Nigeria’s Currency Weaker Than Afghani, Pakistani Rupee; Here Is Why
Nigeria’s currency is weaker than Afghanistan’s Afghani and Pakistan’s Rupee on the international market. Currently, one dollar equals N411 (Naira). 79.92 AFN (Afghani), and 174. 43 PKR (Pakistani rupee).
These three countries are threatened by terrorism and insecurity, with Nigeria and Afghanistan taking the top two places on the global terrorism index, and Pakistan is in the seventh position.
In recent times there have been concerns over Nigeria’s currency and its purchasing power. So why are these countries’ currency faring better than naira? [Read more]
The Buhari Effect: N87 million In Two Months to Publicise the President’s Achievements
The Nigerian government spent N87 million to produce and publicise a documentary on President Muhammadu Buhari’s achievements between June and July 2021.
A review of Open Treasury Portal data revealed that the amount was spent producing a documentary titled “The Buhari Effect: Unheralded Achievement” and placing publicity materials on newspapers, online media and broadcast stations.
This spending flies in the face of the current realities of high inflation and the shrinking purchasing power of Nigerians. [Read more]
Three Things to Know About the Petroleum Industry Act (PIA)
In August 2021, Nigeria signed the Petroleum Industry Bill (PIB) into law. However, before signing the bill, there had been concerns over the solvency of the Nigerian National Petroleum Corporation (NNPC), especially as it failed to record profit and the corporation’s revenue accounted for a part of the federal government’s revenue. In this report, we bring to you key points and significant highlights of the act, especially regarding the profitability of the NNPC, host communities, and gas flaring. [Read more]
The paradox of Nigeria’s Inflation: Decreasing Headline Inflation, Increasing Food Inflation
Nigeria’s inflation rate has enjoyed a steady, marginal decline from March 2021 to September 2021. The drop recorded in September 2021 represents the sixth consecutive decline.
However, the decline in inflation rate recorded over the months is not reflected in prices of goods and services at the local market; Mama Emma and her customers, continue to lament the increasing cost of a bag of rice that she resells over 3 months at Yakasua, Abuja. For instance, a recent report revealed that the price of flour and pasta has increased by 44.83 percent and 40 percent, respectively, from January to date, and currently sells at N21,000/bag and N6,300. A Dataphyte review of the inflation data revealed that the inflation figure predominantly published is the headline inflation. [Read more]
Nigeria’s Correctional Centres are Overcrowded by 37%, but 7 out of 10 inmates are awaiting trial
The Nigerian Correctional Service (NCS) data on the Summary of Inmate Population by Convict and Persons Awaiting Trial as of October 4th 2021, revealed that the facilities hold 37% more inmates than it is designed to.
According to Rob Allen, a consultant on prison, probation, and youth justice, overcrowding is defined as the percentage of the occupancy rate greater than 100 per cent. The percentage of inmates held by a correctional facility defines its occupancy rate and how overcrowded it is. The NCS data shows that Nigeria’s correctional centres can hold 50,083 inmates, but they currently hold 70,056 inmates. When the total prison population is expressed as a percentage of the capacity figure, the occupancy rate is 137 per cent. And based on Allen’s definition of overcrowding, Nigeria’s NCS centres are overcrowded by 37 per cent. [Read more]