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20261012 093000 UTC
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[00:00:00] that's about 7% uh
[00:00:02] of the GDP in the first half of this year and that's off from
[00:00:05] 8.6%
[00:00:06] of um 6.7% in the first half
[00:00:10] driven by higher oil export proceeds and
[00:00:14] lower imports and then the foreign exchange market that has remained
[00:00:18] liquid low exchange rate volatility despite global risk
[00:00:22] reprising and they say that reforms have continued to broaden
[00:00:26] market participation and ease restriction on FX
[00:00:30] At the federal level, um, the world bank notes narrow that
[00:00:33] deficits narrowed from
[00:00:36] of 5% of of GDP in the first half of 2025 to 4% in the first
[00:00:40] half of this year, supported by h federation revenue distributions,
[00:00:43] stronger federation, federal government,
[00:00:47] independent revenues and slow reported capital
[00:00:50] execution. Moving to the state level, uh, they know that higher
[00:00:54] federation transfer supported significant capital spending, public debts
[00:00:57] remains however, moderate. uh set to decline, they say
[00:01:01] gradually, but high debt service costs continue to
[00:01:05] constrain fiscal space, despite the narrower federal
[00:01:09] fiscal deficit
[00:01:10] of in
[00:01:10] of first half of 2026, stronger capital spending by states
[00:01:14] alongside rising federal personnel interest
[00:01:18] and pre-election spending, that's very important, is
[00:01:22] expected to widen the consolidated fiscal deficit from 3.1% of
[00:01:25] GDP in 2025 to
[00:01:29] of 3.5% um in 2026 and talking about
[00:01:32] of the world bank, of course the
[00:01:33] of meeting, annual meeting starts today in Thailand, IMF World
[00:01:37] Bank meeting, and we do have our correspondent, I know that should
[00:01:41] be pushing some of this numbers to representatives
[00:01:44] of the World Bank, she will be meeting at Thailand during the meeting, Sarah
[00:01:47] Chimugo uh is in Thailand to give us updates
[00:01:51] what
[00:01:52] of to expect and what's going on, hi Sarah, good morning here in
[00:01:56] Nigeria, I believe is afternoon in Thailand.
[00:02:05] of to the meeting with the minister at the time
[00:02:09] when uh Nigeria is is said to be a very proud note because
[00:02:13] they just released
[00:02:14] of this and it has lot of positives for the reform in
[00:02:17] of Nigeria, I'm sure the Nigerian delegation will be very proud
[00:02:21] to speak to you about some
[00:02:22] of these observations by the World Bank,
[00:02:26] yes indeed and a while ago I cir
[00:02:30] finance professor
[00:02:33] he went into a meeting of a conference of
[00:02:37] of ministers across Africa and I'm sure
[00:02:41] that those are some
[00:02:41] of the issues we
[00:02:42] will be bringing to for how Nigeria is
[00:02:45] succeeding with some of its plans
[00:02:48] you know
[00:02:48] of industrial policies
[00:02:50] you know and investments how to drive
[00:02:54] investments to the country and then how to see that
[00:02:58] the poor also benefits. from some
[00:03:00] of their policies, some
[00:03:02] of the things that you
[00:03:03] be bringing to the for at the meeting. yeah, sarah, and
[00:03:07] and and you brought out
[00:03:08] of that part, because we saw that even in the plans,
[00:03:10] you know, in the briefing that he did, i believe it was
[00:03:13] of on Thursday or was it Friday, talking about the discounts, petrol
[00:03:17] discounts, there's a part that talks about - more
[00:03:21] transfers, credit transfers, and getting these beautiful numbers
[00:03:25] we see uh on the big screen
[00:03:27] a and the micro level, moving it down, to the micro, I'm
[00:03:31] sure you will be challenged on that, um, because even
[00:03:35] the world bank
[00:03:36] of didn't say that the level of poverty has reduced, they only said that it has evened
[00:03:40] out,
[00:03:45] yes, those are some
[00:03:46] of the issues we hope to bring up uh during the
[00:03:50] course
[00:03:51] of the meeting,
[00:03:52] you know, asking how those policies
[00:03:56] will translate into you, alleviating the...
