BIG STORY

Inflation Will Push 15 Million Nigerians Into Poverty In Two Years – World Bank

Published

2 years ago

June 19, 2022

According to the World Bank, the inflation shock in Nigeria is projected to push about 15 million more Nigerians into poverty between 2020 and 2022.

The Washington-based bank said this in its latest Nigeria Development Update report, titled, ‘The Continuing Urgency of Business Unusual’.

The report read in part, “Overall, the ‘inflation shock’ is estimated to result in about 15 million more Nigerians living in poverty between 2020 and 2022.”

The lending bank stressed the need for reducing the rising rate of inflation, which is pushing millions of Nigerians into poverty.

Although the World Bank says inflation in 2022 is projected to be 15.5 percent, Nigeria’s inflation as of May this year is 17.71 percent, which is higher than the World Bank’s projection.

The lending bank further said that Nigeria has one of the highest inflation rates in the world.

According to the bank, inflationary pressures in the country are driven by certain policy distortions.

The bank said, “Inflationary pressures were compounded by policy distortions, in particular (i) lack flexible foreign exchange management, (ii) trade restrictions, and (iii) conflicting monetary policy goals.” It further disclosed that global supply shocks exacerbated inflationary pressures and increased the urgency.

Aside from the policy distortions, the COVID-19 pandemic and the war in Ukraine have contributed to rising inflation.

It was also stated that the financing of the fiscal deficit and trade restrictions by the Central Bank of Nigeria contributes to fuelling inflationary pressures, and Nigeria will have one of the highest inflation rates in Sub-Saharan Africa in 2022.

The bank also said that poverty might be becoming entrenched in certain Nigerian households, particularly in rural areas in the north.

In combating poverty, certain reforms were recommended, which include fiscal, trade, and exchange-rate policies that could help diversify the economy; invigorating structural transformation; and creating good, productive jobs, especially wage jobs.

World Bank economists, Jonathan Lain and Jakob Engel, have said that rising inflation, persistent population growth, the COVID-19 pandemic, and the war in Ukraine are threatening Nigeria’s poverty reduction aspiration.

In June last year, the President, Muhammadu Buhari, inaugurated the National Steering Committee of the National Poverty Reduction with Growth Strategy chaired by Vice President Yemi Osinbajo.

This, he said, re-echoes his commitment to lifting 100 million Nigerians out of poverty in 10 years, with a well-researched framework for implementation and funding.

Despite this, the rate of poverty in the country seems to be on the rise, driven significantly by inflation.

In its ‘A Better Future for All Nigerians: 2022 Nigeria Poverty Assessment’ report, the World Bank said that poverty reduction stagnated since 2015, with more Nigerians falling below the poverty line over the years.

The Washington-based bank added that the number of poor Nigerians is projected to hit 95.1 million in 2022.

The World Bank also warned that many non-poor Nigerians were only one small shock away from falling into poverty.

According to the lender, such a shock can be induced by the issues of climate or conflict which could further threaten Nigeria’s poverty reduction efforts.

Like the World bank, the International Monetary Fund has said that the rate of inflation in Nigeria is expected to remain elevated in 2022.

Speaking on the development, an Associate-Professor of Economics at the Pan-Atlantic University, Olalekan Aworinde, said the events of the last few months were apt indicators that the inflation rate would increase further.

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BIG STORY

Yaya Bello: We’ll Arrest Anyone Obstructing Our Operations — EFCC

Published

15 mins ago

April 18, 2024

PorscheClassy News

After the incident at the residence of former Kogi State Governor Yahaya Bello, which delayed his scheduled arrest, the Economic and Financial Crimes Commission (EFCC) issued a warning, stating that the organisation would not put up with any obstructions to its nationwide operations.

The EFCC declared that anyone caught doing so will be prosecuted as required by law, stating that it is illegal to prevent Commission officers from performing their legitimate tasks.

In a statement released on Wednesday and made available to newsmen by its Head, Media and Publicity, Dele Oyewale, the anti-graft agency stressed that anyone caught risk jail term.

According to the statement, “Section 38(2)(a(b) of the EFCC Establishment Act makes it an offence to prevent officers of the Commission from carrying out their lawful duties. Culprits risk a jail term of not less than five years.

“This warning becomes necessary against the background of the increasing tendency by persons and groups under investigation by the Commission to take the laws into their hands by recruiting thugs to obstruct lawful operations of the EFCC.

“On several occasions, operatives of the Commission have had to exercise utmost restraint in the face of such provocation to avoid a breakdown of law and order. Regrettably, such disposition is being construed as a sign of weakness.

“The Commission, therefore, warns that it will henceforth not tolerate any attempt by any person or organisation to obstruct its operation as such will be met with appropriate punitive actions”.

This came hours after the planned arrest of Bello from his home was truncated by the Kogi State Governor, Ahmed Ododo, who stormed his predecessor’s home and whisked him away to avert arrest.

The act forced the anti-graft agency to withdraw its officials who had being laying siege at the home of the former governor, in order to arrest him.

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BIG STORY

BREAKING: Kogi Governor Usman Ododo Visits Yahaya Bello Amidst EFCC Siege

Published

16 hours ago

April 17, 2024

PorscheClassy News

Usman Ododo, the executive governor of Kogi State, has visited the embattled former governor of the state, Yahaya Bello, amidst a heavy security siege on the Yaya’s Abuja mansion.

It was gathered that Ododo arrived at Bello’s residence at about 2:30 pm Wednesday, alongside several security operatives and youth supporters protesting against the siege to the former governor’s home.

It was further gathered that there is a heavy presence of armed operatives of the Economic and Financial Crimes Commission (EFCC), policemen, operatives of the Department of State Security (DSS), Counter Terrorism Unit, and Yahaya Bello’s private security team at the scene.

EFCC operatives had on Wednesday morning stormed Bello’s Abuja home located in Wuse Zone 4, Federal Capital Territory.

Photographs making rounds on the internet show some armed EFCC personnel laying siege to the ex-governor’s home on Benghazi Street, Wuse Zone 4, Abuja.

Recall that the EFCC had earlier dragged Yahaya Bello, his nephew Ali, one Dauda Sulaiman, and Abdulsalam Hudu before Justice James Omotosho of the Federal High Court, Abuja, in an amended charge in March 2024 over an alleged N84bn money laundering.

Reacting to the development, the ex-governor’s media office, in a statement, condemned the operatives’ actions while urging President Bola Tinubu to caution the EFCC.

According to the statement, the presence of the operatives in Bello’s residence negated the order of injunction granted on February 9, 2024, by the High Court of Justice, Lokoja Division, in Suit No. HCL/68M/2024 between Yahaya Bello v. EFCC, restraining the commission either by itself or its agents from harassing, arresting, detaining, or prosecuting him, pending the hearing and determination of the substantive fundamental rights enforcement action.

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BIG STORY

BREAKING: EFCC Operatives Lay Siege To Yahaya Bello’s Abuja Mansion [PHOTOS]

Published

19 hours ago

April 17, 2024

PorscheClassy News

Operatives of the Economic and Financial Crimes Commission (EFCC) have laid siege to the Abuja residence of Kogi State’s former Governor, Yahaya Bello.

It was gathered that the EFCC officials barricaded the former governor’s residence since 9am on Wednesday.

The purpose of the operation by the anti-graft operatives was unknown as of press time as efforts to speak with them proved abortive.

Some supporters of the former governor were seen in front of the house.

See photos below;