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Federal Government of Nigeria has expressed its sadness over the pronouncement by the Military authority in the Republic of Niger indicating that the Republics of Burkina Faso, Mali and Niger have withdrawn membership of their countries from the Economic Community of West African States (ECOWAS).
In a statement on Monday by Francisca K. Omayuli, spokesperson of the Ministry of Foreign Affairs, the FG said for half a century, ECOWAS had worked to promote peace, prosperity and democracy in the region.
The military juntas in Mali, Burkina Faso, and Niger had on Sunday withdrawn from the ECOWAS “with immediate effect”.
However, the statement from the foreign affairs ministry, said: “Nigeria stands with ECOWAS to emphasise due process and shared commitment to protect and strengthen the rights and welfare of all citizens of Member States.
“Nigeria has worked sincerely and in good faith to reach out to all members of the ECOWAS family to resolve the difficulties being faced.
“It is now clear that those seeking to quit the Community do not share that same good faith,” said the statement.
The FG accused the unelected leaders of denying their people the sovereign right to make fundamental choices over their freedom of movement, freedom to trade and freedom to choose their leaders.
The FG however expressed its desire to engage with Burkina Faso, Mali and Niger “so that all the people of the region can continue to enjoy the economic benefits and democratic values that ECOWAS embraces.”
Nigeria further appeals to the International Community to continue to extend its support for ECOWAS and the vision of closer partnership, cooperation and integration.
..as area community high school honours Ogun West Indigenes at 45th Founder’s Day
Ogun State Government has been enjoined to pay more attention to improving the quality of education in the State, by investing more in the sector, especially as it concerns provision of infrastructure and staff.
The advice was given by a former member of the house of representatives, Kolawole Lawal Mobolorunduro, KLM at the 45th founder's day anniversary of Area community High School Owode-Yewa.
The former legislator who was a pioneer Senior Prefect in the School said the private sector and old students also have roles to play in the development of education in the Country.
He highlighted some of the developmental projects that had taken place in the school with the support of the old students, stressing that 90 percent of infrastructural facilities in the school were built by the Old students association.
While commending an old Student who is a member of the House of Representatives, Abiodun Isiaq Akinlade, who is presently representing Yewa South / Ipokia Federal Constituency, he applauded Senator Adeola Olamilekan for his laudable contributions to the school, particularly the ongoing storey building block of classrooms.
According to him, "government has to improve the standard of education by investing more in the sector, especially in the area of infrastructure".
The Global President of Area Community High School Old Students Association (ACHSO), Owode, Mr. Wole Adeosun, said the school which was established in 1978, has remained a citadel of learning for academic excellence, thus the need to continue the good standard.
Abiodun Isiaq Akinlade in his speech expressed satisfaction at the level of development in the school compared to the last 40 years.
He appealed to the government, the Parents Teachers Association and the old Students of the school to be partners in progress for the rebuilding of the school, adding that the administration of President Tinubu is ready to pay more serious attention to the education sector if Nigeria must develop.
Highpoints of the event included the commissioning of a borehole project constructed by Class 83 set of the association.
Award of recognition and posthumous honours were also conferred on the founding fathers of the school and departed old students respectively for their contributions to the development of the school.
Betta Edu, minister of humanitarian affairs, has asked Oluwatoyin Sakirat Madein, the accountant-general of the federation, to transfer N585 million to the bank account of an individual.
The instruction for the payment is contained in a leaked letter dated December 20, 2023.
The letter, signed by the minister, was titled: “Mandate for Payment of Grant for Vulnerable Groups in Akwa Ibom, Cross River, Lagos and Ogun States Respectively”.
In the letter, Edu instructed the accountant-general to transfer N585,189,500 to the UBA account of one Oniyelu Bridget Mojisola.
According to the document, N219,429,750 was earmarked as “2023 Grant for Vulnerable Groups in Akwa Ibom state”, N73,828,750 was budgeted for Cross River state, N219,462,250 for Lagos state, and N72,468,750 for Ogun state.
The minister said the payment should be deducted from the account of the national investment office.
“I hereby approve the payment of the cumulative sum of N585,189,500. These are payments for programmes and activities of the Renewed Hope grant for Vulnerable Groups,” the letter reads.
“This payment should be made from the National Social Investment Office account with account number: 0020208461037 to the project accountant’s details listed above.”
The letter has elicited varied reactions on the social media as many Nigerians questioned the rationale behind the minister’s instruction of transferring the funds to a private bank account.
