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Friday, 29 September 2023 05:03

FG declares Monday public holiday for Independence Day

Federal Government has declared Monday, October 2, as a public holiday in commemoration of the nation’s 63rd Independence Day celebration. The Minister of Interior, Olubunmi Tunji-Ojo, disclosed this in a statement on Thursday by the ministry’s Permanent Secretary, Oluwatoyin Akinlade. Tunji-Ojo assured Nigerians of the Federal Government’s continued commitment to surmounting the challenges facing the country. “It is today a known fact that difficult socioeconomic and security challenges are global and Nigeria is not isolated,” the minister said. He, however, said the government was daily making efforts to address “these varied and numerous challenges with all the might available until…

Thursday, 28 September 2023 04:36

Afrexim Bank searches for oil traders to lend $3bn to Nigeria in exchange for crude oil

Afrexim Bank is tapping oil traders to finance a $3 billion loan to Nigeria's state oil company that is central to the country's efforts to support the naira, three sources told Reuters. The currency hit an all-time low of 1,000 to the dollar on the black market on Tuesday. Afrexim approached traders in recent weeks seeking their interest in funding the oil-backed loan to state oil company NNPC LTD, the sources said. It is working to craft terms to offer to the trading houses. "There is a lot of interest, but they need to see terms," one oil executive close…

Thursday, 28 September 2023 04:34

Burkina Faso military govt says it foiled coup attempt

Burkina Faso's military junta said on Wednesday that a coup attempt had been thwarted the previous day by security and intelligence services, without providing specifics on what had happened. In a statement it said officers and others had plotted to destabilise the country with "the dark intention of attacking the institutions of the Republic and plunging our country in chaos." It did not identify anyone but said some arrests had been made and searches continued for others. "Investigations will help unmask the instigators of this plot," it said. The military prosecutor later said four people had been detained and two…

Wednesday, 27 September 2023 04:43

Naira falls to lowest rates ever, hits N1,000 to $1 at parallel market

Nigeria’s local currency, the naira, has set a new record, falling to its lowest against the dollar at the parallel market. Currency traders in Lagos, also known as Bureaux De Change operators (BDCs), quoted the naira at N1,000 to the greenback at the street market. The traders, on Tuesday, put the buying price of the dollar at N990 and the selling price at N1,000 — leaving a profit margin of N10 . The figure represents a depreciation of N7 or 0.7 percent from the N993/$ it traded on Monday. A BDC operator simply known as Atiku, in Ishaga, said he…

Wednesday, 27 September 2023 04:41

NLC, TUC announce indefinite strike over cost of living crisis

Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) of Nigeria have declared an indefinite strike, which will begin on October 3, 2023. NLC president Joe Ajaero and Festus Osifo, president of TUC, said this after their separate Emergency National Executive Council (INEC), meeting in Abuja on Tuesday. In a communique read by the two Presidents, the indefinite strike was due to the alleged insensitivity of the government to the sufferings of Nigerians as a result of the removal of petrol subsidy. Also, the decision to go on the indefinite strike was reached due to the continuous demonstration of…

Tuesday, 26 September 2023 05:00

Fire at Supreme Court didn’t affect presidential election appeals, spokesman assures

Director of Press and Information of the Supreme Court, Festus Akande, has said the fire incident that gutted part of the court’s building did not affect the presidential election petition tribunal. Fire engulfed some sections of the apex court in the Federal Capital Territory on Monday. The incident was put under control by the police and firefighters. Speaking with journalists, Akande said only one chamber of the Supreme Court was affected by the fire, which was subsequently doused. Akande said, “What was destroyed in that chamber were books, stationery, and other computer gadgets. The books are replaceable because we have…

Tuesday, 26 September 2023 04:59

FG declares public holiday for Eil-Ul-Maulid

Federal Government has declared Wednesday, September 27, 2023 as public holiday in commemoration of Eil-ul- Maulid celebration. The celebration signifies the birth of the Holy Prophet Muhammad (SAW). In a statement which the Permanent Secretary of the Ministry, Oluwatoyin Akinlade, issued on his behalf, Minister of Interior, Olubunmi Tunji-Ojo, congratulated Muslims for witnessing this year’s occasion. He also admonished them to imbibe the spirit of love, patience, tolerance and perseverance which are deep spiritual virtues that the Holy Prophet Muhammad (peace be upon him ) exemplified. The statement partly read, “The Minister congratulates all Muslim faithful both home and in…

