News

Nigeria’s economy grew at a slower than expected rate in the first quarter as a sharp currency slump and adverse weather impacted the non-oil sector. Gross domestic product expanded an annual 2.98% in the three months through March, compared with growth of 3.46% in the previous quarter, according to data released by the National Bureau of Statistics on Friday. The median estimate of eight economists in a Bloomberg survey was 3.5%. Key contributors to the slower-than-expected growth were agriculture, due to bad weather and insecurity, and manufacturing where profits have been knocked by an almost 70% slump in the naira…
No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024. The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked personnel were more than 200. They revealed that the latest purge included older directors…
Amid increasing poverty and hunger, Nigerians are grappling with skyrocketing prices of essential food items such as beef, rice, beans, white garri, and yam. The National Bureau of Statistics (NBS) revealed these alarming trends in its latest report titled ‘Selected Food Prices Watch (April 2024).’ The report highlights significant month-on-month and year-on-year price increases. In April, the average price of 1 kilogram (kg) of local rice reached N1,399.34, reflecting a 3.47 percent increase from March and a staggering 155.93 percent rise from April 2023, when the price was N546.76. Similarly, the average price of 1kg of white garri soared by…
Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has expressed deep concern over the growing frustration among Nigerians due to escalating poverty and hunger, urging political leaders to fulfill their duties in improving the populace's living standards. Addressing the Federal Government, the Sultan emphasized that the current socio-economic conditions are extremely challenging, and political office holders must acknowledge and address this reality. Speaking at the first quarterly meeting of the Nigeria Inter-Religious Council (NIREC) in Abuja, the Sultan highlighted the severe impact of poverty and hunger, noting that desperation has driven some individuals to commit serious crimes for meager sums. “Nigeria has…
In the first quarter (Q1) of 2024, foreign portfolio investment (FPI) outflows from Nigeria skyrocketed by 237% compared to the same period in 2023. Data from the Nigerian Exchange (NGX) research department revealed that foreign portfolio outflows reached N119.81 billion in Q1 2024, a significant increase from the N35.59 billion recorded in Q1 2023. This surge reflects the market's reaction to recent policy changes by the Central Bank of Nigeria (CBN). Despite the substantial outflows, foreign portfolio inflows also saw a dramatic rise. In Q1 2024, inflows were N93.37 billion, more than five times the N18.12 billion recorded in Q1…
For the second consecutive day, the tripartite negotiation on Nigeria's new national minimum wage involving the Federal Government, organized labour, and the Organized Private Sector (OPS) ended in a stalemate. The government and private sector employers made only minimal adjustments to their initial offers. None of the six governors who are part of the negotiation committee attended the meeting, except for Imo State governor, Hope Uzodimma, who made a brief appearance. The meeting has been adjourned to Tuesday, May 28, 2024. Organized labour, which initially demanded N615,000, reduced its wage request first to N500,000, and then to N497,000. In response,…
The Central Bank of Nigeria (CBN) has mandated that all existing Bureau De Change (BDC) operators re-apply for licenses. This directive was issued in a circular by Haruna Mustafa, Director of the Financial Policy and Regulation Department, on Wednesday. BDCs must meet the capital requirements for their license category within six months. The CBN outlined that all existing BDCs and promoters of new BDCs must re-apply for a new license according to their chosen tier or license category as specified in the updated guidelines. Significant changes to these guidelines include: - Removal of Mandatory Caution Deposits: The mandatory caution deposit…
The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 150 basis points, bringing it to 26.25% from the previous 24.75%. During a press briefing on the outcome of the 295th Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Olayemi Cardoso announced that the committee also retained the asymmetric corridor of +100/-300 basis points. Additionally, the MPC maintained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% and the Liquidity Ratio at 30%. Implications of the New Rate Hike on the Nigerian Economy: 1. Inflation Control: The primary objective of increasing the interest…
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have expressed opposition to the federal government's proposal to set the minimum wage at N54,000 for workers. On Tuesday, reports emerged that the federal government had raised its proposed minimum wage to N54,000, following the rejection of an initial offer of N48,000 by organized labour during a negotiation meeting. Joe Ajaero, the president of the NLC, walked out of the negotiation meeting, stating that the government was not genuinely engaging with the labour representatives. “The government’s proposal of a paltry N48,000 as the minimum wage not only insults the…
Ahead of the Students' Loan portal launch this Friday, the Nigeria Education Loan Fund (NELFUND) has announced that it will initially offer loans to students in federal tertiary institutions. The Fund specified that only students from institutions that have uploaded their data onto its dashboard will be eligible to apply. Akintinde Sawyerr, Managing Director/Chief Executive Officer of NELFUND, made this announcement on Monday during a Pre-Application Sensitisation Press Conference in Abuja. He stated that the first phase of the scheme will benefit 1.2 million students from federal universities, polytechnics, colleges of education, and technical colleges. Sawyerr encouraged students in federal…
Page 1 of 802
May 24, 2024

Younger workers are rejecting assignments. Here's why

If you want to attract – and retain – younger workers, pay attention to their…
May 22, 2024

Northern leaders slam Tinubu, say govt policies responsible of increasing misery, unemployment in Nigeria

The Arewa Consultative Forum (ACF) has criticized policies implemented by President Bola Tinubu's administration, attributing…
May 25, 2024

People are pointing out things that were great back in the day but suck now

Earlier this month, we wrote up things that used be awesome back in the day.…
May 25, 2024

Wanted criminal pretends to be deaf and dumb for 20 years to avoid prison

A Chinese man wanted for murder managed to avoid police detection for over 20 years…
May 22, 2024

Gunmen kill 40 in fresh attacks on Plateau communities

At least 40 people were killed and many others wounded in an attack by gunmen…
May 25, 2024

What to know after Day 821 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Zelensky’s legitimacy has expired – Putin Russia must be absolutely sure it’s dealing…
May 19, 2024

Scientists develop device that can detect when someone is sarcastic

Experts have developed a device that can detect when someone is sarcastic It works by…
April 30, 2024

Finidi George is new Head Coach for Super Eagles

Former Nigerian winger Finidi George has been appointed as the head coach of the national…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.