‘FRAUDULENT INTENTION’
The public sector financial regulations of 2009 prohibits the payment of public funds to the account of a private individual.
Section 713 of the law states that: “Personal money shall in no circumstances be paid into a government bank account, nor shall any public money be paid into a private bank account. An officer who pays public money into a private account is deemed to have done so with fraudulent intention.”
‘N585m FUND FOLLOWED DUE PROCESS’
In a statement on Friday, Rasheed Zubair, media adviser to the minister, said the N585 million fund for vulnerable groups followed “due process”.
Zubair said Bridget, whose bank account was stated to receive the payment, is the project accountant for grants for vulnerable groups scheme.
The media adviser said it is “legal in civil service” for a project accountant to receive payments, use funds legally and retire all receipts as evidence of the project.
He added that the circulation of the document on social media is another attempt to blackmail the minister.
“It is glaring that the same sponsored disgruntled elements in the past few days have been trying to smear the Honourable Minister, Betta Edu, and stain her integrity because she alerted the Federal Government attention to the ongoing N44.8 Billion Fraud in NSIPA,” the statement reads.
“These elements have been trying to link her to a phantom fraud and are behind this latest misadventure.
“However, this latest vile effort of theirs is another infantile blackmail doomed for evisceration. For the avoidance of doubt, the said N585,198,500.00 was approved, and it is meant for the implementation of grants to vulnerable groups in Akwa Ibom, Cross River, Ogun, and Lagos states.”
Federal Inland Revenue Service (FIRS) has proposed N356.95 billion to the federal government as budget for 2024.
This is contained in the 2024 government-owned entities’ (GOE’s) budget proposal seen by TheCable on Friday.
According to the proposed budget of N356,951,441,648, the agency plans to spend N11,070,000,000 on long service awards, N13,617,615,408 on welfare packages as well as N4,599,450,000 on the purchase of computers while networking/communications or information technology infrastructure takes N3,715,524,465.10.
Also, the revenue agency budgeted N5,550,000,000 to purchase motor vehicles and N1,350,000,000.00 to maintain vehicles and transport equipment.
On power supply, FIRS will spend N2,480,840,000 on purchasing power generating set, N2,700,000,000 on fueling plant/generator, and N1,260,000,000.00 on electricity charges in one year.
FIRS also earmarked N15,222,000,000 on local grants and contributions to government-owned companies and N180,000,000 as grants to foreign international organisations.
Also included in the budget is N10,200,415,000 earmarked for local (N7,500,415,000) and international (N2,700,000,000) training.
In the budget, FIRS plans to spend N4,500,000,000.00 on local travel and transport, while international travel and transport is expected to gulp N1,350,000,000.00.
Nigerian lawmakers approved a N28.77 trillion ($34 billion) budget for 2024 on Saturday, accepting a funding increase which the government had sought due to higher revenue forecasts and a weaker currency.
President Bola Tinubu had initially presented a N27.5 trillion budget to lawmakers, projecting a deficit of 3.9% of gross domestic product (GDP) and assuming an average exchange rate of N750 per dollar.
But at a special sitting on Saturday, the Senate and House of Representatives separately debated the budget and resolved to adopt it with the changes sought by the government.
The government said it expected more revenue from government-owned enterprises and now expected an average exchange rate of N800 to the dollar, which would boost export income. Economic growth is forecast at 3.88%.
Tinubu campaigned on a promise to revive the country's struggling economy but Nigerians have endured increased hardships this year after the president removed a decades-old petrol subsidy and scrapped currency controls, helping to push inflation to its highest level in two decades.
The budget will be sent to Tinubu on Monday to be signed into law.
Nigeria has struggled with high deficits over the years due to low tax revenue and falling production of oil, its biggest export, forcing the government to borrow more.
Africa's biggest economy is also in the grips of widespread insecurity, which has worsened in some places since Tinubu came to office. He is yet to spell out how to tackle the problem.
The lawmakers separately debated last week's attacks by suspected herdsmen in central Plateau state, which left at least 140 people dead and resolved to invite security chiefs to explain the circumstances around the incident.
Residents of Lagos Island and traders at the popular Idumota market have decried the increasing hunger and desperation inflicted on them by the President Bola Tinubu-led administration.
The residents were seen in a trending video telling President Tinubu in Yoruba language that they are hungry saying - “Ebi npa wa oo”.
Filed on both sides of the road as seen in the video as the president’s long convoy passed through the ever-busy market, the traders didn't hail him.
