Tag: Dollar

  • TNG Deal Breakers: Outlandish outbound medical tourism and drain on dollar revenue

    TNG Deal Breakers: Outlandish outbound medical tourism and drain on dollar revenue

    At 415 Naira to US$1, Nigeria’s outbound medical tourism cost the economy 664 billion Naira or US$ 1.6 billion as of May 2022. These are the estimated official figures admitted by the federal government as money spent by Nigerians seeking healthcare overseas. Comparatively, while inbound medical tourist visit to the country was under 1000 in 2019, for the same reason 1.9 million Nigerians travelled abroad.

    These figures would have continually declined if proper investments were made in the healthcare sector. In addition, the health policies and executive recklessness in both public and private sectors are significant factors fueling the craving for overseas medical travel, even for the most minor ailments like neck pain! For surgery alone, the Nigerian Investment Promotion Commission estimated 30,000 Nigerians travelled for surgery alone in 2019. 

    Although there have been some investments in modern healthcare facilities in the country, these are quite a few and grossly inadequate to stem the tide of the merry-go-round that medical trip has become. For instance, the Nigerian Sovereign Investment Authority (NSIA) invested a total of $22.5 million in two diagnostic centres in Kano and Umuahia ($5.5 million each) and the NSIA-LUTH Cancer Centre in Lagos costing $11.5 million. In as much as these investments are encouraging, the managers of the facilities are not marketing them properly. 

    There is also the Duchess a purpose-built, state-of-the-art, 100-bed hospital that is meant to deliver the highest standard of healthcare comparable to anywhere else on the planet. Duchess International Hospital is said to have benefitted from the N200 billion CBN post-Covid funding.

    Besides, quite a huge portfolio of rent seekers has developed around the business of medical tourism with the medical profession itself broiled into the saucepan. The commissions paid on referrals by doctors in Nigeria have enticingly augmented revenue for those who choose to practice in the country. In all these, the economy bleeds. The scarce foreign exchange earnings from crude oil and remittances to Nigeria are again sucked back into the same originating economies.

    Quick fixes

    It is wasteful to dwell on what could have been done during the tenure of the winding down of the government of eight years. Rather, the focus now should be on how to do sustainable quick fixes to save the economy post-Buhari regime. Genuine patriotism needs to be demanded by the incoming federal government from both private and public sector executives. The culture of entitlement and outlandish nibbling of the system should be stopped. The medical profession in Nigeria should also take responsibility for the numerous referrals they have aided when there, apparently, was no need it for it. The following comprise quick fixes that can patch forex leakage through medical tourism:

    o   Medical trips and allowances for executives in both private and public sector establishments should be paid in naira so that recipients can make dollar purchases themselves.

    o   Government should accredit only highly rated diagnostic and hospital facilities across the country as authentic referral centres for medical treatment overseas. Then, the referrals given by these hospitals and diagnostic centres become affirmation that they lack either the personnel or the facility to conduct such a procedure or test. 

    o   Medical trip overseas by top executives is loaded on some companies’ earnings. This entitlement and the dollar allowance is the major lure to foreign medical trip.

    o   All medium and large-scale companies in the private sector have in place health insurance packages for employees graded according to their position and office. 

    o   In addition to this, appropriate tax on the foreign exchange component of the medical allowance due to top execs can be a disincentive to the collection of this money in forex while the government will make it tax-free if it is paid in local currency. This measure should also apply to the public sector’s top-level employees.

    o   A reassessment of the existing national health insurance scheme to ensure it works for everyone 

    Exemptions should be given to foreign nationals who, in most cases, have a healthcare package that may require them to travel to their home countries for access to facilities. Of course, the executives have earned their perks and corporations owe themselves a duty to ensure top-notch healthcare for their executives. However, this should not be to the detriment of the bleeding economy. Medical facilities in the country ought to be used before jetting out for things that can be done locally thereby saving money for both enterprises and the economy.

