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Saturday, 16 September 2023 04:27

Nigeria’s inflation surges past 18-year high on food, energy prices

Nigeria’s inflation rate jumped to a more than 18-year high on rising energy and food prices, increasing the odds of a rate hike this month. Consumer prices climbed an annual 25.8% in August, compared with 24.1% the previous month, according to data published on the National Bureau of Statistics’ website on Friday. That’s the highest level since August 2005 and above the 25% median estimate of eight economists in a Bloomberg survey. Monthly inflation soared to a 15-year high of 3.2%. The uptick was broad-based. Annual food inflation quickened to 29% in August from 27% a month earlier and core…

Saturday, 16 September 2023 04:26

Tinubu appoints another ex-commissioner when Lagos gov as new CBN gov

President Bola Tinubu has approved the nomination Olayemi Cardoso to serve as the new Governor of the Central Bank of Nigeria (CBN), for a term of five (5) years at the first instance, pending his confirmation by the Senate. The approval, according to Tinubu, is in conformity with Section 8 (1) of the Central Bank of Nigeria Act, 2007, which vests in the President of the Federal Republic of Nigeria, the authority to appoint the Governor and Four Deputy Governors for the Central Bank of Nigeria (CBN), subject to confirmation by the Senate of the Federal Republic of Nigeria. The…

Saturday, 16 September 2023 04:25

It’s a lie, visa ban on Nigerians not lifted, UAE Official tells CNN

A United Arab Emirates (UAE) official has contradicted the claim by President Bola Tinubu that it has lifted the visa ban imposed on Nigerian travellers. According to CNN, the official from the Gulf state disclosed this in a chat. “There are no changes on the Nigeria/UAE travel status so far,” the source asked not to be named was quoted to have said. Presidential spokesman, Ajuri Ngelale, had claimed that the visa ban was lifted after Tinubu met with Sheik Mohamed bin Zayed Al Nahyan, his UAE counterpart, on Monday. Tinubu proceeded to Abu Dahbi, UAE capital, from India, where he…

Saturday, 16 September 2023 04:24

UK hikes costs of student’s visa, others by between 286 and 667 percent

Visit visa to the United Kingdom for less than six months will now cost £115 (about N111,878.28 ) as opposed to £15 (14,592.70) effective October 4, the UK Home Office has announced. This translates to about 667 per cent increment. Student visa fee has also been increased from £127 (N123,537.58) to £490 (N476,677.59); representing a 286 per cent increment. The increase, the government said, would enable it to pay for ‘vital services and allow more funding to be prioritised for public sector pay rises’, adding that the review would take effect on October 4. The UK government made this known…

Friday, 15 September 2023 04:49

Nigeria’s public debt exceeds projections, hits N87tn - DMO

Debt Management Office has said Nigeria’s total public debt hit N87.38tn at the end of the second quarter of 2023. The figure represents an increase of 75.29 per cent or N37.53tn compared to N49.85tn recorded at the end of March 2023. The DMO in a report on Thursday said the debt includes the N22.71tn Ways and Means Advances of the Central Bank of Nigeria to the Federal Government. The DMO stated, “Nigeria’s total public debt stock as at June 30, 2023, was N87.38tn ($113.42bn). It comprises the total domestic and external debts of the Federal Government of Nigeria, the thirty-six…

Friday, 15 September 2023 04:48

FG’s GDP growth goals hinge on one crucial factor, experts say

Nigeria, among Africa’s largest producers of crude oil, will need to raise production by at least 300,000 to 400,000 barrels a day to meet President Bola Tinubu’s target of achieving 6% economic growth from next year. That’s according to Bank of America sub-Saharan Africa Economist Tatonga Rusike, who said that restoring crude output to levels last achieved in 2014 could prove tough. “The target is ambitious as long as we continue to see oil production below 1.3 million barrels a day,” he said in an interview this week, noting that the revenue generated by Nigerian oil provides an important economic…

Friday, 15 September 2023 04:47

Tinubu removes FIRS boss, appoints Adedeji as replacement

President Bola Tinubu has approved the appointment of Zacch Adedeji as the new acting executive chairman of the Federal Inland Revenue Service (FIRS). Tinubu also directed Muhammad Nami, the current FIRS chairman, to proceed on three months of pre-retirement leave, as provisioned by Public Service Rule (PSR) 120243, with immediate effect. The leave would lead to Nami’s eventual retirement from service on December 8, 2023, according to a statement on Thursday, by Ajuri Ngelale, special adviser to the president on media and publicity. Ngelale said Adedeji’s appointment, according to directives of the president, takes immediate effect. “Zacch Adedeji is hereby…

