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Nigeria’s Inflation May Worsen to 16.1% in 2022 – IMF

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The International Monetary Fund has projected that Nigeria’s Consumer Price Index will hit 16.1 percent in 2022.

This projection was presented in a tabular illustration in the IMF’s Regional Economic Outlook for Sub-Saharan Africa released last week, which was published on its website.

The projected 16.1 percent will be the highest in the country since October 2021 when it was 16.63 percent.

Recent figures from the National Bureau of Statistics showed that Nigeria’s Consumer Price Index rose to 15.92 percent in March.

This new rate is the highest the country has recorded since October 2021, when the inflation rate hit 15.99 percent.

The rise in the inflation rate in March shows that Nigeria is not left out in the global inflation surge.

However, the IMF added that the inflation rate would drop to 13.1 percent by 2023.

In its World Economic Outlook report, the IMF warned about the effects of inflation.

The report read in part, “In sub-Saharan Africa, food prices are also the most important channel of transmission, although in slightly different ways. Wheat is a less important part of the diet, but food, in general, is a larger share of consumption.

“Higher food prices will hurt consumers’ purchasing power, particularly among low-income households, and weigh on domestic demand. Social and political turmoil, most notably in West Africa, also weighs on the outlook.”

Recently, the World Bank said COVID-19 pandemic-induced inflation pushed about 23 million Nigerians into a food crisis in 2021, especially in regions battling conflicts.

The Washington-based bank said this in its latest Commodity Markets Outlook report about the Global Report on Food Crises.

According to the bank, rising food prices have heightened food insecurity in emerging markets and developing economies, especially due to food import dependence on Ukraine and Russia.

It further stated that before the war in Ukraine, the pandemic had triggered food insecurity across the world.

It added that the war-driven disruptions in the food trade, higher food price inflation, and higher costs of administering food assistance efforts are likely to make more people food insecure.

Aside from the pandemic and the ongoing war in Ukraine, the World Bank in a different report had said that import restrictions and non-flexible exchange rate management of the Central Bank of Nigeria were the major driving forces for food inflation in Nigeria.

The report had read in part, “Rising food prices are the underlying factor behind the surge of headline inflation in Nigeria. Food prices have increased due to import restrictions and a nonflexible exchange rate management.

“The current regime is keeping the official exchange rate of the naira artificially strong while the naira has weakened significantly on the parallel market. Additionally, the central bank has restricted importers’ access to foreign currency for 45 products and has reduced the supply to other importers.”

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Ekweremadu Narrates How David, “Kidney Donor” Refused To Return To Nigeria

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The former deputy senate president, Senator Ike Ekweremadu, has explained that David Ukpo Nwamini, the would-be kidney donor of his daughter, Sonia refused to return to Nigeria after it was discovered that his kidney was not compatible with his daughter’s.

The Enugu-born federal lawmaker gave the details in a suit filed along with his wife, Beatrice, against the National Identity Management Commission (NIMC) over the controversy surrounding the real age of Nwamini.

Ike Ekweremadu and his wife were recently arrested for allegedly bringing a minor to the UK to harvest his organ. They were subsequently remanded in custody till July 7.

However, Ekweremadu had written to the UK high commission to support the visa application of a “kidney donor” for his daughter Sonia.

Although the UK police said the donor was 15, he was listed as 21 years old on his international passport and the Bank Verification Number (BVN) portal.

In a suit marked FHC/ABJ/CS/984/2022 and filed on June 27 by Adegboyega Awomolo, counsel to the senator and his wife, before Inyang Ekwo, justice of a federal high court in Abuja, the Ekweremadus prayed the court for an order directing the NIMC to supply them with the certified true copy (CTC) of Ukpo’s biodata, The Cable reported.

They also sought an order directing the NIS comptroller-general to supply the applicants with Ukpo’s documents and application form presented for the issuance of his international passport.

The suit is also seeking an order directing Stanbic IBTC Bank and UBA to supply the applicants with the certified true copy of the “mandate card and account opening package of Ukpo’s bank accounts”.

Awomolo, who gave 20 grounds why the prayers should be granted, said Ukpo offered to donate one of his kidneys to the daughter of the applicants if his kidney was compatible.

He said Ukpo informed the applicants that he was 21 years old, after which Ekweremadu supported his visa application to the United Kingdom with a letter to the British high commission in Nigeria, explaining the purpose of the visit.

“After conducting various medical tests, the Royal Free Hospital in London decided that the said David Nwamini Ukpo was not a suitable donor because his kidney is not compatible with that of Sonia Ekweremadu,” he said.

According to Awomolo, Ukpo was then asked to return to Nigeria but rather than do so, he approached the authorities in the UK, claiming he was 15 years old.

“The applicants require documents from the respondents to assist in the fair criminal investigation and as facts in their defense to establish their innocence of the allegation in the charge and to prove that David Nwamini Ukpo is not a minor and indeed consented to the medical examination in the United Kingdom,” he said.

Ekwo fixed July 1 for a hearing of the matter.

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JUST IN: Court Dismisses Kanu’s Application For Revocation Of Bail

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The Abuja division of the Federal High Court has dismissed an application by Nnamdi Kanu, the detained leader of the proscribed Indigenous People of Biafra (IPOB), seeking an order discharging the earlier order revoking his bail.

Justice Binta Nyako in her ruling on Tuesday ruled that Kanu has not provided sufficient reasons to warrant the court to set aside its order.

She accordingly dismissed the application for being an abuse of the court process.

In the dismissed application which was filed by his lead counsel, Chief Mike Ozekhome, SAN, Kanu also prayed for an order setting aside the order made on March 28, 2019, directing for his arrest and continuation of his trial in absentia.

Justice Nyako had, on March 28, 2019, revoked the bail Kanu, ordered his arrest, and directed that his trial should continue in his absence.

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CJN Resignation: Public Confidence In Judiciary System At All-Time Low – Olumide Akpata

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Olumide Akpata, president of the Nigerian Bar Association (NBA) has reacted to the resignation of Ibrahim Tanko Muhammad as CJN, saying public confidence in the judiciary is currently at “an all-time low”.

In the statement, Akpata thanked the retired CJN for his service to the nation and prayed for his quick recovery.

“In the course of previous publications and communications, I have consistently appreciated the outgone chief justice of Nigeria for the cordial working relationship between the bar and the bench under our respective administrations. I must do so again today as he bows out,” the statement read.

“It is however impossible, to consider his lordship’s retirement in isolation of the recent unprecedented developments at the supreme court where 14 justices of the court censured the outgone chief justice of Nigeria over his lordship’s handling of their welfare and related issues.

“Beyond this, there is near-universal agreement that public confidence in the judiciary and indeed the legal profession is at an all-time low.”

The NBA chairman added that “there is now more than ever the need for urgent reforms in the judiciary and to rebuild the almost dissipated confidence that Nigerians have in the judiciary and the wider legal profession in Nigeria”.

“These should form the immediate first tasks for honorable Mr. Justice Olukayode Ariwoola, who is expected to now take over as the acting chief justice of Nigeria,” he said.

“The NBA welcomes the appointment of honorable Mr. Justice Olukayode Ariwoola and pledges its readiness to work together with his lordship and the judiciary in cleansing the Augean Stable and addressing the ills that have continued to plague not just the Judiciary but the entire legal profession.”

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