Newspaper headlines: Nigeria’s finances in tatters and blackout threatens gas constraints

Problems with the country’s economy, particularly its growing debt profile and high inflation rate, dominated headlines in Nigerian newspapers. The decision of southwestern governors to launch a regional organization dubbed “Ebube Agu” to address the region’s security challenges also grabbed headlines.

Business Days says Nigeria’s finances are in tatters as 60 billion naira were printed by the Central Bank of Nigeria (CBN) for federal allocation to states in February. The newspaper claims that Nigerians pay more for housing than other Africans.

The Guardian says Nigerians are in the dark on gas constraints despite a huge gas reserve of 203 trillion cubic feet (tcf). The newspaper reports that Sa’ad Abubakar, the Sultan of Sokoto, asked Muslims to pay attention to the new moon – signaling the start of Ramadan – on Monday.

On the country’s growing debt profile, the Debt Management Office (DBO) blamed the negative impact of the COVID-19 pandemic on the situation, while experts warned that borrowing from the CBN is dangerous, according to The Punch. Power generation fell to 3,922 megawatts on Sunday as 11 plants were idle, while several others suffered lower output, the newspaper reports.

Despite International Monetary Fund (IMF) projections, Nigeria’s growth looks bleak in the face of unemployment, high inflation among others, reports the Daily Independent. The newspaper reports that the Joint Matriculation Examination Board (JAMB) has said that the ban on a new SIM card could affect candidates for the 2021 Unified Tertiary Matriculation Examination (UTME).

According to the Nigerian Tribune, Seyi Makinde, Governor of Oyo State, and Ayodele Fayose, Former Governor of Ekiti State, are set to clash at the Peoples Democratic Party (PDP) South West Congress. . Experts told the newspaper that printing money to increase the allowance posed a threat to Nigeria’s future.

The Nation says 774,000 workers in the federal government’s special works program are protesting the non-payment of their 20,000 naira wages – three months after it was launched. Governors in the southeast have launched a security team named Ebube Agu, the newspaper reports.