TheNewsGuru

Tag: Inflation

  • CARTOON OF THE DAY: Confusion over fuel subsidy removal, food price hike

    CARTOON OF THE DAY: Confusion over fuel subsidy removal, food price hike

  • Rising cost of living: FG to establish national commodity board

    Rising cost of living: FG to establish national commodity board

    The Federal Government plans to establish a National Commodity Board as a solution to the escalating food inflation in the country.

    Vice President Kashim Shettima made this known on Tuesday at a two-day, high-level strategic meeting on climate change, food systems and resource mobilization, held in Abuja.

    Shettima explained that the board would be given the mandate to assess and regulate food prices, as well as maintain a strategic food reserve for stabilizing prices of crucial grains and other food items.

    He said the event was an attestation of Nigeria’s efforts at mitigating the effects of climate change and ensuring food security for Nigerians.

    Shettima noted that food security was one of the eight areas of priority declared by President Bola Tinubu as part of his Renewed Hope Agenda.

    This, according to him, led to the declaration of a state of emergency on food security.

    He highlighted ongoing policy reforms by the administration to ensure food and water availability, as well as affordability.

    “Our solution to the potential food crisis has become immediate, medium, and long-term strategies.

    “The short-term strategy entails revitalising food supply through specific interventions like the distribution of fertilizers and grains to farmers and households to cushion the effects of subsidy removal.

    “It also entails fostering collaboration between the Ministries of Agriculture and Water Resources for efficient farmland irrigation, ensuring year-round food production; and addressing price volatility by establishing a National Commodity Board.

    “This board will continually assess and regulate food prices, maintaining a strategic food reserve for stabilizing prices of crucial grains and other food items.”

    He assured that the Tinubu administration was fully investing in the restoration of degraded land.

    According to him, there are ongoing plans to restore four million hectares, or nearly 10 million acres of degraded lands within the nation’s borders as its contribution to the AFR100 Initiative.

    “I wish to assure you that we will engage our security architecture to protect the farms and the farmers so that farmers can return to the farmlands without fear of attacks.

    “We won’t only make it safe for farmers to return to their farms, but we will also ensure the activation of land banks.

    “There is currently 500,000 hectares of already mapped land that will be used to increase the availability of arable land for farming, which will immediately impact food output.”

    Shettima said the Tinubu administration was collaborating with mechanisation companies to clear more forests and make them available for farming.

    He said the Central Bank of Nigeria will also continue to play a major role in funding the agricultural value chain.

    “We will deploy concessionary capital to the sector, especially towards fertilizer, processing, mechanization, seeds, chemicals, equipment, feed, labour, among others.

    “The concessionary funds will ensure that food is always available and affordable, thereby having a direct impact on Nigeria’s Human Capital Index (HCI).

    “This administration is focused on ensuring the HCI numbers, which currently rank as the 3rd lowest in the world, are improved for increased productivity.”

    Earlier, Princess Gloria Akobundu, National Coordinator, African Union Development Agency- New Partnership for Africa’s Development (AUDA-NEPAD) Nigeria, commended Tinubu for his efforts towards making Nigeria a great nation.

    “We are happy with the resolve by the administration of President Bola Tinubu to stand undeterred by any odds in his objective to build a viable, effective and great nation.”

    Akobundu said NEPAD decided to convene the stakeholders’ forum in order to strengthen small holder farmers in Nigeria as a way of addressing food shortage problem in the country.

  • Inflation will decline to 21% in 2024, says Cardoso

    Inflation will decline to 21% in 2024, says Cardoso

    The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria’s inflationary pressure will drop from 28.92 per cent to 21.4 per cent in 2024.

    Cardoso said this in Abuja on Tuesday when he addressed the House of Representatives.

    According to him, the projected decline in the country’s inflationary is due to inflation-targeting policies of the Federal Government.

    He said that improvement in agricultural productivity and easing global supply chain pressures would also contribute to reining in inflation.

    “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflation-targeting policy, aiming to rein in inflation to 21.4 per cent.

    “This will be aided by improved agricultural productivity and easing global supply chain pressures.

