- Diaspora Remittances Equal 84% of National Budget in 2018
The total amount remitted by Nigerians abroad in 2018 was 84 percent of the national budget, stated Mr. Ike Chioke, the Managing Director, Afrinvest West Africa Limited.
Chioke further said diaspora remittances exceeded gross oil revenue in 2018, therefore it is important to pay more attention to such inflow.
The Afrinvest boss disclosed this in a report titled: “Anyí Aga Ato na Mmehie? – Envisioning New Paradigm for Investment n’Ala Igbo,” obtained at the weekend. Anyí Aga Ato na Mmehie is the Igbo translation of ‘Shall We Continue in Sin?.
The managing director noted that the $7.2 billion remitted by Nigerians in the United States in 2018 was higher than the entire $6.7 billion appropriated for capital expenditure in the 2019 budget.
“Nigeria is not an oil producing country. Nigeria is a human capital producing country because diaspora flows far exceed gross oil revenue receipts,” he stressed.
According to him, the national debt has risen by 84 percent or $27.9 billion in the last four years, largely driven by $15.7 billion increase in foreign debt. Nigeria spent $5.2 billion on fuel subsidy.
“Buhari rejected the Petroleum Industry Governance Bill (PIGB) that would have revolutionised, liberalised, completely reformed, eliminated most of the fraud and subsidy, ensured transparency, inspired confidence and attracted massive economic investments to the oil sector for the simple reason that it reduced the powers of the president to interfere with the oil sector
“The reality of energy transition is catching up very fast and may result in a complete waste of opportunities if investments are not attracted in the next five years.”
Speaking on social injustice, he said injustice continues to thrive among public office holders without any form of punishment, and some cases remain in their jobs.
“In addition, the recent travails of former CJN Onnoghen at the CCT clearly shows that the Executive branch of government has taken full control of the Judiciary,” he said.
NNPC Supplies 1.44 Billion Litres of Petrol in January 2021
The Nigerian National Petroleum Corporation (NNPC) supplied a total of 1.44 billion litres of Premium Motor Spirit popularly known as petrol in January 2021.
The corporation disclosed in its latest Monthly Financial and Operations Report (MFOR) for the month of January.
NNPC said the 1.44 billion litres translate to 46.30 million litres per day.
Also, a total of 223.55Billion Cubic Feet (BCF) of natural gas was produced in the month of January 2021, translating to an average daily production of 7,220.22 Million Standard Cubic Feet per Day (mmscfd).
The 223.55BCF gas production figure also represents a 4.79% increase over output in December 2020.
Also, the daily average natural gas supply to gas power plants increased by 2.38 percent to 836mmscfd, equivalent to power generation of 3,415MW.
For the period of January 2020 to January 2021, a total of 2,973.01BCF of gas was produced representing an average daily production of 7,585.78 mmscfd during the period.
Period-to-date Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and Nigerian Petroleum Development Company (NPDC) contributed about 65.20%, 19.97 percent and 14.83 percent respectively to the total national gas production.
Out of the total gas output in January 2021, a total of 149.24BCF of gas was commercialized consisting of 44.29BCF and 104.95BCF for the domestic and export markets respectively.
NNPC Says Pipeline Vandalism Decrease by 37.21 Percent in January 2021
The Nigerian National Petroleum Corporation (NNPC) said vandalisation of pipelines across the country reduced by 37.21 percent in the month of January 2021.
This was disclosed in the January 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR).
The report noted that 27 pipeline points were vandalised in January 2021, down from 43 points posted in December 2020.
It also stated that the Mosimi Area accounted for 74 percent of the total vandalised points in Janauray while Kaduna Area and Port Harcourt accounted for the remaining 22 percent and 4 percent respectively.
NNPC said it will continue to engage local communities and other stakeholders to reduce and eventually eliminate the pipeline vandalism menace.
Nigeria’s Food Inflation Hits 22.95 Percent in March 2021
Food inflation in Africa’s largest economy Nigeria rose by 22.95 percent in March 2021, the latest report from the National Bureau of Statistics (NBS) has shown.
Food Index increased at a faster pace when compared to 21.70 percent filed in February 2021.
Increases were recorded in Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetable, Fish, Oils and fats and fruits.
On a monthly basis, the food sub-index grew by 1.90 percent in March 2021. An increase of 0.01 percent points from 1.89 percent recorded in February 2021.
Analysing a more stable inflation trend, the twelve-month ended March 2021, showed the food index averaged 17.93 percent in the last twelve months, representing an increase of 0.68 percent when compared to 17.25 percent recorded in February 2021.
Insecurities amid wide foreign exchange rates and several other bottlenecks that impeded free inflow of imported goods were responsible for the surged in prices of goods and services in March, according to the report.
The Central Bank of Nigeria-led monetary policy committee had attributed the increase in prices to scarcity created by the intermittent clash between herdsmen and farmers across the nation.
However, other factors like unclear economic policies, increased in electricity tariffs, duties, subsidy removal and weak fiscal buffer to moderate the negative effect of COVID-19 on the economy continue to weigh and drag on new investment and expansion of local production despite the Federal Government aggressive call for improvement in domestic production.
Nigeria’s headline inflation rose by 18.17 percent year-on-year in the month under review.
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