Data from the Central Bank of Nigeria (CBN) shows that the currency in circulation (CIC) reached a year high of N2.5 trillion in May 2023, up by 7.4% from N2.3 trillion in January 2023.

The CIC comprises the currency outside the banking system and the vault cash of banks.

According to the data, currency in circulation rose from N2.3 trillion to N2.5 trillion, the highest recorded in 2023, and since the Supreme Court reversed a CBN policy on new naira notes.

Meanwhile, currency outside banks also rose to N2.1 trillion in May from N2 trillion at the end of April 2023.

The spate of rise in currency in circulation suggests the country is gradually going back to trends recorded in 2022 when the currency in circulation grew month and month, climaxing to about N3.3 trillion in May 2022.

Between February when the currency in circulation was around N982 billion and May this year, it has risen by 50%, the fastest we have seen in recent years.

Daily Trust

Nigerian authorities have reported a new oil spill at a Shell facility in the Niger Delta, which they say has contaminated farmland and a river, disrupting livelihoods in fishing and farming communities.

The spill came from the Trans-Niger Pipeline operated by the British multinational oil and gas company, which runs through communities in the Eleme area of Ogoni land in Rivers State, the National Oil Spill Detection and Response Agency (NOSDRA) told Associated Press.

It was detected on June 11 and lasted for more than a week before bursting into the Okulu River, which connects to other rivers and eventually empties into the Atlantic Ocean, according to the Youths and Environmental Advocacy Centre (YEAC-Nigeria), an NGO that monitors spills in the Niger Delta.

Authorities in the West African country are investigating the cause of the spill in order to determine the volume of oil leaked, which is currently unknown.

The YEAC said a team comprising NOSDRA and local community representatives was at the site on Monday to gather information, analyze data, examine physical evidence, and determine the causes of the leak.

Shell has faced decades-long local pushback to its oil explorations in the Niger Delta, with numerous legal disputes regarding oil spills.

Earlier this year, more than 11,000 people and 17 institutions in Nigeria’s oil-producing state’s Ogale community sued the company for allegedly disrupting their livelihoods through pollution caused by spills.

The London-based energy giant attributes the majority of the spills to pipeline sabotage and illicit extraction of crude oil.

Climate and energy campaigner for Greenpeace Africa, Thandile Chinyavanhu, said the recent spillage further damages Shell’s reputation in Africa’s largest economy.

“Shell must be held accountable and financially responsible for this spill and for its neocolonial role in causing climate loss and damage,” she said.

The oil company has “money to pay, after reporting $40 billion in profits last year,” Chinyavanhu added.

Last month, the UK Supreme Court dismissed a lawsuit filed by two Nigerians against two Shell subsidiaries over a 2011 offshore oil spill in which the claimants had argued that the consequences of the pollution constituted a “continuing nuisance.” The judges rejected the claimants’ submission, stating the leak “was a one-off event or an isolated escape.”

Russia Today

Despite the curfew imposed by Plateau State Government to curb insecurity in the Mangu Local Government Area, gunmen, on Monday, killed five persons during an attack on the Sohon Kerang community in the the local government area.

It was gathered that the suspects, after perpetrating the crime between 5pm and 8pm, fled into the bush.

It was learnt that the attack occurred after gunmen, in a similar manner, attacked neighbouring communities last week and reportedly killed several persons.

Speaking with our correspondent on Tuesday, a resident of the community, Joseph Kabir, said the slain victims included a yet-to-be-identified man and his wife, adding that all the victims were given a mass burial a day after the attack.

Kabir said, “I can confirm to you that five people including a man and his wife were killed by terrorists between 5pm to 8pm on Monday, June 26, 2023, in the Sohon Kerang community of the Kerang District, Mangu Local Government Area.

“We thought that with the declaration of curfew by the government, security agents will be able to stop the terrorists from killing innocent residents. But the gunmen came to the community which is behind the SWAN Water Company Limited located around 5pm and started firing gunshots which killed the victims.

