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Saturday, 23 September 2023 04:47

Nigeria gets fresh $700m World Bank loan, third since Tinubu assumed presidency

The World Bank has approved a fresh $700m loan for Nigeria to enhance adolescent girls’ learning and empowerment. It disclosed this in a statement published on its website on Friday. The new loan is to provide additional funds for an ongoing project known as the Adolescent Girls Initiative for Learning and Empowerment. The statement read, “The World Bank approved additional financing of $700m for Nigeria to scale up the Adolescent Girls Initiative for Learning and Empowerment programme whose goal is to improve secondary education opportunities among girls in targeted states. “The additional financing will scale up project activities from the…

Saturday, 23 September 2023 04:46

Cardoso, 4 deputies take over leadership of CBN

Central Bank of Nigeria (CBN) said Olayemi Cardoso has assumed office as the acting governor of the apex bank, as he awaits the approval of the senate. In a statement on Friday, Isa AbdulMumin, director, corporate communications at CBN, said Cardoso took the relevant oaths of office at a brief ceremony held at the bank’s headquarters in Abuja. Also, the deputy governors nominated by President Bola Tinubu were sworn in and assumed their duties pertaining to the monetary and financial sector policies of the federal government. The development followed the resignation and suspension of Godwin Emefiele, former CBN governor, and…

Saturday, 23 September 2023 04:45

Supreme Court sat over ‘case of arson where 12 goats were set ablaze’, retiring Amina Augie laments frivolous cases at the apex court

Amina Augie, a supreme court justice, has retired from the bench having reached the mandatory retirement age of 70. Augie’s retirement further depletes the number of justices at the apex court to 11. In July, the number of justices at the supreme court was reduced to 12 after the death of Chima Centus Nweze, a member of the bench, as against the maximum requirement of 21. Speaking at a valedictory session held in her honour on Thursday, Augie decried the workload that the apex court justices have to deal with. She added that a constitutional amendment is needed to limit…

Friday, 22 September 2023 04:53

2 months after Tinubu declared ‘subsidy is gone’ FG subsidised petrol with N169bn; to spend another N1.68trn in 4 months - Report

Federal Government may spend about N1.68tn as subsidy on Premium Motor Spirit, popularly called petrol, from September to December this year, an analysis of data provided by oil marketers and the sector has shown. PMS dealers stated on Thursday that the pump price of petrol should be between N890 to N900/litre based on the fall of the naira against the United States dollar and the surge in the price of crude in the international market. Petrol currently sells at between N598 and N617/litre depending on the location of purchase, fuelling suspicion that the commodity is being subsidised by the Federal…

Friday, 22 September 2023 04:52

Tinubu’s reform pledge in disarray as Naira rout deepens - Bloomberg

As Nigeria’s President Bola Tinubu rang the closing bell at New York’s Nasdaq exchange this week, he exhorted investors to “be confident in Nigeria.” His ebullience was a stark contrast with the mood on the streets of Nigeria, where confidence in the country’s currency is ebbing fast. The naira plunged to a new record low on Thursday and is on the cusp of touching 1000-per dollar on the parallel market, according to traders who track the exchange rate. As citizens and companies alike rushed to buy dollars, the naira was quoted almost 30% below where it officially closed Wedneday on…

Thursday, 21 September 2023 04:23

Naira nosedives rapidly toward 1,000/$ at parallel market

The naira, on Wednesday, fell to N980 per dollar at the parallel section of the foreign exchange (FX) market. The figure represents a depreciation of N50 or 5.38 percent compared to the N930 it traded on September 13. Currency traders, known as Bureaux De Change operators (BDCs), said the decline is largely due to the new exchange rate regime. “This time, the rate is not affected by dollar scarcity; it is just a consequence of the new exchange rate regime,” a trader identified as Aliyu, said. Operating in the Ikeja area of Lagos, black market traders put the buying price…

Thursday, 21 September 2023 04:21

CJN swears in 9 new Appeal Court Justices

The workforce of the Court of Appeal received a boost on Wednesday as the Chief Justice of Nigeria, Olukayode Ariwoola, swore in nine additional justices for the appellate court. The new justices bring the number of appeal court justices in the country to 79, as information on the website of the Court of Appeal indicates that there were 72 justices before the new addition. At the swearing-in, which took place in Abuja, the CJN warned the new justices against the temptation of collecting gifts that could tarnish their reputation and truncate their career progression. He said, “Many high-profile cases would…

Wednesday, 20 September 2023 04:48

African youths searching for liberation from bad govts encourage military coups - Obasanjo

