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Tunisia will run out of petrol supply in one week, Labour Union raises the alarm

Published

2 years ago

October 10, 2022

Tunisia’s national Labour Union, the UGTT, has raised the alarm that the country only has enough petrol to last a week, though the Energy Minister, Naila Nouira, has refuted the claims, saying that a new tanker was unloading and the long queues at fuel stations were caused by a rush of consumers hoarding supply.

The alarm which was raised by a senior official in the oil section of the UGTT Union, Salouan Smiri on Monday, came following weeks of long lines of cars jamming the roads and causing traffic gridlock as motorists had to wait to fill their tanks around Tunis over recent days.

“The shortage of fuel supply may resume if the State does not find enough liquidity to pay for upcoming loads,” Smiri said on a radio programme.

Critics of the government have also blasted the government and see the fuel scarcity as another sign of an unfolding crisis in public finances.

But in a swift response on another radio programme, Nouira blamed the shortage on consumer behaviour and global distribution problems which appeared to acknowledge that payments to importers were contributing to snags in supply.

“The reason for the scarcity of fuel is the rush of people. Many Tunisians are taking more than they need,” she said on the Mosaique FM radio.

“There is financial pressure due to the immediate pace of payment that vendors are asking,” she added.

Nouira said the government hopes to finalise a staff-level agreement with the International Monetary Fund (IMF) for a rescue programme involving potentially unpopular reforms that could unlock further bilateral budget support.

Coupled with the petrol shortage, Tunisia is already facing shortages of some subsidised goods which led to nationwide protests in September, as it seeks an international bailout to finance debt repayments and state spending.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”