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Thursday, 21 November 2024 04:40

FAAC: FG, states, LGs share N1.41trn from October revenues

The Federation Account Allocation Committee (FAAC) announced on Wednesday that it distributed N1.41 trillion among federal, state, and local government levels in October 2024, representing a substantial increase of N113 billion from September's allocation. The total gross revenue for the month was N2.668 trillion, with the distributable revenue comprising various sources including statutory revenue, value-added tax (VAT), electronic money transfer levy, and exchange differences. Breakdown of the Allocation: - Federal Government: N433.021 billion - State Governments: N490.696 billion - Local Government Councils: N355.621 billion - Oil-Producing States: N132.404 billion (13% of mineral revenue) Key Revenue Highlights: - VAT increased by…

Wednesday, 20 November 2024 04:51

Tinubu plans to borrow additional N31trn in next 3 years, increasing Nigeria’s debt to N170trn by 2027. Here’s what that means

The Federal Government intends to dedicate a substantial portion of its budget to debt servicing from 2025 to 2027, exceeding the funds allocated for capital expenditures. This allocation is outlined in the recently approved 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which estimates debt servicing costs at N50.39 trillion over the three years, surpassing the N48.93 trillion set aside for capital projects. Key Metrics and Trends Debt Servicing vs Capital Expenditure - Total debt servicing (2025-2027): N50.39 trillion - Total capital expenditure (2025-2027): N48.93 trillion - Debt servicing growth: 26.7% (2025-2027) - Capital expenditure growth: 0.18% (2025-2027) Annual Breakdown…

Wednesday, 20 November 2024 04:49

Nigeria’s World Bank debt climbs to $17.1bn, ranks 3rd largest globally

As of September 30, 2024, Nigeria’s loan exposure to the World Bank’s International Development Association (IDA) reached $17.1 billion, making it the third-largest borrower from the institution. This marks a $600 million increase from the $16.5 billion reported at the end of June 2024, according to the IDA’s financial statement for September 2024. The IDA, a key World Bank arm that offers concessional loans and grants to the world’s poorest nations, provides these loans with low interest rates and long repayment terms. These loans are intended to support economic growth, reduce inequality, and improve living conditions in developing countries. Nigeria…

Wednesday, 20 November 2024 04:47

Nigerian Navy personnel protect oil thieves, Tompolo alleges

Former Niger Delta militant leader and chief executive officer of Tantita Security Services Limited, Government Ekpemupolo, aka Tompolo, has alleged that the Nigerian Navy is aiding and abetting oil theft in the Niger Delta. He disclosed that naval personnel had severally shot at his men, Department of State Service (DSS) officials, and men of the Nigeria Security and Defence Corps (NSCDC) while performing pipeline surveillance duties. The shocking revelation is coming amid elation over Nigeria’s increased crude oil output to 1.8 million barrels per day. He condemned the Navy for allegedly preventing the interception of a vessel allegedly used in…

Tuesday, 19 November 2024 04:40

Nigeria's foreign debt payments more than double to N3.8trn

Nigeria's foreign debt servicing costs have more than doubled to N3.8 trillion in the first eight months of 2024, far exceeding the N1.83 trillion budgeted for the year, according to the government's latest fiscal framework report. The surge in foreign debt payments comes amid mixed revenue performance. While non-oil revenues exceeded targets, reaching N3.81 trillion (160.1% of target), oil revenues significantly underperformed, bringing in just N4.09 billion, or 75% of projections. Key findings from the 2025-2027 Medium Term Expenditure Framework: - Total debt servicing has consumed N5.51 trillion, representing 34.4% of the budget - Government revenue reached N12.74 trillion, achieving…

Tuesday, 19 November 2024 04:37

NCAA to impose fines for delayed luggage. This is how much you’ll be paid if your luggage doesn’t arrive with you

The Nigeria Civil Aviation Authority (NCAA) has announced it will take stringent action against airlines responsible for delayed passenger luggage. Starting with immediate effect, the NCAA will impose fines of $170 for international airlines and N10,000 for domestic carriers for luggage delays. The announcement follows a statement made by the NCAA in October in Abuja, where it clarified that passengers whose luggage is delayed on domestic flights can claim up to N10,000, while those on international flights can receive up to $1,000 or 1,288 Special Drawing Rights (SDRs) as compensation. During a roadshow at the Lagos airport on Monday, aimed…

Sunday, 17 November 2024 04:17

Obasanjo slams Tinubu’s leadership, declares Nigeria a failing State under state capture

Former President Olusegun Obasanjo has condemned the current state of Nigeria under President Bola Tinubu, describing the country as a “failing state” beset by widespread corruption, poor leadership, and insecurity. Speaking at the Chinua Achebe Leadership Forum at Yale University in New Haven, Connecticut, Obasanjo argued that Nigeria’s troubles are a direct result of the “immorality and corruption” permeating the nation, which he said is sinking deeper into chaos and underdevelopment. In his keynote address, titled “Leadership Failure and State Capture in Nigeria”, Obasanjo pointed to the leadership style of President Tinubu, who, during his campaign, popularized the slogan “Emilokan”,…