“They escaped into the bush after carrying out their evil acts. It was this morning that the corpses of the victims were discovered by residents who have been thrown into mourning. The victims were given a mass burial this morning.”

The state Police Public Relations Officer, Alabo Alfred, had yet to make a statement regarding the attack as of the time of filing this report.

Punch

WESTERN PERSPECTIVE

NATO warns that Russian forces should not be underestimated and increases its readiness

NATO’s chief said Tuesday that the power of Russia’s military shouldn't be underestimated following the weekend mutiny against it by Wagner Group mercenaries, and said the alliance has increased its readiness to confront Russia in recent days.

Jens Stoltenberg said the alliance may decide to further boost its strength and readiness to face Russia and its ally Belarus when NATO leaders meet in the Lithuanian capital of Vilnius on July 11-12.

”So, no misunderstanding and no room for misunderstanding in Moscow or Minsk about our ability to defend our allies against any potential threat," Stoltenberg said.

At a meeting in The Hague of eight NATO leaders, Lithuanian President Gitanas Nausėda said that neighboring countries would face a heightened danger if the Wagner Group deploys its "serial killers” in Belarus.

Stoltenberg said it was still too early to draw any conclusions about what Wagner leader Yevgeny Prigozhin and some of his forces might do or whether they all might end up in Belarus.

The leaders agreed that, given the short-lived revolt by Wagner fighters in Russia over the weekend, that the allies should continue to bolster their forces along NATO’s eastern flank to discourage Russian President Vladimir Putin from attempting to widen his war.

NATO responded to Russia’s full-scale invasion of Ukraine in February 2022 by deploying multinational battle groups in Slovakia, Hungary, Romania and Bulgaria. They complement another four deployed in 2017 in the three Baltic states and Poland, to expand NATO’s presence from the Baltics to the Black Sea. On Monday, Germany said that it stands ready to permanently base forces in Lithuania, if needed.

Rutte and Stoltenberg met with the presidents of Romania and Poland and leaders of Belgium, Norway, Albania and Lithuania at the Dutch leader's official residence in a leafy suburb of The Hague.

Earlier Tuesday, Russian authorities said they had closed a criminal investigation into the aborted armed rebellion led by Prigozhin and are pressing no charges against him or his troops.

The mutiny by Wagner Group forces lasted less than 24 hours, but formed the latest twist in a series of events that have brought the gravest threat to Putin’s grip on power in the 16-month-old war in Ukraine.

The war led Sweden and Finland to seek to join NATO. Finland has already become the alliance's latest member, but Sweden's membership is being held up by Turkey.

On Monday, Stoltenberg said he will call an urgent meeting in the coming days to try to overcome Turkish objections to Sweden joining the military organization in a last-ditch effort to have the Nordic country standing alongside the allies at the July summit in Lithuania.

NATO requires the unanimous approval of all members to expand. Turkey accuses Sweden of being too lenient toward groups that Ankara says pose a security threat, including militant Kurdish groups and people associated with a 2016 coup attempt.

** East Europe NATO allies say Wagner troops in Belarus spell trouble

Eastern European NATO countries on Tuesday warned that a move of Wagner's Russian mercenary troops to Belarus would create greater regional instability, but NATO Secretary General Jens Stoltenberg said the alliance is ready to defend itself against any threat.

"If Wagner deploys its serial killers in Belarus, all neighbouring countries face even bigger danger of instability," Lithuanian President Gitanas Nauseda said after a meeting in The Hague with Stoltenberg and government leaders from six other NATO allies.

"This is really serious and very concerning, and we have to make very strong decisions. It requires a very, very tough answer of NATO," Polish President Andrzej Duda added.

Wagner boss Yevgeny Prigozhin arrived in Belarus on Tuesday under a deal negotiated by President Alexander Lukashenko that ended the mercenaries' mutiny in Russia on Saturday.

Russian President Vladimir Putin said Wagner's fighters would be offered the choice of relocating there.

