Google Speech-to-Text API Automatic Transcription (Chirp). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:00that's about 7% uh
00:00:02of the GDP in the first half of this year and that's off from
00:00:058.6%
00:00:06of um 6.7% in the first half
00:00:10driven by higher oil export proceeds and
00:00:14lower imports and then the foreign exchange market that has remained
00:00:18liquid low exchange rate volatility despite global risk
00:00:22reprising and they say that reforms have continued to broaden
00:00:26market participation and ease restriction on FX
00:00:30At the federal level, um, the world bank notes narrow that
00:00:33deficits narrowed from
00:00:36of 5% of of GDP in the first half of 2025 to 4% in the first
00:00:40half of this year, supported by h federation revenue distributions,
00:00:43stronger federation, federal government,
00:00:47independent revenues and slow reported capital
00:00:50execution. Moving to the state level, uh, they know that higher
00:00:54federation transfer supported significant capital spending, public debts
00:00:57remains however, moderate. uh set to decline, they say
00:01:01gradually, but high debt service costs continue to
00:01:05constrain fiscal space, despite the narrower federal
00:01:09fiscal deficit
00:01:10of in
00:01:10of first half of 2026, stronger capital spending by states
00:01:14alongside rising federal personnel interest
00:01:18and pre-election spending, that's very important, is
00:01:22expected to widen the consolidated fiscal deficit from 3.1% of
00:01:25GDP in 2025 to
00:01:29of 3.5% um in 2026 and talking about
00:01:32of the world bank, of course the
00:01:33of meeting, annual meeting starts today in Thailand, IMF World
00:01:37Bank meeting, and we do have our correspondent, I know that should
00:01:41be pushing some of this numbers to representatives
00:01:44of the World Bank, she will be meeting at Thailand during the meeting, Sarah
00:01:47Chimugo uh is in Thailand to give us updates
00:01:51what
00:01:52of to expect and what's going on, hi Sarah, good morning here in
00:01:56Nigeria, I believe is afternoon in Thailand.
00:02:05of to the meeting with the minister at the time
00:02:09when uh Nigeria is is said to be a very proud note because
00:02:13they just released
00:02:14of this and it has lot of positives for the reform in
00:02:17of Nigeria, I'm sure the Nigerian delegation will be very proud
00:02:21to speak to you about some
00:02:22of these observations by the World Bank,
00:02:26yes indeed and a while ago I cir
00:02:30finance professor
00:02:33he went into a meeting of a conference of
00:02:37of ministers across Africa and I'm sure
00:02:41that those are some
00:02:41of the issues we
00:02:42will be bringing to for how Nigeria is
00:02:45succeeding with some of its plans
00:02:48you know
00:02:48of industrial policies
00:02:50you know and investments how to drive
00:02:54investments to the country and then how to see that
00:02:58the poor also benefits. from some
00:03:00of their policies, some
00:03:02of the things that you
00:03:03be bringing to the for at the meeting. yeah, sarah, and
00:03:07and and you brought out
00:03:08of that part, because we saw that even in the plans,
00:03:10you know, in the briefing that he did, i believe it was
00:03:13of on Thursday or was it Friday, talking about the discounts, petrol
00:03:17discounts, there's a part that talks about - more
00:03:21transfers, credit transfers, and getting these beautiful numbers
00:03:25we see uh on the big screen
00:03:27a and the micro level, moving it down, to the micro, I'm
00:03:31sure you will be challenged on that, um, because even
00:03:35the world bank
00:03:36of didn't say that the level of poverty has reduced, they only said that it has evened
00:03:40out,
00:03:45yes, those are some
00:03:46of the issues we hope to bring up uh during the
00:03:50course
00:03:51of the meeting,
00:03:52you know, asking how those policies
00:03:56will translate into you, alleviating the...
