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Sunday, 25 December 2022 06:16

What to know after Day 305 of Russia-Ukraine war

WESTERN PERSPECTIVE A Russian strike on Ukraine's recently recaptured city of Kherson killed at least 10 people, wounded 58 and left bloodied corpses on the road, authorities said, in what Kyiv condemned as wanton killing for pleasure. A pro-Moscow official responded by saying Ukrainian forces had launched the attack in a bid to blame the Russian military. Fresh from a trip to the United States seeking weapons to resist the 10-month-old Russian invasion, President Volodymyr Zelenskiy published photos showing streets strewn with burning cars, smashed windows and bodies. "Social networks will most likely mark these photos as 'sensitive content'. But…

Saturday, 24 December 2022 05:48

Buhari seeks NASS’ approval to restructure N23.7trn loan advances from CBN

Federal government will restructure a total of 23.7 trillion naira ($53 billion) in short-term loans owed to Central Bank of Nigeria to 40-year debt at 9% interest, President Muhammadu Buhari said in a letter to the National Assembly seeking approval for the transaction. Africa's largest economy has struggled with low revenues due to crude theft in its oil-producing region. Oil theft cost it more than $2 billion during the first eight months of this year, a Senate investigation found in November. Economists say the federal government is spending more on debt repayments than on education and health, but Buhari has…

Saturday, 24 December 2022 05:44

What to know after Day 304 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukrainian President Volodymyr Zelenskyy sounded another defiant note on his return to his nation’s capital Friday following his wartime visit to the United States, saying his forces are “working toward victory” even as Russia warned that there would be no end to the war until it achieved its military aims. Zelenskyy posted on his Telegram account that he’s in his Kyiv office following his U.S. trip that secured a new $1.8 billion military aid package, and pledged that “we’ll overcome everything.“ Speaking to Ukrainian ambassadors later Friday, Zelenskyy suggested that U.S. lawmakers were preparing another $45 billion financial…

Friday, 23 December 2022 05:52

FG to sell 5 electricity companies to fund 2023 budget - Bloomberg

Federal government says it plans to sell some electricity-generation companies in the country, six months after it announced the restructuring of power distribution companies and privatisation of five power projects. The government said the sale will take place in the first quarter of 2023 and the proceeds will be used to fund the 2023 budget, Bloomberg reported Thursday. President Muhammadu Buhari presented a record budget of N20.5 trillion in October for next year with N10.78 trillion not backed by revenue, leaving a budget deficit that is 4.8 per cent of the GDP. The generating companies of Gencos for sale are…

Friday, 23 December 2022 05:51

FG’s 2023 budget couldn’t be passed as scheduled due to inbuilt errors - Lawan

The final consideration and passage of the N20.51 trillion 2023 budget suffered a setback in both the Senate and the House of Representatives chambers on Thursday. The leadership of both chambers blamed the setback on the inherent problems created by the executive arm of government. The challenge, according to President of the Senate, Ahmad Lawan, has to do with irreconcilable figures detected by Appropriations Committees of both chambers. He however said the problematic areas were sorted out Wednesday with relevant government functionaries from the executive arm of government. Lawan said as a result of the long cleaning process, the draft…

Friday, 23 December 2022 05:50

CBN: New Naira notes can’t be faked due to these security features

Central Bank of Nigeria (CBN) has disclosed the position of security features on the new series of N200, N500 and N1,000 notes. The apex bank made this known in a document released on Wednesday. On December 15, commercial banks began dispensing the redesigned naira notes to customers across the country. The CBN, in a statement on its website, said the new notes were protected by a number of security features to facilitate easy recognition of genuine ones in case of counterfeiting. It said the distinguishing features, which can be recognised by touch and visibility, are the raised print, the security…

Friday, 23 December 2022 05:48

What to know after Day 303 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Russia seeks to end the conflict in Ukraine as soon as possible but Kiev needs to realize that a diplomatic solution is inevitable, Russian President Vladimir Putin told reporters on Thursday. He also slammed the supply of US-made Patriot missiles to Kiev as an attempt to prolong the conflict and added that Russia had lived through the year "quite steadily." TASS has collected the key remarks that Putin made. The year’s results Perfect situations exist only on paper but Russia made it through the year "quite steadily." The current situation does not prevent the country from implementing its…