NATO's Stoltenberg said it was too early to say what this could mean for NATO allies, and stressed the increased defence of the alliance's eastern flank in recent years.

"We have sent a clear message to Moscow and Minsk that NATO is there to protect every ally, every inch of NATO territory," Stoltenberg said.

"We have already increased our military presence in the eastern part of the alliance and we will make further decisions to further strengthen our collective defence with more high-readiness forces and more capabilities at the upcoming summit."

Stoltenberg said the mutiny had shown that Putin's "illegal war" against Ukraine had deepened divisions in Russia.

"At the same time we must not underestimate Russia. So it's even more important that we continue to provide Ukraine with our support."

Poland's Duda said he hoped the threat posed by Wagner forces would be on the agenda at a summit of all 31 NATO members in Vilnius, Lithuania, July 11-12.

RUSSIAN PERSPECTIVE

Putin says Wagner group fully financed by Russian government

The Russian government fully ensured the financing of the Wagner Private Military Company (PMC), President Vladimir Putin said at a meeting with the Defense Ministry’s military personnel.

"I want to note and I want everyone to know that the financing of the entire Wagner group was fully ensured by the state," he said. "We fully financed this group from the Defense Ministry, from the state budget," Putin added.

From May 2022 to May 2023, the state alone allocated 86.2 bln rubles ($1 bln) to PMC Wagner in the form of salary to fighters and incentive rewards, the president noted. "Of that amount, remuneration equaled 70.38 bln [rubles], incentive rewards amounted to 15.87 bln [rubles], insurance payments totaled 110.17 bln [rubles]," he said.

Meanwhile, Wagner’s owner, the Concord company, received 80 bln rubles ($940 mln) from the state in one year for supplying food and providing food services to the army, Putin added. "The state fully ensured the financing [of Wagner], whereas a portion of that group, this Concord company, earned 80 bln rubles during the same period," he said. "Hopefully, nobody stole anything during these activities or, let’s say, stole less," he noted. "We will obviously look into all this," the president stressed.

** Russian forces repel seven Ukrainian attacks in Donetsk area over past day — top brass

Russian forces successfully repelled seven Ukrainian attacks in their active defense in the Donetsk area over the past day during the special military operation in Ukraine, Defense Ministry Spokesman Lieutenant-General Igor Konashenkov reported on Tuesday.

"In the Donetsk direction, units of the southern battlegroup successfully repelled seven enemy attacks in their active defense. Operational/tactical and army aircraft, artillery and heavy flamethrower systems destroyed as many as 325 Ukrainian personnel, a tank, three infantry fighting vehicles and five motor vehicles," the spokesman said.

In the area of the settlement of Avdeyevka in the Donetsk People’s Republic, an ammunition depot of the Ukrainian army’s 110th mechanized brigade was obliterated, the general reported.

Ukraine’s military continues offensive attempts in three directions

Ukrainian troops continue attempts to attack in three directions, Konashenkov reported.

"During the last 24-hour period, Ukrainian troops continued attempts to advance in the Krasny Liman, Donetsk and south Donetsk directions," the spokesman said.

Russian forces destroy Ukrainian ammo depot in Kupyansk area

Russian forces destroyed a Ukrainian ammunition depot and over 30 enemy troops in the Kupyansk area over the past day, Konashenkov reported.

"Near the settlement of Ogurtsovo in the Kharkov Region, an ammunition depot of the Ukrainian army’s 60th mechanized brigade was destroyed," the spokesman said.

In the Kupyansk direction, aircraft and artillery of Russia’s battlegroup West struck the enemy units in areas near the settlements of Krasnoye Pervoye, Sinkovka and Berestovoye in the Kharkov Region, Novosyolovskoye and Stelmakhovka in the Lugansk People’s Republic, the general specified.

"The enemy’s total losses in the past 24 hours amounted to over 30 Ukrainian personnel, two armored combat vehicles, two motor vehicles, a D-20 howitzer and a US-made AN/TPQ-36 counter-battery radar station," he said.