Friday, 15 September 2023 04:46

Minister contradicts Tinubu’s spokesperson, says no timeframe on resumption of Emirate flights

Federal Government, on Thursday, said there was no timeframe for resumption of Emirates and Etihad flights that were put on hold amid the diplomatic row between Nigeria and the United Arabs Emirates (UAE). After a meeting between President Bola Tinubu and his UAE counterpart, Mohamed bin Zayed Al Nahyan, on Monday in Abu Dhabi, Ajuri Ngelale, Presidential spokesman, had said both leaders reached a historic agreement, which resulted in the immediate cessation of the visa ban placed on Nigerian travelers. He added that both Etihad Airlines and Emirates Airlines were to immediately resume flight schedules into and out of Nigeria,…

Friday, 15 September 2023 04:45

FG explains reason for national power grid collapse

Federal government says the collapse of the national grid was caused by a fire outbreak on the Kainji/Jebba 330 kilovolt (kV) line. On Thursday, in a series of posts on X, Adebayo Adelabu, minister of power, said the fire led to about 356.63MW generation loss. Yesterday, the national grid suffered a total system collapse — the first in more than a year. Giving updates, Adebulu said the fire has been fully arrested “and over half of the connections are now up and the rest will be fully restored in no time”. “At 00:35Hrs this morning, Fire outbreak with explosion sound…

Thursday, 14 September 2023 04:45

NIMC moved to Ministry of Interior to expedite passport issuance

The federal government has moved the National Identity Management Commission (NIMC) to the Ministry of Interior as part of efforts to resolve issues around passport processing in the country. On assumption of office, Minister of Interior, Olubunmi Tunji-Ojo, promised to work towards having the NIMC in the ministry for proper coordination of identity data of Nigerians. This process is now being accelerated in line with President Bola Tinubu’s administration’s directive to remove all impediments and bottlenecks from obtaining passports. The National Identity Number (NIN), domiciled in NIMC, is one of the major conditions for obtaining of International Passports. NIMC was…

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Thursday, 14 September 2023 04:44

Lagos-Ibadan cargo rail service kicks off

Saidu Alkali, the minister of transportation, has inaugurated cargo movement on the single-gauge rail (SGR) from the Apapa port to Ibadan. Alkali inaugurated the project during his first official tour of the Lagos-Ibadan rail corridor on Tuesday. The minister kicked off the tour at the Ebute Meta station before proceeding to Apapa for the launch, and then to Ibadan over the 157-kilometer rail track. Alkali flagged off the freight train loaded with 30 wagons (containers) to Ibadan from the Apapa Port Complex. WE’VE ALWAYS CLAMOURED FOR DIFFERENT MODES OF CARGO Reacting to the development, the Nigerian Ports Authority (NPA) in…

Wednesday, 13 September 2023 04:58

Experts, scholars condemn resurgence of military takeovers in Africa

Experts and scholars rose from a roundtable conference in Ibadan on Tuesday in strong condemnation of the resurgence of military coup d'etat in the West African sub region and called for urgent and incisive actions and measures to check the disturbing contagion. Led by legal luminary and Vice Chancellor, Kola Daisi University, Ibadan, Adeniyi Olatunbosun, the multidisciplinary brain trust described the seizure of power by the military as illegal and unjustified even in spite of shortcomings of democratic government. The phenomenon which used to be a feature of the 60s and 70s, they noted, only upset the constitutional order with…

Wednesday, 13 September 2023 04:57

2,300 dead, 10,000 missing in Libya floods

A frenetic search for survivors — or bodies — ensued in eastern Libya on Tuesday after a Mediterranean storm lashed the OPEC member’s shores, with dams collapsing and triggering floods that killed at least 2,300, almost all in one city. The International Red Cross said at least 10,000 more were missing. The health minister of the divided North African nation’s eastern-based government, Othman Abdel-Jaleel, said 700 people from Derna had so far been identified and buried, and more than 6,000 remained unaccounted for, according to al-Masar TV. Separately, the western-based government in Tripoli said the overall toll in Derna was…

Tuesday, 12 September 2023 04:57

UAE lifts visa ban on Nigerians; Emirates, Etihad airlines resume operations - Presidency

United Arab Emirates (UAE) has lifted its visa ban imposed on Nigerian travellers. The decision was reached after President Bola Tinubu met with Mohamed bin Zayed Al Nahyan, UAE president, in Abu Dhabi, on Monday. Ajuri Ngelale, the presidential spokesperson, said in a statement that Etihad Airlines and Emirates Airlines are to “immediately resume flight schedules into and out of Nigeria without any further delay”. “As negotiated between the two heads of state, this immediate restoration of flight activity, through these two airlines and between the two countries, does not involve any immediate payment by the Nigerian government,” the statement…

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