    “The CBN’s inflation-targeting framework involves clear communication and collaboration with fiscal authorities to achieve price stability, potentially leading to lowered policy rates, stimulating investment, and creating job opportunities,” he said.

    He said that the Nigerian foreign exchange market was currently facing increased demand pressures, causing a continuous decline in the value of the Naira.

    According to him, factors contributing to this situation include speculative forex demand, inadequate forex supply due to non-remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities.

    “The shift to a market-driven exchange rate is intended to create a stable macroeconomic environment and discourage currency hoarding.

    “However, short-term volatilities are attributed to arbitrage and speculation.

    “To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets.

    “This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for Bureaux De Change (BDCs), enforcing the Net Open Position (NOP) limit, and adjusting the remunerable Standing Deposit Facility cap,” Cardoso said.

    He said the steps taken were having huge economic cost impact on the citizenry.

    “These costs are temporary, and our decisions will address a lot of fundamental issues bothering Nigeria’s macroeconomic landscape.

    “These measures, aimed at ensuring a more market-oriented mechanism for exchange rate determination, will boost foreign exchange inflows, stabilise the exchange rate, and minimise its pass-through to domestic inflation,” he said.

  • World Bank opens up on state of global food prices

    World Bank opens up on state of global food prices

    The World Bank says inflation in food prices remains high globally.

    The World Bank declared in its latest Food Security Update report on Tuesday that available data on food prices showed high inflation in low, middle and high-income countries.

    It declared that the inflation level was greater than five per cent in 63.2 per cent of low-income countries, which was 1.3 percentage points higher than in the last food update on Jan. 17, 2023.

    It said that the inflation level was greater than five per cent in 73.9 per cent of lower-middle-income countries and 48 per cent of upper-middle-income countries which recorded no percentage change from the last update.

    The bank said in high-income countries, food inflation level was also higher than five per cent in 44.4 per cent of countries, which was 1.9 percentage points lower than in the last food update.

    The report said that in real terms, food price inflation exceeded overall inflation in 71 per cent of the 165 countries where data was available.

    “According to the International Food Policy Research Institute (IFPRI), the recent attacks by Houthi rebels on ships in the Red Sea have triggered a 40 per cent decrease in trade volumes in the Suez Canal, which is decreasing global food security.”

    It said the World Bank’s Global Economics Prospects 2024 report emphasised on the critical problem of food insecurity within the context of various challenges.

    “In 2023, food prices, a significant component of the agricultural price index, declined by nine per cent because supplies of major crops were ample, except for rice, which declined by 27 per cent.

    “Food prices are expected to decline further in 2024 and 2025, although potential risks such as energy cost increases, adverse weather events, trade restrictions, and geopolitical uncertainty could affect them.”

    The report said that a blog post from the World Bank Agriculture and Food Global Practice discussed the urgent need for circular food systems to address environmental challenges.

    “Circular food systems, which emphasise reduce-reuse-recycle-remove approaches, are proposed as a way to build profitable, sustainable, low-emission food systems.”

    The World Bank Group said in response to the global food security crisis, it had scaled up its food and nutrition security response.

    “The bank is now making 45 billion dollars available through a combination of 22 billion dollars in new lending and 23 billion dollars from existing portfolio.

    “Our food and nutrition security portfolio now spans across 90 countries.

    “It includes both short-term interventions such as expanding social protection, also longer-term resilience such as boosting productivity and climate-smart agriculture.”

    The bank said its intervention was expected to benefit 335 million people, equivalent to 44 per cent of the number of undernourished people.

    It said around 53 per cent of the beneficiaries were women who were disproportionately more affected by the crisis.

    ” Some examples include the 766 million dollars West Africa Food Systems Resilience Programme, aimed to increase preparedness against food insecurity and improve the resilience of food systems in West Africa. ”

    It stated that there was an additional 345 million dollars commitment currently under preparation for Senegal, Sierra Leone and Togo.

  • CARTOON OF THE DAY: Inflation is killing us

    CARTOON OF THE DAY: Inflation is killing us

  • How prices of food continue to skyrocket as inflation rate hits new high in Nigeria

    How prices of food continue to skyrocket as inflation rate hits new high in Nigeria

    The National Bureau of Statistics (NBS) says Nigeria’s headline inflation rate increased to 28.92 per cent in December 2023.