Former President Olusegun Obasanjo has weighed in on the rising military coups in Africa, saying the development shows that young people are in search of liberators. In recent years, there have been seven coups across Africa, with the latest happening in Gabon on August 30. Niger, Burkina Faso, Sudan, Guinea, and Mali are all under military rule. Speaking at Olusegun Obasanjo Presidential Library (OOPL) in Abeokuta, Ogun State, during an interactive session with a group of youths from Africa for Africa Youth Initiative (A4A), the former President said he would not support a coup considering his experience in the hands…

Wednesday, 20 September 2023 04:46

Nigeria’s power grid collapses again, second time in one week

Nigeria’s national grid collapsed once more on Tuesday when power generation crashed from a peak of 3,594.60 megawatts at midnight to an alarming low of 42.7MW by midday. Subsequently, at noon, only the Delta Power plant was operational on the grid, contributing 41MW, while Afam generated 1.7MW. The grid failure was particularly impactful on the commercial hub of Lagos, where power supply was lost at 11:32 am. The incident is now attributed to a nationwide system collapse. This marks the third grid collapse in less than a month, following two incidents just five days ago, which left the nation in…

Tuesday, 19 September 2023 04:54

‘None of the demands put before FG has been addressed’, NLC says of yet another deadlocked meeting

In a race to beat the deadline for the planned commencement of an indefinite strike that may lead to the shutdown of the economy, the Federal Government on Monday held a meeting with organised labour on post-subsidy removal palliatives for workers. The parley, hosted by the Minister of Labour, Simon Lalong, in Abuja, however, failed to reach a consensus as the Nigerian Labour Congress insisted that the FG must meet its demands ahead of the 21-day ultimatum issued on September 1 by the congress. The union had on September 1 handed down the 21-day ultimatum to the FG over the…

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Tuesday, 19 September 2023 04:49

Burkina Faso expels French defense attache

French defense attache Emmanuel Pasquier and his team have been told to leave Burkina Faso, according to Reuters. France recalled its ambassador from the country, following his expulsion by leaders of the coup who took power in September 2022. “The government of Burkina Faso has decided… to withdraw the approval of Mr. Emmanuel Pasquier, defense attache at the French embassy in Burkina Faso for subversive activities,” the Burkinabe Ministry of Foreign Affairs wrote in a letter to Paris on Thursday, granting “a period of two weeks to leave Burkinabe territory,” Reuters reported. According to the letter, the French military mission…

Monday, 18 September 2023 04:38

Oil approaches $95 a barrel as global market tightens up

Oil extended an upswing as OPEC+ supply cuts tightened the market, with Saudi Energy Minister Abdulaziz bin Salman due to address a conference on the kingdom’s crude policy and view on net zero. Global benchmark Brent advanced above $94 a barrel after a three-week run of gains that boosted prices by 11%. With Saudi Arabia and Russia prolonging supply curbs to the year-end, Abdulaziz is set to be among keynote speakers at the World Petroleum Congress in Calgary later on Monday. Crude in London is nearly 10% higher year-to-date as the OPEC+ linchpins curb production and the demand outlook brightens,…

Monday, 18 September 2023 04:35

Tinubu appoints two new Ministers

President Bola Tinubu has appointed two new ministers in charge of the Ministry of Youth. They are Jamila Bio Ibrahim (Minister of Youth) and Ayodele Olawande (Minister of State For Youth). This was disclosed in a statement by Ajuri Ngelale, Special Adviser to the President on Media & Publicity. Ngelale said the appointments are subject to confirmation by the Senate. “The President has further approved the nomination of Ayodele Olawande to serve as the Minister of State for Youth, pending his confirmation by the Senate of the Federal Republic of Nigeria.” “Jamila Bio Ibrahim is a young medical doctor and…

Sunday, 17 September 2023 04:25

FG launches self-service app for NIN enrollment, digital ID

National Identity Management Commission (NIMC) has unveiled a self-service mobile application for Nigerians to enroll for national identification number (NIN) and digital identification. The application was unveiled in Abuja on Saturday at an event to commemorate Nigeria’s fifth Identity Day. While unveiling the mobile application, Chucks Onyepunka, NIMC’s director for information technology, said the product would make NIN enrollment easier for Nigerians. Olubunmi Tunji-Ojo, minister of interior, who spoke earlier, said the harmonisation of all the country’s databases is key to curbing crime and spurring national development. “With a database of over 100 million National Identification Numbers in the National…

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