They instead kept talking of their pains, which they accused his administration of inflicting on them by bad policies that didn't factor the poor and working class in the country.
The complaining voices in the video were heard saying the presidency had known the plans of the people which was the reason for the heavy security. However, the alleged initial plan was not made known.
Nigerians have been advised to show love at all times and share their blessings with their neighbours and the less privileged, irrespective of ethnicity and religion.
The founder and Chief Executive Officer, CEO of Pelican Valley Nigeria Limited, Babatunde Adeyemo gave this advice in his Christmas message while felicitating Christians on the occasion commemorating the birth of Jesus Christ.
Adeyemo who said one of the major lessons of Christmas is love, enjoined all and sundry to show love at all times.
He expressed appreciation to all his customers, clients and patrons who he said were the backbone of company's businesses.
According to the statement issued at the early hours of Monday 25th December, 2023 he said “ I felicitate with all our customers across the globe, especially our Christian brothers and sisters, on the joyous occasion of this year’s Christmas.
“On this occasion of the commemoration of the birth of Jesus Christ, let us all rededicate ourselves to the virtues of peace, love, honesty, justice, equity and service to others which the birth taught.”
Pelican Valley Nigeria Limited, is a foremost Nigerian real estate firm managing the Pelican Valley Estate Laderin, Abeokuta; Pelican Brief Estate; Pelican’s Ecostay Apartments and Pelican Green Acres Farm Estate – located at Kobape the corridor of Ogun State
The CEO, Babatunde Adeyemo is also a philanthropist and the founder of Oko Opo Foundation, the vehicle through which he caters to the widows, children and other vulnerable members of the society.
.. preaches hope, love and harmony at Christmas
Nigerians have been advised not to lose hope or give up on the country due to the prevailing economic hardship biting hard on the people.
The Minority Leader of the Ogun State House of Assembly, Lukman Olalekan Adeleye gave this advice while giving out financial support to members of his constituent to celebrate the yuletide.
Adeleye, who is representing Odogbolu State constituency at the Assembly, gave out cash support to the tune of N5 million to various members of his constituent, cutting across groups and political divide.
The Peoples' Democratic Party, PDP minority leader, said he can not pretend that all is well while people are finding it so hard to make ends meet.
Adeleye said he would continue to look into more genuine ways of improving the welfare of his people.
He said the financial support was part of his efforts at reducing poverty and improving the well-being of his people.
According to him, "the times are hard and our people are finding it so difficult to eat three square meal these days. In fact, people have resorted to taking concoctions against Orthodox drugs due to the increase in prices."
"This is a time we must come together to profer solutions to our various challenges and try to improve the lots of our people," he said.
Adeleye urged all to be their brothers' keeper as we celebrate Christmas, stressing that the gift of Christ to the world was all about love. "
He enjoined the people to remember the less privileged in the society while calling on the state government to look into more better ways of improving production and supporting small and medium scale businesses.
The beneficiaries of the Christmas package could not hide their joy as they commended Hon Lukman Adeleye for his sincerity and magnanimity at this time.
Chairman of Titan Trust Bank, Tunde Lemo, has insisted that the acquisition of Union Bank of Nigeria Plc followed due process and met all regulatory requirements, including that of the Securities and Exchange Commission and the Central Bank of Nigeria.
Lemo, a former deputy governor of the Central Bank of Nigeria, spoke in an interview with Sunday PUNCH following the release of the report of the special investigation into the activities of the CBN and other related entities.
The final report, submitted to President Bola Tinubu on Wednesday, accused the immediate past governor of the CBN, Godwin Emefiele, of using ill-gotten wealth to acquire Union Bank and Keystone Bank through proxies.
However, Lemo insisted that the establishment of Titan Trust Bank and subsequent acquisition of Union Bank were transparent and duly verified by the relevant regulatory bodies.
“The core shareholders and the banks will respond appropriately. Due process was followed in the establishment of Titan Trust Bank and every process that led to the acquisition of Union Bank was verified by the CBN, SEC and other regulators. The core shareholders will respond to the specific allegations against them,” he said.
Lemo warned that the publication of unverified information on banks could have adverse effects on the banking industry.
“I sincerely recommend caution in the publication of unverified information about these financial institutions as they are both deposit-taking institutions. The good news is that the banks are healthy and stable,” he added.
The special investigator, Jim Obazee, said, “When we carried out the investigation, we discovered that some persons were used as proxies by Godwin Emefiele to set up Titan Trust Bank and acquire Union Bank therefrom, all from ill-gotten wealth.