Saturday, 16 November 2024 05:04

Nigeria's inflation crisis deepens: This is what it was in October 2024

Key Findings Headline Inflation - Current Rate: 33.88% (October 2024) - Previous Month: 32.7% (September 2024) - Year-over-Year Increase: 6.55 percentage points (from 27.33% in October 2023) - Monthly Change: 2.64% (up from 2.52% in September) Food Inflation - Current Rate: 39.16% (October 2024) - Previous Month: 33.77% (September 2024) - Year-over-Year Increase: 7.64 percentage points (from 31.52% in October 2023) - Monthly Change: 2.94% (up from 2.64% in September) Major Contributing Factors Primary Food Categories Driving Inflation 1. Cereals and Bread - Guinea corn - Rice - Maize grains 2. Tubers - Yam varieties (Water Yam, Coco Yam) 3.…

Saturday, 16 November 2024 05:03

NJC punishes Rivers, Anambra High Court judges, 3 others

The National Judicial Council (NJC) has suspended G. C Aguma of the High Court of Rivers State and A.O Nwabunike of the Anambra State High Court from performing judicial functions. They were both suspended for the period of one year without pay and placed on watch list for two years thereafter. The decision was taken at the 107th Meeting of the NJC chaired by the Chief Justice of Nigeria, Kudirat Kekere-Ekun on 13 and 14 November 2024. A total of five serving Judicial Officers were sanctioned for various acts of misconduct. The Council also recommended two Heads of Court for…

Friday, 15 November 2024 12:27

Supreme Court dismisses suit by 19 states against legality of EFCC, ICPC, others. Here’s what the landmark ruling means

Overview of the Ruling The Supreme Court of Nigeria has delivered a landmark judgment dismissing a challenge by 19 state governments against the constitutional validity of federal anti-corruption agencies - the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and Nigerian Financial Intelligence Unit (NFIU). Key Legal and Constitutional Issues The States' Arguments 1. Constitutional Challenge - The states argued that the establishment of these agencies violated Nigeria's federal structure - They cited a 2004 Supreme Court precedent requiring international conventions to receive majority approval from state assemblies - The argument centered on the UN Convention against…

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Friday, 15 November 2024 04:59

FG projects significant Budget increase to N47.9trn for 2025

The Federal Government of Nigeria has proposed a N47.9 trillion budget for 2025, marking a substantial increase from the N28.7 trillion approved for the 2024 fiscal year. During a press briefing following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu, the Minister of Budget and Economic Planning, Atiku Bagudu, unveiled the Medium-Term Expenditure Framework (MTEF) for 2025-2027. The new proposal represents a 67% increase from the 2024 budget, reflecting the government's expanded fiscal projections. Key parameters for the 2025 budget include a crude oil benchmark price of $75 per barrel and projected oil production of 2.06 million…

Thursday, 14 November 2024 04:47

Nigeria paid $3.5bn to service foreign debts in 9 months amid rising public debt - CBN

The federal government spent $3.57 billion servicing the country’s foreign debt in the first nine months of 2024. According to data obtained from the Central Bank of Nigeria (CBN) report on international payment statistics, the federal government debt service increased by 39.7 percent from the $2.56 billion spent during the same period in 2023. The data showed that the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.36 million, while the highest monthly expenditure in 2023 was $641.69 million recorded in July. A monthly breakdown of international debt figures for 2024 showed that in January, debt…

Thursday, 14 November 2024 04:45

NRC increases frequency for Abuja-Kaduna train services on weekdays

The Nigerian Railway Corporation (NRC) has announced an increase in its Abuja-Kaduna train services from four to six trips daily, running from Monday to Friday. This expansion is aimed at meeting the growing demand for train services on the route. The acting Managing Director of the NRC, Ben Iloanusi, confirmed the development in a statement issued on Wednesday in Lagos. The statement, signed by Yakub Mohmood, Deputy Director of Public Relations at the NRC, highlighted the corporation’s commitment to improving customer satisfaction and addressing complaints of ticket racketeering. “The Nigerian Railway Corporation (NRC) has increased the number of train services…

Wednesday, 13 November 2024 04:43

Nigeria’s airports, land borders remotely monitored from control center, Minister says

Olubunmi Tunji-Ojo, minister of interior, says the ministry’s command and control centre established to curb the illegal entry of foreigners into the country is fully active. Speaking on Tuesday during his appearance on Politics Today, a Channels Television programme, Tunji-Ojo said the centre has commenced 24-hour operation since Monday. On October 28, the minister said the federal government planned to establish a command and control centre to check irregular migration into the country. He noted that the centre would be responsible for the rigorous screening of individuals entering Nigeria via land borders. “We did the induction programme about two weeks…

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