Headlines
Turkey Inflation Spirals to 70%
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By Derrick Bangura
Turkey’s annual inflation jumped to a two-decade high of 69.97% in April, according to data on Thursday, fuelled by the Russia-Ukraine conflict and rising energy and commodity prices after last year’s lira crash.
The surge in prices has badly strained households just over a year before presidential and parliamentary elections that could bring the curtain down on President Tayyip Erdogan’s long rule.
Erdogan first came to power as prime minister in 2003 before switching the country to a presidential system, and the unorthodox interest rate cuts made last year under pressure from him have been blamed for lighting a fire under inflation.
Month-on-month, consumer prices rose 7.25%, the Turkish Statistical Institute said, compared to a Reuters poll forecast of 6%. Annually, consumer price inflation was forecast to be 68%.
“It’s about food and energy price increases but also the spectacular failure of monetary policy in Turkey – and it’s about the abject and total failure of Erdogan’s unorthodox monetary policy,” said strategist Timothy Ash at Bluebay Asset Management.
Last year’s currency slide was triggered by a 500 basis point-easing cycle which began last September under pressure from Erdogan, prompting the sustained surge in consumer prices that was stoked by fallout from Russia’s invasion of Ukraine.
The surge in consumer prices was driven by a 105.9% leap in the transportation sector, which includes energy prices, and a 89.1% jump in food and non-alcoholic drinks prices, the data showed.
Month-on-month, food and non-alcoholic drink prices rose the most with 13.38% and house prices rose 7.43%.
The lira dipped 0.9% to 14.8525 against the dollar after the release of the data.
Presidential and parliamentary elections are due by June 2023 and opinion polls show Erdogan’s support declining.
“The really remarkable thing here is that opinion polls still suggest that the next election is still in the balance. Perhaps that says as much about the opposition as Erdogan,” Ash said.
LITTLE REPRIEVE
The government has said inflation will fall under its new economic programme, which prioritises low interest rates to boost production and exports with the goal of achieving a current account surplus.
However, economists see inflation remaining high for the rest of 2022 due to the war, with the median estimate for inflation at year-end standing at 52%. The current account deficit has also widened sharply at the start of the year.
Last week’s Reuters poll showed annual inflation was expected to be 52% by year-end. Inflation was last at current levels in 2002, having hit 73.1% in February of that year.
Inflation has continued to rise despite tax cuts on basic goods and government subsidies for some electricity bills to ease the burden on household budgets.
Last week the central bank forecast annual inflation will peak at around 70% by June before declining to near 43% by year-end and single digits by end-2024.
The central bank held its key policy rate steady at 14% in four meetings this year and said measures and policy steps will prioritise so-called liraization in the market.
The domestic producer price index climbed 7.67% month-on-month in April for an annual rise of 121.82%.
Headlines
Fintiri pledges more digital, self-employment opportunities for youths
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Gov. Ahmadu Fintiri of Adamawa has pledged to continue to provide world class training opportunities for youth, civil servants and entrepreneurs to make them competitive in the global digital economy.
Fintiri said this at the graduation of 50 youths on digital skills in Yola on Thursday.
The News Agency of Nigeria (NAN) reports that each of the beneficiaries was presented with a starter pack.
Fintiri, who was represented by his Special Adviser on ICT and e-economy, Hammanjam Adamu, said the initiative aimed to empower youth to be self-reliant and employers of labour.
“We have embarked on an ambitious journey to position Adamawa State as a digital hub, fostering innovation, creativity, and entrepreneurship.
“The State Government remains committed to supporting your growth with initiatives like the ICT Technical Talent Program.
“We aim to train 100,000 youth in Adamawa State in various technical and digital skills over the next few years,” he said.
Fintiri encouraged the beneficiaries to apply the knowledge acquired to stay connected and to continue learning for more success.
Hammanjumba Gatugel, Commissioner for Ministry Entrepreneurship Development, said the participants were drawn across 21 Local Government Areas.
They said they were under gone intensive training on Digital Marketing, Graphic Design, Website Development and Modern workplace Digital Communication Courses.
“The training has provided the beneficiaries with Digital skills to enable them compete with their counter-part globally, also with the knowledge make informed decision in the Digital world,” he said.
According to him, the programme will enhance their employability and readiness to open wide range of employment opportunities including media, advertisement, marketing and design.
The commissioner also advised the beneficiaries against selling their starter kits so as not to defeat the aim of the training.