    The Downsides 

    Certainly, Nigerians are significant contributors to this burgeoning medical tourism industry. In a report authored by Dr Olusesan Makinde, he admitted that while “medical tourism could provide access to health care services that are not available in departure countries, several issues such as cost of service, follow-up after surgery, quality of care, and adverse outcomes are challenges that have plagued the industry.” 

    Thereby, medical tourism is systematically creating a cycle of business out of the weak health system from the low and middle-income countries that contribute heavily to this market. This is largely due to the fact that “some of the services that medical tourists seek are not ethically allowed in their home countries where they will return upon completion of a procedure, thereby creating a follow-up conundrum.”

    However, Makinde notes; “not all services provided to medical tourists are of the quality advertised. About 25% of medical tourists who presented in one of the leading Asia country tourist hospitals for care regretted seeking care at this health facility and were unlikely to recommend the practice to their peers. In addition, it is said that the risks associated with services are downplayed or never mentioned to medical tourists by Medical Tourism Facilitators. 

    A study recently reported that 39% of patients who presented at a health facility in Nigeria after receiving neurosurgical care outside the country died from complications of the procedures they had undergone. Upon return to the country, over a quarter of these patients presented with infections necessitating follow-up care that was not initially planned and that incurred unplanned expenses, which pushed the cost of care to astronomical levels. 

    Another downside not known to the public, according to Makinde, is that “medical tourists, in their bid to seek care, are exposed to infectious microbes that are uncommon in their native environments, thereby facilitating the transfer of these contagious agents across geographic boundaries. 

    Many Nigerians travel to countries such as India and the UK for various treatments including cardiac surgery, neurosurgery, cosmetic surgery, orthopaedic surgeries, and renal transplant surgeries. The ongoing case of one of Nigeria’s serving Senator’s daughter is a case in point that should be shaming to any government. Recall also that the wife of a Nigerian ex-president died after undergoing cosmetic surgery in Spain.

    Low Awareness

    As stated earlier, patients with medical conditions that are treatable in Nigeria are being referred abroad because of better information on the availability of services over the internet and social media whereas health facilities available in the country are held back by the code of medical practice which frowns at physician’s advertising. However, advertising facilities and services are not prohibited. If healthcare facilities and expertise available overseas can be advertised and is permissible under the same code of ethics for medical practice, the facilities and expertise available may also use the internet to inform people about services offered in the country.

    The drain on the foreign exchange earnings of the government through avoidable medical trips abroad should be stopped. Only in the case of emergencies with referrals from the accredited best-rated facilities as proposed here, can a foreign trip be permitted.

    Although, the federal government may not impose restrictions on private-sector health spending, but it can show examples and curb frivolous medical trips in the ranks of top public sector employees. After reining in public servants’ penchant for medical tourism, it can then focus on the private sector by first, deciding to peg annual forex allocation to private companies for overseas healthcare.

  • Pharmacist laments soaring price of drugs in Nigeria

    Pharmacist laments soaring price of drugs in Nigeria

    Pharmacist Samuel Adamatie, a drug development expert based in Abuja, the Federal Capital Territory (FCT) has lamented the soaring price of drugs in Nigeria.

    Pharm Adamatie disclosed that the effect of this means that substandard drugs will begin to find their way into the country.

    He stressed that Nigerians would have to rely on lifestyle modifications to stay healthy or make do with herbal medicines, which he cautioned have side effects.

    “Price of drugs are soaring high….. effect and consequences abound…this re-designing of our currency has also contributed to dollar scarcity amongst others and by extension made drug prices soar because of course we import.

    “Substandard drugs will begin to find their way into Nigeria now that the prices of drugs are soaring by the second and people will begin to get substandard drugs, rely on lifestyle modifications alone or return to herbal drugs but all these have their consequences,” Adamatie stated.

    Cautioning on the side effects of substandard drugs, the Abuja-based pharmacist stated: “You have to be cautious. Substandard drugs can lead to a whole lot. They do not give the required response i.e no complete recovery, you think you are well and after some time you are sick again.

