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Saturday, 06 July 2024 04:40

82m Nigerians face prospects of hunger in coming years, UN warns

The United Nations has again predicted that 82 million Nigerians, may go hungry by 2030, calling on the government to tackle climate change, pest infestations, and other threats to agricultural productivity. The prediction comes in the wake of a persistent hike in food prices in the country. According to the National Bureau of Statistics, Nigeria’s food inflation rate hit a record high of 40.66 per cent in May 2024, surpassing the previous month’s 40.53 increase. This surge represents the largest year-on-year increase in food prices since records began in 1996. Historically, food inflation in Nigeria has averaged 13.42 per cent,…

Saturday, 06 July 2024 04:39

Queues for petrol in Abuja get longer as ex-depot price shoots above N700 per litre

Fresh queues for Premium Motor Spirit, popularly called petrol, surfaced in Abuja, parts of Niger and Nasarawa States on Friday, following the closure of many filling stations operated by independent marketers. Dealers closed their retail outlets due to their inability to access petrol as a result of the hike in the ex-depot price of the commodity to N710/litre by private depot owners. Motorists besieged the few stations that dispensed petrol on Friday, particularly those operated by the Nigerian National Petroleum Company Limited and some major oil marketers in Abuja and neighbouring states. This led to massive queues in outlets, such…

Friday, 05 July 2024 04:43

Petrol scarcity looms as international traders cease supply to Nigeria over $6bn debt

Nigeria's debt to petrol suppliers has surpassed $6 billion - doubling since early April - as state oil firm NNPC struggles to cover the gap between fixed pump prices and international fuel costs, six industry sources said. President Bola Tinubu announced an end to expensive fuel subsidies last year, allowing pump prices to triple. But state oil company NNPC capped pump prices shortly afterward as citizens chafed under rising cost of living. The cap, coupled with a naira crash, allowed the subsidy to creep back. Tinubu's government expects the subsidy to cost at least $3.7 billion this year. Analysts, NGOs…

Friday, 05 July 2024 04:42

Samoa Agreement signed in the interest of Nigeria – FG

PRESS RELEASE On 28 June 2024, Nigeria signed the Samoa Agreement at the Organisation of African, Caribbean, and Pacific States (OACPS) Secretariat in Brussels, Belgium. The partnership agreement is between the EU and its Member States on one hand, and the members of the OACPS on the other. Negotiations on the agreement started in 2018, on the sidelines of the 73rd United Nations General Assembly. It was signed in Apia, Samoa on the 15th of November 2018 by all 27 EU Member states and 47 of the 79 OACPS Member states. The agreement has 103 articles comprising a common foundational…

Thursday, 04 July 2024 04:51

Anger as FG signs $150bn deal in exchange for recognition of LGBTQ rights

Some clerics, rights activists, and Civil Society Organisations (CSOs) in Nigeria are furious following the decision of the federal government to sign the controversial Samoa Agreement. The agreement reportedly has some clauses that compel underdeveloped and developing nations to support the agitations by Lesbian, Gay, Bisexual, and Transgender (LGBT) community for recognition, as condition for getting financial and other supports from advanced societies. Named after the Pacific Island Samoa, where it was signed on November 15, 2023, the agreement is gradually gaining traction, despite opposition by many countries that cherish Islamic and Christianity values, in addition to the sensitivity of…

Thursday, 04 July 2024 04:50

Band A customers to pay more as DisCos increase tariff again

Four electricity distribution companies have announced a tariff increase from N206.80 per kilowatt to N209.5 per kilowatt-hour (kwh) for premium customers under the Band A category, effective July 1, 2024. This change applies to both prepaid and postpaid customers. Kaduna, Port Harcourt, Kano, and Ikeja DisCos all confirmed the increase in separate statements, assuring Band A customers of continued 20-24 hours of daily power supply as stipulated in the service-based tariff regime. The companies emphasized that tariffs for Bands B, C, D, and E remain unchanged. Ikeja Electric stated that the increase aligns with the service-based tariff regime and will…

Thursday, 04 July 2024 04:49

‘We have only one hour of electricity daily’, protesting students say as Benin highway is blocked

Students of the University of Benin on Wednesday took to the streets, blocking the ever-busy Benin-Ore Highway to protest weeks of power outages on the campus. The students, who have only two weeks until their first semester examinations, said the situation was severely affecting their preparation. The university was thrown into a blackout following the inability to reach an agreement with the Benin Electricity Distribution Company (BEDC) over a contentious electricity bill. The management of the institution was said to have expressed discontent after the Benin Disco reportedly made an upward review of the institution’s monthly electricity charges by over…

