasion.

Any funds must be approved by Congress. Biden's fellow Democrats control the U.S. Senate, but Republicans narrowly control the U.S. House of Representatives and have signaled resistance to the additional funding request for Ukraine.

** Poland, Hungary, Slovakia to introduce own bans on Ukraine grains

Poland, Slovakia and Hungary announced their own restrictions on Ukrainian grain imports on Friday after the European Commission decided not to extend its ban on imports into Ukraine's five EU neighbours.

Ukraine was one of the world's top grain exporters before Russia's 2022 invasion reduced its ability to ship agricultural produce to global markets. Ukrainian farmers have relied on grain exports through neighbouring countries since the conflict began as it has been unable to use the favoured routes through Black Sea ports.

But the flood of grains and oilseeds into neighbouring countries reduced prices there, impacting the income of local farmers and resulting in governments banning agricultural imports from Ukraine. The European Union in May stepped in to prevent individual countries imposing unilateral bans and imposed its own ban on imports into neighbouring countries. Under the EU ban, Ukraine was allowed to export through those countries on condition the produce was sold elsewhere.

The EU allowed that ban to expire on Friday after Ukraine pledged to take measures to tighten control of exports to neighbouring countries. The issue is a particularly sensitive one now as farmers harvest their crops and prepare to sell.

EU Trade Commissioner Valdis Dombrovskis said on Friday countries should refrain from unilateral measures against imports of Ukrainian grain, but Poland, Slovakia and Hungary immediately responded by reimposing their own restrictions on Ukrainian grain imports. They will continue to allow the transit of Ukrainian produce.

"As long as Ukraine is able to certify that the grain is going to get to the country of destination, through the trucks and trains, the domestic use ban is not really going to put a dent in Ukraine's ability to get exports out," said Terry Reilly, senior agricultural strategist for Marex. He noted that disruptions to Black Sea exports are a bigger concern.

It is unclear how much Ukraine has pledged to restrict exports or how the new bans would impact the flow of produce from Ukraine. The issue has underscored division the EU over the impact of the war in Ukraine on the economies of member countries which themselves have powerful agriculture and farming lobbies.

Ukrainian President Volodymyr Zelenskiy welcomed the EU's decision not to further extend the ban on Kyiv's grain exports, but said his government would react "in civilised fashion" if EU member states broke EU rules.

But the three countries argue their actions are in the interests of their economies.

"The ban covers four cereals, but also at my request, at the request of farmers, the ban has been extended to include meals from these cereals: corn, wheat, rapeseed, so that these products also do not affect the Polish market," Polish Agriculture Minister Robert Telus said in a statement posted on Facebook.

"We will extend this ban despite their disagreement, despite the European Commission's disagreement," added Polish PM Mateusz Morawiecki. "We will do it because it is in the interest of the Polish farmer."

Hungary imposed a national import ban on 24 Ukrainian agricultural products, including grains, vegetables, several meat products and honey, according to a government decree published on Friday.

Slovakia's agriculture minister followed suit announcing its own grain ban. All three bans only apply to domestic imports and do not affect transit to onward markets.

SOLIDARITY LANES

The EU created alternative land routes, so-called Solidarity Lanes, for Ukraine to use to export its grains and oilseeds after Russia backed out of a U.N.-brokered Black Sea grain deal in July that allowed safe passage for the cargo ships.

The EU Commission said existing measures would expire as originally planned on Friday after Ukraine agreed to introduce measures such as an export licensing system within 30 days

The EU said there was no reason to prolong the ban because the distortions in supply that led to the ban in May had disappeared from the market.

The EU said it would not impose restrictions as long as Ukraine exercises effective export controls.

Farmers in the five countries neighbouring Ukraine have repeatedly complained about a product glut hitting their domestic prices and pushing them towards bankruptcy.

The countries, except Bulgaria, had been pushing for an extension of the EU ban. Bulgaria on Thursday voted to scrap the curbs.

Romania's government, which unlike its peers did not issue a unilateral ban before May, said on Friday it "regretted that a European solution to extend the ban could not be found."

Romania said it would wait for Ukraine to present its plan to prevent a surge of exports before deciding how to protect Romanian farmers.

Romania sees over 60% of the alternate flows pass through its territory mainly via the Danube river and its farmers have threatened protests if the ban is not extended.

For the last year, Ukraine had moved 60% of its exports through the Solidarity Lanes and 40% via the Black Sea through a U.N. brokered deal that fell apart in July.