    “A substandard drug does not deliver the appropriate quantity to curable/controllable levels. For instance, you need 500mg of a drug and the label says 500mg but its actual content is 250mg. Because it’s cheap, you buy, whereas you are not getting what is needed.

    “A substandard drug can lead to drug resistance making one spend more than even expected normally in terms of money and time to get proper treatment”.

    Adamatie disclosed that not every ailment or sickness that lifestyle modification can help maintain or cure from the onset.

    “So, if you think that since I can’t afford the drugs let me just focus on exercise or what I eat alone then you might just be doing more harm than good. Seek advice before going through that route. Not because drugs are now expensive then you decide to abstain. The consequences might be regrettable.

    “Meanwhile for those who want to return to herbal preparations due to the hike in the price of orthodox drugs, no problem but be cautious. Most kidney failures or diseases are a result of unwholesome use of herbal preparations.

    “So if you want to use one, make sure you are sure of its source, dosage and sure of its content, meaning it should be well labelled by the appropriate authorities,” Adamatie stressed.

    On how Nigerians can help themselves in this period of increase in the prices of drugs, the drug development expert advised citizens to be less prone sickness by practising good hygiene.

    “Watch what you eat. You are what you eat. Reduce junks so you won’t spend money to remove the same junks. You just have to be deliberate. If you don’t exercise then you need to. Preventive medicine is now the way forward. The mind needs to relax too. Anxiety, worries, and stress are not good for your health if not you will require medication.

    “Finally on this issue of substandard drugs, I will say as a community pharmacist that the bitterness of low quality drug remain long after the sweetness of low price is forgotten,” Adamatie advised.

  • Man accused of killing 22 older women goes on trial again

    Man accused of killing 22 older women goes on trial again

     

    After Mary Brooks was found dead on the floor of her Dallas-area condo, grocery bags from a shopping trip still on her countertop, authorities decided the 87-year-old had died of natural causes.

    Even after her family discovered jewellery was missing — including a coral necklace she loved and diamond rings — it took an attack on another woman weeks later for police to reconsider.

    The next capital murder trial for Billy Chemirmir, 49, begins Monday in Dallas in the death of Brooks, one of 22 older women he is charged with killing. The charges against Chemirmir grew in the years following his 2018 arrest, as police across the Dallas area reexamined the deaths of older people that had been considered natural, even though families raised alarm bells about missing jewellery. Four indictments were added this summer.

    Chemirmir, who maintains his innocence, was convicted in April of capital murder in the smothering death of 81-year-old Lu Thi Harris and sentenced to life in prison without parole. He will receive the same punishment if convicted in Brooks’ death. His first trial in Harris’ death ended in a mistrial last November when the jury deadlocked.

    Loren Adair Smith, whose 91-year-old mother is among those Chemirmir is charged with killing, will be among the many relatives of victims attending the trial, which, she said, brings a “huge bag of mixed feelings.”

    “At the same time of having that dread feeling, we are really glad to go back and bring this chapter to a close,” Smith said.

    It was Mary Annis Bartel’s survival of a March 2018 attack that set Chemirmir’s arrest in motion. Bartel, 91 at the time, told police that a man had forced his way into her apartment at an independent living community for seniors, tried to smother her with a pillow and took her jewellery.

    Before Bartel died in 2020, she described the attack in a taped interview that was played at Chemirmir’s previous trials. She said the minute she opened her door and saw a man wearing green rubber gloves, she knew she was in “grave danger.”

    Police said they found Chemirmir the next day in the parking lot of his apartment complex. He was holding jewellery and cash, and had just thrown away a large red jewellery box. Documents in the box led them to the home of Harris, who was found dead in her bedroom, lipstick smeared on her pillow.

    At trial, prosecutors presented evidence that Harris and Chemirmir were checking out at the same time at a Walmart just hours before she was found dead.

    In a video interview with police, Chemirmir told a detective that he made money by buying and selling jewellery, and that he had also worked as a caregiver and a security guard.

