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Friday, 16 September 2022 07:02

Nigeria’s inflation worsens, hits 17-year high

Nigeria’s inflation rate reached a 20 per cent mark in August 2022, reflecting the rising cost of living crisis facing Nigerian families and firms. It was the biggest inflation numbers since October 2005 with the cost of food hitting 23.12 per cent on a year-on-year basis, representing a 2.82 percent increase from 20.30 per cent in August 2021. On a month-on-month basis, inflation rose to 20.52 per cent in August, from 19.64 per cent in July, according to the latest Commodity Price Index report published by the National Bureau of Statistics on Thursday. The CPI measures the average monthly change…

Friday, 16 September 2022 07:01

DMO has revised FG’s borrowing plan. This is the new schedule

Debt Management Office (DMO) has reviewed its bonds issuance calendar for the third quarter of 2022. According to the revised calendar, the DMO is scheduled to raise about N720 billion through some re-opened Federal Government of Nigeria (FGN) bonds. On 19 July, the office was scheduled to re-open a March 2025 FGN bond valued at between N70 billion to N80 billion, at an interest rate of 13.53 per cent per annum. It has a two years, eight months maturity period, with an original tenor of seven years. On the same date (19 July), the DMO re-opened an April 2032 FGN…

Friday, 16 September 2022 07:00

Falana asks EFCC to investigate NNPC’s fuel importation figures, promises to assist investigation

Femi Falana, human rights lawyer and senior advocate of Nigeria (SAN), has asked the Economic and Financial Crimes Commission (EFCC) to investigate Nigeria’s fuel importation as well as mismanagement of fuel subsidy by the Nigerian National Petroleum Company (NNPC) Limited. Falana said this in a letter dated September 12, written to Abdulrasheed Bawa, chairman of EFCC. He also asked the commission to investigate petrol smuggling activities to neighbouring countries. Earlier in the month, the Nigeria Customs Service (NCS) had faulted claims by NNPC Limited that Nigerians consume “60 million litres of petrol daily”. It further alleged that the oil company…

Friday, 16 September 2022 06:58

What to know after Day 205 of Russia-Ukraine war

Ukrainian authorities found a mass grave containing 440 bodies in the northeastern town of Izium that was recaptured from Russian forces days ago, officials said, including some people killed by shelling and air strikes. Thousands of Russian troops fled Izium last weekend after occupying the city and using it as a logistics hub in the Kharkiv region. They left behind large amounts of ammunition and equipment. "Mass graves are being discovered in Izium after liberation from the (Russians)", with the largest burial site holding 440 unmarked graves, the Ukrainian defence ministry tweeted. Serhiy Bolvinov, the chief police investigator for Kharkiv…

Thursday, 15 September 2022 06:44

Police Commission Chairman, Musiliu Smith, resigns amid recruitment conflict with IGP

Chairman of Police Service Commission (PSC), Musiliu Smith has resigned his position. It was gathered that the Board of the Commission asked Smith to resign and he accepted. An impeccable source at the commission told Daily Trust that Smith, a former Inspector-General of Police, is expected to hand over to Clara Ogunbiyi, a retired judge, representing the judiciary at the commission. Ikechukwu Ani, the spokesman for the commission, also confirmed the resignation to our correspondent on phone. The commission and the Office of the Inspector-General of Police had been at loggerheads over which body has the right to conduct the…

Thursday, 15 September 2022 06:39

What to know after Day 204 of Russia-Ukraine war

Ukrainian President Volodymyr Zelenskiy heard firsthand what people in recaptured northeastern towns experienced under Russian forces while a major city struggled to contain damage to its water system from Russian missle attacks. FIGHTING * Kryvyi Rih, the largest city in central Ukraine, was targeted by eight cruise missiles that destroyed the water pumping station and caused the Inhulets River to break through a dam, officials said. Zelenskiy made a surprise visit to Izium - until four days ago Russia's main bastion and logistics hub in the region. Buildings showed signs of blasts and shrapnel. * With a pink hood wrapped…

Wednesday, 14 September 2022 06:16

My govt ‘has done extremely well. I have to say it because those who are supposed to say are not saying it’ - Buhari

President Muhammadu Buhari says those who should be speaking about the achievements of his administration are not doing so. Buhari said this on Tuesday during a visit to Imo to inaugurate some projects in the state. He said considering the available resources when his administration came into power, the current government has performed “extremely” well. “On the question of insecurity and bandits, the Second Niger Bridge, if Nigerians will reflect; anyway, to be frank with you, I blame the Nigerian elite for not sitting and thinking hard about our country,” Buhari said. “Between 1999 and 2015 when we came in,…

