An economist, Prof. Bright Eregha, has urged the federal and state governments to adhere to fiscal discipline and support import substitution to combat rising inflation.

Eregha, who lectures at the Economics Department, Pan Atlantic University, expressed this in an interview with newsmen in Lagos on Monday.

He said that over the past year, the allocation of the Federal Accounts Allocation Committee (FAAC) to various subnational governments had surged significantly due to economic reforms implemented by the government.

Eregha said that this increase in allocations had raised the money supply within the economy.

According to him, this can also lead to a rise in the current inflation rate if these funds are not channeled into productive sectors.

He stressed the necessity for the governments to invest in mechanised agriculture as a solution to the prevailing food insecurity.

“An increased budgetary allocation to mechanise our agriculture is essential to boost food production, irrespective of whether it is harvest season or not,” he stated.

Eregha argued that such investments would aid the country in achieving self-sufficiency in food production and help mitigate the food-induced inflation currently being experienced.

Also, Prof. Tunde Adeoye, Senior Lecturer, Economics Department, University of Lagos, advocated  import substitution to curb the inflation rate.

He stated, “The government should adopt macroeconomic policies that will encourage indigenous companies to commence the production of some imported items locally and be patronised by our people.

“This will strengthen our local capacity and reduce our volume of imports over time, which is exerting too much pressure on our foreign exchange,” he explained.

According to Adeoye, the surge in inflation rate is more of a structural challenge within the general economy.

He said, “The situation has gone beyond the apex bank’s belief that raising interest rates alone will check the inflation rate.

“Our increase in inflation is more of an economic dislocation which is worsened by the government’s current economic reforms.”

He further emphasised the need for the government to be more innovative in addressing the security headwinds that negate food output in the country.

“The government addressing the herders-farmers disputes over the years in food belt states might ameliorate the situation,” Adeoye said.

According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate increased to 34.6 per cent in November, up from 33.8 per cent in October.

The latest Consumer Price Index (CPI) report, released on Dec.16, highlights a 0.72 per cent rise in inflation within a month.

The NBS reported a significant year-on-year increase of 6.4 per cent, compared to the 28.2 per cent inflation rate recorded in November 2023.

On a month-on-month basis, inflation rose by 2.638 per cent in November, a marginal drop of 0.002 percentage points from October’s 2.64 per cent. (NAN)

By Laide Akinboade, Abuja

The National Leadership of the Christian Association of Nigeria (CAN) at the weekend, said it is disturbed by the tragic events at Holy Trinity Catholic Church in Maitama on Saturday morning.This was contained in a statement issued by CAN signed by Archbishop Daniel Okoh, President, Christian Association of Nigeria (CAN), and made available to journalists in Abuja.

.The statement reads in parts, “We have learned that at least ten people, including children, lost their lives in a stampede while trying to seek help from the church. ”This tragedy is not just statistics; it represents real families who are hurting. Each person lost was someone’s beloved family member. We wish to express our heartfelt condolences to the Catholic Church and to the families affected by this terrible incident. We stand together with you in this time of sadness and prayer.”Many people arrived early, hoping to receive palliatives that would help them during tough times. What was meant to be a day of support turned into a disaster, leaving a heavy impact on all of us and reminding us how fragile life can be.”This incident is part of a troubling pattern, as Nigeria has experienced two other tragic stampedes this month. On December 18, during a Christmas funfair at a school in Ibadan, a stampede resulted in the deaths of 35 children, with six others critically injured. The event aimed to distribute cash and food to over 5,000 children. This tragic event is currently under investigation, focusing on better crowd control measures.”Just a few days later, another stampede occurred during a rice distribution event at a centre in Anambra State. Reports indicate that at least 22 people lost their lives, and 32 others were injured. These heartbreaking incidents highlight the challenges of managing large crowds during charitable events. “In the face of these tragedies, we recognise the importance of coming together to support those who are grieving. It is crucial that we listen to one another, share our feelings, and offer help in any way we can. This is a time for compassion and understanding as we help one another heal.”As we reflect on these devastating events, we invite all Nigerians to come together with kindness and understanding. Let us support one another and work towards creating a place where everyone feels safe and valued. The concern shown in response to this incident highlights our shared humanity.”Together, we can honour the memory of those we have lost by committing to a future filled with hope, where every life matters, and where we can gather in safety and peace, sharing in the abundance of food and support that we can provide for one another as a nation.”May those who have passed find eternal rest, and may God comfort all who are grieving”.

The Benue Government on Sunday unveiled a new beverage, Zeva Premium Lager Beer, produced by Benue Investment and Property Company (BIPC).

Gov. Hyacihth Alia, who presented the new product to the public in Makurdi, said the product was a significant step toward economic rejuvenation, industrialisation, and sustainable development of the state.

Alia stated that the product has further expressed the state’s readiness to harness her resources, build and revive dormant industries, and foster local economic growth.

The governor said the brewery would create a sustainable value chain, turning agricultural raw materials like cassava, sorghum, millet, and maize into high-value products.

He said the beer was an economic strategy to boost state internally generated revenue, reduce dependence on federal allocations, create jobs for the youth, address unemployment, and foster economic stability.

Alia said that through the BIPC, the state has initiated negotiations and interventions to ensure that the Benue Brewery, now managed by Nigerian Breweries, was revived and repositioned for optimal productivity, but their efforts failed.

“Having seen the economic potentials of the brewery industry on our local farmers and the economy of the state, we floated Food Basket Brewery that will produce quality beverages that can compete on national and global stages.

“The launch of Zeva Premium Lager Beer is a game-changer for the agricultural and economic landscape of Benue State.

“The brewery’s operations will directly impact the lives of our farmers, the state’s Gross Domestic Product (GDP), and overall economic development of the state.” he said

The governor stated that through the BIPC, the state has initiated various projects aimed at revitalising existing industries and establishing new ones.

He said though there were other beer beverages in the country, the Benue brand remained the best in the market.

Alia urged the people to drink beer responsibly.

The governor commended the Managing Director (MD/CEO) BIPC, Dr Raymond Asemakaha, along with the management and entire staff of the company, for their relentless efforts, dedication, and commitment to bringing change to the state.

The BIPC Managing Director (M-D/CEO), Asemakaha, said in his remarks that the launching of the beer would increase the state GDP by 17 per cent.

Asemakaha said that the target of the company was to create 10,000 jobs by 2025, adding that they have already created 411 direct jobs within one year.

“Zeva Premium Lager Beer represents more than just a new product. It is a symbol of innovation, resilience, and the indomitable Benue spirit.

“As we unveil this premium beer today, we do so with the knowledge that it will contribute significantly to the socio-economic development of our dear state in several critical ways,” he said.

The M-D disclosed that the Food Basket Brewery would not only produce Zeva Premium Lager Beer but also an array of other assorted brands that would cater to diverse tastes and preferences.

He said Zeva Premium Lager Beer was more than just a drink; it was a celebration of the Benue spirit—a spirit of resilience, determination, and excellence.

The high point of the event was the unveiling of the Zeva Premium Lager Beer product to the public by the governor. (NAN)