The World Bank has issued an ominous warning to the Nigerian government: more than thirty million Nigerians may live in extreme poverty in the next ten years. In its 2019 economic update report, the bank also says the country will be home to a quarter of the world’s destitute people, if the government fails to revive economic growth and create jobs. The report was released on Monday.
The World Bank has urged president Muhammadu Buhari to increase domestic revenue. It also asks the president to remove trade restrictions and expensive fuel subsidies.
The bank warns that failure to take action would see more Nigerians falling into extreme poverty. It also stressed that Nigeria could slide back into recession if crude prices fell by 25 per cent to $50 a barrel. The report paints a gloomy picture of the country’s economy. It says the Nigerian population is growing at a fast pace than the economy. It also says an estimated one hundred million Nigerians today live on just about 800 naira per day.
Modular Refineries: No Government Has Succeeded Like Buhari – Lai Mohammed
Minister of information and culture, Lai Mohammed says president Muhammadu Buhari has succeeded more than his predecessors in bringing modular refineries into reality in the country.
The minister made the statement earlier in the week while touring the Waltersmith Modular Refinery and petro-chemical company in Ibigwe, Imo State. The refinery is due for commissioning next month.
The minister said refineries in the country were able to come into being because of the enabling environment created by the Buhari administration. He said many previous government talked about modular refineries, but none was able to bring them to reality until now.
He assured Nigerians of cheaper petroleum products now that medium-scale refineries are coming on board. He said, as a result, debates about subsidy will become irrelevant because everything produced by the modular refineries would be for domestic consumption.
The Waltersmith refinery is a partnership with the Nigerian content development and monitoring board. It will start with five thousand barrels per day and will increase production at two different stages till it reaches half a million barrels per day.
Nigeria Records 131 New Cases Of COVID-19
Nigeria recorded one hundred, thirty-one new COVID-19 infections on Thursday, bringing the total number of infections in the country to 56,735.
Nigeria Centre for Disease Control confirmed the new cases were recorded in eighteen states including the Federal Capital Territory
Lagos state recorded the highest number of infections with 45 cases, Kaduna and plateau followed with 17 each, 16 in FCT, and 6 cases each in Delta and Niger. Kwara recorded 5 cases, Oyo 3, Akwa Ibom, Cross River, Ekiti, Enugu, and Osun 2 each.
Sokoto, Bauchi, Ebonyi, Katsina and Rivers also recorded new infections.
Two infected persons also died in the last 24 hours. This brings to one thousand ninety-three the total number of fatalities.
48,092 persons have recovered and have been discharged so far.
VP Osinbajo Vows Nigeria Will Get Justice For Its Citizens In Ghana
Vice-president Yemi Osinbajo has assured Nigerians living in Ghana their country will get them justice. The assurance came earlier in the week when professor osinbajo met with Nigerian community in Ghana.
The vice-president was referring to the sealing up of Nigerian shops in Accra over a one million-dollar equity prescribed by the Ghana investment promotion council. Osinbajo said the Nigerian government is looking into the situation.
He promised the Nigerians their grievances would be relayed to the president. He said bureaucratic bottle-necks had caused the delay in resolving the issues.
He called on the affected Nigerian traders to submit a detailed on the affected shops and other relevant information that would aid the government’s follow-up action. He advised the Nigerians to remain law-abiding in their host country and to embrace peaceful co-existence.
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