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The Federal Government has asked the Supreme Court to nullify the actions of 36 states accused of withholding local government funds. The lawsuit, filed by Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, seeks to prevent state governments from disbanding elected local government chairmen and replacing them with caretaker committees. The suit, dated May 20, 2024, calls for a declaration that, under Section 162(5) of the Nigerian Constitution, 1999, state governments are merely agents of local governments in collecting funds from the federation account. These funds, once received, must be paid directly into the state joint local government…
The last 48 hours have seen series of drama and intrigues playing out in Kano and Abuja over who finally takes the coveted throne as Emir of Kano between Muhammadu Sanusi II and Aminu Ado Bayero. Since Governor Abba Yusuf signed the Kano State Emirates Council (Amendment Number 2) Bill 2024 on Thursday and reinstated Sanusi, there has been tension in Kano State. It was gathered that the state government had planned for Sanusi to move to the Gidan Rumfa Palace on Saturday, but upon getting wind of Bayero’s arrival in the city in the wee hours of yesterday, the…
Nigeria’s economy grew at a slower than expected rate in the first quarter as a sharp currency slump and adverse weather impacted the non-oil sector. Gross domestic product expanded an annual 2.98% in the three months through March, compared with growth of 3.46% in the previous quarter, according to data released by the National Bureau of Statistics on Friday. The median estimate of eight economists in a Bloomberg survey was 3.5%. Key contributors to the slower-than-expected growth were agriculture, due to bad weather and insecurity, and manufacturing where profits have been knocked by an almost 70% slump in the naira…
No fewer than 200 officials of the Central Bank of Nigeria were on Friday relieved of their duties, adding to the long list of ongoing disengagements in the apex bank. This adds to the list of 117 staff sacked by the bank between March 15th and April 11, 2024. The termination of appointments affects directors, deputy directors, assistant directors, principal managers, senior managers and lower-ranking staff. Impeccable sources who are staff of the bank confirmed the sacking to our correspondent on Friday, adding that the sacked personnel were more than 200. They revealed that the latest purge included older directors…
Amid increasing poverty and hunger, Nigerians are grappling with skyrocketing prices of essential food items such as beef, rice, beans, white garri, and yam. The National Bureau of Statistics (NBS) revealed these alarming trends in its latest report titled ‘Selected Food Prices Watch (April 2024).’ The report highlights significant month-on-month and year-on-year price increases. In April, the average price of 1 kilogram (kg) of local rice reached N1,399.34, reflecting a 3.47 percent increase from March and a staggering 155.93 percent rise from April 2023, when the price was N546.76. Similarly, the average price of 1kg of white garri soared by…
Sultan of Sokoto, Muhammadu Sa’ad Abubakar, has expressed deep concern over the growing frustration among Nigerians due to escalating poverty and hunger, urging political leaders to fulfill their duties in improving the populace's living standards. Addressing the Federal Government, the Sultan emphasized that the current socio-economic conditions are extremely challenging, and political office holders must acknowledge and address this reality. Speaking at the first quarterly meeting of the Nigeria Inter-Religious Council (NIREC) in Abuja, the Sultan highlighted the severe impact of poverty and hunger, noting that desperation has driven some individuals to commit serious crimes for meager sums. “Nigeria has…
In the first quarter (Q1) of 2024, foreign portfolio investment (FPI) outflows from Nigeria skyrocketed by 237% compared to the same period in 2023. Data from the Nigerian Exchange (NGX) research department revealed that foreign portfolio outflows reached N119.81 billion in Q1 2024, a significant increase from the N35.59 billion recorded in Q1 2023. This surge reflects the market's reaction to recent policy changes by the Central Bank of Nigeria (CBN). Despite the substantial outflows, foreign portfolio inflows also saw a dramatic rise. In Q1 2024, inflows were N93.37 billion, more than five times the N18.12 billion recorded in Q1…
For the second consecutive day, the tripartite negotiation on Nigeria's new national minimum wage involving the Federal Government, organized labour, and the Organized Private Sector (OPS) ended in a stalemate. The government and private sector employers made only minimal adjustments to their initial offers. None of the six governors who are part of the negotiation committee attended the meeting, except for Imo State governor, Hope Uzodimma, who made a brief appearance. The meeting has been adjourned to Tuesday, May 28, 2024. Organized labour, which initially demanded N615,000, reduced its wage request first to N500,000, and then to N497,000. In response,…
The Central Bank of Nigeria (CBN) has mandated that all existing Bureau De Change (BDC) operators re-apply for licenses. This directive was issued in a circular by Haruna Mustafa, Director of the Financial Policy and Regulation Department, on Wednesday. BDCs must meet the capital requirements for their license category within six months. The CBN outlined that all existing BDCs and promoters of new BDCs must re-apply for a new license according to their chosen tier or license category as specified in the updated guidelines. Significant changes to these guidelines include: - Removal of Mandatory Caution Deposits: The mandatory caution deposit…
The Central Bank of Nigeria (CBN) has increased the Monetary Policy Rate (MPR) by 150 basis points, bringing it to 26.25% from the previous 24.75%. During a press briefing on the outcome of the 295th Monetary Policy Committee (MPC) meeting in Abuja, CBN Governor Olayemi Cardoso announced that the committee also retained the asymmetric corridor of +100/-300 basis points. Additionally, the MPC maintained the Cash Reserve Ratio (CRR) for Deposit Money Banks at 45% and the Liquidity Ratio at 30%. Implications of the New Rate Hike on the Nigerian Economy: 1. Inflation Control: The primary objective of increasing the interest…
November 22, 2024

All good leaders have this mindset, no matter their background

David G. Ewing In today’s tech-driven business world, the ability to navigate technological challenges isn’t…
November 22, 2024

Tinubu’s borrowing spree retuning Nigeria back into debt peonage - Atiku

Former Vice President Atiku Abubakar has criticized the President Bola Tinubu-led administration for the increasing…
November 18, 2024

The magic and the minefield of confidence: Self doubt, hubris and everything in between - The Economist

Confidence is contagious. Someone declaring a position with ringing certainty is more likely to inspire…
November 16, 2024

Influencer eats pig feed in extreme attempt to save money

Popular Douyin streamer Kong Yufeng recently sparked controversy in China by eating pig feed on…
November 22, 2024

FG excited as pro-Biafra agitator Simon Ekpa arrested in Finland on terrorism charges

Simon Ekpa, the controversial leader of the pro-Biafra faction Autopilot, was arrested by Finnish authorities…
November 22, 2024

Here’s the latest as Israel-Hamas war enters Day 413

ICC issues arrest warrants for Israel's Netanyahu, Gallant and Hamas leader The International Criminal Court…
November 21, 2024

Nigeria comes top in instant payment system inclusivity index in Africa

Nigeria’s instant payment system is projected to advance to the maturity inclusion spectrum ahead of…
October 27, 2024

Nigeria awarded 3-0 win over Libya after airport fiasco

Nigeria have been awarded a 3-0 victory over Libya, and three vital points, from their…

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