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Wednesday, 12 July 2023 04:10

Nigeria projected to match US' population by 2050. Here’s what that means for the world

The annual United Nations designation is not only a chance to recognize "the dreams of all 8 billion of us on our planet," as UN Secretary-General António Guterres put it in a blog post on Tuesday, it's also a chance to take stock at just how rapidly the world around us is shifting. In just the past 12 months, the world's population topped 8 billion people for the first time and India overtook China as the most populous country in the world. But even as the global population hits new milestones, one of the buzziest discussions is around the "Great…

Wednesday, 12 July 2023 04:10

Tinubu appoints 20 new aides, 14 of them Yoruba

President Bola Tinubu has hired 20 new aides, about three weeks after he made the last set of major appointments. The new appointments include those of senior special assistants (SSAs), personal assistants (PAs), personal physician, and photographers. Among the new appointees, according to the list seen by PREMIUM TIMES, are veteran journalist, Tunde Rahman, who has been designated SSA (Media); Abdulaziz Abdulaziz (SSA Print Media); and Ibrahim Masari (SSA Political). Others are Adekunle Tinubu – Personal Physician; Damilotun Aderemi – Senior Special Assistant (Private Secretary); Toyin Subair – Senior Special Assistant (Domestic); O’tega Ogra – Senior Special Assistant (Digital/New Media);…

Wednesday, 12 July 2023 04:08

Only 6 land borders have been opened - Customs

Wale Adeniyi, acting comptroller-general of the Nigerian Customs Service (NCS), says not all borders in the country have been reopened. He made the clarification on Tuesday while speaking to state house correspondents after a meeting with President Bola Tinubu at the Aso Villa. Former President Muhammadu Buhari had, in August 2019, shut all land borders in the country as part of efforts to curtail smuggling and boost local production of rice. On December 6, 2020, Buhari ordered the immediate reopening of four land borders. Speaking on the issue, Adeniyi said while selected strategic borders were reopened in 2022, a review…

Wednesday, 12 July 2023 04:07

Spanish coastguard rescues two Nigerian migrants from ship's rudder

The Spanish coastguard rescued two Nigerian migrants who stowed away on the rudder of a ship that arrived in the Canary Islands from Togo, a coastguard spokesperson and the police said on Tuesday. After being rescued on Monday night in the port of Las Palmas, the migrants were taken to a hospital. They were later released and were transferred back to the ship, which has to return them to their port of origin, the port police tweeted. In a video and photographs published on Twitter by Las Palmas maritime police, the two stowaways are shown hunkered on the rudder under…

Tuesday, 11 July 2023 05:11

Only 6 states plus FCT had foreign investment in Q1 2023 - NBS

Foreign investors overlooked 28 states as the value of capital importation into Nigeria grew by 6.78 percent in the first quarter of 2023, according to the National Bureau of Statistics (NBS). The total capital imported was $1.13 billion, up from the $1.06 billion recorded in Q4 2022. According to the NBS report, the 28 states that failed to attract foreign investment in Q1 2023 include: Abia Bauchi Bayelsa Benue Borno Cross River Delta Ebonyi Edo Enugu Gombe Imo Jigawa Kaduna Kano Katsina Kebbi Kogi Kwara Nasarawa Osun Oyo Plateau Rivers Sokoto Taraba Yobe Zamfara LAGOS LEADS In the quarter under…

Tuesday, 11 July 2023 05:08

Customs boss: Petrol still being smuggled across border despite subsidy removal

Acting Comptroller-General of the Nigeria Customs Service, Adewale Adeniyi, on Monday, vowed a heavy clampdown on oil thieves, insisting that the nation cannot “afford to let saboteurs take over our economy.” Adeniyi, who said there were still cases of smuggling of Premium Motor Spirit, popularly called petrol, at Nigeria’s border stations despite the removal of subsidy on the commodity, said the agency had adopted new border patrol strategies to close in on oil thieves. He made the disclosure on the sidelines of a sensitisation workshop on the Nigeria Customs Service Act 2023 for management staff of the NCS in Abuja.…

Monday, 10 July 2023 04:56

Over half of domestic flights in Nigeria delayed in Q1 2023. These are the airlines most culpable

Over half of the domestic flights in Nigeria between January and March were delayed, an official report states, confirming the complaints of travellers about incessant flight delays in the country’s airports. Of the total 18,288 domestic flights within the period, 10,128 were delayed (55 per cent), the Nigerian Civil Aviation Authority (NCAA) stated in a report tagged “Executive Summary on International and Domestic Flight Operations.” Many Nigerians have lamented the incessant delay in domestic flights by operators across the country’s airports. Many have taken to social media to narrate their experiences with some flights delayed for over 24 hours. In…