    The NBS disclosed this in its Consumer Price Index (CPI) and Inflation Report for December, which was released in Abuja on Monday.

    According to the report, the figure is 0.72 per cent points higher compared to the 28.20 per cent recorded in November 2023.

    It said on a year-on-year basis, the headline inflation rate in December was 7.58 per cent higher than the rate recorded in November 2022 at 21.34 per cent.

    The report said the increase in the headline index for December 2023 on a year-on-year basis and month-on-month basis was attributed to the increase in some items in the basket of goods and services at the divisional level.

    It said these increases were observed in food and non-alcoholic beverages, housing, water, electricity, gas, and other fuel, clothing and footwear, and transport.

    Others were furnishings, household equipment and maintenance, education, health, miscellaneous goods and services, restaurants and hotels, alcoholic beverage, tobacco and kola, recreation and culture, and communication.

    In addition, the report said, on a month-on-month basis, the headline inflation rate in December 2023 was 2.29 per cent, which was 0.20 per cent higher than the rate recorded in November 2023 at 2.09 per cent.

    “This means that in December 2023, the rate of increase in the average price level is more than the rate of increase in the average price level in November 2023.”

    It said the percentage change in the average CPI for the 12 months ending December 2023 over the average of the CPI for the previous corresponding 12-month period was 24.66 per cent.

    “This indicates a 5.81 per cent increase compared to 18.85 per cent recorded in December 2022.”

    The report said the food inflation rate in December increased to 33.93 per cent on a year-on-year basis, which was 10.18 per cent higher compared to the rate recorded in December 2022 at 23.75 per cent.

    “The rise in food inflation on a year-on-year basis is caused by increases in prices of bread and cereals, oil and fat, potatoes, yam and other tubers, fish, meat, fruit, milk, cheese, and egg. ”

    It said on a month-on-month basis, the food inflation rate in December was 2.72 per cent, which was a 0.30 per cent increase compared to the rate recorded in November 2023 at 2.42 per cent.

    “The rise in food inflation on a month-on-month basis was caused by an increase in the average prices of oil and fat, meat, bread and cereals, potatoes, yam and other tubers, fish and milk, cheese, and egg.”

    The report said that “All items less farm produce and energy’’ or core inflation, which excludes the prices of volatile agricultural produce and energy, stood at 23.06 per cent in December on a year-on-year basis.

    “This increased by 4.85 per cent compared to 18.21 per cent recorded in December 2022.’’

    “The exclusion of the PMS is due to the deregulation of the commodity by removal of subsidy.”

    It said the highest increases were recorded in prices of passenger transport by road, medical services, actual and imputed rentals for housing, passenger transport by air, pharmaceutical products, accommodation service, etc.

    The NBS said on a month-on-month basis, the core inflation rate was 1.82 per cent in December 2023.

    “This indicates a 0.29 per cent rise compared to what was recorded in November 2023 at 1.53 per cent.”

    “The average 12-month annual inflation rate was 20.76 per cent for the 12 months ending December 2023, this was 4.74 per cent points higher than the 16.02 per cent recorded in December 2022.”

    The report said on a year-on-year basis in December, the urban inflation rate was 31.00 per cent, which was 8.98 per cent higher compared to the 22.01 per cent recorded in December 2022.

    “On a month-on-month basis, the urban inflation rate was 2.42 per cent in December representing a 0.19 per cent increase compared to November 2023 at 2.23 per cent.”

    The report said on a year-on-year basis in December, the rural inflation rate was 27.10 per cent, which was 6.38 per cent higher compared to the 20.72 per cent recorded in December 2022.

    “On a month-on-month basis, the rural inflation rate was 2.17 per cent, which increased by 0.18 per cent compared to November 2023 at 1.99 per cent.’’

    On states’ profile analysis, the report showed in December, all items inflation rate on a year-on-year basis was highest in Kogi at 35.58 per cent, followed by Lagos at 32.33 per cent, and Rivers at 32.16 per cent.

