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Tuesday, 10 October 2023 04:49

‘Four months into Tinubu presidency, things are going awry’ - Financial Times

London-based Financial Times publication says there are signs of President Bola Tinubu’s economic reforms not going as planned. In an editorial, the publication noted that although Tinubu started well by removing fuel subsidy and moving towards a market-driven exchange, events in the past four months show that more work has to be done. “In removing a costly fuel subsidy and in shifting towards a market-driven exchange rate, which has sharply weakened a previously overvalued currency, he has gone some way towards persuading investors he is serious about reform. But four months into his presidency, there are signs of things going…

Tuesday, 10 October 2023 04:48

Tinubu’s son abuses public asset, flies presidential jet to watch polo - Premium Times

Seyi Tinubu, the son of President Bola Tinubu, was on Sunday flown to Kano in a presidential jet to watch the finals of this year’s edition of the Kano International Polo Tournament. Witnesses say the presidential jet conveying Seyi Tinubu and his friends landed in Kano around midday on Sunday. He was said to have been received at the airport by some officials of the presidency, the Kano State government and the Kano Polo Club. He was thereafter chauffeured to the Usman Dantata Polo Ground amidst tight security provided by gun-wielding detachments of the Nigeria Police Force and the State…

Tuesday, 10 October 2023 04:46

NNPC resumes monopoly over petrol importation

Nigeria's national oil firm NNPC Ltd has again become the sole importer of petrol because local private firms are unable to obtain foreign currency, its chief executive said on Monday, four months after imports were opened up to private players. Mele Kyari also said the government had not reintroduced a decades-old petrol subsidy scrapped at the end of May, despite concerns from investors of a de facto return as pump prices have not moved since July, despite a more than 30% rise in oil prices. Africa's largest oil exporter, Nigeria, imports nearly all its fuel as it does not refine…

Monday, 09 October 2023 05:17

‘Gone’ petrol subsidy right back - Report

Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has confirmed the return of fuel subsidy under President Bola Tinubu. Tinubu had announced the removal of fuel subsidy on his first day in office, leading to increase in fuel price from N197 to between N480 and N570, the pump price was subsequently reviewed upward to N620. However, there were reports that the price would go up as a result of fluctuation in the global oil market. There were reports that the federal government intervened to prevent further rise in pump price, but the government denied this. However, Daily Trust…

Monday, 09 October 2023 05:16

Sunday Igboho freed from Benin Republic, to return home

Yoruba nation agitator, Sunday Adeyemo, better known as Sunday Igboho, has regained his freedom from the Beninese authorities. The embattled agitator said on Sunday he was now legally free to leave Cotonou, capital of the Benin Republic, to Nigeria and other countries. “I am now free to return to Nigeria and visit any country in the world. I have fulfilled all the legal conditions attached to my bail a few years back and I am coming home to Nigeria, my country of origin, any moment from now. “I can confirm to you that I am now free to come back…

Monday, 09 October 2023 05:16

Chris Ogunbanjo died 2 months to 100th birthday. Here’s chronicle of the eventful life of a great Nigerian industrialist

Corporate Lawyer and industrialist, Christopher Oladipo Ogunbajo, is dead. He was aged 99. The late Ogunbanjo was born in 1923. He would have been 100 years old in December. Reputed for promoting and nurturing industrial ventures, the late industrialist, in the late 1960s, was among the group of businessmen who supported local equity participation in foreign firms operating in Nigeria. He was an early advocate of domiciliary accounts in Nigeria, which later came to existence through the promulgation of the Foreign Currency Decree 18 of 1985. He began his education at St Phillips Primary School, Aiyetoro, Ile-Ife before proceeding to…

Sunday, 08 October 2023 05:20

IPOB proposes separation talks with Nigerian state under UN supervision

Proscribed Indigenous People Of Biafra (IPOB) says it is ready to negotiate with the federal government over a peaceful separation of Biafra from Nigeria. IPOB is asking for a United Nations supervised referendum to extricate Biafra from Nigeria. Emma Powerful, IPOB spokesperson, announced the development in a statement on Saturday. Powerful said the agitation for a Biafra nation under IPOB began in 2012 without violence or criminality. He said IPOB has lost over 5,000 members and property worth over $1 billion as a result of the extreme use of force by Nigeria’s security agencies. “We the global family and movement…

Sunday, 08 October 2023 05:19

Nigeria lost 36% of electricity capacity under Buhari from level inherited from Jonathan - FG

