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Saturday, 17 December 2022 06:01

Nigerian Army announced elevation of 122 senior officers. These are the new Major Generals, Brigadier Generals

Nigerian Army has approved the promotion of 122 senior officers to the ranks of major-general and brigadier-general. Onyema Nwachukwu, army spokesperson, in a statement on Friday, said the army council gave the promotion approval on December 15. Nwachukwu said the promotion of the senior officers is in recognition of their meritorious service to the nation. “In recognition of their meritorious service to the nation, the Army Council has on Thursday 15 December 2022, approved the promotion of senior officers to the ranks of Major General and Brigadier General,” the statement reads. “In the promotion signed and released by the Military…

Saturday, 17 December 2022 05:59

FAAC: FG, States, LGs share N902bn for November

Federal Account Allocation Committee (FAAC) has shared N902.053 billion to the three tiers of government as Federation Allocation for November, 2022. This is contained in a statement issued by Director (Information/Press), Ministry of Finance, Budget and National Planning, Phil Abiamuwe-Mowete, on Thursday. From the N902.053 billion, federal government received N358.515 billion, states received N270.836 billion, and local government councils got N204.130 billion. Meanwhile, oil-producing states received N68.572 billion as derivation fund, (13 per cent of Mineral Revenue). The N902.053 billion is inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Exchange Gain and Electronic Money Transfer Levies (EMTL). The communiqué…

Saturday, 17 December 2022 05:58

FG announces public holidays for Christmas, New Year

Federal government has declared Monday and Tuesday December 26 and 27, 2022 as public holidays to mark Christmas and Boxing Day celebrations. Also, the government announced January 2, 2023 as a public holiday to celebrate the New Year. Minister of Interior, Rauf Aregbesola, made the announcement on behalf of the Federal Government. He felicitated with Christians and all Nigerians at home and in the Diaspora on this year’s Christmas and New Year celebrations. Aregbesola enjoined Christians to emulate the doctrines of Christ in faith, hope and love. “We must imbibe the life of Jesus Christ in His practice and teachings…

Saturday, 17 December 2022 05:57

What to know after Day 297 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia fired more than 70 missiles at Ukraine on Friday in one of its biggest attacks since the start of the war, knocking out power in the second-biggest city and forcing Kyiv to implement emergency blackouts nationwide, Ukrainian officials said. Three people were killed when an apartment block was hit in central Kryvyi Rih and another died in shelling in Kherson in the south, they said. Russian-installed officials in occupied eastern Ukraine said 12 people had died by Ukrainian shelling. In an evening video address, Ukrainian President Volodymyr Zelenskiy said Russia still had enough missiles for several more…

Friday, 16 December 2022 05:55

Inflation rose further in Nov on hike in food prices - NBS

Annual inflation in Nigeria climbed to 21.47% in November from October's rate of 21.09%, accelerating for the 10th straight month as food prices surged, the statistics bureau said on Thursday. National Bureau of Statistics (NBS) attributed the rise to a sharp increase in demand ahead of the Christmas season, import cost hikes due to the depreciation of the naira, and a rise in production costs. A separate food price index showed inflation at 24.13% in November, compared to 23.72% in October, as Africa's most populous nation continues to struggle with rising prices for staples. "The rise in food inflation was…

Friday, 16 December 2022 05:54

Inflation pushes 5m Nigerians into poverty, devalues wages by 35 percent - World Bank

The World Bank has said that Nigeria is in a worsening situation, with economic performance becoming weaker as inflation persists. The Washington-based bank said this in its newly released Nigeria Development Update, which was launched in Abuja on Thursday alongside the Nigeria Country Economic Memorandum. The NDU report noted, “Nigeria is in a challenging and deteriorating economic situation. Nigeria’s economic performance has weakened since the previous Nigeria Development Update was published in June 2022 under the title of ‘The Continuing Urgency of Business Unusual’.” The financial institution also cut Nigeria’s 2022 growth forecast to 3.1 per cent from a previous…

Friday, 16 December 2022 05:53

Banks start paying new Naira notes

In line with the directive of the Central Bank of Nigeria (CBN), deposit money banks (DMB) began dispensing the redesigned naira notes to customers across the country on Thursday, December 15, 2022. The new naira notes were dispensed over-the-counter alongside the old ones in most commercial banks. On December 8, Godwin Emefiele, CBN governor, said banks had received the new notes, assuring Nigerians that “it would go round”. But monitoring the exercise on Thursday, TheCable observed that some commercial banks had limited supply of the new notes, after visiting some financial institutions in Lagos. A cashier at a branch of…