00:04:00high
00:04:00of the common man, you've seen subsidies, and then
00:04:04we've seen the government mutuate the fact that
00:04:08those policies are working, but then we are concerned
00:04:12about the people, how effective are some of this
00:04:15policy on the masses, we see that they
00:04:19of have also announced a subsidy for some period of days,
00:04:23some people are because
00:04:24of the coming elections, is it tilted towards
00:04:28that? but those are the... will take up as well as other governments
00:04:36apart from Nigeria, I know there are other world leaders there, what have you heard,
00:04:40what are we expecting? well,
00:04:44the key issue here, the fact that artificial
00:04:47intelligence is playing a leading role, especially
00:04:51in emerging markets such as Nigeria,
00:04:54you know, how can um government feel into
00:04:58the AI world? to be able to create jobs and
00:05:02then with the fact that this jobs will not
00:05:06be taken by AI, because
00:05:08a when you look at emerging markets, for instance Nigeria, we have lot of
00:05:11young. population that would want to key into
00:05:15artificial intelligence, so how well can this help our
00:05:19youth to you know channel their ener
00:05:22energies into something that is
00:08:19Friday, October 9, 2026, marks the 30th
00:08:23anniversary of World Egg Day, and it's the first,
00:08:27it was first established in Vienna in 1996. The day is sex to
00:08:30highlight eggs as a complete and accessible source of
00:08:34high level protein. The Ogun State Chapter of Pultry
00:08:38Association of Bangjara they joined the celebration by holding
00:08:41conversations. on empowering their members beyond
00:08:45technology. Members the Ogun
00:08:49State Chapter of Pultry Association of Nigeria see the need
00:08:53to emphasize consumption and health benefits of eggs. They say this
00:08:57has become necessary because of some perspectives that the select age
00:09:01group should consume eggs. As an
00:09:03affordable, nutritious and valuable source of
00:09:07protein for individuals, families and
00:09:11communities. It is also an opportunity to
00:09:15create greater awareness about the potty
00:09:18industry and the important role pulty
00:09:22farmers play in contributing to food
00:09:25security and economic
00:09:28development. Beyond consumption, empowerment the
00:09:31members for a more robust business is on the agenda. How
00:09:35do we balance tech enabled, but make sure that the human power is there?
00:09:39How do we ensure that even though... and technology is
00:09:43getting smarter, at the end the day it balls down to the
00:09:47experience that people are having, there are emotions that go into
00:09:51relating with the customers and the people we desire to give service, and
00:09:54that's the human connection. don't be indifferent, so
00:09:58while you're putting technology that invisible layer in there, be conscious
00:10:02that is not removing the human thought. what
00:10:06we understand about business is that we are not
00:10:10afraid of risk. businesses
00:10:14embrace risk because the building
00:10:16mitigation, uncertainty is
00:10:20different matter, businesses do not like
00:10:24uncertainty. and that discourages
00:10:26investments and entrepreneurial
00:10:29activity and that's a
00:10:32challenge to building at skill to
00:10:35celebrate with the theme for world egg day 2026
00:10:39which is protein that powers and
00:10:41protects.
00:10:45that's right, world egg day last week friday and this coming friday is world food day and the
00:10:49theme for this year is innovate today,
00:10:53naurish tomorrow, the... must want to feed us
00:10:56fast, we have the managing director of bio farms
00:10:59limited who's also the chairman agri group of Lagos Chamber of commerce and industry
00:11:03Mr. Banjoko, Mr. Banjoko,
00:11:05is season for food and attention to health and
00:11:13world egg day, world food day, um, what
00:11:16are, what this celebrations, what's the essence of
00:11:20it, is just to call attention to the essence of
00:11:23food and one making food accessible,
00:11:27because it's
00:11:28one thing to be accessible, then making it affordable and making it
00:11:32nutritious, because it can be affordable, available, but not doing the right
00:11:36thing in our body,
00:11:37you know, like i think if i may use professor shibaju giving an analogy
00:11:41recently about oranges that they bought in their house that you
00:11:45know was not doing well in their wife's body, so make
00:11:49it af affordable, available and should nourish your
00:11:53body, and guess that... is what we should also look
00:11:56at, because now we have conversation around GMO and
00:12:00um hybrid and things like
00:12:03that, being in that space, the agriculture
00:12:07space, how nourishing is our food?