    It, however, said the slowest rise in headline inflation on a year-on-year basis was recorded in Borno at 23.27 per cent, followed by Taraba at 24.92 per cent, and Katsina at 26.52 per cent.

    The report, however, said in December 2023, all items inflation rate on a month-on-month basis was highest in Bayelsa at 3.66 per cent, followed by Bauchi at 3.51 per cent, and Oyo at 3.45 per cent.

    “Nasarawa at 1.36 per cent, followed by Delta at 1.49 per cent and Sokoto at 1.58 per cent recorded the slowest rise in month-on-month inflation.”

    The report said on a year-on-year basis, food inflation was highest in Kogi at 44.73 per cent, followed by Kwara at 41.33 per cent, and Imo at 39.54 per cent.

    “Bauchi at 27.49 per cent, followed by Jigawa at 27.98 per cent and Sokoto at 28.72 per cent recorded the slowest rise in food inflation on a year-on-year basis.’’

    The report, however, said on a month-on-month basis, food inflation was highest in Bayelsa at 4.42 per cent, followed by Ogun at 4.11 per cent, and Enugu at 4.03 per cent.

    “While Nasarawa at 1.48 per cent, followed by Delta at 1.65 per cent and Niger at 1.67 per cent, recorded the slowest rise in inflation on a month-on-month basis.”

  • FG moves to tackle food inflation

    FG moves to tackle food inflation

    The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, says plans are underway to reduce food inflation in the country.

    Kyari stated this when Gov. Umar Namadi of Jigawa paid him a courtesy  on Friday in Abuja.

    He said that the ministry’s goal included ensuring food security and driving down food inflation.

    “We also intend to massively produce to bring down food inflation because today the number one driver of inflation is food price inflation,” he said.

    Kyari maintained that President Bola Tinubu’s agenda on food security is on course.

    He said that programmes on food production would be sustained in 2024 to impact positively on Nigerians.

    “The Ministry is focused on ramping up massive production of staple crops using technology and mechanisation to achieve this goal.

    “We are grateful for the support and guidance of Mr  President as we work towards a more food-secured Nigeria.

    “We are poised to implement our programmes in line with his vision for the agricultural sector.

    “We are determined to driving agricultural transformation, enhancing productivity, and ensuring that our farmers have the necessary support to thrive,” he said.

    Kyari said the Ministry would embark on its planned programmes and projects, and ensure their sustainability towards massive production.

    “In 2024, there is plan for sustainability of our programmes to ensure massive production of food.

    “This is so that food will be available and Nigeria will be food secured in line with Mr President’s agenda on food security,” he said.

    He urged stakeholders in the agricultural sector to give support to the Ministry  to overcome challenges and ensure a successful intervention.

    “The second phase of the Dry/Wet Season Farming intervention is expected to commence this month, and we are determined to make it a success.” he said.

    The minister also said the Ministry has given full support for wheat production in Jigawa and other States.

    He said that the governor ‘s visit signifies the strong partnership between the State and the Federal Government in ensuring food security and agricultural development in Nigeria.

    Earlier, Namadi said that wheat had been cultivated on 36,000, 700, 87 hectares, which he said gave a bright hope for self-sufficiency in wheat production.

    “As at today we have done 36,000, 700, 87 hectares of wheat farming which is the official records.

    “We still have this is an addition to 5,000 hectares, on the aggregate we have almost 50,000 hectares of wheat farm in Jigawa,” he said.

    He assured the minister that Jigawa would continue to key into the ongoing wheat dry season farming under the NAGS-AP programme.

    “We have the land and resources to promote wheat farming. We have put in place robust programmes that will assist us in dry season farming in the State.

    “As of today we are updating our farmers register, so that by the time we start our rice season farming that will properly guide us.

    “We are going to cooperate with you to ensure that we achieve success in this dry season farming,” Namadi said.

  • Inflation, exchange rates to decline in 2024 – CBN

    Inflation, exchange rates to decline in 2024 – CBN

    Central Bank of Nigeria (CBN) says the rising inflation and exchange rates will decline in 2024.

    The apex bank also projected less revenue from oil exports in the coming year.

