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Thursday, 26 September 2024 04:59

Sequel to new minimum wage, Corps members monthly allowance now N77,000

The Federal Government has raised the monthly allowance for National Youth Service Corps (NYSC) members from N33,000 to N77,000, effective July 2024. The announcement was made Wednesday through a statement posted on the NYSC's official Facebook page. According to the statement, "The Federal Government has approved the increment of Corps Members’ monthly allowance to Seventy-Seven Thousand Naira (N77,000) with effect from July 2024." This adjustment follows the enactment of the National Minimum Wage (Amendment) Act 2024. The approval was conveyed in a letter from the National Salaries, Incomes and Wages Commission, dated September 25, 2024, and signed by the Commission's…

Wednesday, 25 September 2024 04:41

CBN raises interest rate yet again. Here’s what that means

The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) from 26.75% to 27.25%, marking a 50 basis points hike. The MPR serves as the benchmark for interest rates in Nigeria, and the adjustment is aimed at further curbing the country’s persistently high inflation. The decision was announced by CBN Governor Olayemi Cardoso on Tuesday after the Monetary Policy Committee’s (MPC) 297th meeting in Abuja. Cardoso explained that the rate hike is part of the CBN’s ongoing efforts to control inflationary pressures, even as Nigeria’s inflation rate slightly eased. According to data from the National Bureau of…

Tuesday, 24 September 2024 04:54

Diesel nears N2,000/litre in Northern Nigeria as prices surge 65% Year-on-Year - NBS

The price of Automotive Gas Oil, commonly known as diesel, saw a sharp year-on-year increase of 64.58 percent in Nigeria, with the average price reaching N1,406.05 per litre in August 2024, compared to N854.32 per litre in August 2023. This data comes from the National Bureau of Statistics (NBS) in its September 2024 Automotive Gas Oil (Diesel) Price Watch Report, released on Monday. This significant hike highlights the growing financial strain on consumers as fuel prices continue to rise. The report also noted a month-on-month increase of 1.93 percent, as the average price of diesel rose from N1,379.48 in July…

Monday, 23 September 2024 04:31

Internet connectivity at risk as Nigeria’s Wi-Fi capacity gets overwhelmed – NCC

The Nigerian Communications Commission (NCC) has said the 5GHz and 2.4GHz that are presently being used for Wireless internet technology (Wi-Fi 5) in the country are becoming overwhelmed due to an increase in demand for capacity. Disclosing this at a stakeholders’ consultative meeting in Lagos, the NCC’s Executive Vice Chairman, Aminu Maida, said Nigeria urgently needs to identify other frequency bands to complement the 5GHz and 2.4GHz being used for Wi-Fi. “The vast majority of home internet traffic is connected to the end-user through Wi-Fi. In enterprise settings, Wi-Fi is essential for handling large amounts of data and simultaneously connecting…

Sunday, 22 September 2024 04:35

‘What does he do for a living?’: Nigerians react after Seyi Tinubu donated N500m to Maiduguri flood victims

Mixed reactions have continued to trail the donation of N500 million by Seyi Tinubu, son of President Bola Tinubu, to flood victims in Maiduguri, Borno state. Seyi made the donation during a visit to Babagana Zulum, the governor of Borno, alongside his brother and friends at the government house, Maiduguri, on Friday. He said the visit was the “first step” towards ameliorating the plight of over 400,000 persons displaced by the flood. While some X users appreciated him for the donation, others questioned the source of the money. Mister Jonah @MisterJonahh I saw a report earlier today stating that Seyi…

Saturday, 21 September 2024 04:32

Naira among 10 worst performing currencies globally - Report

Nigeria’s local currency, the naira, is among the 10 worst-performing currencies in the world, Bloomberg is reporting. According to a report by the publication, out of the 10 worst-performing currencies, five are from Africa, including the Zambian kwacha, the Angolan kwanza and the naira. The drop in the performance of the African currencies was linked to economic challenges, unstable commodity prices, inflationary pressures, and a lack of dollar liquidity. Also, Bloomberg said the poor performance is due to many African economies depending on oil exports, so they are vulnerable to declines in price. Commenting on the data, Keonethebe Bosigo, portfolio…

Saturday, 21 September 2024 04:30

CBN withdraws monetary policy document over ‘misrepresentation’

The Central Bank of Nigeria says it has temporarily withdrawn the Monetary, Credit, Foreign Trade, And Exchange Policy Guidelines For Fiscal Years 2024 – 2025 document published on Tuesday, September 17, 2024. It said the revocation of the document is to minimise the risk of any further misrepresentation or misinterpretation, resulting in confusion among stakeholders. It disclosed this in a new statement published on its website on Friday. The new release was however not signed by any CBN official. On Tuesday, excerpts of the policy documents stated that the bank will sustain Ways and Means Advances to the Federal Government…