In August, about 4 million tonnes of Ukraine grains passed through the Solidarity Lanes of which close to 2.7 million tonnes were through the Danube. The Commission wants to increase exports through Romania further but the plan has been complicated by Russian drone attacks on Ukraine's grain infrastructure along the Danube and near the Romanian border.

RUSSIAN PERSPECTIVE

Western nations ‘dream’ of sending troops to Ukraine – Lukashenko

NATO might be just one step away from seeing its troops deployed to Ukraine, President of Belarus Alexander Lukashenko said during a meeting on Friday with Russian leader Vladimir Putin in Sochi. Poland in particular has formed forces ready to cross into the Ukrainian territory at any moment, the visiting president added.

Speaking about Western claims of Russia supposedly soliciting the aid of foreign mercenaries for its military campaign in Ukraine, Lukashenko said that the US and its allies should look at their own actions first and count all the mercenaries that they, according to him, sent to assist Kiev’s troops. “Black, Asian and white Americans are fighting for Ukrainians already,” the Belarusian leader claimed.

Washington and other Western nations might not just stop at that, he added, claiming that Western nations are just “dreaming of [sending] their regular military units to Ukraine.” 

“Poland has already formed … military units at the border that are ready to enter Ukraine,” Lukashenko said, calling on the West to “look for a beam in their own eye” before giving rebukes to others.

Putin, in turn, said that Russia has no need for foreign forces in Ukraine. As many as 300,000 Russian citizens signed contracts with the Russian Defense Ministry and joined the nation’s Armed Forces amid Moscow’s conflict with Kiev, the president said. Russian military units are also “equipped with state-of-the-art weapons and hardware,” he added.

The Russian president also dismissed rumors about Moscow supposedly asking Pyongyang for “volunteers” that could join its cause in Ukraine. “That is absolute nonsense,” he said. The rumors surfaced amid Putin’s meeting with North Korea’s leader Kim Jong-un, during his visit to Russia this week.

At a meeting with Lukashenko in late July, Putin had said that foreign mercenaries fighting for Ukraine had suffered “significant losses” during a major counteroffensive Kiev launched in early June. At that time, Russia’s Defense Ministry said that some 4,990 foreign fighters had been killed since the start of Russia’s military operation in Ukraine in February 2022, with roughly the same number of them fleeing the country.

In mid-August, several mercenaries from Western nations, including two Americans, told ABC news that casualty rates in their units had reached 85% during the summer offensive operation.

Reuters/RT

A UK father of four became convinced his loyal wife of three years was cheating on him — but it turns out his paranoia was a symptom of a deadly brain tumor.

Andy Hampton, 54, not only became distant from his wife, Gemma, 37, he also showed an uncharacteristic lack of interest in his family and became forgetful.

“Shortly after having Henley, I noticed huge changes in Andy’s personality,” Gemma told SWNS about their son, who was born in May 2022.

“I would ask Andy to change Henley’s [diaper], to which he would say he had a headache and I had to do it,” she continued.

At first, Gemma believed her husband was struggling to adjust to the new dynamics of their growing family, but the behavior continued to worsen.

Gemma said it felt like her husband wasn’t even “listening” to her anymore.

“Because I kept pointing out things that he was doing wrong, his paranoia caused him to believe things that weren’t true,” she explained.

“He kept saying he knew it was all in his head, but he couldn’t stop the thoughts.

By May 2023, Andy was “all over the place,” according to Gemma, and he was becoming confused more easily.

The “final straw” came when he couldn’t figure out how to put the duvet cover back on the bed, which set off alarm bells in Gemma’s head.

She took him to a doctor, who diagnosed Andy with glioblastoma, a cancerous and aggressive brain tumor, per the American Brain Tumor Association (ABTA).

Glioblastomas can cause a shift in behavior, according to the ABTA, spurring psychiatric symptoms such as delusion and confusion, which could explain Andy’s actions.

On May 31, Andy underwent surgery to remove cancerous tissue and began six weeks of combined radiotherapy and chemotherapy.

“Instantly after the operation Andy’s mood changed, and his personality resembled the old Andy,” Gemma told SWNS.

“We felt better knowing that there was something to blame for Andy’s behavior and that it wasn’t our marriage breaking down.”

Now, the couple is focused on battling the cancer and getting Andy to feel better.

As he undergoes a second round of chemotherapy, Andy has signed up for a sponsored walk to raise money for Brain Tumour Research, a UK charity that aims to find a cure for brain tumors.

Gemma said that Andy has always been “an active person,” but his treatment leaves him extremely tired, and the walk may become a challenge.

