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Sunday, 28 August 2022 06:58

FG apologises for Lagos-Ibadan expressway gridlock

Federal government has apologised for the hardship faced by road users due to construction works on the Berger-Opic axis of the Lagos-Ibadan expressway. Forosola Oloyede, the acting federal controller of works in Lagos state, conveyed the apology in a statement on Saturday. Oloyede said the government feels the pains of the people, especially residents of Lagos and Ogun states who are at the receiving end of the inconvenience caused by the gridlock. In recent weeks, motorists plying the route spend hours in traffic, a situation that has worsened in the last few days. Oloyede said the federal government has ordered…

Sunday, 28 August 2022 06:57

What to know after Day 186 of Russia-Ukraine war

Moscow and Kyiv traded fresh accusations on Saturday of shelling around the Russian-occupied Zaporizhzhia nuclear power plant in Ukraine, which has been a focus of international concern that fighting in the area could trigger a disaster. Zaporizhzhia, Europe's largest nuclear power plant, has been controlled by Russian forces since early March, soon after the invasion of Ukraine by Russia. Ukrainian staff continue to operate it and in recent weeks the two sides have traded blame for shelling near the plant. Ukraine's state nuclear company Energoatom energy agency said Russian troops again shelled the grounds of the plant complex in the…

Saturday, 27 August 2022 07:10

Nigerian economy beats estimates, grew 3.5 percent in Q2, 2022

Economic growth in Nigeria, Africa’s biggest crude producer, accelerated faster than expected in the second quarter, driven by growth in the non-oil sector. Nigeria’s economy grew 3.5% year-on-year in the three months through June, compared with 3.1% in the first quarter, the National Bureau of Statistics said in a report on Friday. The median estimate in a Bloomberg survey of 10 economists was 2.9%. Growth in the three-month period marked the seventh consecutive quarterly expansion and was driven by a 4.8% improvement in the non-oil sector, which makes up the majority of the economy, compared with a 6.1% increase from…

Saturday, 27 August 2022 07:06

Tension in N’Delta over surveillance contracts awarded to ex-militants

The recent surveillance contract awarded to ex-leader of the Movement for the Emancipation of the Niger Delta (MEND), Government Ekpemupolo (aka Tompolo) has continued to create tension across the Niger Delta. The multi-billion naira contract awarded by the Nigerian National Petroleum Company (NNPC) Limited and targeted to curb the perennial oil theft is to cover the Niger Delta region. While Tompolo’s two companies had contracts covering part of Bayelsa, Delta, Ondo, Imo and Rivers States, three other companies were awarded the other contracts. However, Tompolo’s contract, believed to be the juiciest, has continued to court opposition from within and without.…

Saturday, 27 August 2022 07:05

Boko Haram: Food shortages worsen the humanitarian crisis in Nigeria’s Northeast - Report

Lying on a small bed next to her mother, 14-month-old Aisha Usman stares blankly, her eyes sunk in their sockets and rib cage visible. She is the latest arrival at a treatment centre for severely malnourished children in Nigeria's Northeast, where a long running Islamist insurgency has uprooted millions, forcing farmers to abandon fields and causing food shortages. Some 1.74 million children under the age of 5 face acute malnutrition in the area, the United Nations Office for the Coordination of Humanitarian Affairs says. The militant Boko Haram group and its offshoot Islamic State West Africa Province have been fighting…

Saturday, 27 August 2022 07:04

What to know after Day 185 of Russia-Ukraine war

Ukraine's president on Friday said the situation at the Zaporizhzhia nuclear power plant remains "very risky" after two of its six reactors were reconnected to the grid following shelling that caused Europe's largest nuclear power plant to be disconnected for the first time in its history. Russian shelling continued to displace civilians in the east of the country, where three quarters of the population has fled the frontline region of Donetsk, according to the regional governor, and Ukraine continued to damage Russia's supply routes to the southern front near Kherson. Ukraine's state nuclear company Energoatom said on Friday evening that…

Friday, 26 August 2022 07:02

Chief of Defense Staff: 137 land borders in Northwest, Northeast unguarded

Lucky Irabor, chief of defence staff, says 137 out of about 261 borders in the Northeast and Northwest regions of the country are unguarded. He said this on Thursday while delivering a lecture on “security, defence & development in Nigeria” at the Nigerian Institute of International Affairs (NIIA) in Lagos. Irabor said the porous borders accounted for the easy access of terrorists from neigbouring countries into Nigeria to wreak mayhem. “Our borders are largely unmanned. The penetrability of our vast unmanned land areas – the Northeast and Northwest zones, particularly Borno, Yobe, Sokoto, Zamfara, Katsina states – with neigbouring countries…

