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Sunday, 23 June 2024 04:50

Maintenance of Presidential jets consumed N15bn in 11 months - Report

The Federal Government, under the administration of President Bola Tinubu, disbursed a total sum of N14.77bn for the repair and maintenance of the presidential air fleet in 11 months. The payments, made in 11 tranches between 16th July 2023 and 25th May 2024, were processed through the State House headquarters transit account labelled, ‘Presidential Air Fleet Transit Funds’. This new development comes amidst plans by the National Assembly to approve the purchase of two new aircraft, after it was discovered that the President’s 19-year-old Boeing 737 and some of the other aircraft in the fleet, were dysfunctional. The House of…

Friday, 21 June 2024 04:54

FG’s borrowings increased Nigeria’s public debt by N24.33trn within 3 months - DMO

The Debt Management Office (DMO) says Nigeria’s total public debt has reached N121.67 trillion within three months. This figure represents an increase of N24.33 trillion or 24.99 percent from the N97.34 trillion as of December 2023. Nigeria’s public debt profile consists of domestic and external debt stocks of the federal and subnational governments — the 36 states and the federal capital territory (FCT). According to the DMO, the increase was primarily due to new domestic borrowing by the federal government to partly fund the deficit in the 2024 budget as well as disbursements by multilateral and bilateral lenders. “Total domestic…

Friday, 21 June 2024 04:49

Nigeria's oil production takes hit as Aiteo halts 50,000 bpd output after leak

Nigerian energy firm Aiteo has shut down all oil production at its Nembe Creek facility, nearly 50,000 barrels per day of output, after detecting a leak, the company said on Wednesday. Aiteo Eastern E&P said the leak was reported on Monday during routine operations in the Nembe area of Nigeria's oil-rich Bayelsa state. It is one of the most polluted places on Earth after decades of spills that have hurt farming and fishing. The Nembe Creek facility is the largest of 11 fields under an oil mining lease operated by Aiteo, which also produces significant natural gas volumes that supply…

Friday, 21 June 2024 04:46

Nigerian Air Force set to add 50 military aircraft to arsenal

The Nigerian air force said Tuesday it will acquire 50 new aircraft to strengthen its capabilities against armed gangs and terrorists in northwest Nigeria. Nigerian Chief of Air Staff Hassan Bala Abubakar made the announcement at the opening of new military facilities, including two aircraft hangars in northwest Katsina state. Abubakar said the aircraft would include 12 AH-1 attack helicopters, 24 M-346 combat planes, 12 AW109 multipurpose helicopters and a pair of Casa 295 transport aircraft. He did not disclose the cost, nor did he say who would provide the aircraft. He said Nigeria is expected to receive them by…

Thursday, 20 June 2024 04:49

FAAC: Revenue-generating agencies have outstanding N2.9trn yet to be remitted - Report

The federal account allocation committee (FAAC) says some revenue-generating agencies (RGAs) owe the federal government over N2.9 trillion. According to FAAC, the total unresolved amount due to the federation account was N2,977,561,881,021.29 and $36,329,376.24. This was made known in the minutes of the FAAC reconciliation meeting with the revenue-generating agencies on April 19. FAAC disburses allocations from the revenues generated into the federation accounts every month — comprising of multiple accounts specific to the revenue-generating agency. The bulk of the revenue shared at FAAC meetings by the federal, state, and local governments are earnings from oil exports, taxes, and other…

Thursday, 20 June 2024 04:46

Nnamdi Kanu asks for out-of-court settlement with FG, denounces S’East killings

The leader of the Indigenous People of Biafra, Nnamdi Kanu, on Wednesday, denounced the killings in the South-East over the group’s agitation for secession. He also appealed for an out-of-court settlement of his ongoing treason trial by the Federal Government. The IPOB leader, who has been in detention since 2021 following his re-arrest in Kenya and repatriation to Nigeria, made the appeal on Wednesday when he appeared for the continuation of his trial at the Federal High Court in Abuja. A viral video clip on Wednesday captured him denouncing killings in the South-East fuelled by IPOB’s agitation for separation of…

Thursday, 20 June 2024 04:45

Heatwave claims over 900 lives during 2024 Hajj

A severe heatwave during the 2024 Hajj pilgrimage in Saudi Arabia led to the deaths of over 900 pilgrims. According to Agence France-Presse (AFP), the extreme temperatures, reaching up to 51.8°C in Mecca, resulted in at least 600 fatalities among Egyptian pilgrims. The total death toll was reported at 922, with many of the deceased being elderly or infirm individuals participating in the largely outdoor pilgrimage, which took place during the intense Saudi summer. The harsh conditions prompted relatives to scour hospitals and turn to social media, posting pictures and seeking information about their missing loved ones. Besides Egypt, fatalities…