Russian forces eliminate over 100 Ukrainian troops in Krasny Liman area

Russian forces repulsed two Ukrainian attacks and eliminated over 100 enemy troops in the Krasny Liman area over the past day, Konashenkov reported.

"In the Krasny Liman direction, two enemy attacks were successfully repulsed by skilled and coordinated actions of units from the battlegroup Center. Air strikes and artillery fire inflicted damage on units of the Ukrainian army’s 63rd and 67th mechanized brigades near the settlements of Chervonaya Dibrova and Chervonopopovka in the Lugansk People’s Republic and Serebryanka in the Donetsk People’s Republic. Also, the activity of two subversive and reconnaissance groups was thwarted near the settlement of Chervonaya Dibrova in the Lugansk People’s Republic," the spokesman said.

Russian forces destroyed over 100 Ukrainian personnel, four armored combat vehicles, three pickup trucks, a D-20 howitzer and a D-30 howitzer and two Gvozdika motorized artillery systems in that direction in the past 24 hours, the general reported.

Russian forces repel three Ukrainian attacks at Vremevka bulge in past day

Russian forces repelled three Ukrainian attacks at the Vremevka bulge in the Donetsk People’s Republic over the past day, Konashenkov reported.

"At the Vremevka bulge in the south Donetsk direction, three enemy attacks were repelled by courageous and coordinated actions of units from the battlegroup East, air strikes, artillery and heavy flamethrower fires," the spokesman said.

Russian forces wipe out Ukrainian command post in DPR

Russian forces destroyed a Ukrainian command post in the Donetsk People’s Republic (DPR) over the past day, Konashenkov reported.

"In the area of the settlement of Avdeyevka in the Donetsk People’s Republic, a signal center of the Ukrainian army’s 110th mechanized brigade was destroyed. Near the settlement of Viyemka in the Donetsk People’s Republic, a command post of the Ukrainian army’s 10th mountain assault brigade was eliminated," the spokesman said.

Russian forces destroy 115 Ukrainian troops, US-made Bradley vehicle in south Donetsk area

Russian forces destroyed roughly 115 Ukrainian troops and a US-made Bradley infantry combat vehicle in the south Donetsk area over the past day, Konashenkov reported.

"The enemy’s total losses amounted to 115 Ukrainian personnel, five armored combat vehicles, including a Bradley infantry fighting vehicle, three pickup trucks, a Msta-B howitzer and a D-20 howitzer," the spokesman said.

The activity of a Ukrainian subversive group was thwarted near the settlement of Rabotino in the Zaporozhye Region, the general reported.

Russian forces push back Ukrainian troops near Orekhov in Zaporozhye area

Russian forces pushed Ukrainian troops back to their positions near Orekhov in the Zaporozhye area over the past day, Konashenkov reported.

"In the Orekhov tactical direction, Russian forces halted and pushed back a Ukrainian motorized infantry platoon conducting reconnaissance by fire as a result of damage inflicted on the enemy by firepower," the spokesman said.

Russian forces destroy 30 Ukrainian troops in Kherson area

Russian forces destroyed roughly 30 Ukrainian troops and a motorized artillery system in the Kherson area over the past day, Konashenkov reported.

"In the Kherson direction, as many as 30 Ukrainian personnel, three motor vehicles and an Akatsiya motorized artillery system were destroyed in the past 24 hours as a result of damage inflicted on the enemy by firepower," the spokesman said.

During the last 24-hour period, operational/tactical and army aircraft, missile troops and artillery of the Russian groupings of forces struck 89 Ukrainian artillery units at firing positions, manpower and military equipment in 112 areas, the general reported.

Russian air defenses intercept two US-made HIMARS rockets

Russian air defense forces intercepted two rockets of the US-made HIMARS multiple launch rocket system and shot down six Ukrainian unmanned aerial vehicles over the past day, he said.

