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Friday, 15 December 2023 04:48

24m Nigerians slipped into poverty in the last 5 years - World Bank

The World Bank says poverty rate in Nigeria has increased to 46 percent in 2023, representing 104 million poor Nigerians. This was disclosed in World Bank’s Nigeria development update titled ‘Turning the corner: From reforms & renewed hope, to results,’ on Wednesday. World Bank said Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent this year, as the number of poor people increased from 79 million to 104 million. According to the report, more people have fallen below the poverty line due to sluggish growth and rising inflation. “Sluggish growth and rising inflation have increased poverty from…

Thursday, 14 December 2023 04:45

Nigeria’s crude oil production fell in November, OPEC data shows

Nigeria’s crude oil production dropped in November, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. Oil production from the 13 members of the organisation averaged 27.84 million barrels per day (mb/d) in November 2023, lower by 57 thousand barrels per day (tb/d), month-on-month, OPEC said in its Monthly Oil Market Report released Wednesday. The report also noted that crude oil output increased mainly in Venezuela, Libya and Kuwait, while production in Iraq, Angola and Nigeria decreased. Nigeria’s crude oil production dropped to 1.37 million barrels per day in November, from 1.38 million bpd in October 2023, an…

Thursday, 14 December 2023 04:39

ASUU, others triumph as FG succumbs to agitations to remove public tertiary institutions from IPPIS

Federal executive council (FEC) has approved the removal of public tertiary institutions from the integrated payroll and personnel information system (IPPIS). Mohammed Idris, minister of information, spoke to journalists on Wednesday at the end of the FEC meeting at the presidential villa. Idris said the development means that members of staff of public universities, polytechnics, and colleges of education have been taken off IPPIS. The minister said authorities of tertiary institutions will now be paying their personnel from their own end rather than relying on IPPIS. “Today, the universities and other tertiary institutions have gotten a very big relief from…

Wednesday, 13 December 2023 04:40

FG mulls breaking Transmission Company of Nigeria into two

The Federal Fovernment on Tuesday hinted at plans to restructure the Transmission Company of Nigeria (TCN) into two entities. Nigeria’s Minister of Power, Adebayo Adelabu, disclosed this while speaking at the Federal Ministry of Power ministerial retreat held in Abuja on Tuesday. The TCN, which coordinates the nation’s electricity transmission network, is one of 18 companies that were unbundled from the defunct Power Holding Company of Nigeria (PHCN) in April 2004. It was incorporated in November 2005 and issued a transmission licence a year later. TCN’s licensed activities include electricity transmission, system operation and electricity trading. The company is currently…

Wednesday, 13 December 2023 04:38

‘Kenya has a simple message to humanity: Welcome Home!’, president says as country scraps visas for all visitors

Visitors to Kenya from across the world will no longer require a visa from January, President William Ruto said on Tuesday. Ruto said his government had developed a digital platform to ensure all visitors would receive an electronic travel authorisation in advance, instead of needing to apply for a visa. "It shall no longer be necessary for any person from any corner of the globe to carry the burden of applying for a visa to come to Kenya," he said in a speech in the capital Nairobi at an event to mark 60 years of independence from Britain. Ruto has…

Tuesday, 12 December 2023 04:44

Liquidity drops 48% at official forex market, pushing Naira further down - Bloomberg

Naira weakened sharply on the official market against the dollar, pushing it above levels on the unauthorized parallel market despite government promises to stem volatility. The currency slumped 23% to 1,099 naira per dollar on the official market on Friday, according to Lagos-based FMDQ, amid a local shortage of the greenback. That was slightly cheaper than the naira’s level on the parallel market on Monday of 1,190, according to Umar Salisu, a trader who compiles the data in the commercial hub, Lagos. Naira Turnover Falls Liquidity in the official market dropped 48% to $71 million before the weekend, according to…

Tuesday, 12 December 2023 04:43

Another Labour, FG clash looms as N35,000 award stops after one month payment

Organised Labour and the Federal Government are on a collision course over the government’s failure to sustain the payment of N35,000 wage award to workers. Workers in the Federal Civil Service, in separate interviews with our correspondent on Monday, noted that the Federal Government only paid N35,000 wage award for September. Following the removal of the fuel subsidy by President Bola Tinubu on his assumption of office, the Federal Government agreed to pay N35,000 to each of its workers to reduce the hardship caused by the subsidy removal. The government, in a memo signed by the Chairman, National Salaries Wages…

