Index to Nigerian Newspapers

The United States Agency for International Development has warned Nigeria and other African countries to brace up for higher food prices, following recent developments that have temporarily halted Ukraine’s food exports to African countries.

USAID’s Deputy Administrator for Policy and Programming, Isobel Coleman, said this on Thursday at a virtual press conference.

According to her, Russia’s decision to withdraw from the Black Sea Grain Initiative had already begun to trigger higher food prices around the world.

She noted the impact of this food price hike would be more felt in developing countries that were import-dependent, and had conventionally relied on grain imports from Ukraine. 

Coleman said, “One of the world’s largest breadbaskets is Ukraine. By doing this, Russia is increasing food prices globally. We’ve already seen how global food prices came down over time after the Black Sea Grain Initiative came into place. Since Russia has pulled out of the agreement, food prices have again been on the rise.

“This affects every country around the world, but it affects, most acutely, large import-dependent developing countries that have to spend much of their precious foreign exchange resources to purchase food to feed their population.”

The Black Sea Grain Initiative was conceived to specifically allow for commercial food and fertiliser (including ammonia) exports from three key Ukrainian ports in the Black Sea, which are Odessa, Chornomorsk, Yuzhny/Pivdennyi.

Taxes paid by manufacturers in 2023 increased by 115 per cent from N192bn in the first quarter, to N414.5bn in the second quarter. A data collated from various Company Income Tax and Value Added Tax reports published by the National Bureau of Statistics revealed. According to findings by The PUNCH, in the first quarter of 2023, manufacturers paid N62.9bn as CIT, while of N129.2bn was paid as Value Added Tax. In the second quarter, the VAT paid by manufacturers increased by 17 per cent to N151.7bn, while CIT increased to N262.7bn. This meant that manufacturers paid at least N607bn in CIT and VAT in the first six months of the year. The data also showed that across the VAT and CIT remittances in 2023, the manufacturing sector was the most taxed sector in the first and second quarters of the year. While speaking in an exclusive interview with the PUNCH, the Director-General of MAN, Segun Ajayi-Kadir, said manufacturers had continued to battle over-taxation, alongside other factors that had negatively affected the growth of the industry.