Friday, 16 December 2022 05:53

Yes, FG is owing a lot, but Nigerians are also owing us N5.2trn - Minister

Minister of Finance, Budget, and National Planning, Zainab Ahmed, said the Federal Government was owed approximately N5.2 trillion in debts. Ahmed, who stated this during a two-day sensitisation workshop on Project Lighthouse organised for ICT and account staff in federal ministries, departments, and agencies across the Northcentral zone in Minna on Thursday, said the debt was owed by over 5,000 companies and individuals. The Minister, represented by Director of Special Projects in the Federal Ministry of Finance, Budget and National Planning, Victor Omata, said that these debts cut across 19 ministries, departments and agencies. She stated that companies and individuals…

Friday, 16 December 2022 05:50

Osun state is owing N407bn. The new gov gives the following breakdown

PRESS RELEASE I am pleased to welcome our royal majesties and fathers to this all important event. I called this meeting first to meet our royal fathers and to present to you the official debt profile of Osun state as at November 30th, 2022 as submitted to me by the Accountant General of Osun State. With high sense of responsibility, I am reporting to our people through our traditional rulers, the total debt profile inherited by my administration from Governor Oyetola's administration. This event is in pursuance of my pledge to Osun people to be transparent and run an open…

Friday, 16 December 2022 05:49

US announces support for African Union joining G20

U.S. President Joe Biden on Thursday announced he would support the African Union joining the G20 group of large economies as a permanent member, part of Washington's efforts to reinvigorate ties with a region that has taken a back seat to other priorities in recent years. Biden, speaking at a U.S.-Africa leaders summit event, said the United States is looking to increase collaboration in all areas. "Africa belongs to the table in every room - in every room - where global challenges are being discussed, and in every institution where discussions are taking place," Biden said. "It's been a long…

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Friday, 16 December 2022 05:48

What to know after Day 296 of Russia-Ukraine war

WESTERN PERSPECTIVE Western allies stepped up their support of Ukraine with additional funding, sanctions against Moscow and expanded military training while Kyiv's defence minister predicted a new Russian offensive. With Russia's invasion in its 10th month, European Union leaders agreed on Thursday to provide 18 billion euros in financing to Ukraine next year and hit Moscow with a ninth package of sanctions. The measures designate nearly 200 more people and bar investment in Russia's mining industry, among other steps. "Our joint determination to support Ukraine politically, financially, militarily and in the humanitarian area for as long as necessary remains unbroken,"…

Thursday, 15 December 2022 05:58

FG gives reason why Nigeria won’t issue Eurobonds in 2023

Nigeria has no plans to issue Eurobonds in 2023 unless market conditions improve as bond prices are too high for African countries, Finance Minister Zainab Ahmed said on Wednesday. Nigeria, Africa's biggest economy, has been raising debt to fund infrastructure and boost a fragile economy battling high inflation. It sold a $1.25 billion Eurobonds this year, marking its eighth outing on international debt markets. Ahmed said Nigeria will focus on concessionary loans from the World Bank, Islamic Development Bank, African Development Bank and others for external loans, Ahmed told Reuters in Abuja after a cabinet meeting. "Our external borrowing sources…

Thursday, 15 December 2022 05:57

Whistleblowers to get special protection in policy review - FG

The Whistleblower Policy, which encourages Nigerians to disclose information on fraud, looted government funds, and financial misconduct has lost momentum, according to Zainab Ahmad, Minister of Finance. Under the policy launched in 2016, whistleblowers earn from 2.5% to 5% from the funds recovered by the government. Speaking after the Federal Executive Council (FEC) meeting on Wednesday, the minister said a draft bill was introduced to save the policy. “The ministry of finance, budget and national planning presented a number of memos today. The first is the draft whistleblower bill for 2022. This memo has been reviewed by council and approved…

Thursday, 15 December 2022 05:55

Kudirat Abiola’s children sue FG for $10m compensation over mother’s murder

Children of Kudirat Abiola, wife of MKO Abiola, presumed winner of the June 12, 1993 presidential election, have filed a suit against the federal government over “failure to protect” their mother. Khafila Abiola, Moriam Abiola, and Hadi Abiola are suing for themselves and on behalf of the other children of Kudirat. In a suit marked ECW/CCJ/APP/62/2022, filed before the ECOWAS court of justice in Abuja on their behalf by their lawyer, Femi Falana, the children are challenging the “violation of the fundamental human rights to life and dignity of human person of the late Mrs Abiola”. They argued that “the…

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