Daily Watch – Imports from CBN forex ban list tops ₦18.12tn, Ghana approves malaria vaccine

Nigerians imported not less than nine items worth ₦18.12 trillion from the forex ban list of the Central Bank of Nigeria (CBN) between 2016 and 2022, according to an analysis of National Bureau of Statistics data by the Punch. The CBN had categorised about 41 import items as not valid for forex, which means importers cannot secure forex from the bank for such items. However, these items are not banned or prohibited by the Nigerian Customs Service. According to the NBS’ foreign trade analysis from 2016 to 2022, items such as crude palm oil, vegetable products, animal products, meat, vegetable fats and oil, steel products, rubber, plastic, clothes, and textiles were imported from various countries. Crude palm oil imports totalled ₦283.8 billion in seven years while vegetable products cost ₦4.8 trillion. Animal products saw inward flows of ₦3.3 trillion while ₦5.15 trillion was spent on rubber and plastic and ₦1.67 trillion on textiles.

The Senate has begun a probe of the Accountant-General of the Federation (AGoF) for paying ₦74 billion as social benefits without giving a comprehensive breakdown in the 2016 budget. The Auditor General of the Federation in the 2016 report had raised concern over the payment of ₦262.4 billion as social benefits against the ₦188 billion provided for in the budget, resulting in extra-budgetary payment of ₦74 billion without a breakdown. “In addition, it was observed that there was no breakdown of the total social benefits cost of ₦262 billion disbursed to the different individuals which were slated for gratuity, pension and death benefits that make up social benefits.” When the AGoF representative appeared before the Senate Public Accounts Committee chaired by Senator Mathew Urhoghide to respond to the query, he accepted the Auditor-General’s observation, but the committee observed that the official could not address the query. The committee, therefore, recommended to the Senate that the federal accountant should refund ₦74 billion in line with financial regulations. The Senate adopted the committee’s recommendation.

A keenly-watched malaria vaccine from Oxford University has secured its first approval, in Ghana, as the African country ramps up efforts to combat the mosquito-borne disease that kills a child every minute. After decades of work, the first malaria vaccine, Mosquirix from British drugmaker GSK, was endorsed last year by the World Health Organization (WHO), but a lack of funding and commercial potential has thwarted the company’s capacity to produce as many doses as needed. The Oxford vaccine, which has secured regulatory approval in the age group at the highest risk of death from malaria —- children aged 5 months to 36 months —- has a manufacturing advantage thanks to a deal with the Serum Institute of India to produce up to 200 million doses annually. In contrast, GSK has committed to producing up to 15 million doses of Mosquirix every year through 2028, well under the roughly 100 million doses a year of the four-dose vaccine the WHO says is needed long-term to cover around 25 million children.

The US State Department has approved the potential sale of the High Mobility Artillery Rocket System (HIMARS) and related equipment to Morocco in a deal valued at up to $524 million, the Pentagon has said. The State Department has also approved the possible sale of Joint Standoff Weapons and related equipment to Morocco for an estimated cost of $250 million, the Pentagon said.