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Saturday, 17 August 2024 04:26

FAAC: FG, states, and LGAs share N1.35trn for July 2024

The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared a total of N1.358 trillion in revenue for July 2024. This marks a slight increase of N4 billion compared to the N1.354 trillion distributed in June. The FAAC's August meeting, chaired by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the allocation figures. According to Mohammed Manga, the Director of Information and Public Relations at the Ministry of Finance, the N1.358 trillion was drawn from the total revenue of N2.61 trillion generated in July. The revenue breakdown includes statutory revenue…

Friday, 16 August 2024 04:55

Petrol sells for N1,000/litre in Abuja, Lagos, others

Petrol supply has continued to be on and off across the country forcing many filling stations not to dispense the product, Daily Trust investigations in the Federal Capital Territory (FCT) and many states across Nigeria have shown. Our investigations show that the product sells for close to N1,000 per litre at some stations belonging to members of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN) in satellite towns of the FCT; while motorists spend countless hours queuing at outlets of the Nigerian National Petroleum Company Limited (NNPCL) and a few Major Oil marketers dispensing in Abuja city. The IPMAN blamed…

Friday, 16 August 2024 04:52

Seized presidential jets: Presidency reacts to Chinese company’s legal claims against Ogun govt

The Presidency is aware of the various failed attempts by a Chinese company, Zhongshan Fucheng Industrial Investment Co. Limited, to take over offshore assets of the Federal Government of Nigeria through subterfuge. The Federal Government is not under any contractual obligation with the company. The case in which Zhongshan is trying to use every unorthodox means to strip our offshore assets is between the company and the Ogun State Government. The federal government is fully aware of efforts being made by the Ogun state government to reach an amicable resolution to the matter. It must be said without any equivocation…

Friday, 16 August 2024 04:50

Nigeria inflation eases as food prices drop

Nigeria's headline inflation rate fell in July for the first time in well over a year, dipping to 33.40% in annual terms (NGCPIY=ECI) from 34.19% in June, data from the statistics agency showed on Thursday. Analysts had said June's reading could mark the peak in inflation as currency devaluation effects start to fade. July's slowdown will bring some relief to frustrated Nigerians, who protested this month over cost-of-living pressures and governance issues in Africa's most populous nation. Price pressures have been stoked by President Bola Tinubu's decision to remove a decades-old fuel subsidy, devalue the naira currency and hike electricity…

Friday, 16 August 2024 04:49

UNICEF raises alarm over high school dropout rates in Southwest

The United Nations Children’s Fund (UNICEF) has raised concerns about the 8-15% dropout rate among adolescents in primary and secondary schools across the Southwest region of Nigeria, which includes Ekiti, Oyo, Lagos, Ondo, Osun, and Ogun states. UNICEF’s Education Specialist, Azuka Menkiti, highlighted these concerns following a two-day regional stakeholders meeting on strategies for improving retention, transition, and completion rates among out-of-school children. The meeting, which took place in Ibadan, aimed to address the challenges facing education in the region. Menkiti reported that while the completion rates for primary and secondary education among adolescents aged 10 to 18 are currently…

Friday, 16 August 2024 04:47

FG issues $500m 5-year domestic bond

The federal government says its dollar-denominated domestic bond will be issued on Monday. Gbadebo Adenrele, managing director of investment banking, at United Capital Group, spoke on Thursday during a hybrid roadshow with investors organised by the Debt Management Office (DMO). On July 25, the federal government said it would issue $500 million in domestic foreign currency-denominated bonds in August. Adenrele said the bond is expected to offer periodical repayments at maturity in dollars and full repayment of the principal amount at the end of a five-year term and will be listed on the Nigerian stock exchange. He said the goal…

Thursday, 15 August 2024 04:53

Three presidential jets confiscated in Europe over judgement debt against Ogun govt

A French court has authorised the seizure of three presidential jets linked to the Federal Government of Nigeria, sources familiar with the matter have told PREMIUM TIMES. Two of the jets, part of the Nigerian presidential air fleet, were recently put up for sale, while the third, an Airbus 330, was purchased by Nigeria but not yet delivered. The seizure of the presidential jets is a result of an application by Zhongshan, a Chinese company whose export processing zone management contract was revoked by the Ogun State government in 2016. An independent arbitral tribunal chaired by the former President of…