"Air defense capabilities intercepted two rockets of the HIMARS multiple launch rocket system. In addition, they destroyed six Ukrainian unmanned aerial vehicles in the past 24 hours in areas near the settlements of Belogorovka and Verkhnekamenka in the Lugansk People’s Republic, Mirnoye and Pshenichnoye in the Zaporozhye Region," the spokesman said.

In all, the Russian Armed Forces have destroyed 444 Ukrainian warplanes, 240 helicopters, 4,804 unmanned aerial vehicles, 426 surface-to-air missile systems, 10,371 tanks and other armored combat vehicles, 1,131 multiple rocket launchers, 5,246 field artillery guns and mortars and 11,213 special military motor vehicles since the beginning of the special military operation in Ukraine, Konashenkov reported.

LA Times/Reuters/Tass

Sudan army head calls on young men to join fight against paramilitary RSF

Head of Sudan's army called on young men to defend their country, including by joining the army, and announced a ceasefire for the Eid al Adha holiday on Wednesday, when a rival force has also declared a truce.

Multiple ceasefire deals have failed to stick in the conflict between the army and the paramilitary Rapid Support Forces that began April 15, including several brokered by Saudi Arabia and the United States at talks in Jeddah that were suspended last week.

"We ask all of the country's youth and all those who can defend not to hesitate or delay in playing this national role in their place of residence or by joining the armed forces," army leader Abdel Fattah al-Burhan said in a speech late on Tuesday.

RSF late on Monday declared a ceasefire for Tuesday and Wednesday. Both sides said their ceasefires were "unilateral."

Artillery fire, air strikes and clashes could be heard on Tuesday in parts of Sudan's capital, residents said.

The war has brought widespread destruction and looting to Khartoum and has triggered unrest in other parts of Sudan, especially in the western region of Darfur where attacks and ethnic violence spread.

Almost 2.8 million people have been uprooted by the fighting, with more than 2.15 million internally displaced and nearly 650,000 fleeing into neighbouring countries, according to estimates from the International Organization for Migration published on Tuesday.

The U.N. refugee agency said that it expects the conflict to turn more than 1 million people into refugees within the next six months.

Residents say those fleeing attacks by Arab militias and the RSF in the Darfur city of El Geneina have been killed or shot at as they try to reach Chad by foot.

Burhan, who is also the head of Sudan's ruling Sovereign Council, blamed the RSF for what he called "war crimes and crimes against humanity" in the city.

In an audio message on Monday, RSF chief Mohamed Hamdan Dagalo, also known as Hemedti, said the RSF would establish a special committee to investigate alleged violations by his troops, which would be treated "with severity and seriousness".

A senior U.N. refugee agency official said on Tuesday that many women and children had been arriving in Chad with injuries.

The RSF accuses the army of fomenting violence in the area.

Reuters

It's 2023. By now, we should all be wearing jet packs, living on the Moon, and having deep conversations with our dogs through pet translation devices. Oh, and we should know how consciousness works.

We don't, of course. But a recent event coinciding with the annual meeting of the Association for the Scientific Study of Consciousness (ASSC) in New York serves as an example of how far we've come in efforts to model the basic mechanisms of human thinking.

Judges in an adversarial meeting of the minds determined that a series of experiments based on Integrated Information Theory models of consciousness had more going for them than a run of tests based on their closest rival, Global Neuronal Workspace Theory.

But despite this victory, the meeting overall showed we're still a long way from working out the source of consciousness in the human brain.

As a result, a 25-year-old wager finally came to a close, with German-American computational neuroscientist Christof Koch admitting defeat.

In 1998, Koch was so confident the neurological underpinnings of the brain's experience of the Universe would be understood within 25 years, he proposed a friendly wager. One that Australian philosopher and cognitive scientist David Chalmers took up.

Okay, some alcohol may have been involved. A case of wine was on the line. But it wasn't exactly an unreasonable bet for either party.

Koch and Chalmers have been part of a project run by the Templeton World Charity Foundation (TWCF) tasked with finding ways to bring researchers together to better test models of consciousness.

