Economy
1.2m Nigerians face acute famine, South Sudan, Yemen also affected.

Sola Adefioye
United Nations agencies have predicted a grim picture of possible starvation of over 1.2 millions Nigerians in the Northern part of the country by August, 2021.
Two United Nations agencies also warned that millions of people in South Sudan and Yemen, also stood the risk of famine in the coming months.
“Urgent and targeted humanitarian action is needed to prevent hunger or death” in these areas, the agencies said in a joint report.
The three countries were among 20 “hunger hotspots” identified by the World Food Programme (WFP) and Food and Agriculture Organization (FAO) where existing acute food insecurity risks deteriorating further by July.
A specific sub-group — Afghanistan, Burkina Faso, the Central African Republic, DR Congo, Ethiopia, Haiti, Honduras, Nigeria, Sudan, South Sudan, Syria, Yemen and Zimbabwe, are particularly at risk.
Parts of their populations are already experiencing “extreme depletion of livelihoods, insufficient food consumption and high acute malnutrition”, the joint report warned.
“In such fragile contexts, any further shocks could push a significant number of people over the brink and into destitution and even starvation”, it said.
In parts of Jonglei state in South Sudan, the UN agencies said famine was already occurring, and “urgent, at-scale action is now needed to stop likely widespread starvation and death”.
Overall in South Sudan, some 7.2 million people are expected to be in food crisis — with high malnutrition or just marginally meeting minimal food needs — from April to July.
Some 2.4 million people are classified as in an “emergency” situation, with 108,000 people in the agencies’ “catastrophe/famine” grouping.
Urgent action is also required to prevent further destitution in parts of Yemen, the report said, with the number of people in or nearly in famine estimated to triple from 16,000 last October-December to more than 47,000 this June.
Those facing acute food insecurity in Yemen will rise by three million, it said, to 16.2 million people, with five million in an emergency situation.
There was some improvement, last November, the UN agencies classed Burkina Faso as a fourth country at risk of famine alongside South Sudan, Yemen and northern Nigeria.
But the alert in Burkina Faso had slightly lowered for the coming months, after a good harvest and improved delivery of food assistance to remote and inaccessible areas.
Continued conflict in the zone, however, means the situation “remains very concerning.”
Economy
NNPCL dashes Nigerians’ hope of reduction in fuel pump prices as local refining operation gets underway at Dangote refinery

The Eyewitness Reporter
Nigerians’ hope of getting refined petroleum products cheaper following the full operation of the Dangote refinery and full utilisation of the nation’s moribund refineries may have been dashed following the stance of the Nigeria National Petroleum Corporation Limited (NNPCL).
In what stakeholders in the Oil and Gas industry regarded as a major step towards boosting Nigeria’s domestic refining capacity and attaining energy security (self-sufficiency), Dangote Petroleum Refinery and Petrochemicals plant has purchased 1 million barrels of Agbami crude grade from Shell International Trading and Shipping Company Limited (STASCO), one of the largest trading companies in Nigeria as well as globally, trading over 8 million barrels of crude oil per day.
The STASCO cargo contained 1 million barrels from Agbami and sailed to Dangote Refinery’s Single Point Mooring (SPM) where it was discharged into the refinery’s crude oil tanks.
The maiden 1 million barrels, which represent the first phase of the 6 million barrels of crude oil to be supplied to Dangote Petroleum Refinery by a range of suppliers, should sustain the initial 350,000 barrels per day to be processed by the facility.
The next four cargoes will be supplied by the NNPCL in two to three weeks and the final of the six cargoes will be supplied by ExxonMobil.
This supply will facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and LPG before subsequently progressing to the production of Premium Motor Spirit (PMS).
This latest development will play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries.
Designed for 100% Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries.
Dangote Petroleum Refinery can meet 100% of Nigeria’s requirement of all refined products, gasoline, diesel, kerosene, and aviation jet, and also has a surplus of each of these products for export.
The refinery was built to take crude through its two SPMs located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs.
In addition, the refinery has the capacity to load 2,900 trucks a day at its truck-loading gantries.
Dangote Refinery has a self-sufficient marine facility with the ability to handle the largest vessel globally available.
In addition, all products from the refinery will conform to Euro V specifications.
The refinery is designed to comply with US EPA, European emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards.
The Country Chairman of Shell Companies in Nigeria, Mr. Osagie Okunbor stated: “We welcome the startup of a refinery that is designed to produce gasoline, diesel, and low-sulfur fuels for Nigeria and across West Africa and are happy to be enabling it.”
Economy
Buhari, Jonathan, Obasanjo, Babangida, Abdusalami, Osinbajo, Atiku, others to spend N13.8billon from N27.5 trillion 2024 budget

The Eyewitness Reporter
The Federal government has earmarked the sum of N13.8 billion in the 2024 budget as the cost of upkeep of
former presidents, vice presidents, heads of state, Chiefs of General Staff, retired heads of service, permanent secretaries, and retired heads of government agencies and parastatals.
The beneficiaries include former Presidents Olusegun Obasanjo, Goodluck Jonathan and Muhammadu Buhari, ex-vice-presidents Atiku Abubakar, Namadi Sambo and Prof Yemi Osinbajo.
Also expected to benefit from the windfall are ex-military Heads of State, General Yakubu Gowon and General Abdusalami Abubakar, as well as a former dictator and self-styled military President, General Ibrahim Babangida, and a former Chief of General Staff, Commodore Ebitu Ukiwe (retd.).
Also, N1tn was provisioned for the public service wage adjustment for government Ministries, Departments and Agencies (including arrears of promotion and salary increases, and payment of severance benefits and minimum wage-related adjustments).
A breakdown shows that the entitlements of former presidents/heads of state and vice presidents/chief of general staff will cost N2.3bn. At the same time, N10.5bn is proposed as benefits for retired heads of service, permanent secretaries and professors.
The payment of severance benefits to retired heads of government agencies and parastatals is proposed to cost N1bn.
Other allocations include N65bn for the Presidential Amnesty Programme for the reintegration of transformed ex-militants; N1bn for the Office of the Presidential Adviser on Energy; and N108bn for unnamed special projects.
The government is also proposing the sum of N40bn to offset electricity debts owed to power distribution companies by all MDAs.
President Bola Tinubu unveiled the N27.5 trillion budget estimates for the 2024 fiscal year.
The budget was presented to a joint session of the National Assembly on Wednesday, where it is currently undergoing scrutiny and deliberation for final approval.
In his presentation, he declared, “The 2024 Appropriation has been themed the Budget of Renewed Hope.
The proposed budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.
Economy
CBN freezes accounts without BVN, NIN by March 2024

-
Customs4 days ago
News Alert: Bleak Christmas as CBN again jerks up Customs duty exchange rate from N783 to N951.941
-
Headlines2 months ago
Shippers’ Council admits error in process leading to hike in terminal charges, promises to review the increase
-
Economy2 months ago
Tinubu sacks SON DG, 13 other heads of government agencies
-
Headlines4 weeks ago
Port operations resume as maritime workers end 72-hour siege on Nigerian ports
-
Customs3 months ago
Customs, UN agency collaborate to fight smuggling
-
Freight Monitor3 months ago
Prince Nwokeabia rallies support for Comptroller Ukpanah, CAC Enugu/Anambra/Ebonyi\command, as she assumes office