Thursday, 15 August 2024 04:49

Senator says his total monthly take-home pay is N21m

Each Nigerian senator earns at least N21 million monthly in running costs, salaries, and allowances in a country where a worker’s minimum wage is N70,000. The senator representing Kano South Senatorial District, Kawu Sumaila, disclosed this in an interview with BBC Hausa on Wednesday morning. Sumaila, a member of the New Nigeria Peoples Party (NNPP), said his monthly salary is less than N1 million. Still, when the running cost is included, he earns at least N21 million monthly, like his colleagues. “My monthly salary is less than N1 million. After deductions, the figure comes down to a little over N600,000.…

Thursday, 15 August 2024 04:48

WHO declares mpox global public health emergency

The World Health Organization on Wednesday declared mpox a global public health emergency for the second time in two years, following an outbreak of the viral infection in Democratic Republic of Congo that has spread to neighbouring countries. An emergency committee met earlier on Wednesday to advise WHO Director-General Tedros Adhanom Ghebreyesus on whether the disease outbreak constitutes a "public health emergency of international concern," or PHEIC. PHEIC status is WHO's highest level of alert and aims to accelerate research, funding and international public health measures and cooperation to contain a disease. "It's clear that a coordinated international response is…

Wednesday, 14 August 2024 04:50

NNPC postpones for 6th time kick off of Port Harcourt refinery

The Port Harcourt Refining Company, a refinery under the management of the Nigerian National Petroleum Company Limited in Rivers State, has again failed to commence operations after about six postponements. It was observed that promises made to Nigerians by the Federal Ministry of Petroleum Resources and NNPC about the refinery have continued to witness multiple failures. Since December 2023, NNPC, which is in charge of all the government refineries, has given Nigerians different dates, assuring citizens that the refinery would begin the sale of refined products soon. In July, the Group Chief Executive Officer of the NNPC, Mele Kyari, stated…

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Wednesday, 14 August 2024 04:48

Tinubu’s policies ‘are making people hungry. People are dying. People are eating grass right now’ - Dan Bello

Bello Galadanchi, a skitmaker popularly known as Dan Bello, has said that Nigerians are dying of hunger because of President Bola Tinubu economic policies. Dan Bello stated this during an interview on Trust TV’s Daily Politics on Tuesday. He challenged the government to sue him if it was not happy with his works. The skitmaker said that he was not affiliated to any political party in the country, saying he was not working for anybody. Bello said, “If what I am doing is not good for them, that means that it is automatically good for the people. If what they…

Tuesday, 13 August 2024 04:55

Nigerians, Indians got more jobs - but earned much less - in UK than Britons in the past 4 years - Report

Data from HMRC, released through a Freedom of Information request, showed the biggest growth in employments over the period was among Indian nationals (+487,900). This compared to an increase of 278,700 employments among Nigerian nationals and an increase of 257,000 employments among UK nationals between December 2019 to December last year. In total, there were 1.481million more employments over the period, with 1.465million more accounted for by people from outside the EU. Between December 2019 and December 2023, there were 241,600 fewer employments for EU nationals in the UK. Tory MP Neil O'Brien, a former government minister who requested the…

Monday, 12 August 2024 04:46

FG set to bar British Airways, Virgin from Lagos, Abuja airports over Air Peace’s lack of access to Heathrow

The row over Air Peace’s flight operations from the United Kingdom has taken another turn with Festus Keyamo, the Nigerian minister of aviation and aerospace development, writing to his British counterpart to lodge a formal complaint, TheCable understands. In a letter dated August 1, 2024 and addressed to Louise Haigh, the UK secretary of state for transport, Keyamo warned that if Air Peace is not allocated a space at the London Heathrow, Nigeria will be forced to “reciprocate” by denying British Airways and Virgin Atlantic slots at the Lagos and Abuja airports. Although Heathrow is the UK’s primary airport, Air…

Monday, 12 August 2024 04:45

FG mandates all travellers to Nigeria to complete Health Declaration Form

In response to the ongoing monkeypox (Mpox) outbreak in parts of Africa, Nigeria's Federal Ministry of Health has mandated that all travellers entering the country fill out and submit a health declaration form. This measure, aimed at curbing the spread of the disease, came into effect yesterday, August 11, for passengers arriving at the airports in Abuja and Lagos. Travellers can complete the form online or opt to print and fill out a physical copy. The ministry has encouraged passengers to submit the form online before departure to avoid delays upon arrival in Nigeria. According to the ministry's website, "The…

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