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2023: Inflation, unemployment rate to increase – Report
A report by Money Africa has said that Nigerians need to get out of bad debts to survive the financial challenges in 2023.
It noted that the residual effect of the pandemic, Russian Ukraine war and high inflation had affected the finances of Nigerians and led to loaning from every means possible to survive.
In the report titled ‘2023 optimism: Making the best of a potentially challenging year’, it said that in Nigeria, the elections were going to be pivotal to how the year would turn out.
Regardless, the problem of slow growth, high inflation and high unemployment would persist, it stated.
These problems could be worsened by the phasing out of petrol subsidies and a sustained depreciation of the currency unless oil exports recover strongly.
While advising Nigeria to avoid debts, it stated, “There are two types of debts: Good debt and bad debt. You need to let go of bad debt on consumables (debt that has no future value) and gravitate towards good debt. A good debt bears fruit in the future.
“Be less aggressive with non-conventional and high-risk investments. Less than five of your portfolio should be embedded in high-risk assets. The argument here is that, if the investment goes to zero, your portfolio is still standing firm.”
Advising Nigerians to focus on the things within its control, it stated, “You can not change the inflation rate. You cannot stop the Naira depreciation. They are out of your control, so you will do well to rather focus on what you can impact.”
According to the report, in a bid to fight the low tolerance for inflation, the central banks of countries raised interest rates. This had the greatest impact on personal finances since 2008/2009. Many economies slowed down, prompting fears about a recession which also led to job losses. Higher interest rates also led to a reduction in personal wealth as assets people invested in—bonds, real estate, stocks and cryptocurrencies—lost a lot of value.
The report added that to mitigate emergencies individuals must invest in insurance.
It stated, “We did a quick survey asking people what their emergencies were and we realised they were primarily health emergencies, losing jobs and having an automobile accident.
“You can mitigate health emergencies by getting a health insurance plan, so you do not spend out of pocket. We understand how painful losing jobs can be; so, we recommend skilling up aggressively and being visible on platforms such as LinkedIn and others. For automobile accidents, we recommend getting a comprehensive insurance plan (not a third party plan), so it covers everything.”
The report explained that money and the mind were critical conversations individuals should constantly have.
It stated, “Your mindset about money has been formed since age seven. So, you need to unlearn things that do not serve you and embrace the things that give you joy. Do you have a fund for enjoyment? Are you writing out your big dreams that can give birth to more opportunities? What steps are you taking to bring it to fruition?”
January 9, 2023
How I killed my stepmother, daughter, says suspect
A 20-year-old man, Gaddafi Sagir, has told police in Kano how he killed his stepmother, Rabi’atu Sagir and her daughter.
Sagir who was arrested in an uncompleted building while attempting to escape from Kano said he used a screwdriver to stab his 25-year-old stepmother, in her neck and forehead.
Police said he also confessed to strangling her stepmother’s eight-year-old daughter to death with her head tie.
The late Mrs Sagir was pregnant, her husband told the police.
Police spokesman Abdullahi Haruna Kiyawa said the suspect’s father, Sagir Yakubu, of Fadama Rijiyar Zaki Quarters, Ungogo Local Government Area of Kano State, reported to the police that he returned home and met his pregnant wife, Rabi’atu, and daughter, Munawwara Sagir, motionless in a pool of blood. And that, he is strongly suspecting his son, Gaddafi.
“On receipt of the report, the Commissioner of Police, Mamman Dauda, instructed a team of detectives led by Usman Abdullahi, a Chief Superintendent (CSP) and Divisional Police Officer (DPO) of Rijiyar Zaki Division to proceed to the scene.
“On getting there, the victims were taken to Murtala Mohammed Specialist Hospital Kano, where a doctor confirmed them dead. The suspect has been arrested and an investigation is in progress,” Kiyawa said.
January 9, 2023
Two feared dead as Yoruba nation agitators, Police clash in Lagos
Two persons are feared dead in a clash involving Yoruba Nation agitators and the police in the Ojota area of Lagos.
The agitators had gathered for a rally on Monday morning to press for self-determination.
It was not immediately clear what led to the clash.
Security agencies have taken over the area.
Details Shortly…
January 9, 2023
My plans for fuel subsidy, by Peter Obi
The Labour Party presidential candidate, Peter Obi, has reiterated his commitment to phasing out fuel subsidy completely if elected during next month’s election.
