The Chairman, Ram Sellers’ Association, Odo-Ogbe Market, Ile-Ife, Osun, Alhaji Akeem Salahudeen, has complained of low patronage, attributing it to high cost of rams and the economy situation in the country.

Salahudeen stated this in an interview on Wednesday in Ile-Ife.

He said that the big sized ram which was sold between N550,000 and N620,000 last year are now being sold at the rate of N800,000 to N1.

He added that the medium sized ram which was sold between N300,000 and N350,000 last year is now going for between N450,000 and N550,000.

According to him, small sized ram sold for N200,000 and N230,000 last year now attracts N300,000 and N450,000 this year.

He attributed the increase in the prices of rams in this year’s Sallah to the insecurity in the North, which he claimed had disrupted the supply chain.

“They said the worsening insecurity in the North has forced some sellers to import rams from neighbouring countries like Niger, Mali and Chad, which they said contributed to the high prices,” he emphasised.

At Sabo Cattle Market in Ile-Ife, Alhaji Saheed Yaro, said that the price of rams has surged as the small sized ram which was sold at N150,000 and N180,000 last year, is now being sold between N250,000 and N350,000.

Yaro added that the price of medium sized ram which was between N185,000 and N260,000 last year now goes for between N350,000 to N450,000.

Accordingly, the big sized ram sold between N480,000 and N500,000 last year is now between N550,000 and N780,000.

At Boosa Cattle Market located at Modakeke, Mr Musa Salami stated that prices of rams have witnessed sharp increase with a medium sized ram which was for N170,000 to N200,000 last year is now at N250,000 to N300,000.

Salami stated further that the big sized ram that was sold at N350,000 and N400,000 is now being sold at N600,000 to N750,000.

He added that he brought 150 rams a week ago, but has been able to sell only 15, explaining that many customers turned back on hearing prices without buying.

He noted that customers who usually bought rams from him over the years are now complaining about costs.

NAN reports that ram sellers expressed concern over low patronage in many markets, saying that customers were lamenting the high cost of the animals.

A civil servant, Mr Bayo Olabisi, said that most workers in the state cannot afford to buy rams for this year’s Eid-el-Kabir due to the high prices and the economic hardship.
Olabisi added that the present economic hardship has been taken a toll on the workers, especially with the high transportation and other costs following the removal of fuel subsidy by the government.

“In fact, I visited three places where they sell rams, but I couldn’t buy any because I can’t afford to buy.

“When I priced a medium sized ram, the seller told me N250,000, the same size of ram I bought for N150,000 last year.

“I would rather use part of my salary to buy half bag of rice and two chickens for my family.

“For Allah has said that if you can’t afford ram, you should not borrow or buy on credit because there’s no reward on that,“ he said. (NAN)

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has disowned a fake AI-generated video circulating on social media featuring a cloned voice of the Group CEO, Mr Bayo Ojulari, promoting a fictitious poverty alleviation scheme.

The Chief Corporate Communications Officer, NNPC Ltd.

Soneye urged the public to disregard the video, originally shared by an account named Mensageiro de Cristo on Facebook.

“NNPC Ltd. has warned the perpetrators to cease their fraudulent actions or face legal consequences,” he said. (NAN)

 The Federal Government says it will continue to borrow within manageable and sustainable limits in accordance with the Debt Management Office (DMO) debt sustainability framework.

This is contained in a statement by the Director, Information and Public Relations in the Ministry of Finance, Mr Mohammed Manga, in Abuja on Wednesday.

President Bola Tinubu recently requested the approval of the 2024 – 2026 external borrowing rolling plan from the National Assembly.

Tinubu has requested the National Assembly’s approval to secure external loans of 21.5 million dollars and 15 billion Yuan, along with a grant of 65 million Euro, as part of the federal government’s proposed 2025–2026 external borrowing plan.

Manga said that the proposed borrowing plan was an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003.

“The plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc.