Thursday, 22 December 2022 05:45

Buhari presents N819.5bn supplementary budget for 2022 to NASS

President Muhammadu Buhari has approved an N819.5 billion ($2 billion) supplementary budget for 2022 to help deal with the impact of recent flooding, after the widespread destruction of farmland, the Senate President said on Wednesday. Severe flooding this year has destroyed farmland, roads and dams, raising food security concerns as high food prices add to concern over double-digit inflation. Nigeria is also battling with insurgents in the northeast and crude oil theft in its oil-producing regions in the south which has slashed oil output and government revenues. "The year 2022 has witnessed most flood incidents in recent history, which has…

Thursday, 22 December 2022 05:44

CBN bows to pressure, reviews cash withdrawal limits upward

Central Bank of Nigeria (CBN) has increased the maximum weekly limit for cash withdrawals across all channels by individuals and corporate organisations to N500,000 and N5 million, respectively. The directive is contained in a circular issued by the bank on Wednesday and signed by Haruna Mustafa, director of banking supervision department. The development comes two weeks after CBN reduced the weekly over-the-counter cash withdrawal limits for individuals to N100,000 and that of corporate organisations to N500,000. The bank also reduced withdrawals at automated teller machines (ATMs) and point-of-sale terminals to N20,000 per day. The policy had generated mixed reactions from…

Thursday, 22 December 2022 05:41

2023 Hajj: Nigeria’s slot increased to 95,000 as Saudi lifts Covid-19 restrictions

The Kingdom of Saudi Arabia has announced that it will restore the number of slot given to Nigeria before Covid-19. Recall that the holy pilgrimage to the city of Mecca and Medina was suspended to international travellers in 2020 and 2021 while that of 2022 was reduced by half. This led Nigeria getting half (45,000) of its previously allocated slot of 95,000. Assistant Director, Information and Publications of National Hajj Commission of Nigeria, Mousa Ubandawaki, in a statement on Wednesday, stated that the position was made known by the Director General in charge of Saudi Arabia’s Hajj Missions at the…

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Thursday, 22 December 2022 05:39

Yoruba group sues southwest, Kwara, Kogi, Edo govs to court over insecurity in their states

A Pan-Yoruba group, Yoruba Koya Leadership and Training Foundation (YKLTF), has dragged the governors of Yoruba speaking Southwest states to a Federal High Court over worsening insecurity in the zone. The suit filed at the Ibadan division of the Federal High Court is marked IB/CS/189/22. Besides, the southwest geopolitical zone, governors of Kwara, Kogi and Edo states, are also sued because their states have substantial Yoruba-speaking populations. In the suit filed by the group's lawyer, Tayo Douglas, the plaintiff said that it resolved to take the legal path due to the lackadaisical attitude of the governors towards the plight of…

Thursday, 22 December 2022 05:38

What to know after Day 302 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukrainian President Volodymyr Zelenskiy told the U.S. Congress on Wednesday that the tens of billions of dollars of aid it had approved to help it fight a Russian invasion was not charity, but an investment in global security. In his first visit out of his country since the war began in February, Zelenskiy told lawmakers in the soaring House of Representatives chamber that he hoped they would continue to support Ukraine on a bipartisan basis - a major point as Republicans are due to take the majority in the House on Jan. 3. "Your money is not charity,"…

Wednesday, 21 December 2022 05:49

Cash withdrawals from FG, states, LGs’ bank accounts will henceforth stop - NFIU

Nigerian Financial Intelligence Unit (NFIU) says the government is planning to stop cash withdrawals from federal, states and local government accounts. Modibbo Tukur, director/chief executive officer (CEO), NFIU, disclosed this in a statement on Tuesday, signed by Ahmed Dikko, the unit’s chief media analyst. According to the statement, Tukur spoke at a parley with Mahmud Yakubu, chairman of Independent National Electoral Commission (INEC), on Monday. “The government is putting all necessary measures in place to stop cash withdrawal from federal, states and local government accounts,” he said. “Because of the consistent devaluation of the naira and the introduction of a…

Wednesday, 21 December 2022 05:47

House Speaker Gbajabiamila takes CBN’s cashless policy issues to Buhari

President Muhammadu Buhari Tuesday held a closed-door meeting with the Speaker of the House of Representatives, Femi Gbajabiamila. At the meeting, held at the State House, Abuja, the leaders discussed the controversial cashless policy recently put in place by the Central Bank of Nigeria led by Godwin Emefiele. Apart from the discussion on the cashless policy, the leaders also discussed issues related to the 2023 general elections, Gbajabiamila told journalists. “…there were issues around cashless policy, issues around elections and violence that seem to be erupting here and there are a couple of other very important matters as well,” he…

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