He said removing fuel subsidy had been on his priority list, and he would end the menace, which he described as “organised crime”, immediately after he assumes office.
Obi, who gave the assurance on Sunday at the People’s Town Hall 2023 organised by Channels Television, said he would cut off fuel subsidy beneficiaries and put to rest the issue permanently.
“I can assure you, it (subsidy) will go immediately. Subsidy, I’ve said it before, is an organised crime and I will not allow it to stay a day longer.
“What they’re telling you is not what it is. Half of what is being mentioned is not subsidy. First is that we consume the quantity that is not supposed to be consumed here. We are the same population with Pakistan. They consume below 50 per cent of what we consume.
“So, the first half, I will remove it and give those people who are drinking it water, because that’s what they’re supposed to drink, so we can save the money.”
January 9, 2023
AIT Founder, Raymond Dokpesi Allegedly Arrested in London by UK Police
A chieftain of Peoples Democratic Party (PDP) and the founder of DAAR Communications Limited, owner of AIT Television, Chief Raymond Dokpesi has been allegedly arrested by the Police in the United Kingdom.
A source who confirmed the development, said the former Chairman of DAAR Communications was arrested at Heathrow Airport in London.The reasons for the arrest of the media mogul was unknown as at press time.
The Economic and Financial Crimes Commission in Nigeria had in 2015, dragged Dokpesi to court and had accused him and his company of illegally receiving funds considered as proceeds of crimes from a former National Security Adviser (NSA), Colonel Sambo Dasuki.He pleaded not guilty to the charges and went further to file a no-case submission after the prosecution closed its case in November 2018 after calling 14 witnesses.
However, the trial judge, Justice John Tsoho, rejected the no-case submission and ordered Dokpesi and his firm to enter their defence.Not satisfied, the defendants then approached the Court of Appeal, with a request to nullify the decision and free him from the charges on the grounds that the prosecution failed to establish a prima facie case against them.
But the Abuja Division of the Court of Appeal had discharged Dokpesi, from the N2.1 billion fraud charges brought against him by the EFCC.
January 9, 2023
Why Yusuf Datti Broke Down In Tears On National TV
Datti Baba-Ahmed, Vice Presidential Candidate of the Labour Party, on Sunday broke down in tears during a town hall meeting organised by Channels TV.
Baba-Ahmed, who was on air alongside Peter Obi, the Presidential Candidate, said his family became target of attacks after he was nominated as Obi’s running mate.
He said, “When I joined the ticket, I impeached certain lies against him (Peter Obi) and particularly my good friend on the APC side on the same level. You know when people think they have money, they have power, and the sitting authority is theirs.
“Someone has to tap them on the shoulder. I did and told him to do it and I will do three you know I am capable of doing it.
“However I and my family have been paying a huge price for my attempts to rescue Nigeria. They sent all sorts of people after me. I would have been much happier if only they stopped at me as an individual.”
As he uttered those words, the vice-presidential candidate fought back tears.
January 9, 2023
Power Generation: We Will Declare War, Fix Electricity Within 4 Years – Peter Obi
The presidential candidate of the Labour Party, Peter Obi, has promised to copy what was done in South Africa and Egypt to tackle the issue of power generation and distribution in Nigeria.
Obi made this promise during The Peoples Townhall, a live event organised by Channels Television and its partners on Sunday.
The former Anambra State governor had last year travelled to Egypt admittedly to understudy how the North African country solved its power problems in a very short period.
“We have to open up like South Africa has done. They have power issues like us, even [though] they are 60 million and they are generating almost 40-something-thousand, they declared [a state of] emergency and said anybody can generate up to 100,000 megawatts without licence,” he said.
“If somebody who is 60 million (sic) generating almost 50,000 declared [an] emergency, we declare war here on power. If it will consume everybody, it will consume us, but we will get power.
“Egypt did the same thing. Egypt had about 20,000. One of their studies showed that power is a critical issue. Today, Egypt is generating almost 50,000. In fact, Egypt is exporting power to Europe. If these things can be done around us – South Africa and Egypt – why not Nigeria?”
The Labour Party flag bearer said if elected president in February, his administration will generate and distribute no less than 20,000 megawatts within four years in office. He, however, said he would try to exceed the target.