“We were able to secure some documents and investigation reports that will lead to the forfeiture of the two banks to the Federal Government. We have completed our investigation on this acquisition and have also held meetings with the relevant parties except for Cornelis Vink, who is currently hospitalised in Switzerland.”
In a separate statement by its Corporate Communications Department, Titan Trust Bank said on December 18, 2021, it signed a Share Sale and Purchase Agreement with Atlas Mara Limited, Union Global Partners Limited, Emeka Emuwa, Standard Chartered Bank, Montane Partners West Africa Limited, TLG Africa Growth Impact Fund, and Sanlam Life Assurance Limited.
The bulk shareholders, according to the statement, together owned 93.41 percent of Union Bank’s issued ordinary share capital.
It said, “The SPA was the product of a long and tortuous due diligence process that involved leading financial and technical advisers. Titan Trust Bank engaged reputable firms like PricewaterhouseCoopers Limited for the financial due diligence; Drey Law Practice for the legal due diligence and Norton Rose Fulbright, UK, as legal advisers; and Citibank London as financial/transaction advisers. The bulk shareholders engaged a prominent UK law firm, White & Case, as their legal advisers on the transaction.
“The acquisition was conducted in the most professional, open, and transparent bidding process. The acquisition was funded by a combination of debt ($300m) and an additional equity injection of about $190m, which was contributed by TTB’s two major shareholders – Magna International DMCC and Luxis International DMCC. The Certificates of Capital Importation for both the debt and the equity financing evidencing the receipt of these funds into Nigeria by legal means have been made available where requested. The $300m acquisition facility is sourced from Afreximbank and is priced on SOFR with a margin of 6.25 percent (all together, almost 12 percent pa) and a moratorium period of 30 months. TTB has paid interest on the loan for three interest periods (18 months so far).
“TTB sought and obtained all necessary regulatory approvals from its primary regulator – the Central Bank of Nigeria, the Securities and Exchange Commission, the Nigerian Exchange Limited, and the Federal Inland Revenue Service, among others.
“Following TTB’s acquisition of 93.41 per cent controlling interest in Union Bank on June 1, 2022, a change in control was effected with the dissolution of the former Board and the reconstitution of a new Board with new leadership. TTB proceeded to conduct a Mandatory Takeover Offer, which was legally triggered by the acquisition of 93.41 percent of Union Bank by TTB, bringing the percentage float of Union Bank shares to less than 20 percent. The purpose of the MTO was to give the minority shareholders the opportunity to offer their shares on the same terms as was offered to the bulk shareholders. The MTO was conducted after all due regulatory approvals were obtained.”
“On allegations relating to the ownership of Titan Trust Bank, the Board and management provided the special investigators with the share ownership structure in TTB, including the holdings of Magna International DMCC and Luxis International DMCC owned by Rahul Savara and Cornelius Vink. These individuals are prominent global entrepreneurs and have thriving businesses in Nigeria and several countries around the world. The shareholding structure is also verifiable at the Corporate Affairs Commission.”
The bank urged its customers, shareholders, and stakeholders to remain calm as it would do everything legal to ensure that the current misunderstanding was clarified.
Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), has denied accusations of corruption and theft in a recent report by the special investigation panel on CBN and other entities, led by Jim Obazee, a private investigator.
The report, which was recently submitted to President Bola Tinubu, comes after nearly six months of a probe on the activities of the CBN under Emefiele.
The document details serious acts of corruption and theft in the CBN, allegedly perpetrated by senior officials of the bank, including Emefiele who regained freedom on Saturday after spending a month in the Kuje correctional facility for procurement fraud.
The report alleged, among other things, that Emefiele approved the naira redesign policy without presidential approval and withdrew $6.23 million from the CBN vault.
Speaking on the allegations in a statement on Sunday, Emefiele refuted the claims, describing the panel’s findings as “false, misleading, and calculated to disparage” his character.
He said the presidential approval for the naira redesign existed and was provided to Obazee during his investigation.
The ex-CBN governor challenged Obazee to publish the alleged forged presidential directive and his statements denying knowledge of it.
“I have gone through the publications, and I say boldly that the contents of the said publications are false, misleading, and calculated to disparage my person, injure my character, and serve the selfish interest of the private investigator,” Emefiele said.