Monday, 25 September 2023 05:01

CBN defaults on $10bn debt to commercial banks amid worsening dollar scarcity

Over two weeks after the Central Bank of Nigeria promised to clear over $10bn foreign exchange debts owed Deposit Money Bank, the apex bank has yet to do so. This came as the naira was sold between 990/$ and 995/$ by Bureau De Change operators on Friday and Saturday in Lagos, Abuja and Kano. On the Investor & Exporter forex window, the naira however appreciated to 747.76/$ on Friday, from 772.98/$ on Thursday. The immediate past acting CBN Governor, Folashodun Shonubi, on September 6, 2023, said the apex bank had concluded negotiation on dollar debts with commercial banks, disclosing that…

Monday, 25 September 2023 04:58

40m children living in extremely poor families in Nigeria - World Bank

Forty million children are living in extremely poor households, the World Bank has disclosed. The bank noted that most children in extreme poverty lived in middle-income countries, with the total number of poor children amounting to 179.4 million. It said, “Economies by income: In absolute numbers, most children living in extreme poverty live in middle-income countries, 179.4 million children (14.9 per cent in lower middle and 2.2 percent in upper middle income in extreme poverty) – including 52.2 million children in India (11.5 per cent) and 40 million children in Nigeria (37.9 per cent) living in extremely poor households.” World…

Monday, 25 September 2023 04:56

France to pull troops, recall ambassador out of Niger following coup, says Macron

France is to end its military cooperation with Niger and withdraw its 1,500 troops tasked with battling Islamist rebels in the Sahel region following a July coup in the West African country, French President Emmanuel Macron said on Sunday. Macron said the troops would pull out by the end of the year, a move that deals a hammer blow to France's counter-terrorism operations in the Sahel and France's influence in the region. Nonetheless, Macron said France, the former colonial power in Niger, would "not be held hostage by the putchists" who he has refused to recognise as the legitimate authority…

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Sunday, 24 September 2023 04:40

NLC mobilises members for nationwide strike as ultimatum to FG over welfare expires

State chapters and affiliate unions of the Nigeria Labour Congress are already gearing up for a possible declaration of a nationwide strike following the expiration of a 21-day ultimatum given the Federal Government to provide palliatives to cushion the pains associated with the recent fuel subsidy removal. The organised labour had earlier embarked on a two-day warning strike to press home its demands. After the warning strike, the NLC gave the government a 21-day ultimatum within which to meet its demands. With the expiration of the ultimatum on Friday, NLC has scheduled an emergency meeting of its National Executive Council…

Sunday, 24 September 2023 04:39

Protests rock Ghana over high costs of living

Hundreds of demonstrators gathered in the Ghanaian capital Accra on Saturday for a third day of anti-government protests linked to economic hardship that have led to dozens of arrests. Protesters, some waving placards or the Ghanaian flag, decried the high cost of living and a lack of jobs as they marched under the watch of riot police. The gold-, oil- and cocoa-producing nation has been battling its worst economic crisis in a generation brought on by spiralling public debt. "The average Ghanaian can't afford three square meals (per day) ... the government doesn't care," said 24-year-old unemployed protester Romeo, who…

Sunday, 24 September 2023 04:38

US warns citizens against traveling to these 18 states in Nigeria over heightened insecurity

The US Department of State has advised Americans to reconsider travelling to Nigeria “due to crime, terrorism, civil unrest, kidnapping, and armed gangs.”Following its travel advisory update done on Wednesday, the US noted that some areas “have increased risk”. It advised its citizens against travelling to Borno, Yobe, Kogi, and Adamawa states due to terrorism and kidnapping; Bauchi, Gombe, Kaduna, Kano, Katsina, Sokoto, and Zamfara states due to kidnapping; Abia, Anambra, Bayelsa, Delta, Enugu, Imo, and Rivers states (with the exception of Port Harcourt) due to crime, kidnapping, and armed gangs. It further noted that “violent crime – such as…

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…

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