    CBN Governor, Mr. Olayemi Cardoso, stated these on Thursday in Abuja when he appeared before the Joint Committee on Banking, Insurance, and other Financial Institutions.

    Cardoso said the total trade from Nigerian Foreign Exchange Market (NFEM) stood at N18.804 billion as at the third quarter of 2023.

    According to him, the outlook for the nation’s domestic economy for 2024 is very positive, as both the inflation and exchange rates would absolve the volatile pressures on them and get them stabilised.

    “The outlook for the domestic economy remains positive and is expected to maintain the positive trajectory for 2024.

    “Inflation pressures may persist in the short-term but is expected to decline in 2024.

    “Exchange rate pressures are also expected to reduce significantly with the smooth functioning of foreign exchange market,” he said.

    The CBN governor further stated that the unification of the exchange rate windows in June had led to a new approach to the management of exchange rate, aimed at reducing arbitrage, rent-seeking behaviour, and speculation in the market.

    “The policy aims to create a market where the demand and supply of foreign exchange determines the exchange rate.

    “The premium has narrowed and our focus on increasing the autonomous FX supply will lead to more stability and further narrowing of the premium.

    “Total trade in the third quarter of 2023 stood at N18.8 billion and exports valued at N10.3 billion, while total imports stood at N8.4 billion,” he said.

    “This, according to him, represents positive trade balance which will lead to increase in the external reserves.

    Cardoso, however, said that due to domestic prevailing factors, less revenue would be earned from oil exports in 2024.

    “We expect less revenue from oil exports due to the production limit of 1.78mbpd in 2024. The OPEC approved quota for Nigeria is 1.8mbpd, which is higher than the 2024 budget assumption.

    “However, the country’s production has been below these thresholds. The budget benchmark for 2023 was 1.69mbpd but the highest level of production during the year was about 1.35mbpd in Q3 of 2023.

    “The reasons for the underperformance of the oil production target include: crude oil theft and pipeline vandalism, production shut-ins and divestments by major oil companies,” he said.

    Earlier, Chairman of the Joint Committee, Sen. Tokunbo Abiru said that the interactive session was organised for statutory briefing by CBN, in line with extant laws.

    The Co-Chairman of the Committee, Hon. Mohammed El-Rufai, commended Cardoso and the management team of the apex on measures being put in place to stabilise the nation’s economy.

  • Onions: FCT residents lament price hike

    Onions: FCT residents lament price hike

    Residents of the Federal Capital Territory(FCT) have lamented the increasing cost of onions and how they have been forced to use them sparingly.

    A dustbin basket of onions in the FCT is being sold for  N4,000 to N6,500, while a sack sells for N100,000 to N120,000 depending the market.

    At Gwagwalada market, a dustbin basket of onions was being sold at N4,500, while in Wuse market it was sold for between N6,000 to N6,500, and in Garki Market it is being sold at between N4,700 to N5,000.

    In Nyanyan market, a dustbin basket sells for between N5,000 to N6,500, while in Gosa market it sells at N6,500,

    The latest National Bureau of Statistics (NBS) Food Price Report for October 2023 said the average price of 1kg of Onion bulb rose by 46.11 per cent on a year-on-year basis from N405.72 in October 2022 to N592.80 in October 2023.

    On a month-on-month basis, the price of 1kg of onions increased by 14.98 per cent from N515.59 recorded in September 2023 to N592.80 in October 2023.

    According to Breath Well-being, Allium Cepa, also known as onion, is a common kitchen ingredient used to add flavour to delectable dishes and belongs to the same family as garlic, leeks, and cloves.

    Onions which are grown all over the world, come in different colours of white, yellow, red/purple and offer some notable health benefits.

    Hajiya Jummai Hassan, the Assistant Director, Clinical Nutritionist and Dietitians, Gwarimpa General Hospital, who spoke to NAN, said onion was a vegetable essential in our daily diet because of its health benefits.

    According to her, onions are vegetables of the Allium family and are rich in organic sulphur which is a powerful anticancer ingredient.

    “Allium vegetables contain quercetin, an anti-inflammatory, anti-viral and anti-cancer compound.