Thursday, 04 July 2024 04:46

Businesses grounded, transport fares soar as Lagos goes under flood

Business and commercial activities were grounded on Wednesday following a 10-hour downpour in many parts centres of Lagos and Ogun states. The resulting flooding brought down a two-storey building in the Mushin area of Lagos, grounded vehicular movement on the roads and overwhelmed thousands of residents while pupils could not attend schools in parts of the states. Though the Lagos State government said the rain lasted for nine hours, in some parts of the state, it started at midnight and did not subside until noon, making it 12 hours. Such places include Berger, Ikeja, Ogba and in some parts, the…

Wednesday, 03 July 2024 04:32

‘War means war. We know what to fight’, NNPC says as it declares state of emergency on oil production

The Nigerian National Petroleum Company Limited (NNPCL) has declared a state of emergency on oil production, aiming to boost the country's crude oil output and grow its reserves. This announcement was made by the Group Chief Executive Officer of NNPCL, Mele Kyari, during his keynote address at the 23rd Nigeria Oil and Gas Conference and Exhibition Week in Abuja on Tuesday. "We have decided to stop the debate. We have declared war on the challenges affecting our crude oil production. War means war. We have the right tools. We know what to fight. We know what we have to do…

Wednesday, 03 July 2024 04:28

‘We are determined to push for the president's resignation’: Kenya protesters insist ‘Ruto must go’

Riot police fired tear gas grenades and charged at stone-throwing protesters in downtown Nairobi and across Kenya on Tuesday in the most widespread unrest since at least two dozen protesters died in clashes a week ago. The nationwide demonstrations signalled that President William Ruto had failed to appease a spontaneous youth protest movement, despite having abandoned plans for tax rises that triggered the unrest last week. Tuesday's demonstrations began in ebullient mood but turned violent as the day wore on. In Nairobi's downtown business district, police wearing helmets and carrying shields and wooden clubs charged at the protesters, and tear…

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Wednesday, 03 July 2024 04:28

Hunger riots imminent in Nigeria, Agbakoba warns

Senior Advocate of Nigeria, Olisa Agbakoba, has warned that a "hunger riot" may soon erupt in Nigeria if the Federal Government does not take swift action. Speaking to journalists on Tuesday at his office in Ikoyi, Lagos, Agbakoba highlighted the extreme poverty that has left many Nigerians unable to afford basic food. Despite Nigeria's vast oil and gas resources, Agbakoba noted that these have been largely controlled by foreign interests, leaving the local population in dire straits. He cautioned that if the government fails to address this issue, widespread protests could ensue, with people potentially resorting to theft in broad…

Tuesday, 02 July 2024 04:39

90 percent of diesel in fuel stations produced from crude oil stolen by communities, N’Delta security firm alleges

Tantita Security Services Nigeria Limited has alleged that oil companies purchase refined Automotive Gas Oil, commonly known as diesel, from illegal refineries in various host communities in the Niger Delta region. This claim was made on Monday during the Nigeria Oil and Gas Energy Week Conference in Abuja. Tantita Security Services, headquartered in Warri, Delta State, specializes in providing security solutions for the oil and gas sector, including services for the Nigerian National Petroleum Company Limited. Speaking at a session titled “Exploring Nigerian Content Solutions to Meet Energy Demand,” Warredi Enisuoh, the Executive Director of Operations and Technical at Tantita…

Monday, 01 July 2024 04:27

FG’s increased borrowings push Nigeria’s Debt-to-GDP ratio past 50 percent

Nigeria’s debt-to-GDP ratio surpassed 50% for the first time, according to the latest public debt figures published by the Debt Management Office (DMO). The country’s public debt now totals N121 trillion, comprising N65.6 trillion in domestic debt and $42.1 billion in foreign debt (equivalent to N56 trillion). As of December 2023, Nigeria's total gross domestic product (GDP) was N229.9 trillion in nominal terms, with a real growth rate of 2.74%. This pushed the debt-to-GDP ratio above 50%. Recent GDP and Debt Figures In the first quarter of 2024, Nigeria’s nominal GDP was N58.5 trillion, up from N51.2 trillion in the…

Saturday, 29 June 2024 04:57

Continuous depreciation makes Naira worst performing currency in the world in Half 1 2024 - Bloomberg

Nigeria’s naira weakened for a ninth straight day against the dollar, making it the worst-performing currency in the first half as a steep devaluation, insufficient dollar liquidity and market volatility hampered efforts to stem its rout. It’s weakened 0.2% to 1,510 per dollar by the close on Thursday, FMDQ data compiled by Bloomberg show. The losing streak is the longest since July 2017 and takes the decline since the start of the year to 40%. Nigeria's Naira Leads First-Half Declines Against the Dollar The currency has depreciated 40% against the dollar in 2024. The naira’s performance is the worst among…

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