    Most of Chemirmir’s alleged victims lived in apartments at independent living communities for older people. The women he’s accused of killing in private homes include the widow of a man he had cared for while working as an at-home caregiver.

    Brooks’ grandson, David Cuddihee, testified that he found her body on Jan. 31, 2018. He said she had sometimes used a cane but was still healthy and active.

    “She would walk to church, she would walk to the dentist down the street,” Cuddihee said.

    Police testified that grocery receipts showed Brooks was at Walmart the day before her body was found. Surveillance video from the store showed a vehicle matching the description of Chemirmir’s leaving just after Brooks, going in the same direction.

    Dallas County District Attorney John Creuzot, a Democrat, decided to seek life sentences rather than the death penalty when he tried Chemirmir on two of his 13 capital murder cases in the county. His Republican opponent has criticized that decision as he seeks reelection in the nation’s busiest death penalty state.

    In an interview with The Dallas Morning News, Creuzot said he’s not against the death penalty, but among things he considers when deciding whether to pursue it are the time it takes before someone is executed, the costs of appeals and whether the person would still be a danger to society behind bars. Chemirmir, he added, is “going to die in the penitentiary.”

    Prosecutors in neighboring Collin County haven’t said if they will try any of their nine capital murder cases against Chemirmir.

  • Naira appreciates slightly , exchanges at 436 to dollar

    Naira appreciates slightly , exchanges at 436 to dollar

    The Naira on Monday gained slightly against the dollar at the Investors and Exporters window, exchanging at 436 naira to a dollar.

    The Naira gains slightly with 0.08 percent as against the N436.33 it exchanged for last week.

    The open indicative rate closed at N435.67 to the dollar.

    An exchange rate of N441 to the dollar was the highest rate documented within Monday’s trading before it later settled at N436.

    The Naira was sold for as low as N423 to the dollar within Monday’s trading.

    A total of 78.10million dollars was traded at the official Investors and Exporters window on Monday.

    Recall that the naira depreciated slightly few days ago against the dollar.

    An exchange rate of N441 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.

  • Dollar shower for Amusan, Brume, others get bonuses from Sports Ministry for CWG exploits

    Dollar shower for Amusan, Brume, others get bonuses from Sports Ministry for CWG exploits

     

    The fourth set of Team Nigeria medallists and their coaches at the 2022 Commonwealth Games have received their cash rewards from the Federal Ministry of Youth and Sports Development for their heroics in Birmingham.

    Athletes who won gold medals received $5,000, silver medallist received $3,000, while bronze medallists got $2,000. Athletes who represented Nigeria in the 4 x100 relay received $15,000 for the team.

    Amongst those who got rewarded are Women’s 100m Hurdles Champion, Tobi Amusan, 200m Silver medallist and long jump winner, Ese Brume among others.

    The Coaches and officials also got rewarded by the ministry for their roles in Team Nigeria’s success.

    The Minister of Youth and Sports, Sunday Dare ensured that three weeks camping allowance was paid to all athletes.

  • Naira will hit 5,000 against dollar – Pastor Ibiyeomie

    Naira will hit 5,000 against dollar – Pastor Ibiyeomie

    Pastor David Ibiyeomie of Salvation Ministry has warned Nigerians to vote wisely in 2023 if they don’t want to suffer.

    Ibiyeomie warned that the naira would hit to N5,000 against the dollar if Nigerians vote the wrong political party or candidate in 2023.

    Addressing members of his church in Port Harcourt, the Rivers State capital, Ibiyeomie said Nigerians would suffer if they vote the wrong political party.

    According to Ibiyeomie: “If you vote party, you will suffer and I will be here. I won’t suffer with you, I know too much to suffer with you.

    “I’m talking as a man of God, make the mistake of voting the wrong person and the naira would tumbler to N5,000.

    “If you don’t want naira to tumble to N5,000 better tell yourself what to do.

    “He said woo to you who vote people with nothing in their head.”

  • Searching for what is not missing – By Owei Lakemfa

    Searching for what is not missing – By Owei Lakemfa

    We live in a baffling world in which many leaders believe that their people can be led by the nose. They assume they are wise and that those they govern are stupid. This leads to all sorts of situational comedies, some with tragic consequences. A few definitions.