Tuesday, 12 December 2023 04:42

Nationwide blackout as national grid collapses yet again

The national grid, on Monday, experienced another system collapse, throwing the country into darkness. The grid collapsed at about 1 pm, according to Ndidi Mbah, general manager, public affairs at Transmission Company of Nigeria (TCN), who said the grid has been fixed. “The collapse happened by 13.49 this afternoon. It is now fully restored by 18.51,” Mbah said. This is the third time in recent months that the national grid has collapsed. Efforts to confirm from TCN proved abortive. In September 2023, the national grid system collapsed twice. The grid had collapsed on September 14, 2023, and September 19, 2023,…

Tuesday, 12 December 2023 04:41

CBN assures of ‘resilience’ of Nigeria’s banks; suspends deposit charges

Central Bank of Nigeria on Monday dismissed reports alleging that some licensed commercial banks in the country failed to meet the Capital Adequacy Ratio, (CAR). A statement by the bank’s spokesperson, Sidi Hakama, said that key financial soundness indicators which reflect the stability and resilience of the sector, as detailed in its most recent Economic Report of 2023, remain well within the regulatory thresholds. The adequacy ratio offers a swift assessment of whether a bank holds sufficient funds to offset potential losses and maintain solvency amid challenging financial conditions. “We wish to clarify that the Nigerian banking industry remains resilient…

Monday, 11 December 2023 04:49

External reserves fell $4bn year to date; $400m in 5 weeks – CBN

The country’s external reserves fell by $520.22 in five weeks, figures obtained from the Central Bank of Nigeria revealed. According to CBN’s data on movement in reserves, the figures which stood at $33.396bn as of October 31, 2023 fell to $33.004bn as of December 7, 2023. The CBN had earlier revealed that the reserves which commenced January 3, 2023, at $37.07bn fell to $33.237bn as of September 29, 2023. Speaking recently at the Chartered Institute of Bankers of Nigeria’s 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th anniversary in Lagos, the Governor, CBN, Olayemi Cardoso, said, in…

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Sunday, 10 December 2023 04:30

‘You can hardly differentiate between the poor and their animals’; the poor are angry with those of us in govt - Shettima

As many Nigerians groan in poverty due to the rising cost of living occasioned by unprecedented inflation, Vice-President Kashim Shettima has said the poor in the country are angry with government officials and other members of the elite, who constitute the minority. The vice-president said this at the graduation ceremony of the Executive Intelligence Management Course 16 participants from different security agencies and nominees of state governments in Abuja on Saturday. The event was organised by the National Institute for Security Studies. This is the first time a senior government official is admitting the biting hardship in the country, which…

Sunday, 10 December 2023 04:27

FG grants customs duty, VAT exception on imported LPG, equipment

Federal government has exempted the importation of liquefied petroleum gas (LPG) and its equipment from the payment of customs duty and value-added tax (VAT). The move is expected to result in a drop in the cost of cooking gas in the country. The ministry of finance disclosed this in a letter (dated November 28, 2023) to the special adviser to the president on energy; the comptroller-general of the Nigeria Customs Service (NCS); and the chairman of the Federal Inland Revenue Service (FIRS). The letter was signed by Wale Edun, the minister of finance and coordinating minister of the economy. According…

Saturday, 09 December 2023 04:48

International Ratings Agency Moody's upgrades outlook on Nigeria to positive

Ratings agency Moody's on Friday revised its outlook on Nigeria to positive from stable, citing possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings. President Bola Tinubu says he is seeking to boost growth and attract billions in new investment after taking charge of Africa's biggest economy, which is grappling with shortages of foreign exchange, low oil output and widespread insecurity. Tinubu scraped a popular but costly fuel subsidy in May, removing exchange controls and ending a ban…

Saturday, 09 December 2023 04:47

CBN issues alert for fake Naira notes used ‘for transactions in food markets’ nationwide

Central Bank of Nigeria (CBN) has warned banks to beware of the circulation of counterfeit naira banknotes, particularly higher denominations, in major cities across the country. The warning was made in a statement signed by Hakama Sidi Ali, CBN’s acting director of corporate communications on Friday in Abuja. Ali said these counterfeit naira notes were mainly used for transactions in food markets and other commercial centres across the country. She said any person found complicit in the circulation of the counterfeit currency would face severe sanctions. “The attention of the Central Bank of Nigeria (CBN) has been drawn to the…

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