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Nigeria: Parliament to pass 2024 budget Dec. 30

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The Nigerian National Assembly has resolved to pass the 2024 Appropriation Bill on December 30 to sustain the January-December budget cycle, according to the Leader of the Senate, Senator Opeyemi Bamidele.

The federal lawmaker, who revealed this to journalists on Tuesday, said other members of the parliament would have to cut short their holidays to ensure the speedy passage of the bill.

“To ensure the passage of the budget, we abridged time to make all ministries, departments and agencies appear before the joint sitting of all the relevant committees of both the Senate and House of Representatives,” the Senate Leader said.

“This has already reduced the time for the budget defence process by half rather than appearing before the Senate first and House of Representatives later.

“The resolution has also removed the need for harmonisation. In essence, we have been able to save time.

“We have also been sitting beyond our regular sitting days. We have sat on Saturdays. We may even sit on Sunday as we are approaching another year. We only gave ourselves three days to go home and celebrate Christmas.

“We are reconvening on December 29. Our hope and determination is to pass by December 30. On January 1, 2024, Mr President will have the 2024 Appropriation Bill on his desk for assent so that its implementation can take off in earnest”, he added.

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Education secretary warns of dangers of imposition of taxes on online political content

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Mark Mwanza, the Education Secretary for the Catholic Diocese of Chipata, argues that the proposed imposition of taxes on online political content poses a significant risk to freedom of expression in Zambia.

He also contended that such taxation would disproportionately favour financially capable individuals, effectively silencing those who cannot afford the tax.

Speaking to Zambia Monitor in Eastern Province, Chipata, Mwanza emphasized the need for the government to provide a clear rationale for implementing such taxation.

“How will they be billing participants?” Mwanza questioned. “But again, I see it as a potential restriction on freedom of expression. If one can only express oneself when having financial means, it implies being silenced when lacking funds.”

Moreover, Mwanza highlighted the economic challenges hindering media freedom in Zambia.

He pointed out the substantial financial requirements for operating media outlets, particularly radio stations, which often struggle to sustain themselves.

“These economic challenges expose journalists to bribery and other forms of corruption,” Mwanza noted.

“Journalists working in privately owned media often face low salaries, which may compromise their independence and integrity.”

Despite these challenges, Mwanza acknowledged governmental efforts to improve media freedom in certain areas.

He noted a decrease in the frequency of closure of media outlets or intimidation of individuals for their views.

“I would say that people and media houses are now freer to express their views,” Mwanza said.

This story is sponsored content from Zambia Monitor’s Project Aliyense.

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Nigeria’s central bank blames food inflation on govt’s purchase of palliatives

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The escalating food inflation in Nigeria has been blamed on the purchase of foodstuffs which are then distributed to poor and vulnerable Nigerians as palliatives by the Federal Government.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, who stated this in an article in the March Monetary Policy Committee (MPC) meeting and published on CBN’s website, said bulk purchase of food items by the government was directly responsible for the rising inflation.

Nigeria’s food inflation rate had risen to a massive 40.01% in March up from 37.92% in February and by March 25, the MPC increased the interest rate from 22.75 percent to 24.75 percent in a bid to tame inflation.

However, while speaking on the inflation, Cardoso said the inflationary pressure had failed to reduce despite increase in the interest rate had stability in the foreign exchange market in February.

“Despite notable stability in the foreign exchange market resulting from decisions taken at that 293rd MPC meeting, inflationary pressure remains unabated,” Cardoso stated.

“While there is the argument that the significant tightening since the last MPC meeting is yet to fully permeate the system and yield its expected impact, the risk of galloping inflation persists.

“If such a hyperinflationary scenario is to become reality, available options to control inflation could be severely constrained.

“From the facts presented to the MPC, there is a clear indication that the monetary factors contributing to inflation are diminishing in their significance.

“This could be considered as evidence of the impact of decisions reached at the 293rd MPC meeting. Staff reports show that the principal drivers of acceleration in inflation are hikes in food and energy prices which are associated with structural factors.

“Further, new dimensions of inflationary pressure are emerging. First, ‘seller inflation’ arising from the oligopolistic structure of commodity markets such as noticed in the prices of local commodities is gaining significance.

“In addition, huge purchases by the government for distribution as palliatives to vulnerable citizenry is adding another dimension to the food price inflation, with seasonal factors of food price increases during religious fasting and festive periods, adding price cyclicality.”

The CBN Governor added that the new sources of inflation were better addressed by the fiscal authorities to complement the efforts of monetary policy.

A member of the MPC, Bala Bello, who also contributed to the debate on the rising inflationary trend, said both “food and core inflation rose in February, underpinning acceleration in headline inflation to 31.70 percent in February from 29.90 percent in the previous month”.

“This continued rise in inflation was mainly due to persisting high production costs, lingering security challenges and exchange rate pressures.

“Inflation is currently unacceptably high and requires decisive and coordinated efforts to curb it, given its adverse impact on citizens’ purchasing power, investment decisions and broad output performance.”

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