    A joke is when a ruling party in order to restructure, sacks all its members, directing them to re-register; making it the first party in history without a single member. A sick joke is when former members of the party admit the president as the first member.

    Hollywood is when the leader of a party who buys and allocates votes says he is the champion of free, fair and transparent elections. Nollywood is when such a leader gives continental lectures on how best to conduct free elections, protect the vote and uphold the mandate of the electorate.

    Comedy is when the president and commander-in-chief of a country with lots of ungoverned spaces and whose leadership is challenged by bandits, always assures all that he is on ‘top of the situation’. Tragi-comedy is when such a leader is giving lectures in the region on security and how best to secure a populace.

    Incapability is when the government of an oil-rich nation is incapable of refining petroleum products for domestic use. Gross incapability is when that government expends scare foreign exchange to import PMS but is incapable of distributing the product at the fuel stations for consumers.

    Deceit is when a politician promises to build at least one refinery yearly but in his eighth year, has not even turned the sod for one. Mass deceit is when this same politician having promised to reduce the price of a litre of PMS from 65 Eco to 40 Eco only if they vote for him, but ends up selling at thrice, four times the old price.

    Stupidity is when an import-dependent country with many ports open to the ocean, abandons all except a twin-port. Compound stupidity is when the roads leading to the twin-port is perpetually congested making movement virtually impossible.

    Joblessness is when the leader of a country roams the world for private reasons or jets out fortnightly like a tourist. Presidential joblessness is the president of a country writing to congratulate the newly appointed president of another country, and follows up with a three-day ‘state visit’ just ‘to assure the new president of the high assurances of his highest esteem’.

    Provocation is when an overfed leader, while picking his teeth, pretends to be unaware of the hunger gnawing the stomachs of the citizenry. Extreme provocation is when such a leader arranges bags of rice on racks presenting them as ‘rice pyramids’ and assuring the citizenry that the times of plenty are here.

    A nitwit is a leader who inherited a minimum wage whose value was three bags of rice and profusely congratulates himself for increasing the wage to the extent that it cannot buy a bag of rice. A challenged leadership is when such a leader believes he is worthy of the status of a messiah for increasing the national minimum wage.

    Fraud is when a political party makes a fake promise to bring the exchange rate of 200 Eco to the dollar, to a parity of 1E-$1. Serious fraud is when the government of such a ruling party, exchanges a dollar for over 700 Eco.

    Pretence is for a government to promise basic education for all children but end up swelling the number of children without access to education from 10.5 million to 18.5 million. A sin is to abandon schools built by the predecessor for homeless children and turn them back on the streets.

    Ineptitude is to rail against the mass kidnap of school children in a school under a preceding administration, but put no measures in place to prevent a repeat. Gross ineptitude is for thousands of other children in multiple schools to be continuously kidnapped under the new administration.

    Fakery is when a government vows to bring bandits to book but is ever making excuses. Serious fakery is when a notorious bandit and mass murderer declared wanted by the police, is turbaned as the spiritual leader of his ethnic group in the presence of government officials who make speeches praising him for promising to reduce banditry and mass killings.

    A lie is when a government for seven years vows to return internally-displaced-persons, IDPs, to their ancestral homes but builds more IDPs camps. A fat lie is when the same government allows the terrorists occupying those occupied lands to live peacefully in them, changing the names of the villages and towns, while assuring the IDPs of a quick return home.

    Deceit is when a presidency promises mass housing on a scale unheard of but, in reality, builds mass IDP camps. Mass deceit is when the same presidency announces to the world that the IDPs would soon be resettled in their old homes, but tells the victims that it is better they give up their ancestral lands rather than end up in graves.

    Lack of trust is when a president makes an electoral vow to build adequate medical infrastructure as to make foreign medical trips unnecessary, while he ends up being the leading foreign medical tourist in the country with the presidential aircraft parked at various times for weeks on end at a foreign airport accumulating fees. Delusion is when he thinks the people have forgotten his electoral vows.