[00:04:00] high
[00:04:00] of the common man, you've seen subsidies, and then
[00:04:04] we've seen the government mutuate the fact that
[00:04:08] those policies are working, but then we are concerned
[00:04:12] about the people, how effective are some of this
[00:04:15] policy on the masses, we see that they
[00:04:19] of have also announced a subsidy for some period of days,
[00:04:23] some people are because
[00:04:24] of the coming elections, is it tilted towards
[00:04:28] that? but those are the... will take up as well as other governments
[00:04:36] apart from Nigeria, I know there are other world leaders there, what have you heard,
[00:04:40] what are we expecting? well,
[00:04:44] the key issue here, the fact that artificial
[00:04:47] intelligence is playing a leading role, especially
[00:04:51] in emerging markets such as Nigeria,
[00:04:54] you know, how can um government feel into
[00:04:58] the AI world? to be able to create jobs and
[00:05:02] then with the fact that this jobs will not
[00:05:06] be taken by AI, because
[00:05:08] a when you look at emerging markets, for instance Nigeria, we have lot of
[00:05:11] young. population that would want to key into
[00:05:15] artificial intelligence, so how well can this help our
[00:05:19] youth to you know channel their ener
[00:05:22] energies into something that is
[00:08:19] Friday, October 9, 2026, marks the 30th
[00:08:23] anniversary of World Egg Day, and it's the first,
[00:08:27] it was first established in Vienna in 1996. The day is sex to
[00:08:30] highlight eggs as a complete and accessible source of
[00:08:34] high level protein. The Ogun State Chapter of Pultry
[00:08:38] Association of Bangjara they joined the celebration by holding
[00:08:41] conversations. on empowering their members beyond
[00:08:45] technology. Members the Ogun
[00:08:49] State Chapter of Pultry Association of Nigeria see the need
[00:08:53] to emphasize consumption and health benefits of eggs. They say this
[00:08:57] has become necessary because of some perspectives that the select age
[00:09:01] group should consume eggs. As an
[00:09:03] affordable, nutritious and valuable source of
[00:09:07] protein for individuals, families and
[00:09:11] communities. It is also an opportunity to
[00:09:15] create greater awareness about the potty
[00:09:18] industry and the important role pulty
[00:09:22] farmers play in contributing to food
[00:09:25] security and economic
[00:09:28] development. Beyond consumption, empowerment the
[00:09:31] members for a more robust business is on the agenda. How
[00:09:35] do we balance tech enabled, but make sure that the human power is there?
[00:09:39] How do we ensure that even though... and technology is
[00:09:43] getting smarter, at the end the day it balls down to the
[00:09:47] experience that people are having, there are emotions that go into
[00:09:51] relating with the customers and the people we desire to give service, and
[00:09:54] that's the human connection. don't be indifferent, so
[00:09:58] while you're putting technology that invisible layer in there, be conscious
[00:10:02] that is not removing the human thought. what
[00:10:06] we understand about business is that we are not
[00:10:10] afraid of risk. businesses
[00:10:14] embrace risk because the building
[00:10:16] mitigation, uncertainty is
[00:10:20] different matter, businesses do not like
[00:10:24] uncertainty. and that discourages
[00:10:26] investments and entrepreneurial
[00:10:29] activity and that's a
[00:10:32] challenge to building at skill to
[00:10:35] celebrate with the theme for world egg day 2026
[00:10:39] which is protein that powers and
[00:10:41] protects.
[00:10:45] that's right, world egg day last week friday and this coming friday is world food day and the
[00:10:49] theme for this year is innovate today,
[00:10:53] naurish tomorrow, the... must want to feed us
[00:10:56] fast, we have the managing director of bio farms
[00:10:59] limited who's also the chairman agri group of Lagos Chamber of commerce and industry
[00:11:03] Mr. Banjoko, Mr. Banjoko,
[00:11:05] is season for food and attention to health and
[00:11:13] world egg day, world food day, um, what
[00:11:16] are, what this celebrations, what's the essence of
[00:11:20] it, is just to call attention to the essence of
[00:11:23] food and one making food accessible,
[00:11:27] because it's
[00:11:28] one thing to be accessible, then making it affordable and making it
[00:11:32] nutritious, because it can be affordable, available, but not doing the right
[00:11:36] thing in our body,
[00:11:37] you know, like i think if i may use professor shibaju giving an analogy
[00:11:41] recently about oranges that they bought in their house that you
[00:11:45] know was not doing well in their wife's body, so make
[00:11:49] it af affordable, available and should nourish your
[00:11:53] body, and guess that... is what we should also look
[00:11:56] at, because now we have conversation around GMO and
[00:12:00] um hybrid and things like
[00:12:03] that, being in that space, the agriculture
[00:12:07] space, how nourishing is our food?
