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Wednesday, 27 March 2024 04:37

CBN raises interest rate yet again

Central Bank of Nigeria (CBN), on Tuesday, raised the interest rate by 200 basis points from 22.75 per cent to 24.75 per cent amid soaring inflation. The central bank made this known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent a month prior, primarily fueled by a continuous surge in food prices. Olayemi Cardoso, governor of the CBN, on Tuesday, disclosed that the MPC voted to adjust the asymmetric corridor around the MPR…

Tuesday, 26 March 2024 04:50

We’re too stretched, informants deceive us, forests too vast - these limit our ability to fight insurgents, kidnappers, Chief of Defense Staff laments

Nigeria's Defence Chief, Chris Musa, said on Monday the military was being fed bad intelligence by informants, hampering the fight against armed kidnapping gangs who continue to abduct students and residents in the north of the country. The military announced on Sunday that it had rescued 137 students abducted by gunmen earlier this month in northwestern Kaduna state. The school children arrived in Kaduna on Monday. Musa told Reuters that the military was too stretched and often relied on informants to pursue the armed gangs, known locally as bandits, often with little success. "They (informants) make the troops go elsewhere…

Tuesday, 26 March 2024 04:47

FG says Interpol contacted to rearrest Binance executive who escaped from custody

Office of the National Security Adviser (ONSA) has confirmed that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance has escaped from custody. The NSA has now activated its dragnet involving Interpol and other MDA’s to apprehend the fleeing suspect. Spokesman of ONSA, Zakari Mijinyawa, who confirmed the escape noted that the suspect eloped using a smuggled passport. “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies , MDAs, as well as the international community, to apprehend the suspect. Security agencies are working with Interpol for an international arrest…

Monday, 25 March 2024 04:49

NAHCON increases 2024 hajj fare by N1.9m, cites Naira devaluation as reason

National Hajj Commission of Nigeria (NAHCON) has increased the fare for the 2024 pilgrimage to Saudi Arabia by N1,918,032.91. In a statement issued on Sunday evening by Farima Usara, NAHCON spokesperson, said intending pilgrims have up to March 28 to make payment for the spiritual exercise. Usara said the development was due to the forex crisis which Nigeria has been battling for months. The commission had initially pegged the fare for this year’s hajj at N4.9 million. With the N1.9 million increment, intending pilgrims who had deposited N4.9 million will now pay N6.8 million in total. “However, due to late…

Sunday, 24 March 2024 04:37

Kaduna gov announces release of kidnapped schoolchildren

The abducted Kuriga schoolchildren in Kaduna State have been released by their abductors. The state governor, Uba Sani, announced their release on his verified Facebook page in the early hours of Sunday. The governor did not go into details of their release, but commended President Bola Tinubu, National Security Adviser, Nuhu Ribadu, and the Nigerian Army. He wrote, “In the name of Allah the Beneficient, the Most Merciful, I wish to announce that our Kuriga school children have been released. “Our special appreciation goes to our dear President, Bola Tinubu, for prioritizing the safety and security of Nigerians and particularly…

Saturday, 23 March 2024 04:31

Nigeria’s public debt approaches N100trn as N9.43trn added in Q4 2023 - DMO

Debt Management Office (DMO) says Nigeria’s total public debt rose to N97.34 trillion in the fourth quarter (Q4) of 2023. In a statement on Friday, DMO said the latest figure represents a 10.73 percent or N9.43 trillion increase compared to N87.91 trillion recorded in the third quarter (Q3) last year. The country’s public debt consists of domestic and external debt stocks of the federal government of Nigeria (FGN) and the subnational governments — the 36 states and the federal capital territory (FCT). According to DMO, the increase was primarily due to new domestic borrowing by the federal government to partly…

Saturday, 23 March 2024 04:29

Hardship: 3 students feared dead in stampede over palliative rice in Nasarawa

Three students of the Nasarawa State University, Keffi, were feared dead on Friday in a stampede that occurred when the students struggled for rice donated by the state government. The incident occurred at the convocation square of the university where the bags of rice were kept awaiting the arrival of Governor Abdullahi Sule for the commencement of distribution. According to a student witness, Moses Ajah, the surging crowd of students overpowered the security personnel and broke into the square through the gate, thereby causing a stampede. “Some of the students were struggling with the police over the rice, and as…