Monday, 10 July 2023 04:53

Daily fuel consumption drops 18.5m litres after subsidy removal - Report

The volume of Premium Motor Spirit, popularly called petrol, consumed across the country in the first half of 2023 was 11.26 billion litres, the Federal Government has said. It was, however, observed that after the removal of subsidy on petrol, following the pronouncement by President Bola Tinubu on May 29, 2023, PMS consumption reduced by an average of 18.5 million litres daily in June. Data obtained from the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja, on Sunday, showed that between January 1 and May 28, 2023, which was the pre-deregulation period, the total amount of petrol consumed nationwide…

Monday, 10 July 2023 04:52

Nigeria assumes leadership of ECOWAS

President Bola Ahmed Tinubu has been elected chairman of the Economic Community of West African States (ECOWAS). He was elected at the 63rd ordinary session of the ECOWAS Authority of Heads of State and Government in Bissau, the capital city of the Republic of Guinea-Bissau. Speaking after he was elected, Tinubu promised his “unalloyed commitment” to providing purposeful leadership and serving the interest of the community. “Indeed, I’m humbled and honoured by this trust, and want to assure you of my unalloyed commitment to provide the necessary leadership with dedication to serve the interest of the community,” he said. He…

Monday, 10 July 2023 04:50

Sanctions against Russia backfire as countries rush to repatriate gold reserves back home - Study

An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday. The financial market rout last year caused widespread losses for sovereign money managers who are "fundamentally" rethinking their strategies on the belief that higher inflation and geopolitical tensions are here to stay. Over 85% of the 85 sovereign wealth funds and 57 central banks that took part in the annual Invesco Global Sovereign Asset Management Study believe that inflation will now be higher…

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Sunday, 09 July 2023 04:48

Nigeria-used vehicles take centre stage as Tokunbo vehicles become unaffordable

The recent 40 per cent hike in the exchange rate for cargo clearance at the seaports and the increase in tariff on imported cars by a terminal operator, Ports & Terminal Multipurpose Limited, has led to about 70 per cent drop in the sale of second-hand imported cars. Last week, Central Bank of Nigeria and the Nigeria Customs Service took the ongoing foreign exchange reforms to the maritime sector with a 40 per cent increase in the exchange rate used for calculating the import duty. NCS had a few weeks ago raised the exchange rate used for the calculation of…

Sunday, 09 July 2023 04:45

Lord’s Prayer opening may be ‘problematic’, says archbishop

The archbishop of York has suggested that opening words of the Lord’s Prayer, recited by Christians all over the world for 2,000 years, may be “problematic” because of their patriarchal association. In his opening address to a meeting of the Church of England’s ruling body, the General Synod, Stephen Cottrell dwelt on the words “Our Father”, the start of the prayer based on Matthew 6:9–13 and Luke 11:2–4 in the New Testament. “I know the word ‘father’ is problematic for those whose experience of earthly fathers has been destructive and abusive, and for all of us who have laboured rather…

Saturday, 08 July 2023 04:40

Tinubu sets up tax committee in bid to double Nigeria’s Tax-to-GDP ratio in 3 years

President Bola Tinubu set up a panel to reform the country’s tax laws and fiscal policy in a bid to boost revenue generation and curb borrowings. The committee to be headed by Taiwo Oyedele, fiscal policy partner and Africa tax leader at PricewaterhouseCoopers LLP, will work to “enhance revenue collection efficiency, ensure transparent reporting, and promote the effective utilization of tax and other revenues,” the president’s media office said in emailed statement on Friday. The government plans to transform the tax system to support sustainable development and achieve a minimum tax to gross domestic product ratio of 18% within the…

Saturday, 08 July 2023 04:39

FG ‘spent 102% of its revenues on personnel costs, interest payments’ in 2022 - World Bank

Federal Government’s spending on personnel costs and debt servicing exceeded total revenues in 2022, the World Bank has stated. It disclosed this in the June 2023 edition of the Nigeria Development Update. According to the Washington-based bank, this was the first time the Federal Government’s personnel costs and debt servicing surpassed its total revenue. The bank added that as a result of this, spending on capital expenditures weakened. Personnel costs and interest payments on loans made up 59 per cent of the government’s total expenditures. The Federal Government spent 102 per cent of its revenues on personnel costs and interest…

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