Arabo Ishaq, Chief Executive Officer, Datarose represented by Abdulmalik Adamu, a resource person, appreciated Adamawa government for the opportunity.
He said, the beneficiaries could now develop website among others skills acquired.
“We have a beneficiary that is about to get married and designed his invitation letters with the skills he acquired he acquired during the training,” he said.
Iya Bamalam who spoke on behalf of the beneficiaries appreciated the opportunity and assured to apply the skills effectively.
Headlines
Police arraign man for alleged forgery, forceful takeover of property
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The police on Thursday arraigned a 51-year-old man, Stanley Offor, before an Ikeja High Court for alleged forgery and forceful takeover of a landed property.
Offor is facing a four-count charge of conspiracy, forgery, and illegal occupation of property and forceful takeover of landed property.
The defendant, however, pleaded not guilty to the charge.
The Police Prosecutor, Mr Emmanuel Jackson, prayed for a trial date and requested that the court remand the defendant pending the commencement of trial.
The Defence Counsel, Mr Peter Madukwe, however, informed the court that he had filed an application for bail, which had been served on the prosecution.
Madukwe prayed the court to admit the defendant to bail on liberal terms.
Justice Ismail Ijelu adjourned the case until Feb. 17 for ruling on the bail application and the commencement of trial.
Earlier, the prosecution told the court that the defendant allegedly committed the offences with others still at large sometime in 2016 in Lagos.
Jackson alleged that the defendant forged the signature and receipts of one late Mrs Comfort Eruchalu, purporting that they had been made by her to facilitate the sublease of her property to a third party.
The prosecution further submitted that the defendant allegedly occupied a property belonging to Cool Comfort Africa Ltd, located behind Atiku Abubakar Hall 3, Trade Fair Complex in Lagos, as an encroacher.
The defendant, according to the prosecution, failed to vacate the said property after being required to do so on behalf of the property’s owner.
He said the alleged offences violated Sections 2 (2), 4(1) of the Lagos State Property Protection Law, 2016, and Section 516 (1) of the Criminal Code C38, Law of the Federation of Nigeria 2024.
It also violates Section 365(1) of the Criminal Laws of Lagos State, 2015.
Headlines
First Lady seeks collaborative measures to end FGM
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The First Lady, Sen. Oluremi Tinubu, has called for collective efforts of Nigerians to end Female Genital Mutilation (FGM) and protection of other rights of the girl child.
In a statement issued to commemorate the 2025 International Day of Zero Tolerance for Female Genital Mutilation, on Thursday in Abuja, Sen. Tinubu urged stakeholders, especially parents, to be proactive in upholding the dignity of children especially the girl child.
The News Agency of Nigeria (NAN) reports that the theme for the 2025 celebration of the international day is “Stepping up the Pace: Strengthening Alliances and Building Movements to End FGM.”
“As we commemorate the 2025 International Day of Zero Tolerance for Female Genital Mutilation (FGM), we are reminded of our shared responsibility to protect the rights and dignity of girls and women,” she said.
The first lady said that genital mutilation was a violation of the rights of girls, which had consequences.
According to her, female genital mutilation has no health benefits.
Sen. Tinubu urged stakeholders to do more to curb or end FGM.
“Although Nigeria has made significant strides toward eliminating FGM, due to the collaborative efforts of the government, UNFPA/UNICEF Joint Programme, civil society organisations, traditional institutions and community leaders, there is still much work to be done.
“We must remember that violence against women is not just a women’s issue but an issue against humanity. It affects us all, erodes our shared values of respect and dignity.
“We must recognise that every person, regardless of gender, deserves to live free from fear, discrimination, and violation.
“According to UNFPA, Nigeria has the highest absolute number of FGM globally, with over 20 million women and girls that have undergone FGM and if care is not taken, about 14 million girls are still at risk of also experiencing this practice by 2030,” she said.
The first lady, however, promised that she would take a lead in combating the menace in Nigeria.
“Together, we will strengthen the movement against FGM by building alliances across sectors, empowering survivors, and ensuring that youth and women lead the charge.
“The administration of President Bola Tinubu, remains committed to ending FGM and I will continue to advocate for the necessary support.
“Our collective voice is our greatest strength, and with united efforts, we can achieve a Nigeria free from FGM.
“Let us continue to work together, for our girls, for our women, and for a future where Female Genital Mutilation no longer exists,” she said.
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