Vowing not to fail like past governments, Obi promised to show Nigerians what they have never seen before, saying that his administration would usher in a generational change.
January 9, 2023
Governor Lalong Celebrates Women Affairs Minister, Dame Pauline Tallen @ 64
Plateau State Governor Simon Bako Lalong has congratulated Women Affairs Minister Dame Pauline Tallen on her 64th birthday.
Governor Lalong in a message to felicitate with the Minister described her as a thoroughbred politician and champion of women and human rights who has continued to advocate for social justice in Nigeria.
Lalong said Dame Tallen is passionate about ensuring that the Nigerian woman and the girl-child is equipped with sound education, morals and ample opportunity to manifest her God-given talents and gifts.
This he said she has been able to do substantially using her office as the Minister of Women Affairs by standing against gender violence, rape, harmful practices and other discriminatory actions against women.
Lalong praised Dame Tallen for her commitment to the political development of Plateau State and Nigeria especially as she constantly advocates for women to be given greater opportunities to contest for elections and also be appointed into positions of responsibility.
While wishing her more years of joy, peace and God’s blessings, Lalong urged the Minister who is a Knight of the Catholic Church to sustain her love for God and passion for the growth of the Church.
January 8, 2023
US Approves New Drug To Treat Alzheimer’s Disease
The US Food and Drug Administration on Friday approved a highly anticipated new drug designed to slow cognitive decline in patients in mild and early stages of Alzheimer’s disease.
The FDA approval of the drug, Leqembi, also known as lecanemab, comes just days after the regulatory agency was harshly criticized in a congressional report for its green-lighting of another Alzheimer’s drug, Aduhelm.
And it was granted despite trial results showing the monoclonal antibody treatment carries risks of brain swelling and bleeding.
Both drugs were approved through an accelerated process that allows the FDA to fast-track approval of drugs for serious conditions where there is an unmet medical need.
Leqembi and Aduhelm, which were jointly developed by Japan’s Eisai and Biogen of the United States, “represent an important advancement in the ongoing fight to effectively treat Alzheimer’s disease,” the FDA said in a statement.
“Alzheimer’s disease immeasurably incapacitates the lives of those who suffer from it and has devastating effects on their loved ones,” Billy Dunn of the FDA’s Center for Drug Evaluation and Research said in a statement.
Leqembi, Dunn said, is “the latest therapy to target and affect the underlying disease process of Alzheimer’s, instead of only treating the symptoms of the disease.”
Approximately 6.5 million Americans suffer from Alzheimer’s, which is characterized by memory loss and declining mental acuity.
Preliminary data from a trial of Leqembi was released in September and found it slowed cognitive decline in Alzheimer’s patients by 27 percent.
The phase three trial involved nearly 1,800 people, divided between those given the drug and given a placebo, and ran over 18 months.
The complete trial data, published in the New England Journal of Medicine, raised concern about the incidence of “adverse effects” including brain bleeds and swelling.
The results showed that 17.3 percent of patients administered the drug experienced brain bleeds, compared with nine percent of those receiving a placebo.
Read Also: GWAF Advocates On Increased Alzheimer’s Disease Awareness, Caregiver Infrastructure
And 12.6 percent of those taking the drug experienced brain swelling, compared with just 1.7 percent of those in the placebo group.
Deaths were reported at approximately the same rate in both arms of the trial of the drug.
– $26,500 a year –
In Alzheimer’s disease, two key proteins, tau and amyloid beta, build up into tangles and plaques, known together as aggregates, which cause brain cells to die and lead to brain shrinkage.
Leqembi, which is administered intravenously once every two weeks, works by targeting amyloid.
In the trial, patients receiving Leqembi had a statistically significant reduction in brain amyloid plaque compared to the placebo arm, which had no reduction of amyloid beta plaque.
Biogen and Eisai previously brought Aduhelm to market, but there was significant controversy over whether it worked, and its approval in 2021 led to three high-level resignations in the FDA.
A US congressional investigation said the accelerated approval process for Aduhelm, the first drug approved in decades to treat Alzheimer’s, was “rife with irregularities” and criticized both the agency and Biogen.
The Cambridge, Massachusetts-based Biogen set an “unjustifiably high price” for Aduhelm of $56,000 a year, the congressional report said.
