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What an economy stubborn year!

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NIGERIA has all it takes, human and material resources, to become the strongest economy in Africa as one of the leading economies in the world. But not all Nigerians enjoy the same chance of prosperity.

Past governments in Nigeria, instead of focusing on delivering essential pubic services, assumed control of major sources of national income. In the process, corruption thrived in public service and gained strong foothold in the society.

To boost and sustain Nigeria’s economy this year, a lot of efforts have been made, even as the economic condition of the populace seems to be worsening. During an interaction with National Light, a water tanker driver, who lives at Amawbia ,Anambra State, Mr Nwokoye, said there was rise in the price of water because there is increase in the prices of gas and other Petroleum products.

Continuing, Nwokoye said, “look at it, we used to buy gas at N145, later it rose to N150. The price for a litre of gas is between N270 to N300. How can we cope? Kerosene rose from N150 to N300 per liter.

The Nigerian National Petroleum Corporation (NNPC) said it transferred the sum of 128, 40 billion into the federation account in August.

On the crude oil and gas export sales, the report noted that sales for the month of August stood at S470 million, indicating an upsurge of about S78 million in relation to July oil and gas export figures that stood at S391.91 million.

In another development, the Tin Can command of the Nigeria Customs Service (NCS) remitted a total of N162, 701,136.83 to the federation account in the first six months of the current fiscal year.

According to Musa Baba Abdullahi, the generated amount surpassed about N130,006,136,996.36, which was generated in the corresponding period of 2017, the reason being that the command has been repositioned for more business friendly ports operations.

Yet, the Central Bank of Nigeria (CBN) pumped about S210 million to boost foreign exchange operation in the various windows of the market to help in tuition fees, medical payments and Basic Travel Allowances (BTA).

On the part of the federal government to curb fuel security and promote the living standard of the masses, Nigeria imported 4.8b litres of petrol in the second quarter of 2018

According to the quarterly report of National Bureau of Statistics (NBS) 1.11 billion litres of Automotive Gas Oil (AGO) and 43.79 million litres of Household Kerosine (HHK) were also imported within the period 200.39 million litres of Aviation Turbine Kerosine.

To curb embezzlement in the country, senate resolved to carry an investigation into the alleged misuse of the social intervention programme fund and the subsidy Re-investment programme (SURE-P) by presidency, vowing to unearth whether funds allocated to the two schemes were used judiciously or diverted.

Senate Minority leader, Senator Biodun Olujimi, called on senate to probe alleged deployment of funds under the social intervention programme to buy permanent voter cards (PVC).

Also, unemployment is on the increase in the country as over 17,000 applicants were queuing in line for the on-going 2,200 teacher’s recruitment into Lagos State Public Schools within three days of opening the online job portal.

To curb unemployment in the country, both federal and state governments embarked on different training programmes to train and assist youths to be gainfully employed.

 

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