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Recent data from the Central Bank of Nigeria (CBN) has unveiled a striking milestone in the nation’s financial landscape. As of June 2024, the currency in circulation (CIC) reached an unprecedented N4.05 trillion, marking a dramatic 56 per cent increase from N2.6 trillion in the same month the previous year. This figure represents the highest level of CIC ever recorded in Nigeria. The CIC encompasses both the currency held outside the banking system and the vault cash maintained by banks. Notably, this surge represents a 2 per cent month-on-month growth from May 2024, when the CIC was N3.65 trillion. The…
There was chaos at the house of representatives on Wednesday over a bill seeking to raise the ways and means advances from 5 percent to 10 percent of the previous year’s revenue of the federal government. Ways and means is a loan facility through which the Central Bank of Nigeria (CBN) finances the federal government’s budget shortfalls. The CBN law stipulates advances by the apex bank must not exceed 5 percent of the previous year’s revenue of the federal government — but this has been observed in breach over the years. During the plenary, opposition parties staged a walk out…
The Senate President, Godswill Akpabio, has mocked Nigerians who plan to take part in the nationwide protest against economic hardship, saying he and other members of the National Assembly would be “eating” while they (Nigerians) protest. Akpabio stated this on Tuesday at the Niger Delta Ethnic Nationalities, Youths and Women Group Sensitisation Conference in Port Harcourt, Rivers State. The event, organised by the Niger Delta Development Commission (NDDC), was broadcast live on Arise TV. A video clip of Akpabio making the remark has also gone viral on social media. Akpabio’s remark During the event, the Managing Director of the NDDC,…
Organisers of the planned August 1 nationwide protests have rejected the proposal by Kayode Egbetokun, the inspector-general of police (IGP), that the demonstration should be conducted in confined spaces. The organisers insisted that the protest would be a public march across the country. On Tuesday, there was a meeting between the IGP, Femi Falana, a human rights lawyer, and Ebun-Olu Adegboruwa, the lawyer representing the Take-It-Back Movement. The meeting was convened following a letter from Adegboruwa on behalf of the Take-It-Back Movement to the IGP seeking police protection during the protest. During the meeting, which was conducted via Zoom, Egbetokun…
Legendary Nigerian singer and actress, Onyeka Onwenu has reportedly died at the age of 72. She was said to have died on Tuesday night at the Reddington Hospital in Lagos after slumping at the birthday party of Mrs Stella Okoli. TheNiche reported that an eyewitness who was at the party confirmed the news. “It is very sad. Onyeka Onwenu just performed at the birthday of Mrs. Stella Okoli today (Tuesday, July 30, 2024), and after performing, she slumped. “She was taken to Reddington Hospital and she couldn’t make it,” the eyewitness said. However, the deceased’s family has yet to announce…
The federal executive council (FEC) has approved a proposal by President Bola Tinubu directing the Nigerian National Petroleum Company (NNPC) Limited to sell crude oil to Dangote Petroleum Refinery and other refineries in naira. In a statement on X, Bayo Onanuga, special adviser on information and strategy to the president, said the African Export-Import Bank (Afreximbank) and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC. FEC approved the proposal on Monday during a meeting presided over by Tinubu. “To ensure the stability of the pump price of refined fuel and the dollar-Naira exchange rate, the…
The Nigerian Communications Commission on Monday directed telecommunication companies to immediately restore all the telephone lines of subscribers that were blocked after thousands of customers stormed the offices of the firms in protest. Subscribers whose telephone lines were blocked due to the non-linkage of their National Identification Numbers to SIM cards besieged the offices of the companies less than 24 hours after the incident. An impeccable source told our correspondent that the affected telephone lines from different mobile operators in the country were estimated to be around three million. “It might be a bit difficult to say the exact number…
Protesters have blocked Kaduna Road, a highway in Niger State linking Kaduna to Abuja. This comes three days before the planned 10-day nationwide protest by some groups to demand an improvement in Nigeria’s economic situation. The protesters carried placards with several inscriptions such as ‘We Are Not Slaves’, ‘Enough is Enough’; ‘Stop Anti-Masses Policies’, ‘Hardship Is Unbearable’ and ‘Fuel Subsidy Must Be Back.’ Monday’s protesters appeared unwilling to wait till Thursday as they chanted anti-government slogans. The organisers of the nationwide protests want an improvement in the cost of living and a reversal of some government policies, particularly the removal…
Despite efforts by the government to attract more foreign investors into the oil and gas sector, the nation’s foreign capital investments in the industry nosedived from $720m in 2016 to $3.64m in the entire 2023. The country also recorded no foreign capital investment in the first quarter of 2024, a report by the National Bureau of Statistics showed. The report indicated that out of the $3.38bn capital importation into Nigeria in the first three months of 2024, the petroleum industry got nothing. Capital importation is the inflow of foreign capital into a country, typically in the form of investments, loans,…
Many depots for Premium Motor Spirit, popularly called petrol, are currently dry, leading to fuel scarcity and attendant queues in Lagos, Ogun, parts of Abuja, Niger, and some other states across the country. Black marketers have taken advantage of the situation, selling as high as N1,300 per litre and N1,500 per litre in parts of Lagos and Ogun states. Long queues started building up at fuel stations in Abuja and Lagos on Friday and have persisted. On Saturday, while reacting to the long queues and scarcity in some parts of the country, the Nigerian National Petroleum Company Limited said the…
June 06, 2025

Nigeria now Africa’s top cement exporter, says Aliko Dangote

Nigeria has transformed from being the world’s second-largest cement importer to becoming Africa’s leading cement…
June 02, 2025

Afenifere blasts Tinubu: ‘Midterm report shows woeful failure, economic deforms, and rising despair’

The pan-Yoruba socio-political organization, Afenifere, has issued a scathing midterm assessment of President Bola Tinubu’s…
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Are boiled eggs good for you? Here's what experts say

Caroline C. Boyle If you’re after a nutrient-dense breakfast, boiled eggs are a quick and…
June 07, 2025

‘Nigerians are marrying all our daughters’, Kenya’s President Ruto, cries out

Kenyan President William Ruto has stirred up a storm on social media with his provocative…
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Gunmen kill two policemen, abduct Chinese in Kwara

The Kwara State Police Command on Thursday confirmed the killing of two policemen and the…
June 07, 2025

What to know after Day 1199 of Russia-Ukraine war

WESTERN PERSPECTIVE Six killed, 80 wounded in intense Russian air attacks on Ukraine Russia launched…
June 06, 2025

Common supplements and medications could cause liver damage, studies show

Melissa Rudy Arun Sanyal, M.D., director of the VCU Stravitz-Sanyal Institute for Liver Disease and…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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