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Sunday, 25 June 2023 03:53

Commuters groan as traffic gridlock on Lagos-Ibadan expressway worsens

Vehicles plying Lagos-Ibadan Expressway inward the Ibafo-Mowe, Ogun State axis were again grounded by traffic on Saturday as a result of the ongoing reconstruction of the expressway. The four-lane road was collapsed into one, affecting the flow of traffic. Passengers had to alight from their buses to trek from the Otedola axis to Berger in search of respite from the situation. Our correspondent, who observed the development from the Secretariat Bus-stop, saw passengers lining the road in their droves, walking briskly down towards the Berger Bus Stop, even as it drizzled. A truck had broken down right after Otedola Bridge,…

Saturday, 24 June 2023 02:44

Lagos 4th most unlivable city in the world, Report says

Lagos state has been ranked 4th most unlivable city in the world, according the latest report of the Economic Inteligence Liveability Index. The survey, conducted annually, revealed a surge in liveability scores worldwide, reaching a 15-year high. Recall that the 2022 survey had reported that Lagos was the second most unlivable city, after Damascus. The 2023 survey highlights the global recovery from the Covid-19 pandemic, with healthcare and education scores witnessing enhancements across numerous cities in Asia, the Middle East, and Africa. These positive developments have played a significant role in boosting overall liveability. However, the report also indicates a…

Saturday, 24 June 2023 02:41

Looking for job abroad? Germany says COME

The German parliament has passed a new law to ease immigration rules for foreign skilled workers. Presenting the bill on Friday, Nancy Faeser, interior minister, said the draft law will secure prosperity in Germany. “It’s unacceptable that you have to fill in 17 different applications to bring a new care worker into the country,” she said. An “opportunity card” under the new law will allow foreigners who do not yet have a job to come to Germany for a year to find employment. A prerequisite for receiving a card will be a vocational qualification or university degree. Those with German…

Friday, 23 June 2023 04:37

Nigeria debt-to-GDP ratio inches near 40% statutory limit - DMO

Nigeria's total public debt could rise to 37.1% of its gross domestic product (GDP) this year, close to the government's self-imposed 40% limit, the country's Debt Management Office said on Thursday. The debt office linked the projected rise in the debt-to-GDP ratio from 23.4% in September to new borrowing and a central bank loan-to-bond swap. "The country's debt stock remains sustainable under these criteria, but the borrowing space has been reduced when compared to Nigeria's self-imposed debt limit of 40%," it said in a report. Nigeria has said it aims to borrow 8.8 trillion naira ($11.81 billion) in 2023 to…

Friday, 23 June 2023 04:36

Increasing electricity tariffs shortly after petrol subsidy removal is reckless - NLC

Nigeria Labour Congress (NLC) says plans by the federal government to increase electricity tariff by 40 percent from July 1, 2023, is “insensitive and callous”. On Monday, the federal government hinted at removing the N50 billion monthly electricity subsidy in the sector owing to the revenue shortfall. The development is coming a few weeks after the removal of petrol subsidy which now has petrol retail prices skyrocketing. Reacting to this in a statement issued on Thursday, Joe Ajaero, NLC president, condemned the intentions of the federal government, saying it reflected an organised indifference to the wellbeing of consumers. “The massive…

Friday, 23 June 2023 04:32

FAAC: FG, states, LGAs share N786bn for May 2023

Federation Account Allocation Committee says it shared N786.16bn among the three tiers of government for May 2023. The figure represents an increase of N130.23bn compared to the N655.93bn shared in April 2023, and it is the highest this year and the first increase following a constant decline since January. FAAC disclosed this in a communiqué issued at the end of its latest meeting in Abuja on Thursday. The meeting was chaired by the new Accountant General of the Federation, Oluwatoyin Madein. The total amount includes gross statutory revenue, Value Added Tax, Augmentations from Forex and Non-oil Mineral Revenue, and electronic…

Friday, 23 June 2023 04:31

NAFDAC to Nigerians: Continue to eat your locally made Indomie noodles; they are safe

National Agency for Food and Drug Administration and Control (NAFDAC) says Indomie noodles manufactured in Nigeria is safe for human consumption. The agency said the noodles do not contain ethylene oxide. Health officials in Malaysia and Taiwan said they had detected ethylene oxide in Indomie’s special chicken flavour noodles. Ethylene oxide is a colourless and odourless gas that is used to sterilise medical equipment and plastics. It is said to be a cancer-causing chemical. Mojisola Adeyeye, NAFDAC director-general, said the agency would begin random sample tests of the noodles from May 2. Speaking with journalists on Thursday, the director-general said…