Friday, 26 August 2022 06:56

What to know after Day 184 of Russia-Ukraine war

Ukrainian President Volodymyr Zelenskiy said the world narrowly avoided a radiation disaster as electricity to Ukraine's Zaporizhzhia nuclear power plant was cut for hours due to Russian shelling in the area, allegations that Moscow denied. Zelenskiy said Russian shelling on Thursday sparked fires in the ash pits of a nearby coal power station that disconnected the reactor complex, Europe's largest such facility, from the power grid. Back-up diesel generators ensured power supply that is vital for cooling and safety systems at the plant, he said, praising the Ukrainian technicians who operate the plant under the gaze of the Russian military.…

Thursday, 25 August 2022 06:43

FG seeks $10bn to fund alternative energy transition plans

Nigeria aims to raise an initial $10 billion in funding to implement its energy transition plan ahead of COP27 climate talks later this year, the country’s vice president said. Africa’s most populous country needs at least an additional $10 billion a year and a total $410 billion to deliver on its net-zero targets by 2060, Vice President Yemi Osinbajo said during a virtual launch of the country’s energy transition road map. Nigeria has already secured a $1.5 billion pledge from the World Bank and is in talks with the US Export-Import Bank for an additional $1.5 billion, according to a…

Thursday, 25 August 2022 06:42

Nigeria’s debt hit $100bn as at Q1, 2022 - Report

Stakeholders at the African Conference on Debt and Development (AFCODD) have raised concerns about Nigeria’s rising debt profile as the country’s debt stock got to $100 billion as of March 2022. A breakdown by the Debt Management Office (DMO) revealed that as at 31 March 2022, external debt was $39 billion while domestic debts was $60 billion. Of concern to them is that despite Section 42(1) of the Fiscal Responsibility Act, 2007 that states “The President shall, within 90 days from the commencement of the Act and with advice from the Minister of Finance, subject to approval of National Assembly,…

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Thursday, 25 August 2022 06:40

What to know after Day 183 of Russia-Ukraine war

Russian rockets hit the small eastern town of Chaplyne, killing at least 22 people, Ukrainian officials said, as Ukraine on Wednesday marked 31 years since its independence from Moscow-dominated Soviet rule. The Russian defence ministry did not immediately respond to a request for comment. INDEPENDENCE DAY * Ukraine will never give up its fight for freedom from Russia's domination, Zelenskiy said in emotional speech on the Aug. 24 public holiday. * He said Ukraine would recapture its annexed peninsula of Crimea from Russia by any means. * On a surprise visit to the capital Kyiv, British Prime Minister Johnson lauded…

Wednesday, 24 August 2022 07:19

China to waive some Africa loans, offer $10bn in IMF funds - Bloomberg

China, the largest government creditor to emerging economies, said it will forgive 23 interest-free loans to 17 African countries and redirect $10 billion of its International Monetary Fund reserves to nations on the continent. Foreign Minister Wang Yi announced the cancelations in a meeting last week of the Forum on China-Africa Cooperation, according to a post on the ministry’s website. It didn’t provide details on the value of the loans which it said matured at the end of 2021, nor did it state which nations owed the money. Since 2000, Beijing has announced multiple rounds of debt forgiveness of interest-free…

Wednesday, 24 August 2022 07:18

US to return $23m Abacha loot to Nigeria

The United States will turn over to Nigeria $23 million taken by former military ruler Sani Abacha, officials said at an event to sign the agreement on Tuesday. Nigeria has reached several agreements to return stolen cash in recent years. Abacha ruled Africa's most populous nation and top oil exporter from 1993 until his death in 1998, during which time Transparency International estimated that he took up to $5 billion of public money. He was never charged. U.S. Ambassador Mary Beth Leonard said the cash was in UK accounts but was identified and frozen by U.S. officials. She added that…

Wednesday, 24 August 2022 07:11

What to know after Day 182 of Russia-Ukraine war

Ukrainians mark 31 years since they broke free from the Russia-dominated Soviet Union on Wednesday in what is certain to be a day of defiance against the Kremlin's six-month-old war to subdue the country once again. FIGHTING * "Tomorrow is a important day for all of us - it is also, unfortunately, important for our enemy. We must be aware that disgusting Russian provocations and brutal strikes are possible," Zelenskiy said in his evening video address. * Ukraine's capital, Kyiv, has banned public celebrations commemorating Ukraine's independence from Soviet rule. Kharkiv and Mykolaiv have also imposed curbs. * Zelenskiy said…

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