00:12:11uh, I think to a large extent we are trying
00:12:15out zero down now Nigeria, but we still have some
00:12:19bad exists and not just the farmers
00:12:22now, the farmers play their role in... the where the farmers are not
00:12:26doing well for now is the area of pesticide
00:12:29application that probably excessive application is
00:12:33being done due to adulterated product and all that,
00:12:37but where i think we have the b the issue is the
00:12:40area of force ripening of foods and fruits by
00:12:44marketers and middlement, i think that's where the real issue when it
00:12:48comes to nourishing products because i have been in this industry for
00:12:52going to almost the decades you produce. quality stuffs from the
00:12:56farm and then you transport, it gets
00:12:59to the market and they force it to ripen, force it to
00:13:03give the kind of color that people are looking out for, so the
00:13:06market women, the made women are those that we should
00:13:10be talking more to when it comes to nourishing, because some them also want to
00:13:14maximize their profits, so they do all sorts, yeah,
00:13:18and you know the issue of of falsifying the
00:13:21ripening, i think that's a major one, some fruits,
00:13:25for instance, banana, and it looks right, i still bought one, i
00:13:29think about a week ago, and i was asking myself,
00:13:33looking ripe, trying to peel, and
00:13:35you're struggling, and you put it in your mouth and you could see that, and
00:13:38you don't your money, you just, i'll eat this thing
00:13:40tomorrow, but it's becoming increasingly a
00:13:44problem, what can we do about it? uh, i think we will have to go
00:13:48back to what the EU is now talking about, we'll have to track our
00:13:52food from where it's been produced to the last mile. of
00:13:55consumption, so we want to know what you are selling to us, where is it coming
00:13:59from, so that if there's an issue we know who to hold, and
00:14:03we probably will have to regulate the
00:14:06retailers now, because most of us
00:14:09patronize those selling by the road sides most times,
00:14:13because we will have to probably remove them, if they are not
00:14:17complying, then we should have regulators,
00:14:19you know, we have market leaders and you ask
00:14:23yourself, what are their role? in all of this, they collect
00:14:27taxes from these people, yet they are not interested in the
00:14:31quality of what they are selling, so I think we are getting to that
00:14:35stage, for example, if I might use, if I may use Lego state, Legos State is
00:14:38having some market ups around town, I think other
00:14:42states should start having such, so let's go to search regulated
00:14:46market, because the farmers bring directly from the
00:14:50firms to such markets, I think that would be my
00:14:53advise for most. it and even to citizens listening to
00:14:56us, probably go to such places, buy directly
00:15:00from the farmers rather than patronizing the roadside, probably when we start
00:15:04patronizing them, they will probably yeah, because i know the last time you
00:15:07came here we talked about tracking tracking yeah
00:15:10and we talked about what that introduction could bring to the
00:15:14value chain, the fact um and the cost
00:15:17factor and perhaps some people will be laid
00:15:20off the value chain, but mean if they are going to be doing
00:15:24things that... is uh posing risks to
00:15:27consumers, I mean you know that this
00:15:31um food is not ready for sale yet, and
00:15:35yet you artificially right? open it, which
00:15:38which presents some dangers to the health of consumers,
00:15:42I
00:15:43guess perhaps we should encourage more the hubs from state governments
00:15:47and farmers
00:15:54markets everywhere, for example, I know there's one that runs in ikore
00:15:58every Saturday, uh, some run, so we can start
00:16:01having,
00:16:02and there's some local ones too, you see some women like they're coming from the
00:16:04farm, they call
00:16:08them from Ogun State, most them are from
00:16:11Ogun State, so some them are this like the one we patronize
00:16:15in my area i think she comes on Wednesday, one comes on Sunday, so you are sure they
00:16:19are coming directly from the farm as the t and they are selling, so we
00:16:23rather patronize such, but that's even one, it's a form of farmer's