“I have been advised by my lawyers not to say anything in respect of the matters which have been submitted to the court for adjudication. However, I need to address some of the issues raised in the publication which are barefaced lies told by the investigator in order to achieve his satanic agenda.
“First, it was reported that, contrary to the provision of the CBN Act 2007, there was no presidential approval for the Naira redesign.
“I wish to state unequivocally that there was indeed a presidential approval, and the said approval was handed over to the same Obazee during the process of his investigation in the presence of senior CBN officials and his investigative team.
“Moreover, the former President Muhammadu Buhari has stated on a number of occasions that he authorised and approved the Naira redesign.
“I am therefore at a loss as to why Obazee would mislead Nigerians that there was no presidential approval.
“The report also claimed that 6.23 million dollars was withdrawn from the CBN vault based on a false presidential directive bearing the signature of the former president, and that of the former secretary to the government of the federation (SGF), Boss Mustapha.
“About two weeks ago, Obazee in the company of a certain Deputy Commissioner of Police from Force CID came to Kuje to ask me questions in respect of the said document in the presence of my lawyers.
“I stated verbally and in writing that I have no knowledge of such a directive from the former president and the former SGF. In fact, I told them that that was the first time I would be seeing the documents. On this, I challenge Obazee to publish the said documents and also the statements that I made to them.”
‘NO INVOLVEMENT IN OPENING ACCOUNTS’
Reacting to claims of illegally depositing billions of naira in 593 offshore bank accounts, the regulator’s ex-governor said he has “no knowledge” of such accounts.
“The final issue that I would like to respond to is the issue of the 593 accounts which were purportedly opened in different parts of the world. I state categorically that I was not involved in the opening of these accounts and I do not have knowledge of their openings,” he said.
“The fixed deposits in those foreign accounts are definitely outside my knowledge. However, let me state clearly that the relevant departments of the CBN have the authority to carry out such activities in line with their lawful mandate within the CBN.”
Emefiele, therefore, called for a “thorough and transparent investigation of all alleged frauds”.
He also announced his intention to commence legal action to clear his name “from the defamatory statements contained in the report and by extension the publications”.
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.. donates wheelchair to a physically challenged woman
The Deputy Minority Leader of the Ogun State House of Assembly, Lukmon Atobatele has expressed his commitment to primary healthcare in his constituent as part of his efforts to improve the well being of the people.
The legislator, representing Abeokuta South State Constituency 1, stated this while featuring on a radio programme to intimate the public on his health initiative that would create medical intervention support especially as it concerns Primary healthcare.
Atobatele who stressed the need for good health among the people expressed fear that an average Nigerian is finding it difficult to feed these days due to the prevailing economic hardship, while their health is failing.
According to him, "the intervention health care support would come once in a while to check, diagnose, provide drugs and ensure adequate treatment to our people".
" Health they say is wealth, I can not pretend that I don't know that things are hard and our people are finding it difficult to eat and take care of themselves", Atobatele said.
The lawmaker who promised to continue to fulfill his electioneering promises during the radio broadcast, received an urgent plea from a physically challenged woman, Mrs. Bukunmi Fikepe Omilola who called in that she needed a wheelchair.
Remaining true to his commitment to extend benefits of democracy to grassroots individuals, irrespective of their political affiliations, factions, or tribal background, he immediately presented a wheelchair to Mrs. Bukunmi Fikepe Omilola.
This, Atobatele said, "would enhance her mobility, noting that he is pursuing sustainable solutions for the inclusion of the physically challenged within the society".
If not for the timely intervention of other guests and onlookers, a police officer would have been beaten to a stupor by the angry-looking Federal House of Representatives member, representing Ado-Odo/Ota Federal Constituency, Tunji Akinosi, the Encounter has reported.
According to a video posted on social media, on Saturday afternoon, Akinosi threw caution to the wind when a police officer attached to the convoy of Ogun Deputy Governor, Engr. Noimot Salako-Oyedele was trying to clear the pathway for the Deputy Governor.
The police officer whose identity was unidentified told the federal lawmaker and other guests on the pathway to the reserved seat for the Deputy to leave the road at the 2023 Iganmode Day Celebration held at Sango-Ota, in Ado-Odo/Ota local government area of Ogun state.
This instruction from the Police officer may have angered the lawmaker and he reportedly descended on the armed officer with a rain of blows before the officer was rescued away from him.
Recall that, the Lagos State Police Command arraigned Afrobeat musician, Seun Kuti for assaulting a police officer on the Lagos Highway.
