While medical practitioners were on strike to protest unpaid salaries, the president was in the UK on medical leave. He’s back now. Better get to him before he leaves for a country with electricity prices that match their standard of living.
National Assembly Staff are also planning to strike over unpaid salaries
In this week’s issue
Inflation
Godwin Emefiele, captain of oppression FC
What Goodluck Johnathan said
Pantami and your NIN update
Inflation y’all
This week, the National Bureau of Statistics reported that Nigeria’s inflation rate is now 18.17 from the 17.33 recorded in February.
In February of 2020, the recorded rate was just over 12%, so some of this could be attributed to covid-19 shutting down economies.
But in that time, while job loss and pay cuts were becoming the norm, there was a spike in the cost of living: electricity prices went up.
So yeah, the cost of everything has gone up.
Meanwhile, the black market for petrol is booming in Kano, probably
Knee deep in cash or whatever Lady Donli said
This month, the Edo State Governor- Godwin Obaseki complained about the CBN’s printing money to lend to the FG and state governments. In his words (via Nairametrics): ”When we got FAAC for March, the federal government printed an additional N50-N60 billion to top-up for us to share. This April, we will go to Abuja and share. By the end of this year, our total borrowing is going to be between N15 and N16 trillion”.
So, how it works is: government borrows from reserves, and since they’ll definitely pay it back (it’s the government after all), their borrowings are converted to long-term, low-risk investments such as bonds.
When this money is “shared”, spending and consumption increases, and there’s more money in circulation.
Ideally, to offset the funds in circulation, the government would need to invest that borrowing into something that would trigger an increase in economic activities-- so infrastructure, farming, real estate, whatever, so that while their spending increases, the job creation, household income etc.
The problem is that now there is more money in circulation, Nigeria’s economic growth has dropped, which is the definition of inflation.
In response, Emefiele said that printing money is essentially lending money, and that is his job. He also reminded Obaseki that the CBN loaned Edo State Government some cash in 2015/2016, and he is ready to collect.
Inflation y’all
What Goodluck Johnathan said
The former president insists that the judiciary shouldn’t be allowed to declare winners in an election, “it is undemocratic”.
Presently, when an electoral candidate challenges the results of an election, a case is presented to the supreme court for examination.
If the court agrees that there was fraud or miscounted ballots, their verdict includes who gets to rule the constituent.
Jonathan says only voters should have reappointment power: when the verdict is out, the voters should vote again and a winner rechosen.
Meanwhile, political parties are presently choosing candidates for the coming 2023 elections. Who’s ready to vote?!
IA Pantami and the Lying Ass News
Last week a Lying Ass News platform (I stopped saying “fake news” when Amber Abundance pointed out that white supremacists coined it) noted that the Minister of Communications, Isa Ali Pantami, was on the US “no-fly” list for ties with Boko Haram. It wasn’t true. And although the platform has retracted their “news”, Pantami says he’ll be taking legal action.
More on Minister of comms stuff
You still have to link your NIN to your mobile number or risk getting cut off. The new deadline is the 6th of May.
From the 19th of April, you’ll be able to get multiple mobile numbers with one NIN.
Foreigners still cannot get Nigerian phone numbers. Non-Nigerian foreigners can’t get a NIN because you have to be Nigerian to get one, but you need one to get a SIM. So we’re stuck in that loop.
Final word
There’s a lot of NIN-insurgency conspiracy conversations happening on social media at the moment. We’ll follow the stories and let you know what is/isn’t true in due time.
Things we didn’t get into
The Central Bank of Nigeria has announced plans to place sugar and wheat on its growing list of banned imports. How do they intend to meet demand? Meanwhile, Dangote discusses why the increase in the cost of cement is inevitable.
Ondo is prepping for their Cannabis plant. Poof, poof, cash
Governors rejected the Executive Order by President Muhammadu Buhari to implement financial autonomy for state Legislature and Judiciary.
Recommended Reads
An important question: Can I get paid for work I’m doing at a job interview
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