00:16:27market where we can have an agree date that on social date come to this
00:16:31particular location come and off take whatever you need, but
00:16:35until we start having them... regulated then
00:16:39we might not be able to send them out, we
00:16:42must,
00:16:43you know, pharmacy market is one thing, let's get the farmers
00:16:46market, let's get the market ups that we are sure of
00:16:50what they are selling, that's one major way to take out
00:16:54this, because uh, for the sake of
00:16:58profit, and these days my concern
00:17:02is you see lot of people developing airties, even
00:17:05younger people live. issues, kidney issues,
00:17:09heart issues, most them can be traced to what we eat, so
00:17:13if they are not ready to comply, taking them out of business is not
00:17:17is not is, is not
00:17:20is not wickedness any part, yeah, so that's what I would
00:17:24say, let's patronize our market, and probably to the
00:17:28government in this, the issue of commodity board should also come to
00:17:32play, but when you talk about commodity b, that seems a bit far off from
00:17:36the people that... It's not
00:17:39fair because the way the commodity board works
00:17:42is that I'm producing this, I'm producing this, I'll take it to a
00:17:45center the government has, I mean approved, I'll give it to them, they
00:17:49will pay me, they can decide the ones they want to stop, they can
00:17:53decide the wants to push to the market, and because they can say okay, from this place we are taking
00:17:57to my tr, we are taking to, so we can traceability something that
00:18:01we can just sh away from now, yeah, so I think I agree with you, now
00:18:05then i was skeptical about. because we know that once
00:18:09we introduce all those variators we increase cost, we
00:18:13drive some people out the value chamber those people do not even
00:18:17have we're
00:18:18not driving them e
00:18:20i'm a legos boy we grew up in legos we grew up with more
00:18:24w there's no more mole but we still enjoy
00:18:27transportation now the more drivers became brt
00:18:31drivers put on uniform the train put on uniform
00:18:35those taxes in lagus i grew up
00:18:39with taxes yellow taxes those 544 now we have
00:18:42ubaling and some
00:18:46them moved to huba all right so it's just i agree
00:18:49with you i agree with you now because mean it's the risk is becoming too
00:18:53high
00:19:35that credit card repayments again. missed uh
00:19:39this time, what's going on? good
00:19:42morning and yes, so we had data last week from the bank of
00:19:46England, their credit conditions survey, which basically
00:19:50tracks financial conditions in the UK um a
00:19:53quarterly basis, so the results that they published were
00:19:57for the 12 weeks to the end of August, and
00:20:01according to their findings, banks are reporting that
00:20:04households really struggling, paying back, credit, so
00:20:08what we're seeing sort of, I wouldn't say for the first time, but what's becoming
00:20:12acutely clear is that this is not um issue where
00:20:16households are spending less, it's that households have borrowed
00:20:20and they're struggling to pay back at their credit, so this is quite
00:20:24alarming, I think really now most
00:20:27economists are suggesting that households really need to be
00:20:31receiving higher incomes and of course we know that interest rates
00:20:35have been elevated for. some time in the UK now so the cost
00:20:39of borrowing is more expensive so it will need to become a lot more
00:20:43affordable so that they will be less defaults with credit
00:20:47cards but beyond individual. it seems
00:20:51it's also gets to national scale uh because
00:20:54chancellor John Hilly is facing a funding gap of up
00:20:58to 35 billion pounds. Yeah, that's
00:21:01right. This is according to the Institute of Fiscal Studies,
00:21:05which is very popular British public think tank in the UK, and
00:21:09today they have released what is dubbed as the green
00:21:13budget, so they're looking ahead to John Healey's budget on the
00:21:1728th of October
00:21:18and for obvious reasons. which we've been discussing for the past couple of weeks on your show
00:21:22in, this is going to be a particularly difficult um
00:21:26budget for the chancellor, no less than if you look at the
00:21:30geopolitical backdrop in including the embargo on the straight