    Hassan said the phytochemicals in onions improve the working of vitamin C in the body, therefore, improving the body’s immunity.

    “Onions contain chromium, which assists in regulating the blood sugar, onions also help reduce inflammation and heal infections.

    She said whether cooked or raw, onion was good for the health as a natural antibiotic, although raw onions had higher levels of organic sulphur.

    “Eating onions raw (properly washed), taking its juice, or drinking its broth (preparable with honey) is a first-class remedy for numerous diseases of the throat, respiratory tract, intestine, kidney and skin, etc.

    “Onions also help especially with hoarseness, cough, flu, and colds among others.

    “Boiled onions and its broth is one of the best medicines for all ailments of the respiratory tract, ” she said.

    Mrs Aghogho Osagie, a Public Servant, said she was a lover of onions, however, she had to buy in small quantities and control the quantity she used in cooking.

    “Onions have become like gold, they are so expensive now. One small onion is sold for N100 as against three to four pieces being sold for the same amount before.

    “A dustbin basket is like N5,000 depending on where you are buying from.

    “When I don’t have onions at home I feel uncomfortable, because I put a lot of onions in almost everything I cook.

    “We all love onions in my house, we eat them raw or cooked. Now I just buy it in small quantities and manage it. If what I am cooking requires one medium size, I will use a quarter or half, ” she said.

    Also, Mrs Bidemi Adekunle, a Civil Servant, said she could not afford to buy onions in large quantities for now and used them sparingly because of the increasing price.

    ” I bought three medium-sized onions for N400. I love adding onions to my food but with the price increase, I just have to manage it when cooking,” she said.

    Ms Sarah Udoh, a businesswoman, decried the hike in the price of onions, adding that she used spring onions as an alternative.

    ” I cannot do without onions in my food. So I must always have onions in my house. I can leave out some other items so that I can buy onions.

    “Onion is a natural sweetener. I do not use seasoning cubes to cook, once I put plenty of onions in my food it makes it sweet.

    “I have been managing to buy onions but not in very large quantities, so I alternate them with spring onions because they are far cheaper. I just cut off the onion bulb part and used it,” she said.

    Similarly, Chioma Nwafor, said she had substituted onions for spring onions.

    “With N200, I buy a lot of spring onions compared to the two small-sized onions you will get for N200.

    “With the inflation in the country, you have to look for cheaper substitutes if they are available,” Nwafor said.

    Mr Samuel Chidi, a bachelor, said the price of onions had skyrocketed and had become unaffordable for some people.

    “I love to use onions in my food but with the soaring prices, it is becoming more difficult to afford.

    “I bought four small-sized onions for N350 as against seven to eight pieces for that same price before. So for now, I just buy a few pieces and manage it, ” he said.

    A Caterer, Anu Phillips, said the increasing cost of onions and other food items was affecting her business.

    “In this business, we use a lot of onions to cook because it enhances the flavour of the food and we use it for garnishing.

    “I cannot imagine cooking without onions except the client specifically asks for it not to be included. So I must buy it at whatever price it is sold for.

    “It is difficult to make good profit with the increasing cost of food items. I have to increase my prices if not I will sell at a loss,” she said.

    Mohammed Shettima, a grilled meat seller popularly called ” Mai Suya”, said he had to stop adding onions to his suya because he could not afford to buy it.

    ” The price of onions has increased so much, I cannot buy it the way I used to again.

    “Before I used to put plenty of onions for my customers but now I cannot. I just put plenty of cabbage for them. If they complain I tell them onion is too expensive,” Shettima said.

    Grace Oji, a trader who sells onions said the high cost could be attributed to the harvest season and inflation being generally experienced in the country.

    “When farm crops are being harvested, the prices tend to be higher. There is usually more demand for that crop than the supply and when demand is higher than supply the price will increase.

    “By January, February, farmers would have finished harvesting onions and I believe the price will come down because there will be more supply,” she said.

    A transporter, Adisa Bakare, said the increase in the price of onions, just like every other food item, was a result of the removal of fuel subsidies and high foreign exchange rate.