Wednesday, 19 June 2024 04:47

Tinubu urges Nigerians to shift their mindset from stealing cables, vandalising rail tracks

President Bola Tinubu has called on Nigerians to change their mindset about the country to foster progress. During a visit from a National Assembly delegation in Lagos on the occasion of Eid-el-Kabir, Tinubu emphasized the urgent need for a shift in the national value system to advance the country. Highlighting acts of sabotage such as the theft of electric cables and rail tracks, Tinubu remarked, “Yes, there is poverty and suffering in the land. We are not the only people facing such challenges, but we must confront our issues head-on.” The delegation, led by Senate President Godswill Akpabio, included Deputy…

Wednesday, 19 June 2024 04:46

‘We’ve made huge sacrifices, now let’s see yours’, Nigerians reply to Tinubu’s call for more sacrifice

Nigerians have asked President Bola Tinubu to lead by example after saying that Nigeria needed sacrificing citizens to fulfil the dreams of its founding fathers. They also tasked the president to ask those directly working under him like ministers, advisers and heads of agencies, as well as governors at the subnational level, and other people in position of authority, to also live by example, saying sacrifice must start from top to bottom, instead of the other way round. Tinubu had, while addressing journalists after observing the Eid-el Kabir prayer at Dodan Barracks, Lagos, on Sunday, stressed the need for the…

Wednesday, 19 June 2024 04:43

Eating cooked food stored in refrigerator for more than three days can cause death - NAFDAC

The Director General of the National Agency for Food and Administration and Control, Moji Adeyeye, has urged Nigerians to refrain from storing cooked food in the refrigerator for more than three days. Adeyeye warned that cooked food stored in the refrigerator for days is susceptible to contamination by disease-causing pathogens, key agents of foodborne diseases that can lead to death. Adeyeye made this known in a statement on Tuesday signed by the agency’s Resident Media Consultant, Sayo Akintola. Adeyeye, who said this in commemoration of the 2024 World Food Safety Day with the theme, ‘Food Safety: Prepare for the Unexpected’,…

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Wednesday, 19 June 2024 04:43

Putin vows to support North Korea against the West

Russian President Vladimir Putin vowed on Tuesday to deepen trade and security ties with North Korea and to support it against the United States, as he headed to the reclusive nuclear-armed country for the first time in 24 years. The U.S. and its Asian allies are trying to work out just how far Russia will go in support of North Korean leader Kim Jong Un, whose country is the only one to have conducted nuclear weapon tests in the 21st century. In a signal that Russia, a veto-wielding member of the United Nations Security Council, is reassessing its entire approach…

Tuesday, 18 June 2024 04:55

Dangote Refinery generates twice Nigeria's 11-year power output in just few years

Nigeria took eleven years to add just 760 megawatts of power to the national grid, while the Dangote refinery doubled that output, generating 1,500mw in a shorter time. For decades, the country has suffered from chronic power shortages, and repeated promises to fix the problem have long dominated election campaigns. Data sourced from the Nigeria Electricity System Operator showed Generation Companies (Gencos)’ delivery to the Distribution Companies (Discos) via the Transmission Company of Nigeria (TCN) has increased by 22 percent from an average of 3,400mw in November 2013 to an average generation of 4,160mw, as at 12 June 2024. However,…

Monday, 17 June 2024 04:22

Nigeria's borrowings surge with significant loans, debt increases. Here are the details

In the first year of President Bola Tinubu's administration, Nigeria has seen a substantial increase in both external and domestic borrowing, raising concerns over the country's rising debt servicing costs and potential economic implications. External Borrowings Nigeria has secured a total of $4.95 billion in loans from the World Bank under Tinubu's tenure. These loans cover various sectors: - Power Sector: $750 million to enhance the power sector. - Women’s Empowerment: $500 million to scale up the Nigeria for Women Program. - Education: $700 million to support the Adolescent Girls Initiative for Learning and Empowerment (AGILE). - Renewable Energy: $750…

Sunday, 16 June 2024 04:38

Food prices drive Nigeria’s inflation rate higher still - NBS

Nigeria's inflation rate increased to 33.95% in May, driven primarily by surging prices of food and non-alcoholic beverages, according to the National Bureau of Statistics (NBS) in its latest Consumer Price Index (CPI) report released on Saturday. This marks a slight rise from April's inflation rate of 33.69%. "Comparing month-over-month data, the headline inflation rate in May 2024 increased by 0.26 percentage points from April 2024," stated the NBS. "Year-over-year, the headline inflation rate was 11.54 percentage points higher than the 22.41% recorded in May 2023." The report further highlighted that on a month-to-month basis, May's headline inflation rate was…

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