A quarter of a century ago, neurology was booming with advances in imaging and probing, promising new ways to map and monitor activity on a detailed level.

"I was very taken by all these techniques," Koch told Nature's Mariana Lenharo.

"I thought: 25 years from now? No problem."

On the other hand, consciousness has never been the easiest nut to crack.

Chalmers is famous for dividing the search for answers on consciousness into "easy problems" and "hard problems".

Problems that are easy include integrating information into cognitive systems, or working out how we focus attention. Meaty, mechanical, physical mysteries that aren't simple to solve, but are at least straight-forward to define.

Hard problems are more philosophical. Like, how does a network of neurons generate the experience of smelling cut grass on a warm summer's day? How does our brain turn wavelengths of electromagnetism triggering reactions in your eyes into a dazzling rainbow? And how does it produce a sense of self-awareness?

The challenge is using tools of science – such as experimentation, replication, and reasoning – to relate objective measures of cells and chemistry to subjective accounts of agency and awareness. All while respecting the ethics of experimenting on the human mind.

To make progress on at least some of the easier questions, the TWCF has facilitated something of a competition between competing avenues of research on consciousness, testing dominant theories by inviting researchers with differing opinions to work together on experimental designs.

One such opinion, championed by Koch, holds that consciousness emerges from a posterior cortical hot zone; sensory structures across the cortex, primarily in lobes to the sides and back of the brain. Referred to as Integrated Information Theory (IIT), it prioritizes the encoding of objects we sense as key features of conscious activity.

Global Neuronal Workspace Theory (GNWT) proposes the involvement of additional areas, such as the prefrontal lobe, that integrate sensory information and oversee its transformation into an experience.

Experiments on GNWT have typically involved imaging areas of the brain that are active as participants report activity – a method complicated by questions of where awareness ends, and the neurological behavior of reporting on it begins.

Judges in this latest round of experimentation might be giving more points to IIT based on recent study results, but Koch isn't taking it as a clear victory for his field.

He paid up on his bet with Chalmers at the event, conceding there's still plenty of room for debate over the question of how the brain builds a universe inside our mind.

Science Alert

Between his own business success and his investments in hundreds of startups, Mark Cuban knows what it takes to be highly successful.

There's one trait you should cultivate above all others if you want to be successful too, he says.

"The one thing in life you can control is your effort," Cuban, 64, recently said in a LinkedIn video post published by entrepreneur and VC investor Randall Kaplan. "And being willing to do so is a huge competitive advantage, because most people don't."

Putting in effort means going beyond what's required to solve problems, even when you aren't asked to — on top of your job's normal responsibilities, Cuban said. You take the initiative, and exhaust every possible option to find answers.

This quality is somewhat rare, he added.

"There's some people, or employees, that if you tell them to do A, B, and C, they'll do A, B, and C and not know that D, E, and F exists," Cuban said. "There [are] others who aren't very good at details: If you tell them to do A, B, and C, all they want to do is talk about D, E and F."

His advice for anyone who doesn't go the extra mile: "Don't apply for a job with me."

Cuban's comments come amid an ongoing "quiet quitting" movement, as employees across the U.S. push back against being overworked, underpaid and given limited advancement opportunities. The phrase refers to the idea that people should do the work they get paid to do — and nothing more.

"It ultimately is an engagement issue, as we think about what employees are really looking for and setting boundaries for themselves," Lexi Clarke, vice president of people at employee compensation company Payscale, told reporters earlier this year. "It's not going anywhere."

Still, Cuban isn't the only boss who highly values effort and problem-solving skills in the workplace.

Last year, 2.7 million job postings on ZipRecruiter listed "analytical thinking" as a required soft skill. And 29% of company executives worldwide think employees who don't go the extra mile won't be successful and risk being fired, Payscale's 2023 Compensation Best Practices Reportfound.