    “The removal of fuel subsidy is really affecting the transportation business. Some states are selling fuel for as high as N700 per litre, so before you transport these items from the farm to the markets, you will be spending so much on fuel.

    “Also, the price of dollars is affecting the transport business. Many of the vehicle spare parts are imported.

    “So when you look at all this, it will affect the price of food items by the time it gets to the final consumers,” he said.

  • Obaseki blames global inflation on COVID-19 pandemic

    Obaseki blames global inflation on COVID-19 pandemic

    Gov. Godwin Obaseki of Edo has said that the Corona Virus (COVID-19) pandemic which impacted the World three years ago, was responsible for the all time high global inflation.

    Obaseki stated this while delivering his keynote address on Friday at the 2023 Delta State Executive Council Retreat in Asaba.
    The retreat has the theme: “Delivering the M.O.R.E Agenda for Advancing Delta: Strategies Enablers”.

    The theme was aimed at ensure that Ministries, Departments, and Agencies (MDAs) of Delta government align their programmes and activities with the Delta’s Gov. Sheriff Oborevwori led administration’s policy focus.

    Obaseki, who spoke on “Innovative Approach to Building a State that Works for the Citizens (Opportunities, Challenges and Prospects for Advancing the Delta State Economy), said that the pandemic triggered the global inflation.

    According to him, the pandemic of three years ago had driven global inflation to an all time high.

    ”Since the era of COVID-19, there has been a significant increase in use of technology and Artificial Intelligence in doing things, the effect on developing countries like Nigeria is frightening”.

    He, however, warned that sub-national and local governments must work assiduously to deliver for the people.

    Obaseki disclosed plans to buy back the state’s shares in the Benin Electricity Distribution Company (BEDC),  adding that talks were ongoing between Delta, Edo, Ekiti, and Ondo states to repurchase the shares.

    On his part, Oborevwori assured of his administration’s committed to ensuring excellence, process driven and result oriented governance for the people of the state.

    He said that the strategic imperatives of the M.O.R.E agenda have been distilled into deliverables that can be measured, tracked, and reported.

    “These key performance indicators will enable us to measure our progress as an administration based on established timelines and benchmarks for success.

    “This will in turn, enable efficiency of government, enhance performance, hold the MDAs accountable, and promote judicious utilization of resources.

    “It is my earnest expectation that this forum will provide the pathway for us to deliver on the promises of the M.O.R.E agenda.

    “Through fiscal responsibility, synergy among the MDAs, robust community engagement, effective public communication, creative execution of programmes, and excellent service delivery,” he said.

    Oborevwori said that a key component of his administration’s policy thrust was to ensure a credible feedback mechanism.

    “For us to achieve our stated goals, MDAs must constantly monitor the progress of projects under their jurisdiction and formulate a mechanism for feedback and evaluation.

    “As evidenced from the projects that we have so far completed and embarked upon, this administration is process driven, result-oriented, and excellence-inclined.

    “Indeed, we are poised to advance the state into an era that will accelerate the realization of its full potentials through the M.O.R.E agenda.

    “Towards this end, the Commissioners are expected to sign a Performance Bond at the end of this retreat.

    “This is not meant to scare anybody. It is to serve as a motivation to stay focused on the deliverables that have been established,” he said.

    “As I stated in my inauguration speech, the M.O.R.E agenda is designed to foster inclusive and sustainable economic growth and private sector job creation.

    ”Also to strengthen the human capital, build an enabling infrastructure, bolster public financial management, and improve governance and accountability systems for improved service delivery.

    “The issues before us are simple – they are about improving the quality of life of our people, about building bridges of social cohesion, about giving our people hope of a better tomorrow, and about accelerated development.

    “To effectively achieve this target, it demands thought and action from me and all those who have the privilege to serve as elected officials, political appointees, or civil servants,” he said.

    Earlier, the Delta Deputy Governor, Sir Monday Onyeme, thanked the governor for organizing the retreat, adding that it would give participants insight into the philosophy and clear vision of the Agenda.

    Onyeme said that there was a new Sheriff in town whose agenda was geared towards reshaping the tools of governance for greater efficiency as encapsulated his M.O.R.E agenda.

    He urged participants to do things differently.