“By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad-hoc or reactive borrowing practices.

“This strategic method enhances the country’s ability to implement effective fiscal policies and mobilise development resources,” he said.

According to the statement, the borrowing plan does not equate to actual borrowing for the period.

“The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is 1.23 billion dollars, and it has not yet been drawn.

“This is planned for H2 2025, the plan is for both federal and several state governments across numerous geopolitical zones including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.

“Importantly, it should be noted that the borrowing rolling plan does not equate to an automatic increase in the nation’s debt burden.

“The nature of the rolling plan means that borrowings are split over the period of the projects, for example, a large proportion of projects in the 2024–2026 rolling plan have multi-year drawdowns of between five to seven years which are project-tied loans,” Manga said.

He said that these projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, rail and road infrastructure.

According to him, the majority of the proposed borrowing will be sourced from the country’s development partners, like the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank.

Manga said that these institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.

He said that the government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90 per cent in 2023.

Manga said that the government has ended the distortionary and inflationary ways and means.

According to him, there is significant revenue expectations from the Nigerian National Petroleum Corporation Limited (NNPC Ltd), technology-enabled monitoring and collection of surpluses from government owned enterprises and revenue-generating ministries, departments, and agencies and legacy outstanding dues.

“Having achieved a fair degree of macroeconomic stabilisation, the overarching goal of the federal government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth.

“Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture.

“These investments will lay the groundwork for long-term economic diversification and encourage private sector participation.

“Our debt strategy is therefore guided not solely by the size of our obligations, but by the utility, sustainability, and economic returns of the borrowing,” he said.(NAN)

 The Federal Government says it will continue to borrow within manageable and sustainable limits in accordance with the Debt Management Office (DMO) debt sustainability framework.

This is contained in a statement by the Director, Information and Public Relations in the Ministry of Finance, Mr Mohammed Manga, in Abuja on Wednesday.

President Bola Tinubu recently requested the approval of the 2024 – 2026 external borrowing rolling plan from the National Assembly.

Tinubu has requested the National Assembly’s approval to secure external loans of 21.5 million dollars and 15 billion Yuan, along with a grant of 65 million Euro, as part of the federal government’s proposed 2025–2026 external borrowing plan.

Manga said that the proposed borrowing plan was an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003.

“The plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc.

“By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad-hoc or reactive borrowing practices.

“This strategic method enhances the country’s ability to implement effective fiscal policies and mobilise development resources,” he said.

According to the statement, the borrowing plan does not equate to actual borrowing for the period.

“The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is 1.23 billion dollars, and it has not yet been drawn.

“This is planned for H2 2025, the plan is for both federal and several state governments across numerous geopolitical zones including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.

“Importantly, it should be noted that the borrowing rolling plan does not equate to an automatic increase in the nation’s debt burden.

“The nature of the rolling plan means that borrowings are split over the period of the projects, for example, a large proportion of projects in the 2024–2026 rolling plan have multi-year drawdowns of between five to seven years which are project-tied loans,” Manga said.

He said that these projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, rail and road infrastructure.

According to him, the majority of the proposed borrowing will be sourced from the country’s development partners, like the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank.

Manga said that these institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.

He said that the government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90 per cent in 2023.

Manga said that the government has ended the distortionary and inflationary ways and means.

According to him, there is significant revenue expectations from the Nigerian National Petroleum Corporation Limited (NNPC Ltd), technology-enabled monitoring and collection of surpluses from government owned enterprises and revenue-generating ministries, departments, and agencies and legacy outstanding dues.

“Having achieved a fair degree of macroeconomic stabilisation, the overarching goal of the federal government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth.

“Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture.

“These investments will lay the groundwork for long-term economic diversification and encourage private sector participation.

“Our debt strategy is therefore guided not solely by the size of our obligations, but by the utility, sustainability, and economic returns of the borrowing,” he said.(NAN)