Friday, 22 March 2024 04:45

CBN lied; FX backlog not cleared - Foreign airlines

Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines say the status quo remains the same. Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign airlines’ trapped funds. “If they say they have cleared the trapped funds, they should show us figures. They should tell us how much have been cleared. The last time I checked, the status quo remained the same,” Nwokeoma said. Hakama Sidi Ali, acting…

Friday, 22 March 2024 04:43

States, FCT owe FG N1.72tn budget support loans, AGF tells NEC

The governments of Nigeria’s 36 states and the Federal Capital Territory owe the federal government an outstanding liability of N1.72tn in budget support facilities. The figures were revealed in a presentation on state budget support facility by Office of the Accountant General of the Federation, at the 140th meeting of the National Economic Council presided over by Vice President Kashim Shettima at the Aso Rock Villa, Abuja, on Thursday. Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed this in a statement he signed Thursday titled, ‘NEC endorses take-off of $617M i-DICE programme across states.’…

Thursday, 21 March 2024 05:07

N’Assembly is working on salary boost for CJN, others. Here’s the proposed pay package for judicial officers ‘from top to bottom’

A bill proposing a new structure of salaries and allowances for judicial officers in the country has passed the third reading at the House of Representatives. President Bola Tinubu had forwarded a letter along with the executive bill to the house of representatives on Tuesday, urging swift passage of the proposed legislation. In the letter, the president said the bill seeks to end the “prolonged stagnation” of the remuneration of judicial officers. “The judicial office holders salaries and allowances bill seeks to prescribe salaries and allowances and fringe benefits for judicial officials to end the prolonged stagnation in their remuneration…

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Thursday, 21 March 2024 05:06

CBN says all valid FX backlog settled, foreign reserves up

Central Bank of Nigeria (CBN) says it has successfully settled all outstanding foreign exchange (FX) obligations. Hakama Sidi Ali, acting director of corporate communications at CBN, disclosed this in a statement on Wednesday. Ali said the financial regulator recently concluded payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. On February 5, Olayemi Cardoso, CBN governor, said he inherited a $7 billion FX backlog when he became the head of the apex bank in September 2023. Commenting further on the backlog settlement, Ali disclosed that “independent auditors from Deloitte Consulting…

Wednesday, 20 March 2024 04:38

‘Who is the bagger or idiot that will speak when I am talking?’, Nnamdi Kanu boasts of ending insecurity in Southeast ‘within two minutes’ if released

Nnamdi Kanu, leader of the proscribed Indigenous People Of Biafra (IPOB), says he would restore peace in the south-east in two minutes if released from detention. The IPOB leader said nobody in the south-east can counter his orders concerning the security situation in the region. Kanu spoke on Tuesday after he was denied bail by Binta Nyako, presiding judge of the federal high court, Abuja. He said violence has persisted in the region because he is being held in the custody of the Department of State Services (DSS). “Anybody committing crime cannot go free. I swear, anybody committing crime in…

Wednesday, 20 March 2024 04:37

Residents of Delta community where 16 soldiers were killed narrate their own side of what happened

Residents of Okuama community in the Ughelli South Local Government Area of Delta State where 16 military personnel were killed have opened up on the alleged reprisal. It would be recalled that troops attached to 181 Amphibious Batallion, Bomadi Local Government Area of Delta were killed while on peace mission. Trouble started when the troops responded to a distress call after the communal crisis between the Okuoma and Okoloba communities both in the South South State. There were reports that the military went on a reprisal attack after the incident. But reacting, Director, Defence Media Operations, Edward Buba, said the…

Tuesday, 19 March 2024 04:56

Nigeria’s imports rise to N35tn on Naira devaluation

Nigeria’s total imports grew to N35.9tn in 2023, from N25.5tn recorded in 2022, according to data by the National Bureau of Statistics. A breakdown of the data showed that in the first and second quarters of 2023, total imports were N6.4tn. It increased to N9tn in the third quarter and again to N14tn in the fourth quarter. By volume, manufactured imports topped the chart with imports worth N18.3tn. Agric imports N2.2tn while imports of raw materials totalled N3tn. On the other hand, Nigeria was able to churn out exports worth N35.9tn. However much of these were under the category of…

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