Mel Tiley, the community development manager for Brain Tumour Research, noted that Andy’s story is a “stark reminder” of the “indiscriminate nature of brain tumors,” as the disease can affect anyone at any time.

“They kill more men under 70 than prostate cancer, yet just 1% of the national spend on cancer research has been allocated to this devastating disease since records began in 2002,” Tiley told SWNS.

“We’re determined to change this, but it’s only by working together we will be able to improve treatment options for patients and, ultimately, find a cure.”

New York Post

Debt Management Office has said Nigeria’s total public debt hit N87.38tn at the end of the second quarter of 2023.

The figure represents an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023.

The DMO in a report on Thursday said the debt includes the N22.71tn Ways and Means Advances of the Central Bank of Nigeria to the Federal Government.

The DMO stated, “Nigeria’s total public debt stock as at June 30, 2023, was N87.38tn ($113.42bn). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six states, and the Federal Capital Territory.

“The major addition to the Public Debt Stock was the inclusion of the N22.712tn securitized FGN’s Ways and Means Advances.”

The statement also noted that other additions to the debt stock were new borrowings by the Federal Government and the sub-nationals from local and external sources.

It added, “The reforms already introduced by the present administration and those that may emerge from the recommendations of the Fiscal Reform and Tax Policies Committee, are expected to impact debt strategy and improve debt sustainability.”

The DMO had earlier projected that Nigeria’s public debt burden may hit N77tn following the National Assembly’s approval of the request by former President Muhammadu Buhari to restructure the CBN’s Ways and Means Advances.

Ways and Means Advances are loan facilities through which the CBN finances shortfalls in the government’s budget.

Director-General of the DMO, Patience Oniha, during a public presentation of the 2023 budget organised by the former Minister of Finance, Budget and National Planning, Zainab Ahmed, noted that the debt would be N70tn without N5tn new borrowing and N2tn promissory notes.

However, the latest data showed that the current debt stock of N87.38tn exceeded the DMO’s projection by N10.38tn.

Further breakdown showed that Nigeria has a total domestic debt of N54.13tn and total external debt of N33.25tn.

While the domestic debt makes up 61.95 per cent of total debt, the external makes up 38.05 per cent.

Punch

Nigeria, among Africa’s largest producers of crude oil, will need to raise production by at least 300,000 to 400,000 barrels a day to meet President Bola Tinubu’s target of achieving 6% economic growth from next year.

That’s according to Bank of America sub-Saharan Africa Economist Tatonga Rusike, who said that restoring crude output to levels last achieved in 2014 could prove tough.

“The target is ambitious as long as we continue to see oil production below 1.3 million barrels a day,” he said in an interview this week, noting that the revenue generated by Nigerian oil provides an important economic support.

Nigeria Oil Sector Shrinks for 13th Straight Quarter

The country produced 1.18 million barrels a day of crude in August, up from a revised 1.09 million barrels a day in July, according to data on Wednesday from the Nigerian Upstream Petroleum Regulatory Commission. That’s nearly 600,000 barrels below its OPEC quota of 1.7 million barrels a day, which it has been unable to meet this year.

Nigeria’s economy grew 2.5% in the three months through June from a year earlier, compared with 2.3% in the prior quarter after the oil sector contracted for a 13th straight quarter. The country has suffered two economic recessions since 2015, with growth averaging 1.1% over the period.

Tinubu, who took office in May, pledged to raise the growth rate to 6% or more and has initiated sweeping reforms to boost the economy, including ending costly energy subsidies, relaxing the exchange-rate regime and overhauling the country’s tax system to lift revenues.

Olaniyi Yusuf, chairman of the Nigerian Economic Summit Group, said that Tinubu’s growth goal was achievable — if the energy sector steps up.

“Our sense is that the greatest lever for us is crude oil,” he said in a separate interview, arguing that if the country can advance oil production to 1.6 million barrels a day, economic growth “will do up to 6% sustainably.”

Still, Nigeria’s persistently low oil production is a headwind and Bank of America has cut its growth forecast for Africa’s most populous country to 2.5% this year from an initial estimate of 3%.

“An increase in crude oil production to 1.6 million barrels a day could take growth to 4%,” Rusike said. But he cautioned that hitting that level of production is unlikely “unless there is a new field, or an old field that was not producing is reactivated.”

There will also be a time lag before Tinubu’s reforms begin to bear fruit.

“Positive reform momentum should influence economic performance for the rest of the year and into 2024,” he said.

Bloomberg