Onyebuchi Ezigbo With Agency Report
21 April 2008
Abuja — As the world grapples with shortages in the food supply chain, the World Food Programme (WFP) said it needs more than $750 million (N8.7 billion) to meet its commitment to feed the world's 73 million hungry people this year.
The Rome-based UN agency made this known in a statement made available to the News Agency of Nigeria (NAN) at the United Nations even as the Nigeria Labour Congress (NLC) has called on the Federal Government to immediately take proactive steps to guard against the situation by implementing fiscal policies that could save Nigeria from the looming economic crisis.
The Congress in a Communiqué at the end its National Executive Council (NEC) meeting held at Zaranda Hotel, Bauchi said it would organise a one-day nationwide mass demonstration in support of the on-going power sector probe and the demand for the probe and prosecution of all those found to have committed fraudulent acts during the administration of former President Olusegun Obasanjo.
The WFP had in February said that it required an additional $500 million (N5.8 billion)on top of its original appeal for this year of 2.9 billion dollars (N336.4 billion) to carryout its efforts.
However, surging food prices had forced WFP to revise that figure upwards to 756 million (N87.6 billion) dollars. It stated: "The cost of rice in Thailand, forexample, swelled from 460 dollars (N53,360)per ton on March 3, to 780 dollars (90,480) five weeks later."WFP warned that prices could rice evenhigher.
"We are not looking at a picture anymore, we are watching a movie," the agency's Christiane Berthiaume told reporters in Geneva. The agency disclosed that it had received about 900 million dollars (N104 billion) towards its original appeal.
The NLC NEC meeting which had in attendance national officials and principal staff of the NLC's National Secretariat including general secretaries and treasurers of the 36 affiliates and chairpersons andsecretaries of the 36 state councils and the FCT deliberated on a wide rage of issues covering the state of the Nigerian polity, economy and society, especially the state of industry, employment, the worsening poverty and food insecurity.
On the issue of the country's economy, NLC expressed worry over the high rate of acceleration of inflation, which was officially estimated at over 20% within one quarter.
NLC charged President Umaru Musa Yar'Adua's administration to be prudent in handling resources by setting up buffer funds against the future to mediate falls in revenues, which might follow acollapse in oil prices. The congress warned that protracted slowdown in major world economies like the United States, which could in the long run affect the Nigeria.
It advised the Federal Government to be proactive by evolving policies to deal with such a situation. NLC expressed worry over the action of Central Bank in raising Monetary Policy Rate from 9.5% to 10% saying the policy has implications for the cost of doingbusiness.
Labour said government should consider other supply-side responses and interventions to curtail inflation, including ensuring stability in energy rates".
Of particular concern to labour is the steep rises in food prices, which has persisted despite the release of grains from the strategic reserves by the Federal Government. NLC in its resolution called for concerted efforts inthe short-term to boost local output, including guaranteeing agricultural credit to producers and providing other incentives to farmers.
The communiqué made available to THISDAY yesterday also urged President Umaru Musa Yar'Adua to institute similar investigation into other sectors, especially the NNPC. "NLC reaffirms support for the probe exercise and resolved to organise a one-day public action to demonstrate its support and demand the prosecution of all established to have taken part in the looting, including the former President", it said.
Although NLC did not give any specific date for the proposed action in support of the corruption probe, it said it has commenced mobilization of members of its allies to strategize on the way forward.
The congress also reaffirmed its opposition againstany increase in electricity tariff, arguing thatproductive activities and social life would behampered severely by any increase in electricitytariffs. It said that given the current scandalous services byproviders, it would be utterly insensitive toorchestrate any increase in rates, adding that it has resolved to mobilise and join Nigerians to resist anyattempt to jerk up tariffs.
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