[00:12:11] uh, I think to a large extent we are trying
[00:12:15] out zero down now Nigeria, but we still have some
[00:12:19] bad exists and not just the farmers
[00:12:22] now, the farmers play their role in... the where the farmers are not
[00:12:26] doing well for now is the area of pesticide
[00:12:29] application that probably excessive application is
[00:12:33] being done due to adulterated product and all that,
[00:12:37] but where i think we have the b the issue is the
[00:12:40] area of force ripening of foods and fruits by
[00:12:44] marketers and middlement, i think that's where the real issue when it
[00:12:48] comes to nourishing products because i have been in this industry for
[00:12:52] going to almost the decades you produce. quality stuffs from the
[00:12:56] farm and then you transport, it gets
[00:12:59] to the market and they force it to ripen, force it to
[00:13:03] give the kind of color that people are looking out for, so the
[00:13:06] market women, the made women are those that we should
[00:13:10] be talking more to when it comes to nourishing, because some them also want to
[00:13:14] maximize their profits, so they do all sorts, yeah,
[00:13:18] and you know the issue of of falsifying the
[00:13:21] ripening, i think that's a major one, some fruits,
[00:13:25] for instance, banana, and it looks right, i still bought one, i
[00:13:29] think about a week ago, and i was asking myself,
[00:13:33] looking ripe, trying to peel, and
[00:13:35] you're struggling, and you put it in your mouth and you could see that, and
[00:13:38] you don't your money, you just, i'll eat this thing
[00:13:40] tomorrow, but it's becoming increasingly a
[00:13:44] problem, what can we do about it? uh, i think we will have to go
[00:13:48] back to what the EU is now talking about, we'll have to track our
[00:13:52] food from where it's been produced to the last mile. of
[00:13:55] consumption, so we want to know what you are selling to us, where is it coming
[00:13:59] from, so that if there's an issue we know who to hold, and
[00:14:03] we probably will have to regulate the
[00:14:06] retailers now, because most of us
[00:14:09] patronize those selling by the road sides most times,
[00:14:13] because we will have to probably remove them, if they are not
[00:14:17] complying, then we should have regulators,
[00:14:19] you know, we have market leaders and you ask
[00:14:23] yourself, what are their role? in all of this, they collect
[00:14:27] taxes from these people, yet they are not interested in the
[00:14:31] quality of what they are selling, so I think we are getting to that
[00:14:35] stage, for example, if I might use, if I may use Lego state, Legos State is
[00:14:38] having some market ups around town, I think other
[00:14:42] states should start having such, so let's go to search regulated
[00:14:46] market, because the farmers bring directly from the
[00:14:50] firms to such markets, I think that would be my
[00:14:53] advise for most. it and even to citizens listening to
[00:14:56] us, probably go to such places, buy directly
[00:15:00] from the farmers rather than patronizing the roadside, probably when we start
[00:15:04] patronizing them, they will probably yeah, because i know the last time you
[00:15:07] came here we talked about tracking tracking yeah
[00:15:10] and we talked about what that introduction could bring to the
[00:15:14] value chain, the fact um and the cost
[00:15:17] factor and perhaps some people will be laid
[00:15:20] off the value chain, but mean if they are going to be doing
[00:15:24] things that... is uh posing risks to
[00:15:27] consumers, I mean you know that this
[00:15:31] um food is not ready for sale yet, and
[00:15:35] yet you artificially right? open it, which
[00:15:38] which presents some dangers to the health of consumers,
[00:15:42] I
[00:15:43] guess perhaps we should encourage more the hubs from state governments
[00:15:47] and farmers
[00:15:54] markets everywhere, for example, I know there's one that runs in ikore
[00:15:58] every Saturday, uh, some run, so we can start
[00:16:01] having,
[00:16:02] and there's some local ones too, you see some women like they're coming from the
[00:16:04] farm, they call
[00:16:08] them from Ogun State, most them are from
[00:16:11] Ogun State, so some them are this like the one we patronize
[00:16:15] in my area i think she comes on Wednesday, one comes on Sunday, so you are sure they
[00:16:19] are coming directly from the farm as the t and they are selling, so we
[00:16:23] rather patronize such, but that's even one, it's a form of farmer's
