Business
World Bank Report Highlights Insufficient Health and Education Spending in Nigeria
According to a recent report by the World Bank, Nigeria’s public expenditure on health and education falls significantly below international standards, posing challenges for basic service delivery.
Titled ‘Human Capital Public Expenditure and Institutional Review,’ the report emphasizes that Nigeria allocates only about 12% of its Gross Domestic Product (GDP) to public spending, which is lower than the Sub-Saharan African average of 17.2% and the average of 18.5% for lower middle-income countries. Over the past five years, Nigeria’s spending on health and education has ranged between 10% and 12% of GDP, which the report deems inadequate for meeting essential public service needs.
The report further notes that Nigeria’s per capita spending on education stands at $23, with states contributing $14 and the federal government covering the rest. Similarly, the per capita spending on health is $15, with states contributing $8.5. These figures are described as inadequate when compared to international benchmarks, especially considering the country’s challenges with out-of-school children and child mortality rates.
The World Bank attributes the low spending levels primarily to constrained overall public spending, influenced by low revenue generation. In 2021, allocations to education and health constituted 10.1% and 6.6% of the national budget respectively, with larger shares allocated to general public services and economic affairs.
The report recommends increasing budget execution rates at state levels and enhancing federal and state allocations in the medium to long term to ensure adequate financing for health and education services. It underscores the importance of political will and commitment from Nigerian leaders to improve funding in these critical sectors, enhance the national health insurance scheme, and prioritize transparency and accountability in expenditure.
Commenting on the findings, Professor Tanimola Akande, a Public Health expert, highlighted Nigeria’s shortfall in health funding compared to international benchmarks, attributing it to poor health outcomes and infrastructure challenges. He stressed the need for improved budget performance and efficiency in spending to enhance healthcare delivery and reduce dependency on external funding.
The report underscores the urgent need for Nigeria to prioritize and increase investments in health and education to improve public service delivery and foster national development.
Business
Iceland Demands Supermarket Rivals Stop Selling Prawn Rings
Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.
In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”
Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”
Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”
The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.
Business
Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says
The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”
This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.
However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.
Business
China Unveils Bold Measures to Revive Economy Amid Growth Concerns
China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.
With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.
The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.
Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.
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