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Breaking News Nigeria, Latest Nigerian News > News > Business > Nigeria in Brief: CBN shares 9 trillion Naira to combat food inflation, others
Breaking NewsBusiness

Nigeria in Brief: CBN shares 9 trillion Naira to combat food inflation, others

Lawrence Solomon
Lawrence Solomon December 13, 2022
Updated 2022/12/13 at 8:40 AM
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In today’s edition of Nigeria in Brief: CBN shares N9trn to industries; Enugu Police Command falts fake alarm; Nigerians spent $6m on medical tourism and other trending news

The Central Bank of Nigeria (CBN) has disbursed the sum of N9.714 trillion through various intervention funding programmes across several real sector industries. According to the bank’s Development Finance Department (DFD) Report made available at its 2022 Retreat, in Abuja, yesterday, the Manufacturing/Industry sector had the highest allocation of 32.6 percent followed by Energy/Infrastructure and Agriculture with 23. 1 percent and 22.8 percent allocations, respectively, according to a Vanguard report. Speaking at the retreat, the Director of DFD, Mr. Philip Yusuf, said that the CBN was at the forefront of food security in the country. He noted that despite the food inflation in the country, without the bank’s massive interventions in the agricultural sector, the nation would have faced famine if the CBN had not intervened.

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The Enugu State Police Command has described the report ordering its men to desert their duty post and remain in the barracks as false, unfounded, and misleading. The Command’s spokesman, DSP Daniel Ndukwe, said this on Monday, in a statement issued to the public. He said, “The Command is in receipt of a viral social media message and picture of a purported Police Wireless Message, stating that the Command’s authority has ordered its personnel to desert the street, their offices, and duty posts. The purported, concocted, and misleading message also ordered police personnel to remain confined to barracks due to prevalent security challenges facing the entire state. It, therefore, wishes to categorically state that the report is not only unfounded, false, and misleading but clearly the handiwork of mischief-makers, seeking avenues to cause panic among the peace-loving citizens of the state.”

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The Nigerian government has described as false the report by Reuters accusing the Nigerian Army of massacre and infanticide. The report claimed that the Nigerian army had killed scores of children in the ongoing war against terrorism in the Northeastern part of the country. It also claimed that the force had carried out illegal abortions on women linked to or are victims of the Boko Haram insurgency. Meanwhile, the Federal Government had described the allegation as false and baseless citing inconsistencies and lack of credibility in the international news agency’s report. Hon. Lai Mohammed, Minister of Information and Culture, at a recent event to showcase the Buhari-led regime’s scorecard on science and technology, said that the report lacks merit as it contained no iota of evidence.

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Nigerians have spent a total of $6.23m on medical tourism in eight months, from January to August 22, 2023. This is according to a report obtained from the Central Bank of Nigeria on the amount spent on health-related and social services under the sectoral utilisation for transactions valid for foreign exchange. Punch reported that the amount far exceeded the figure in the same period of 2021. Recall that the Association of Industrial Pharmacists of Nigeria, in September, reported that the agency was facing challenges securing forex for the importation of raw materials for the manufacturing of essential medicines in the country. Meanwhile, the CBN governor, Godwin Emefiele, admitted this trend in a recent event in Lagos. The governor said there is a forex shortage to meet the import of essential needs.

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TAGGED: cbn, enugu, inflation
Lawrence Solomon December 13, 2022
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