[00:16:27] market where we can have an agree date that on social date come to this
[00:16:31] particular location come and off take whatever you need, but
[00:16:35] until we start having them... regulated then
[00:16:39] we might not be able to send them out, we
[00:16:42] must,
[00:16:43] you know, pharmacy market is one thing, let's get the farmers
[00:16:46] market, let's get the market ups that we are sure of
[00:16:50] what they are selling, that's one major way to take out
[00:16:54] this, because uh, for the sake of
[00:16:58] profit, and these days my concern
[00:17:02] is you see lot of people developing airties, even
[00:17:05] younger people live. issues, kidney issues,
[00:17:09] heart issues, most them can be traced to what we eat, so
[00:17:13] if they are not ready to comply, taking them out of business is not
[00:17:17] is not is, is not
[00:17:20] is not wickedness any part, yeah, so that's what I would
[00:17:24] say, let's patronize our market, and probably to the
[00:17:28] government in this, the issue of commodity board should also come to
[00:17:32] play, but when you talk about commodity b, that seems a bit far off from
[00:17:36] the people that... It's not
[00:17:39] fair because the way the commodity board works
[00:17:42] is that I'm producing this, I'm producing this, I'll take it to a
[00:17:45] center the government has, I mean approved, I'll give it to them, they
[00:17:49] will pay me, they can decide the ones they want to stop, they can
[00:17:53] decide the wants to push to the market, and because they can say okay, from this place we are taking
[00:17:57] to my tr, we are taking to, so we can traceability something that
[00:18:01] we can just sh away from now, yeah, so I think I agree with you, now
[00:18:05] then i was skeptical about. because we know that once
[00:18:09] we introduce all those variators we increase cost, we
[00:18:13] drive some people out the value chamber those people do not even
[00:18:17] have we're
[00:18:18] not driving them e
[00:18:20] i'm a legos boy we grew up in legos we grew up with more
[00:18:24] w there's no more mole but we still enjoy
[00:18:27] transportation now the more drivers became brt
[00:18:31] drivers put on uniform the train put on uniform
[00:18:35] those taxes in lagus i grew up
[00:18:39] with taxes yellow taxes those 544 now we have
[00:18:42] ubaling and some
[00:18:46] them moved to huba all right so it's just i agree
[00:18:49] with you i agree with you now because mean it's the risk is becoming too
[00:18:53] high
[00:19:35] that credit card repayments again. missed uh
[00:19:39] this time, what's going on? good
[00:19:42] morning and yes, so we had data last week from the bank of
[00:19:46] England, their credit conditions survey, which basically
[00:19:50] tracks financial conditions in the UK um a
[00:19:53] quarterly basis, so the results that they published were
[00:19:57] for the 12 weeks to the end of August, and
[00:20:01] according to their findings, banks are reporting that
[00:20:04] households really struggling, paying back, credit, so
[00:20:08] what we're seeing sort of, I wouldn't say for the first time, but what's becoming
[00:20:12] acutely clear is that this is not um issue where
[00:20:16] households are spending less, it's that households have borrowed
[00:20:20] and they're struggling to pay back at their credit, so this is quite
[00:20:24] alarming, I think really now most
[00:20:27] economists are suggesting that households really need to be
[00:20:31] receiving higher incomes and of course we know that interest rates
[00:20:35] have been elevated for. some time in the UK now so the cost
[00:20:39] of borrowing is more expensive so it will need to become a lot more
[00:20:43] affordable so that they will be less defaults with credit
[00:20:47] cards but beyond individual. it seems
[00:20:51] it's also gets to national scale uh because
[00:20:54] chancellor John Hilly is facing a funding gap of up
[00:20:58] to 35 billion pounds. Yeah, that's
[00:21:01] right. This is according to the Institute of Fiscal Studies,
[00:21:05] which is very popular British public think tank in the UK, and
[00:21:09] today they have released what is dubbed as the green
[00:21:13] budget, so they're looking ahead to John Healey's budget on the
[00:21:17] 28th of October
[00:21:18] and for obvious reasons. which we've been discussing for the past couple of weeks on your show
[00:21:22] in, this is going to be a particularly difficult um
[00:21:26] budget for the chancellor, no less than if you look at the
[00:21:30] geopolitical backdrop in including the embargo on the straight