00:21:34of hormers, but of course there are so many domestic issues, and
00:21:38Andy Burnham, the prime minister um of course wanting
00:21:42to appease the British public um has promised a shopping
00:21:46list of many things including
00:21:48you know reforming, the NHS and
00:21:52education, but of course these things have to be paid for, so
00:21:56the IFS have released data suggesting that by the
00:22:00end the decade, 35 billion
00:22:03pounds has to be found in order for
00:22:07John Healey, the chancellor's budget um to be legitimate and not
00:22:11just be a listing of um
00:22:13you know well to do items, but we've absolutely no way of funding
00:22:17it, and of course the IFS have gone through. various reasons,
00:22:21most them are to do with government department spending, of
00:22:25course we know that inflation um has been, I wouldn't
00:22:29say high, but not as low as the Bank of England
00:22:33have targeted, which means that
00:22:36budgets for government departments have been stretched, we
00:22:40know as well that because the subsequent wars
00:22:43happening across the world, defense spending
00:22:47targets have been um up... lifted
00:22:50and these have to be paid for as well as like I
00:22:54said lots the promises that Andy Burnam has made to the
00:22:57government. Now of course this is going to be huge headache for John Healey,
00:23:01but he doesn't of course have to find 35 billion pounds
00:23:05uh by the end the month, which would be impossible, but
00:23:09certainly he has to start digging into the treasury
00:23:13coffers to try and make up this shortfall in
00:23:17order for his budget to stand the test.
00:23:28around Brexit seems it's it's, I don't think it's to ever
00:23:32end, because now UK prime minister is saying that it's clear that
00:23:36Russia interfered in Brexit referendum, I wonder
00:23:40what this means and what are the possible consequences that will come with
00:23:44this conversation? Yeah, I think the consequences could be quite
00:23:48huge in it, in fact it's quite... talking point in the UK
00:23:51this morning and this all refers back to a podcast
00:23:55interview that the prime minister Andy Burnham gave yesterday to a former Conservative
00:23:59member Rory Stuart and um they were talking about the big
00:24:03issues the day and we know that there has been some development
00:24:06overnight concerning Ukraine and Russia and whether or not that energy
00:24:10war is coming to an end, the discussion of Russia
00:24:14came to the for all and Andy Burnham said that he
00:24:17does believe um Russia did
00:24:21interfere in the 2026,
00:24:232016 a Brexit referendum, which is quite
00:24:27shocking for some, not as much to
00:24:30others, I think it's very important to sort of
00:24:34specify that interference an
00:24:37election doesn't mean you were able to um
00:24:41change the outcome, so lots of sort of uh prime
00:24:45ministerial coms members going around doing the rounds
00:24:49today. British media trying to clear up what some have
00:24:53seen as a mess that Andy Burnham caused by even uttering such a
00:24:57statement without showing any intelligence or any
00:25:00evidence um to back up those claims. I also
00:25:04think apart from you know fowing or shall I say
00:25:08strengthening tensions with Russia, it also has brought up
00:25:12whether or not Andy Burnan wants to to to to
00:25:16go back into the European Union, which
00:25:18you know, a couple of years ago... was very controversial statement to have made,
00:25:22but now considering just how fragmented tensions are across the
00:25:26world in the um, it's it's it's a
00:25:29possibility, and uh, yes, you know, the fact
00:25:32that Andy Burnan has made such an outlandish
00:25:36statement is pretty serious, um, so I'm sure there are going to be more
00:25:39newslines and headlines about this as the days go on this
00:30:332027 general elections, the Independent National Electoral
00:30:36Commission in Kogi State is stepping up efforts to ensure
00:30:40a peaceful and credible electoral process with
00:30:44particular emphasy on the security of voters, electoral
00:30:47officials and election materials across the state. a
00:30:51strategic meeting in Lokoja, the state capital, the resident
00:30:55electoral commissioner for the state, Mr. Shayu Wahab and
00:30:58Kogi state commissioner of