Thursday, 22 June 2023 03:01

‘A green transition that leaves no one behind’: World leaders release open letter

We are urgently working to deliver more for people and the planet. Multiple, overlapping shocks have strained countries’ ability to address hunger, poverty, and inequality, build resilience and invest in their futures. Debt vulnerabilities in low- and middle-income countries present a major hurdle to their economic recovery, and to their ability to make critical long-term investments. We are urgently working to fight poverty and inequalities. An estimated 120 million people have been pushed into extreme poverty in the last three years and we are still far from achieving our United Nations sustainable development goals (SDGs) by 2030. We should thus…

Thursday, 22 June 2023 03:00

Nigerians get over 10% of UK visas issued globally, just as number of students in Britain grows 5 folds - Envoy

British High Commissioner to Nigeria, Richard Montgomery, said, on Wednesday, that the number of Nigerians travelling to the United Kingdom via study route had multiplied five times in the last three years. Montgomery explained that his country’s decision banning international students from bringing family members with them to the UK starting 2024 was to avoid overburdening the country’s housing infrastructure and to control the inflow of migrants. “Many more students are trying to bring their dependents with them…but it’s not always possible to find the housing and services to meet all the needs of all our existing student population…we’ll have…

Wednesday, 21 June 2023 04:52

Naira exchange rates converge at official, parallel markets

Naira’s official and parallel rates converged on Tuesday after days of volatility sparked by the central bank’s move to allow lenders to freely determine the price of Nigeria’s currency. The naira strengthened 1.8% to 756.61 per dollar at the close of trade, according to the website of the FMDQ Exchange. Meanwhile, it hovered at 757 in the unofficial market, according to Abubakar Mohammed, chief executive officer of Forward Marketing bureau de change Ltd in Lagos who compiles the parallel market data. Thus the rates practically closed the gap between them a day after the official value was 1.6% weaker than…

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Wednesday, 21 June 2023 04:49

FG: NDLEA, NAFDAC Boards exempted from dissolution

Federal Government has said Boards of the National Drug Law Enforcement Agency (NDLEA) and the National Agency for Food and Drug Administration and Control (NAFDAC) are exempted from the dissolution of boards and agencies. Willie Bassey, Director, Information, Office of the Secretary to the Government of the Federation (OSGF), gave the clarification in a statement on Tuesday. “Further to the directive on the dissolution of Boards of Federal Government Parastatals, Agencies, Institutions and Government-owned companies, Secretary to the Government of the Federation has clarified that the Boards of the National Drug Law Enforcement Agency (NDLEA) and the National Agency for…

Tuesday, 20 June 2023 04:52

Naira falls below parallel market rates at official window

Nigeria’s legal tender, the naira, closed at N770 per dollar at the investors and exporters (I&E) window on Monday, beginning the week on a fragile front as the recent central bank reforms take effect on the market. The closing rate at the official window is lower than at the parallel market where Naira traded at between 760 and 765 to the dollar. The Monday closing rate, according to FMDQ Securities Exchange Limited, represents a 16.1 percent depreciation from the N663 recorded on the last trading day (Friday). Despite the naira’s weak performance, data on FMDQ shows that investors traded about…

Tuesday, 20 June 2023 04:51

After petrol subsidy removal, FG imposes 7.5 percent VAT on diesel

Federal Government, on Monday, confirmed that it had commenced the implementation of the payment of 7.5 per cent Value Added Tax on Automotive Gas Oil, popularly called diesel. Officials of the Nigeria Customs Service and Federal Inland Revenue Service confirmed this in Abuja, stressing that AGO was not exempted from the payment of VAT based on the VAT Modification Order 2021. The development was, however, condemned by Nigerians, who pointed out that citizens were still trying to adjust to the hike in the pump price of Premium Motor Spirit, popularly called petrol, not knowing that plans had been perfected to…

Tuesday, 20 June 2023 04:50

Tinubu sacks Buhari’s Service Chiefs, IGP, Customs CG; appoints replacements

PRESS RELEASE President Bola Tinubu has approved the immediate retirement of all Service Chiefs and the Inspector-General of Police, Advisers, Comptroller-General of Customs from Service as well as their replacements with immediate effect. The newly appointed Officers are: Nuhu Ribadu, National Security Adviser Maj. Gen. C.G Musa, Chief of Defence Staff Maj. Gen T. A Lagbaja, Chief of Army Staff Rear Admiral E. A Ogalla, Chief of Naval Staff AVM H.B Abubakar, Chief of Air Staff DIG Kayode Egbetokun, Acting Inspector-General of Police Maj. Gen. EPA Undiandeye, Chief of Defense Intelligence Mr President has also approved the following appointments: Col.…

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