[00:21:34] of hormers, but of course there are so many domestic issues, and
[00:21:38] Andy Burnham, the prime minister um of course wanting
[00:21:42] to appease the British public um has promised a shopping
[00:21:46] list of many things including
[00:21:48] you know reforming, the NHS and
[00:21:52] education, but of course these things have to be paid for, so
[00:21:56] the IFS have released data suggesting that by the
[00:22:00] end the decade, 35 billion
[00:22:03] pounds has to be found in order for
[00:22:07] John Healey, the chancellor's budget um to be legitimate and not
[00:22:11] just be a listing of um
[00:22:13] you know well to do items, but we've absolutely no way of funding
[00:22:17] it, and of course the IFS have gone through. various reasons,
[00:22:21] most them are to do with government department spending, of
[00:22:25] course we know that inflation um has been, I wouldn't
[00:22:29] say high, but not as low as the Bank of England
[00:22:33] have targeted, which means that
[00:22:36] budgets for government departments have been stretched, we
[00:22:40] know as well that because the subsequent wars
[00:22:43] happening across the world, defense spending
[00:22:47] targets have been um up... lifted
[00:22:50] and these have to be paid for as well as like I
[00:22:54] said lots the promises that Andy Burnam has made to the
[00:22:57] government. Now of course this is going to be huge headache for John Healey,
[00:23:01] but he doesn't of course have to find 35 billion pounds
[00:23:05] uh by the end the month, which would be impossible, but
[00:23:09] certainly he has to start digging into the treasury
[00:23:13] coffers to try and make up this shortfall in
[00:23:17] order for his budget to stand the test.
[00:23:28] around Brexit seems it's it's, I don't think it's to ever
[00:23:32] end, because now UK prime minister is saying that it's clear that
[00:23:36] Russia interfered in Brexit referendum, I wonder
[00:23:40] what this means and what are the possible consequences that will come with
[00:23:44] this conversation? Yeah, I think the consequences could be quite
[00:23:48] huge in it, in fact it's quite... talking point in the UK
[00:23:51] this morning and this all refers back to a podcast
[00:23:55] interview that the prime minister Andy Burnham gave yesterday to a former Conservative
[00:23:59] member Rory Stuart and um they were talking about the big
[00:24:03] issues the day and we know that there has been some development
[00:24:06] overnight concerning Ukraine and Russia and whether or not that energy
[00:24:10] war is coming to an end, the discussion of Russia
[00:24:14] came to the for all and Andy Burnham said that he
[00:24:17] does believe um Russia did
[00:24:21] interfere in the 2026,
[00:24:23] 2016 a Brexit referendum, which is quite
[00:24:27] shocking for some, not as much to
[00:24:30] others, I think it's very important to sort of
[00:24:34] specify that interference an
[00:24:37] election doesn't mean you were able to um
[00:24:41] change the outcome, so lots of sort of uh prime
[00:24:45] ministerial coms members going around doing the rounds
[00:24:49] today. British media trying to clear up what some have
[00:24:53] seen as a mess that Andy Burnham caused by even uttering such a
[00:24:57] statement without showing any intelligence or any
[00:25:00] evidence um to back up those claims. I also
[00:25:04] think apart from you know fowing or shall I say
[00:25:08] strengthening tensions with Russia, it also has brought up
[00:25:12] whether or not Andy Burnan wants to to to to
[00:25:16] go back into the European Union, which
[00:25:18] you know, a couple of years ago... was very controversial statement to have made,
[00:25:22] but now considering just how fragmented tensions are across the
[00:25:26] world in the um, it's it's it's a
[00:25:29] possibility, and uh, yes, you know, the fact
[00:25:32] that Andy Burnan has made such an outlandish
[00:25:36] statement is pretty serious, um, so I'm sure there are going to be more
[00:25:39] newslines and headlines about this as the days go on this
[00:30:33] 2027 general elections, the Independent National Electoral
[00:30:36] Commission in Kogi State is stepping up efforts to ensure
[00:30:40] a peaceful and credible electoral process with
[00:30:44] particular emphasy on the security of voters, electoral
[00:30:47] officials and election materials across the state. a
[00:30:51] strategic meeting in Lokoja, the state capital, the resident
[00:30:55] electoral commissioner for the state, Mr. Shayu Wahab and
[00:30:58] Kogi state commissioner of