Wednesday, 14 September 2022 06:15

Insecurity: Northern govs, traditional rulers call for state police

As Nigeria’s security challenge continues to degenerate, Northern state governors and the traditional rulers councils have called for the establishment of state police as a solution to the problem. They made the call after reviewing the security situation in the North during their meeting which was held in Abuja. A statement issued in Jos on Tuesday after the meeting by the Director of Press and Public Affairs to the Governor of Plateau State, and Chairman, Northern Governors Forum, read in part, “The Northern Governors Forum on Monday, September 12, 2022, met with the Northern Traditional Rulers Council in Abuja and…

Wednesday, 14 September 2022 06:14

Court grants DSS leave to detain Mamu for 60 days as secret police link terrorists’ negotiator to global network

Department of State Services (DSS) said its preliminary investigation revealed that Tukur Mamu had links with global terrorists groups. It accused Mamu of being complicit with offences of logistics supplier, aiding and abetting acts of global terrorism. The DSS, in an affidavit in support of its ex-parte motion marked: FHC/ABJ/CS/1617/2022 filed before Nkeonye Maha of a Federal High Court, Abuja, also alleged that the investigation established act of terrorism financing against Mamu, the former terrorists’ negotiator. Maha, yesterday, granted the motion ex parte moved by counsel for the DSS, Ahmed Magaji, seeking an order to detain Mamu for 60 days…

Wednesday, 14 September 2022 06:13

Aviation workers shut Abuja, Lagos, other airports over new law banning union activities

Aviation unions Monday paralysed activities at the nation’s airports following simultaneous protests over an alleged move to proscribe trade union activities as contained in the newly passed Civil Aviation Act. Thousands of passengers were stranded in airports across the country as many of them said they missed important appointments. Five aviation unions had last Thursday threatened to shut down the industry after discovering what they called “obnoxious clauses” in the new Act assented to by President Muhammadu Buhari penultimate week. They vowed to protest at all airports nationwide and picket the aviation agencies in Abuja and Lagos to demand for…

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Wednesday, 14 September 2022 06:12

ASUU strike: Students block Lagos-Ibadan expressway

Students, under the aegis of the National Association of Nigerian Students, Southwest Zone, on Tuesday, blocked the Lagos-Ibadan Expressway, Shagamu Interchange, in protest. The protest is in reaction to the prolonged strike action by the Academic Staff Union of Universities. ASUU began its strike on February 14, 2022, with resumption hope dashed for many students as the union and the Federal Government are still at loggerheads. In a statement issued to the press on the protest ground, signed by the Coordinator and Public Relations Officer of the zone, Adegboye Emmanuel and Giwa Temitope, the students said the Federal Government was…

Wednesday, 14 September 2022 06:10

What to know after Day 203 of Russia-Ukraine war

Ukraine has set its sights on freeing all territory occupied by invading Russian forces after driving them back in a speedy counter-offensive in the northeast, a goal U.S. President Joe Biden said would be "a long haul" achieving. FIGHTING * President Zelenskiy said Ukraine had recaptured around 8,000 square km (3,100 square miles), apparently all in the northeastern region of Kharkiv. About half that area had been made secure and "stabilisation measures are still ongoing" in the other half, he said. * Ukrainian presidential adviser Arestovych held out the prospects of moving on the eastern province of Luhansk, adding there…

Tuesday, 13 September 2022 07:04

Banks slash forex for travels by 50% as scarcity worsens

Banks have begun to reduce approval requests for Personal Travel Allowance and Business Travel Allowance to legitimate users. The legitimate users will be able to access forex only once in two quarters, The Punch gathered. Before this new development, banks had been granting approval to travellers who applied once every quarter. Findings revealed that the development arose due to the lingering forex scarcity in the financial system. First Bank said in a mail to its customers on ‘Updates on FX purchase’ that “The full Personal Travel Allowance and Business Travel Allowance ($4,000 and $5,000) respectively will now be disbursed into…

Tuesday, 13 September 2022 07:00

Many passengers stranded as Minna-Bida highway collapses yet again

Hundreds of passengers and scores of vehicles were stranded on Monday following the collapse of a portion of the Minna to Bida road in Niger State. The collapse of the road which has now become an annual event was a result of a heavy downpour in the last week. Because of the road collapse some of the vehicles plying the road either returned to Bida or Minna. As alternative, those coming from the Bida end were forced to follow the longer route from Lemu to Zungeru and down to Minna. The vehicles from the Minna end, according to the findings,…

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