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Hackers have breached the website of the National Bureau of Statistics (NBS), rendering it temporarily inaccessible. As of Wednesday evening, visitors to the official site — www.nigerianstat.gov.ng — were met with a message reading, “Page hacked” on a blank white background. The NBS confirmed the cyberattack in a statement posted on X (formerly Twitter), urging the public to disregard any content appearing on the website until it is fully restored. “We wish to inform the public that the NBS Website has been hacked, and we are actively working to recover it. Please disregard any messages or reports posted until the…
Nigeria's telecommunications sector continued its growth trajectory as internet subscriptions reached 134.78 million in October 2024, according to the latest industry report from the Nigerian Communications Commission (NCC). This represents an increase of 1.88 million subscribers from September's figure of 132.9 million. The report shows that mobile (GSM) services dominated the market with 134.27 million subscribers, with the remainder using fixed wired and VoIP connections. Most major telecom operators saw subscriber growth, with MTN Nigeria leading the pack. Subscriber Breakdown by Provider: - MTN Nigeria: 69.52 million (up 1.13 million) - Airtel: 45.47 million (up 678,219) - Globacom: 17.10 million…
In a significant fiscal development, major international technology companies, including Google, Facebook, Netflix, and others, have paid N3.85 trillion in taxes to the Nigerian Federal Government during the first nine months of 2024. Tax Collection Highlights: - 68.12% increase from N2.29 trillion in the same period of 2023 - Comprises Company Income Tax (CIT) and Value Added Tax (VAT) - Quarterly progression shows consistent growth in tax revenues Detailed Tax Breakdown: 1. Company Income Tax (CIT) - Total collection: N2.57 trillion - 43.65% increase from N1.789 trillion in 2023 - Quarterly progression: * Q1: N598.13 billion * Q2: N1.12 trillion…
Nigeria's inflation rate climbed to 34.60% in November, according to the National Bureau of Statistics (NBS), marking a continued upward trajectory in the country's economic challenges. The report reveals an increase of 0.72 percentage points from October's 33.88% inflation rate. Compared to November 2023, the current inflation rate is significantly higher, jumping 6.40 percentage points from the previous year's 28.20%. Food inflation has been particularly stark, reaching 39.93% year-on-year, which is 7.08 percentage points higher than November 2023's 32.84%. The surge is attributed to price increases in key food categories, including: - Tubers like yams and potatoes - Grains such…
Monday, 16 December 2024 04:57

FG exceeds 2024 borrowing target by N4trn

As President Bola Tinubu prepares to present the 2025 national budget to the National Assembly, the Federal Government is poised to significantly overshoot its domestic borrowing target for 2024 by N4 trillion, representing a 67% increase from the initial budget projection. The escalating borrowing comes despite widespread concerns about the nation's mounting debt burden. Preliminary data reveals that the government has already borrowed N8.93 trillion from domestic investors in the first eleven months of 2024, compared to the planned N6 trillion for the entire year. Current borrowing trends suggest that total borrowing could reach N10 trillion by year-end. This borrowing…
The leaders of the Economic Community of West African States (ECOWAS) have agreed to extend a six-month grace period for Mali, Burkina Faso, and Niger, giving them time to reconsider their planned departure from the regional bloc. The decision follows a summit on Sunday, where ECOWAS leaders sought to address the countries’ scheduled exit, set for January 29, 2024, exactly one year after the three nations announced their intention to leave. The exit marks a significant reversal of decades of regional integration. Despite ECOWAS efforts, the junta-led governments of Mali, Burkina Faso, and Niger—located in the insurgency-ravaged Sahel—have increasingly distanced…
Nigeria has made substantial progress in repaying its International Monetary Fund (IMF) debt, paying $1.22 billion over three consecutive quarters from late 2023 to mid-2024. The payments have dramatically reduced the country's outstanding debt to the IMF. The debt repayment breakdown shows: - Q4 2023: $401.73 million - Q1 2024: $409.35 million - Q2 2024: $404.24 million These payments have resulted in a significant reduction of Nigeria's IMF debt, dropping from $3.26 billion in June 2023 to $1.16 billion by June 2024 – a 64.42% decrease within one year. The loan originated in April 2020 when the IMF disbursed $3.4…
The Central Bank of Nigeria (CBN) has announced a ₦150 million fine for Deposit Money Banks (DMBs) found guilty of facilitating the illicit distribution of newly minted naira notes to currency hawkers. This decision comes as part of the CBN’s ongoing efforts to curb the illegal flow of mint naira notes into the hands of unauthorized traders. In a circular issued on Friday, signed by Mohammed Olayemi, Acting Director of the CBN’s Currency Operations Department, the central bank expressed concern over the growing prevalence of mint naira notes being sold by hawkers, which disrupts the proper distribution of cash to…
The Federation Account Allocation Committee (FAAC) distributed a substantial N1.72 trillion among Nigeria's three tiers of government in November 2024, marking a significant increase of N310 billion from October's allocation. Key Highlights of the November Allocation Overall Financial Breakdown - Total gross allocation: N3.14 trillion - Distributable amount: N1.72 trillion Distribution by Tier - Federal Government: N581.85 billion - State Governments: N549.79 billion - Local Governments: N402.55 billion Notable Financial Components - Oil-producing states received N193.29 billion (13% derivation) - Cost of collection: N103.3 billion - Transfers, intervention, and refunds: N1.31 trillion Revenue Streams Gross Statutory Revenue - November 2024:…
All 36 Nigerian states have now agreed to the creation of state police, according to Governor Uba Sani of Kaduna, who announced this after the 146th National Economic Council (NEC) meeting presided over by Vice President Kashim Shettima. The decision comes amid escalating security challenges across Nigeria, including insurgency, banditry, and separatist violence in various regions. Governor Sani highlighted the critical need for state police, noting that current national security agencies lack sufficient personnel to cover the entire country. "Knowing fully well that we have a lot of ungoverned space in Nigeria, and also that we have a deficit in…
March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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