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Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely. Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available datafrom the Central Bank of Nigeria. That’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg. The currency…
Nigerian Civil Aviation Authority (NCAA) has taken action against three private jet owners for conducting commercial flight operations, as announced on Tuesday. Chris Najomo, Acting Director of NCAA, revealed this development, stating that the use of private jets for commercial purposes led to directives from Aviation Minister Festus Keyamo to halt such activities. Earlier warnings had been issued to permit holders for non-commercial flights (PNCF), cautioning against passenger cargo carriage. Following intensified monitoring at airport terminals, three operators were found violating regulations, leading to the suspension of their PNCF. Najomo emphasized a reevaluation of all PNCF holders by April 19,…
Civil Society Consortium on Judicial Accountability (CSCJA) has demanded the immediate resignation of Chief Justice of Nigeria (CJN), Olukayode Ariwoola, citing alleged abuse of office and favoritism in his duties. The group, comprising public interest lawyers, protested in Abuja, expressing outrage over the appointment of the CJN's children as judicial officers. They accused the CJN of nepotism, pointing to the appointment of his son and daughter as judges. The group delivered a letter to the CJN demanding his resignation and urged the unbundling of the CJN's office to prevent further abuse. The appointments have sparked concerns about conflicts of interest…
Goldman Sachs, a leading global investment bank, forecasts Nigeria to become the fifth-largest economy globally by 2075, solidifying its position as Africa’s largest economy. The report also predicts Nigeria to rank 15th by 2050, with a projected GDP of $13.1 trillion by 2075. This places Nigeria ahead of Germany, Japan, France, United Kingdom, Pakistan, Egypt, Brazil, and others. The shift in economic power is driven by Nigeria's large and youthful population, potentials in agriculture, energy, and emerging technology sectors. However, challenges like political instability and infrastructure deficits could hinder growth. The report highlights the significant rise of Asian economies, with…
Once again, Nigeria's electricity grid suffered a collapse, plunging several cities into darkness. The collapse occurred at 2:42 a.m. on Monday, with electricity generation plummeting to 64.70 megawatts. The Jos Electricity Distribution Company (Jos DisCo) confirmed the outage, attributing it to the loss of power supply from the national grid. In a statement by Friday Elijah, the Head of Corporate Communications at Jos DisCo, the company expressed hope for a swift restoration of normal power supply once the grid is back to stability. This incident marks another setback for the power sector, which has been grappling with challenges such as…
Tuesday, 16 April 2024 04:50

Nigeria inflation rises further - NBS

In March 2024, Nigeria experienced a surge in inflation, with the rate reaching 33.20 percent, up from 31.70 percent in February, according to the National Bureau of Statistics (NBS). The consumer price index (CPI) report released by the bureau revealed that food inflation also rose to 40.01 percent during the same period. This increase represents a 1.50% point rise compared to February 2024 and an 11.16% point increase compared to March 2023. On a month-on-month basis, the headline inflation rate decreased slightly to 3.02% in March, down from 3.12% in February. Food prices were identified as a major contributor to…
Nasir El-Rufai, former governor of Kaduna State, revealed that fuel subsidy has been reinstated by the federal government, stating that the government is now paying even more than before. Speaking to journalists in Maiduguri, the Borno State capital, El-Rufai noted that the measures put in place to mitigate the impact of fuel subsidy removal were ineffective, leading to the reversal of the policy. While President Bola Tinubu initially announced the removal of fuel subsidy in his inaugural speech, El-Rufai expressed support for the policy but highlighted the need for necessary adjustments. He emphasized that despite the government's efforts, the impact…
Iran launched a swarm of explosive drones and fired missiles at Israel late on Saturday in its first-ever direct attack on Israeli territory, risking a major escalation as the United States pledged "ironclad" backing for Israel. Sirens wailed and Reuters journalists in Israel said they heard distant heavy thuds and bangs from what local media called aerial interceptions of explosive drones. Authorities said a 7-year-old girl was critically injured. Israel's military spokesperson Daniel Hagari said Iran launched dozens of ground-to-ground missiles at Israel, most of which were intercepted outside Israeli borders. They included more than 10 cruise missiles, he said.…
Nigeria has become the first country in the world to roll out the "revolutionary" new Men5CV vaccine against meningitis, the World Health Organization (WHO) said. Nigeria is one of the hotspots of the deadly disease in Africa. Last year, a 50% rise in annual cases was reported across 26 African countries regarded as meningitis hyperendemic countries, according to the WHO. “Nigeria's rollout brings us one step closer to our goal to eliminate meningitis by 2030," Tedros Ghebreyesus, WHO Director General, was quoted as saying in a statement. Between last October and mid-March this year, 1,742 cases were suspected in the…
Nigeria’s crude for May loading has been very slow to find buyers so far, with more than half of the scheduled cargoes yet clear. More than 30 of the nation’s cargoes are still looking for buyers, according to traders specializing in West African crudes. A total of at least 53 are scheduled to load from Nigeria next month, according to data compiled by Bloomberg. Most of the consignments are one million barrels. The country’s crude cargoes can be openly traded into either Asia, Europe or even the US, making the pace of sales a closely watched market detail. Demand for…
April 22, 2025

9 banks haul in N14trn interest income as manufacturers, small businesses groan under high borrowing…

Nine major Nigerian banks recorded a combined interest income of N14.26tn in 2024, representing a…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 21, 2025

How Easter transformed the world like nothing else ever could

Scott S. Powell Across cultures throughout human history, people have sought to flee oppression and…
April 19, 2025

UFO: US Navy reports on mysterious aircraft launching from sea

A group of unidentified flying objects spotted by Navy sailors is raising eyebrows after witnesses…
April 22, 2025

ISWAP claims responsibility for deadly attacks on soldiers, Christians in Northeast

The Islamic State West Africa Province (ISWAP) has claimed responsibility for a series of deadly…
April 22, 2025

What to know after Day 1153 of Russia-Ukraine war

WESTERN PERSPECTIVE Putin says he is open to direct peace talks with Ukraine Russian President…
April 22, 2025

Taking statins could slash dementia risk - even if you don't have high cholesterol -…

Taking statins could dramatically reduce the risk of dementia, even in those who already have…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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