For Cuban, it's seemingly personal: He built his career by analyzing where he'd get the most reward for his effort, instead of following his passions and seeing where they led him.

"The things I ended up being really good at were the things I found myself putting effort into," Cuban said in a 2018 Amazon Insights for Entrepreneurs video. "A lot of people talk about passion, but that's really not what you need to focus on. You really need to evaluate and say, 'OK, where am I putting in my time?'"

CNBC

Things have been topsy turvy lately on the roadsides of West African nations where cheap contraband petrol from Nigeria has abruptly doubled in price, upending an informal sector that is central to the region's economic activity.

Since Nigeria scrapped a state fuel subsidy on May 31, black market fuel vendors and commercial drivers in Cameroon, Benin and Togo who were heavily reliant on petrol smuggled from Nigeria have seen their businesses collapse.

With supplies dwindling, queues have been forming at official petrol stations, where fuel is now competitively priced.

In Garoua, a town in northwest Cameroon about 60 km (37 miles) east of the Nigerian border, a litre of petrol on the black market used to sell for about 300 CFA francs ($0.48). Now the minimum is 600 CFA francs, vendors said.

"Supply has become scarce and customers think we're ripping them off with this high price, yet it's from Nigeria that prices have soared," said Perevet Dieudonne, a black market seller.

The knock-on effects on motorcycle-taxis, a form of public transport ubiquitous in West Africa, include conflict between riders who often live hand-to-mouth and customers who demand cheap fares no matter what.

Ousmanou Mal Djoulde, a rider in Garoua, said he had been forced to more than double his fares. Many customers were refusing to pay and business was agonisingly slow.

The trade in black market fuel is so central to the local economy that authorities either turn a blind eye or are complicit. A Reuters reporter in Garoua saw a Cameroonian customs officer sitting on a motorcycle-taxi that was being refuelled with smuggled Nigerian petrol.

RAMPANT SMUGGLING

There is no reliable data on the amount of fuel that is smuggled from Nigeria.

Head of Nigeria's state-controlled oil firm NNPC, the sole supplier, said early this month 66 million litres of petrol left its depots daily but could not say how much was consumed locally, though he admitted smuggling was rampant.

Independent energy experts and Nigeria's Dangote Petroleum Refinery - which expects to start producing petrol from early August to alleviate chronic fuel shortages - put Nigeria's total daily consumption below 40 million litres.

In Benin and Togo, small nations to the west of Nigeria, contraband fuel vendors have lost both supplies and customers while formerly sleepy official petrol stations are suddenly busy.

At Hilacondji, a border crossing between Togo and Benin, some black market fuel stalls were shut, while at others vendors waited among rows of empty plastic jerricans for potential deliveries.

"While we wait for the situation to improve, some have gone into fishing or other small businesses," said Ayi Hilla, who had been making a living from selling contraband fuel for 10 years but was now focusing on running a small roadside bar.

Some informal fuel depots were being demolished, and men who used to work there unloading and carrying petrol were now unemployed.

More than 80% of employment in Africa is informal, according to the United Nations, making the informal sector a key driver of economic activity.

In Cotonou, the commercial capital of Benin which is about 60 km from Nigeria, queues have been building up at official petrol stations and some have been unable to meet the sudden surge in demand, especially from "zemidjan", the local word for motorcycle-taxis.

"Before, we were selling about 2,000 litres per day, but now we're selling up to 7,000 litres per day," said a worker at the JNP fuel station who gave his first name, Janvier. He had just turned away four customers because supplies had run out.

"The zemidjan-men are even fighting to get served," said Janvier.

($1 = 626.4400 CFA francs)

Reuters

Abuja Electricity Distribution Company (AEDC) has appealed to its customers to disregard the planned tariff increase as approval for such an increment had not been received.

AEDC management made the appeal in a statement on Monday in Abuja.

“Please disregard the circulating communication, regarding the review of electricity tariffs.

“Be informed that no approval for such increments has been received. We regret any inconvenience.”