Nigeria’s available power generation capacity has plunged by 2,324 megawatts due to deteriorating plants/units’ capacities and poor maintenance caused by liquidity challenges, among others, the Federal Government has said. It stated that though the country’s installed power generation capacity increased marginally, the quantum of available power crashed by over 2,300MW between 2015 and 2022. Muhammadu Buhari was Nigeria’s president during the period under review. Former President Buhari took over from Goodluck Jonathan who built the power capacity to the level bequeathed in 2015. An analysis of the latest 2022 Electricity Market Competition Report by The PUNCH on Friday, showed that…

Sunday, 08 October 2023 05:18

‘Croplands, valuable infrastructure at risk’ in 8 states as Cameroon dam releases water - FG

Director General, National Emergency Management Agency (NEMA), Mustapha Ahmed, has said that the recent release of water from the Cameroon Lagdo dam will cause more flood disasters downstream Nigerian states. The states to be affected are Taraba, Benue, Nasarawa, Kogi, Anambra, Edo, Delta and Bayelsa, with Adamawa already affected. Speaking on Saturday in Abuja during an emergency meeting with stakeholders in reaction to the flood disaster that affected Adamawa State from October 4, he said NEMA was alerted to the sudden increased inundation of riparian communities and farmlands along the banks of River Niger in Adamawa, Taraba and Benue states…

Sunday, 08 October 2023 05:17

80% of those being paid not working, FG alleges as N-Power is suspended

Over one million Nigerians have lost their jobs under the N-Power programme of the Federal Government following the indefinite suspension of the scheme by the government. The N-Power programme was established by the administration of former President Muhammadu Buhari to address youth unemployment as beneficiaries were paid N30,000 monthly stipend. It is a component of the National Social Investment Programme put in place by the previous administration through the on-boarding of 1.5 million unemployed Nigerian youths (mostly graduates), providing capacity building, targeted tenured employment and structured of-boarding unto various career paths. In February this year, figures obtained from the Humanitarian…

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Saturday, 07 October 2023 04:53

FG spent N912bn to service CBN Ways & Means advances in 3 months

Federal Government paid an interest of N912.32bn in the first quarter of 2023 on the loans it got from the Central Bank of Nigeria through Ways and Means Advances. This amount was stated in the Q1, 2023 Budget Implementation Report by the Budget Office of the Federation. The amount spent paying interest on this loan is 161.47 per cent higher than the N348.92bn spent in the same quarter of 2022. As earlier reported, the Federal Government planned to spend N1.2tn on servicing the loans it got from the CBN through the Ways and Means Advances. This meant that the government…

Saturday, 07 October 2023 04:46

World holds breath as Putin warns of nuclear armageddon with 'no chance of survival'

Vladimir Putin has made his heaviest nuclear threat yet, saying two systems are ready to be deployed. The Russian leader ranted and raved against the West on Thursday at a conference in Sochi, Russia. In his speech, he said his 'Satan-2' and 'Flying Chernobyl' missiles will be ready soon, and touted their destructive ability. Putin claimed Russia had "practically finished work on the modern strategic weapons that I have been talking about and I announced a few years ago". In the conference, Putin painted a grim portrait of Russia's nuclear arsenal. He said: "From the moment the launch of missiles…

Friday, 06 October 2023 04:30

Atiku lists 5 forgeries in Tinubu’s academic record released by CSU. Here are the discrepancies established in the president’s credentials

Kalu Kalu, one of the lawyers to Atiku Abubakar, the presidential candidate of the Peoples Democratic Party, says the legal battle in the United States has revealed sufficient discoveries to upturn the ruling of the Presidential Election Petition Tribunal at the Supreme Court. Kalu, during the press briefing held by Atiku on Thursdays in Abuja, said the legal team discovered five major discrepancies in the academic records of President Bola Tinubu during the deposition of the Registrar of Chicago State University (CSU), Caleb Westberg. The lawyer said the Atiku’s team was able to establish that Tinubu committed forgery, has dual…

Friday, 06 October 2023 04:28

Naira is Africa’s worst performing currency - World Bank

Nigerian naira has weakened by 40 percent since the mid June 2023 devaluation, making it one of the worst-performing currencies in Sub-Saharan Africa, the World Bank, has said. The World Bank said this in its report titled, “Africa’s Pulse: An analysis of issues shaping Africa’s economic future (October 2023 | Volume 28).” “So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.” “The weakening of the naira was triggered by the central bank’s decision to remove trading restrictions…

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