Thursday, 19 September 2024 04:49

CBN reinstates Cybersecurity Levy public outcry forced it to abandon

The Central Bank of Nigeria (CBN) has announced the enforcement of a 0.005 per cent levy on all electronic transactions conducted by banks and financial institutions. According to the CBN’s monetary, credit, foreign trade, and exchange policy guidelines for the fiscal years 2024-2025, published on Tuesday, the measure is in compliance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015. “The CBN shall continue to enforce the payment of the mandatory levy of 0.005 per cent on all electronic transactions by banks and other financial institutions, in accordance with the Cybercrime (Prohibition, Prevention, etc.) Act, 2015,” it said. The new development…

Thursday, 19 September 2024 04:47

‘Everybody is crying because of this hardship and it seems to be getting out of control’ - Abdulsalami

A former Head of State, Abdulsalami Abubakar, has called on the federal government to remedy the present hardship confronting Nigerians. He spoke on Tuesday in Minna, Niger state, when he hosted a delegation of Campaign for Democracy (CD), a Civil Society Organisation (CSO). While stating that hardship appears to be out of control, the former military ruler said he would continue to urge the government to put measures in place to address the hardship that the citizens are currently experiencing. He said: “Everybody is crying because of this hardship and it seems to be getting out of control. “People cannot…

Wednesday, 18 September 2024 04:46

FAAC: FG, states, LGAs share N1.2trn for August

The Federation Account Allocation Committee (FAAC) has announced that N1.203 trillion was shared among federal, state, and local governments for August 2024. This allocation, derived from a gross total of N2.278 trillion, was disclosed by Mohammed Manga, Director of Information at the Ministry of Finance, following FAAC's September meeting chaired by Finance Minister Wale Edun. The distribution marks a decrease of N155 billion compared to July's allocation. From the total amount: - Federal government received N374.925 billion - States received N422.861 billion - Local government councils got N306.533 billion - Oil-producing states received N99.474 billion as derivation Additionally, N81.975 billion…

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Wednesday, 18 September 2024 04:45

Fresh flood concerns as Cameroon releases water from dam near Nigeria

The Nigeria Hydrological Services Agency (NIHSA) has issued a warning to Nigerians following the release of water from the Lagdo Dam in Cameroon. The Lagdo Reservoir, located in Cameroon's Northern Province along the Benue River in the Niger basin, spans an area of 586 square kilometers. In a statement on Tuesday, NIHSA Director General, Umar Mohammed, notified the public about the release of water but reassured that no significant flooding is expected in Nigeria. However, he advised certain states—Kogi, Nasarawa, Adamawa, Taraba, Benue, Anambra, Bayelsa, Delta, Edo, Cross River, and Rivers—to take necessary precautions to mitigate the potential impact. "The…

Tuesday, 17 September 2024 04:45

Fuel importation won’t stop given prices coming from Dangote Refinery - Marketers

The price of Premium Motor Spirit, popularly called petrol, produced by the Dangote Petroleum Refinery and released by the Nigerian National Petroleum Company Limited on Monday may justify the importation of the commodity into Nigeria, oil marketers have said. Dealers also stated that vessels of imported petrol should start arriving in Nigeria from Tuesday (today) as they called for transparency in the pricing of the PMS produced by the Dangote refinery. This came as the Organised Private Sector faulted the role of NNPC as the sole off-taker of petrol from the $20bn Lekki-based refinery. They called for competition in the…

Tuesday, 17 September 2024 04:44

Nigeria’s inflation rate cools, now 32.15 percent

Nigeria’s inflation rate eased to 32.15% in August 2024, marking the second consecutive month of decline, according to the National Bureau of Statistics (NBS). This drop follows a 33.40% inflation rate recorded in July. While inflation remains high, the slower rate of increase in prices offers some relief to consumers who have been struggling with rising costs of goods and services. In its August Consumer Price Index (CPI) report, the NBS highlighted a month-on-month decline of 2.22%, reflecting a 0.06% reduction compared to July. On a year-on-year basis, the inflation rate rose by 6.35% compared to 25.80% in August 2023,…

Monday, 16 September 2024 04:33

NNPCL vs Dangote: We bought at N898/litre; it’s a lie, we sold at a lower price. Okay, disclose exactly how much you sold to us

A controversy has emerged between the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery over the price of petroleum products, as the newly operational refinery began supplying petrol to the state-owned oil company on Sunday, September 15, 2024. NNPCL's Chief Spokesperson, Olufemi Soneye, stated that the company purchased premium motor spirit (PMS), commonly known as petrol, from Dangote Refinery at N898 per liter. However, Dangote Refinery swiftly countered this claim, describing it as "misleading and mischievous." In a statement, Anthony Chiejina, Dangote's Group Chief Branding and Communications Officer, urged the public to disregard NNPCL's assertion and await a formal…

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