AEDC had earlier in a statement, said there would be an upward review of electricity tariffs from July 1.

According to the statement, the tariff increase is influenced by the fluctuating exchange rate.

“Effective July 1, 2023, please be informed that there will be an upward review of the electricity tariff influenced by the fluctuating exchange rate.

“Under the MYTO 2022 guidelines, the previously set exchange rate of N441/1 dollar may now be revised to approximately N750/1 dollar which will have an impact on the tariffs associated with your electricity consumption.

“For customers within bands B and C, with supply hours ranging from 12 to 16 per day, the new base tariff is expected to be N100 per Kilowatts per hour (KWh).

“While Bands A with (20 hours and above) and B (16 to 20 hours) will experience comparatively higher tariffs,‘’ it said.

In the statement, AEDC encouraged customers with prepaid meters to consider purchasing bulk energy units before the end of June as this would allow them to take advantage of the current rates and make savings before the new tariffs came into effect.

AEDC said that for those on post-paid (estimated) billing, a significant increment is imminent in their monthly billing, starting from August.

The Mult Year Tariff Order (MYTO) is the methodology for regulating electricity prices.

It provided a 15-year tariff path for the Nigerian electricity industry with limited ‘minor’ reviews each year in the light of changes in a number of parameters.

These included inflation and gas prices and ‘major’ reviews every five years when all of the inputs were reviewed with stakeholders.

NAN

Several billions of dollars left in a scheme to deliver Covid-19 vaccines to the world’s poorest could be diverted to prepare for other pandemics or to support vaccine manufacturing in Africa, the scheme's partners said.

The COVAX initiative, run by Gavi, the Vaccine Alliance, the World Health Organization (WHO), and the Coalition for Epidemic Preparedness Innovations (CEPI), has $2.6 billion left in its coffers as the emergency phase of the pandemic draws to a close, according to documents seen by Reuters and two sources close to the scheme.

The initiative is set to wind up at the end of this year, although some of its work will continue. With demand for Covid-19 vaccines dwindling, the partners are now working out how best to use the remaining cash – a significant sum in global health – alongside the donors who originally pledged it.

Around $600 million was given as part of a “contingency” fund in case the pandemic escalated again. The remaining $2 billion has come back to COVAX after drugmakers agreed to refund deals agreed for vaccines at the height of the pandemic.

“This money was designed as an instrument of contingency, so we could respond to the twists and turns of the pandemic,” said Marie-Ange Saraka-Yao, Gavi’s head of resource mobilization. “We don’t want the money to be idle.”

Around $700 million is likely to be used for an ongoing Covid-19 vaccination programme in countries supported by Gavi, for 2024 and 2025. This option will be discussed by Gavi’s board this week. Another portion of the money will be used for booster shots this year and next.

Advertisement · Scroll to continue

Saraka-Yao said the donors, including rich countries like the United States and Germany as well as philanthropic organizations like the Bill and Melinda Gates Foundation, had all been asked if they wanted the rest of the money back at a meeting in March. None did. The donors, and the WHO, were not immediately available for comment.

A CEPI spokesperson said that while no decision had been made on the funds, it was "prudent to remain prepared" both in case the Covid-19 situation changes, and for future pandemics.

“They [donors] want to keep the spirit of the political intent when the money was given… to help protect the rest of the world,” Saraka-Yao said.

One option is to invest in wider pandemic preparedness initiatives, Gavi said. Another idea that has gained traction is to use some of the money to boost vaccine manufacturing in Africa, Saraka-Yao said.

Gavi is proposing a financial support system which would help new manufacturers bring products to market competitively, particularly for diseases like cholera or yellow fever, where there are shortages of vaccine for diseases that kill hundreds of thousands of people in Africa every year.

Separately, Gavi announced on Monday that its incoming chief executive, Muhammad Ali Pate, would no longer be joining the organization as he was returning to his home country of Nigeria. Instead, chief operating officer David Marlow will become interim chief executive after Seth Berkley steps down in August.

Reuters