Eisai said Leqembi would be priced initially at $26,500 per year and estimated that 100,000 Americans could be receiving the drug by three years from now.
Joanne Pike, president and CEO of the Alzheimer’s Association, welcomed the approval of Leqembi but expressed concern that its high cost could put it out of reach of most Americans, particularly if it is not covered by Medicare, the government health insurance program for the elderly.
“People living with this fatal disease today do not have time to wait for a miracle drug or cure,” Pike said in a statement.
January 8, 2023
2023: YPP accuses Gov Emmanuel of appropriating N91B for PDP to manipulate PVCs
By Odo Ogenyi,Uyo
The Young Progressive Party, YPP has accused Governor Udom Emmanuel of Akwa Ibom of appriopriating more than N91 billion of state government funds to pay some members of the People’s Democratic Party as inducement to help the party rig the 2023 elections.
It has also expressed shock that Emmanuel spent over N1.24 billion last week to purchase 31 Hiace Buses for the State PDP’s guber campaigns without appropriation and approval by the State House of Assembly, querring whether the state government have the right to use public and tax payers’ money to fund a single political party.
State chairman of the party, Mr Nyeneime Andy told a press conference in Uyo last weekend that the Emmanuel-led administration has set in motion a process to pervert democracy in the state in a bid to foist his stooge, Mr Umoh Eno on the people by manifesting acts of desperation and outright dictatorship by the regime.
Andy said it was alarming that the PDP led government has placed 70 persons in each of the 4,354 voting units in the state on a stpipend of N100,000 each to mop up VIN numbers of Voters Cards in the area.
“Governor Udom Emmanuel at the Get-together with his party at the state headquarters at Atan Offot, Uyo, announced the engagement of 70 agents in each polling units across the 31 Local Government Areas of the State on a monthly stipend of N100,000 to each. With the 4,354 polling units that we have in Akwa Ibom, the cost implication of hiring those agents is N91,334 billion (January – March).
“It therefore amounts to favouritism and outright abuse of office to channel the resources of the state in the pursuit of personal interest. What he has just done by using State Government funds to purchase vehicles for his party and his preferred candidate is criminally liable. We accordingly wish to draw the attention of security agencies to this malfeasance.
“Again, is it not shocking that a State that has been feigning lack of funds to pay gratuities to next of kin of late Primary Schools’ teachers and retired public servants will suddenly earmark N91,334 billion from public funds to pay PDP stalwarts? Is this the way to utilize the proceeds of the 13 % Derivation Refunds and other accruals from the Federal Government and other sundry sources – for which the citizens have been demanding accountability?
“Another disturbing issue is the state government’s interference in the processes towards 2023 elections. We say so because we have received credible intelligence that Governor Udom Emmanuel–led administration through agents of the state and his party, the Peoples Democratic Party (PDP), have engaged in buying of Permanent Voters Cards (PVCs) from unsuspecting members of the public across the 31 Local Government Areas.
“They are also obtaining at least 50 VIN numbers from voters across all the 4,354 polling units in Akwa Ibom State. These emerging sharp practices reportedly go on through heavy financial inducement of the largely poor people who have been impoverished by the administration since 2015.” The chairman stated.
He also accused some local government offices of the Independent National Electoral Commission (INEC) of conniving with the PDP while the state government’s ICT experts hobnob with some officials of the State INEC at different locations in the state calling on the Police and the Department of State Services (DSS) to carry out detailed investigations and bring offenders to book.
“The Young Progressives Party emphatically call for total compliance to transparency on the processes preceding the conduct of polls to ensure that nobody or any institutions, including the Udom Emmanuel–led administration, are allowed to circumvent, or disenfranchise the electorate. Election can only be seen to be successful and acceptable only when it is free, fair and transparent; before, during and after the polls.”
“The renewed hope of Nigerians is on the constant assurances given by the INEC Chairman, Professor Mahmood Yakubu that the forthcoming elections will be free and fair and that with the services of Bimodal Voter Registration Systems (BVAS), there will be no manipulation.
“While we may not want to doubt his assurances, the ongoing development of open connivance of some officials of INEC with agents of Akwa Ibom State government has given us cause to be suspicious.” Andy concluded.
January 8, 2023