    A tricky leader is one who vowed to reduce waste in governance by downsizing the presidential air fleet, but from 2016 to 2017 increases the cost of its maintenance by 19.6 per cent, and then by 98.7 per cent the following year, and in 2019, by 99.6 per cent. While reducing the cost in 2020, he increases the maintenance cost in 2021 by 243.6 per cent. Illusion is when such a leader convinces himself that he has successfully sold the people a dummy.

    Talk is cheap, more so for cheap governments on a rich diet of falsehood and creamy dessert of propaganda. They search for what is not missing just to give the lie that their noisy, endless motions are actual movements toward good governance and development.

    Proverbs are the lyrics of the wise and only the wise and knowledgeable can dance to its drums. But the uninitiated, unable to decode the songs may feel they are the target. This may not be correct. So before attack dogs are unleashed to howl and disturb our ear drums, I issue a caveat emptor that this piece is fictive realism and that the characters are imaginary; more like ghosts hovering around history. Therefore, any resemblance to any character living or dead is coincidental and should be ignored.

  • EFCC raids BDC operators in Abuja as Naira dips against Dollar

    EFCC raids BDC operators in Abuja as Naira dips against Dollar

    Operatives of the Economic and Financial Crimes Commission (EFCC) on Friday raided Wuse Zone 4, home to most bureaux de change (BDC) operators in Abuja, the federal capital territory (FCT).

    The raid, conducted in other locations across the country, was undertaken days after the CBN blamed currency speculators for exacerbating the crash of the Naira against the Dollar and other foreign currencies.

    An authoritative source at the commission disclosed that the raid was a product of weeks of covert operation, saying: “The idea is to dislodge currency speculators who are massively mopping up all available foreign currencies.

    “The raid was a product of weeks of surveillance where agents of the EFCC monitored the activities of most of the bureaux de change operators in the Wuse 4 axis”.

    According to the source, enough intelligence was gathered that some people with massive naira inflow had mobilised resources and are buying up available foreign currency, especially the dollar.

    “Similar operation has also been carried out at major airports in the country. It’s a nationwide co-ordinated operation and will be extended to major commercial cities of Kano, Lagos and Port Harcourt,’’ the source added.

    Efforts to get official confirmation on the raid from EFCC spokesperson, Mr Wilson Uwujaren were not successful as his phone was switched off.

  • Naira loses against dollar, exchanges at 424.88

    Naira loses against dollar, exchanges at 424.88

    The Naira on Wednesday lost to the green back at the Investors and Exporters window, exchanging at 424.88 to the dollar against 421.00 traded on Tuesday, a 0.80 per cent depreciation.

    The open indicative rate closed at N421.80 to the dollar on Wednesday.

    An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N424.88.

    The naira sold for as low as 410 to the dollar within the day’s trading.

    A total of 112.83 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.

  • Naira loses to dollar, closes at 419

    Naira loses to dollar, closes at 419

    The Naira on Monday depreciated at the Investors and Exporters window, exchanging at N419 to the dollar, a 0.48 per cent depreciation, weaker than N417 it traded on Friday.

    The open indicative rate closed at N419 to the dollar on Monday.

    An exchange rate of N423.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N419.00.

    The Naira sold for as low as 410.84 to the dollar within the day’s trading.

    A total of 53.15 million dollars was traded in foreign exchange at the official Investors and Exporters window on Monday.

    In the black market rate, the naira sold at N590 to N595 to a dollar.

    Meanwhile, Prof. Hassan Oaikhenan of the Department of Economics, University of Benin, has attributed the currency’s loss to the limited supply of the green back.

    He said, “the depreciation is normal and not unexpected, given the demand pressures for the dollar in relation to the limited supply of the green back.

    “ So, we need not dwell on this, which has become the new normal in the trend behaviour of the exchange of the naira to such key currencies as the Euro, the Dollar, the British Pound sterling, among others’’.