Seun Kuti was charged with assault on a police officer, an offense contrary to Section 356 of the Nigerian Criminal Code Act.
However, onlookers who witnessed the show of shame, the second in a spate of few months have urged the federal lawmaker to work on his temperament and anger management.
When contacted, the Police Public Relations Officer (PPRO) in Ogun Police command, SP Omolola Odutola told encounter that she saw the video online, saying the police command would investigate further.
She said, “I only saw the video as you saw it, but I will try to investigate further.”
Meanwhile, the Force Police Public Relations Officer (FPPRO), ACP Muyiwa Adejobi was yet to react to the viral video as at the time of filing this report.
Video credit: peoplesgazzete
The World Bank says poverty rate in Nigeria has increased to 46 percent in 2023, representing 104 million poor Nigerians.
This was disclosed in World Bank’s Nigeria development update titled ‘Turning the corner: From reforms & renewed hope, to results,’ on Wednesday.
World Bank said Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent this year, as the number of poor people increased from 79 million to 104 million.
According to the report, more people have fallen below the poverty line due to sluggish growth and rising inflation.
“Sluggish growth and rising inflation have increased poverty from 40 percent in 2018 to 46 percent in 2023, pushing an additional 24 million people below the national poverty line,” World Bank said.
The report said the number of poor people in urban areas — more exposed to inflation — increased from 13 million to 20 million, while the number of poor people in rural areas rose to 84 million from from 67 million within the same period.
The reforms undertaken by President Bola Tinubu are ending petrol subsidy in May and devaluation of the naira by shifting to a unified, market-reflective foreign exchange (FX) rate in June.
World Bank said the reforms were essential for Nigeria to avoid a fiscal cliff and enable faster growth even though they brought difficult economic adjustments.
“Since May, retail gasoline prices have increased by an average of 163 percent and the Nigerian naira (N) has depreciated against the US dollar by 41 percent in the official market and by 30 percent in the parallel market,” World Bank said.
“The sharply higher price of gasoline and other imported goods has contributed to inflation, which increased from already elevated levels to 27.3 percent year-on-year (you) in October.”
On Wednesday, Alex Sienaert, the bank’s lead economist for Nigeria, said the country’s petrol should be priced at N750 per litre in filling stations based on present official exchange rate, not N650.
When Sodiq Ajibade in a Reuters report emerged from a Lagos pharmacy holding asthma medication, one drug on his prescription was missing because he did not have the money to buy it.
The price of some medicines has risen almost tenfold in Nigeria in the past few months, forcing patients like Ajibade to cut his dose or turn to traditional alternatives.
Pharmaceutical industry officials said the plunge in the value of the naira after the removal of currency controls in June has sent prices of new stocks rocketing.
British drug maker is moving from GSK-controlled local operating companies in Nigeria to a third-party direct distribution model. Some industry officials said this was also adding to woes, which GSK denied.
"I used to buy three medicines prescribed to me but now I have reduced to two, that is penicillin and aminophylline," said Ajibade.
Research firm Statista says only 3% of Nigerians have health insurance, meaning patients must find the money themselves to buy medication.
Nigeria's health ministry and National Agency for Food and Drug Administration and Control did not respond to requests for comment.
A GSK spokesperson said foreign currency shortages had affected GSK's ability to maintain consistent supply of medicines and vaccines in the market, leading to stockouts.
"The price increases we are seeing in Nigeria are not as a result of the decision to change the business model, and we regret that market forces outside our control have impacted the price of remaining stock in the market," the spokesperson said.
Cyril Usifoh, president of the Pharmaceutical Society of Nigeria said most drugs were imported while local makers relied on imports for the pharmaceutical ingredients to produce medicines.
The naira has lost half its value since June, raising prices of everything from pain killers to drugs for chronic disease.
A Seretide asthma inhaler manufactured by GSK, for example, cost up to N8,000 ($9.42) in April but now retails for up to N70,000. Antibiotics like augmentin cost as much as N25,000, up from N4,500 in July.
"I am particularly worried about things like cancer drugs, anti-hypertensive drugs, diabetic drugs. The price has been astronomical," said Usifoh.
"If you have two, three drugs on your prescription you may find that you don't have enough money to buy all of them."
Faced with such high costs, 43-year-old Kano farmer Ubaidullah Nuhu Yusuf said he was resorting to traditional cures.
"By boiling guava and pawpaw leaves .. and inhaling the steam, this has proven effective to curing malaria and typhoid since affording an injection and buying the drugs is a problem," he said.