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Newspaper Headlines: Nigeria’s finances in tatters, and blackout looms over gas constraints

Ayodeji.oluwafemi@thecable.ng'byAyodele Oluwafemi
April 12, 2021 8:26 am

Issues bordering on the country’s economy, especially its rising debt profile and high inflation rate dominated the headlines of Nigerian newspapers. The decision of the south-west governors to launch a regional outfit codenamed ‘Ebube Agu’ to address the region’s security challenges also made the headlines.

Business Days says Nigeria’s finances are in tatters as N60 billion was printed by the Central Bank of Nigeria (CBN) for federal allocation to states in February. The newspaper says Nigerians are paying more for housing than other Africans.
The Guardian says Nigerians are in darkness over gas constraints despite a huge gas reserve of 203 trillion cubic feet (tcf). The newspaper reports that Sa’ad Abubakar, Sultan of Sokoto, asked Muslims to look out for the new moon — signalling the beginning of Ramadan — on Monday.
On the country’s rising debt profile, the Debt Management Office (DBO) blamed the negative impact of the COVID-19 pandemic for the situation, while experts warned that borrowing from the CBN is dangerous,  The Punch says.  Electricity generation fell to 3,922 mega watts on Sunday as 11 plants were idle, while several others suffered decline in output, the newspaper reports.
Despite the projection of the International Monetary Fund (IMF), Nigeria’s growth looks grim in the face of unemployment, high inflation among others, Daily Independent reports. The newspaper reports that the Joint Examination Matriculation Board (JAMB) said the ban on new SIM may affect candidates in the 2021 Unified Tertiary Matriculation Examination(UTME).
The Nigerian Tribune says Seyi Makinde, governor of Oyo state, and Ayodele Fayose, former governor of Ekiti state, are set for a showdown at the south-west congress of the Peoples Democratic Party (PDP). Experts told the newspaper that printing money to augment allocation poses threats to Nigeria’s future.
The Nation says 774,000 workers of the federal government special works programme are protesting the non-payment of their N20,000 wage — three months after its kick-off. South-east governors have launched a security outfit codenamed Ebube Agu, the newspaper reports.

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