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Saturday, 08 July 2023 04:39

FG ‘spent 102% of its revenues on personnel costs, interest payments’ in 2022 - World Bank

Federal Government’s spending on personnel costs and debt servicing exceeded total revenues in 2022, the World Bank has stated. It disclosed this in the June 2023 edition of the Nigeria Development Update. According to the Washington-based bank, this was the first time the Federal Government’s personnel costs and debt servicing surpassed its total revenue. The bank added that as a result of this, spending on capital expenditures weakened. Personnel costs and interest payments on loans made up 59 per cent of the government’s total expenditures. The Federal Government spent 102 per cent of its revenues on personnel costs and interest…

Saturday, 08 July 2023 04:39

Diphtheria: FG confirms 80 deaths due to disease outbreak

Federal health authorities declared a diphtheria outbreak on Thursday, a month after the disease killed a four-year-old in the capital, Abuja. Multiple outbreaks have occurred across the country since late last year, with 798 confirmed cases reported as of June of this year, Nigeria Center for Disease Control and Prevention (NCDC) said in a statement. “So far, a total of 80 deaths have been recorded among all confirmed cases,” the NCDC stated. Diphtheria is a highly infectious disease caused by a toxin produced by bacteria that can lead to breathing difficulties, heart rhythm problems, and even death, according to the…

Friday, 07 July 2023 04:30

FG suspends new levy on imported vehicles, tax on single-use plastics

Federal government has suspended the import adjustment tax (IAT) imposed on certain vehicles. Dele Alake, special adviser to the president on special duties, communication and strategy, announced the development to journalists on Thursday at the presidential villa, Abuja. The IAT which was approved by former President Muhammadu Buhari took effect on June 1, 2023. Imported vehicles with 2 litres to 3.9 litres engines were required to pay an IAT equivalent to two percent of the value of the vehicle while vehicles with 4 litres engines and above attract IAT of 4 percent of their value. However, vehicles with engines below…

Friday, 07 July 2023 04:29

$2bn Kano-Niger Republic railway to span 400km, 100 bridges - Contractor

The $2 billion, about N1.54 trillion, Kano-Maradi railway line that links Nigeria and Niger Republic will have over 100 bridges and three side camps among other facilities when completed. The project which is currently being handled by MOTA-ENGIL NIGERIA is expected to be completed in three years. Speaking with media men at the Port & Cargo Terminal in Lagos, Nuno Colaco, the company’s logistics manager, explained that the project, expected to be delivered in three years, will have over 100 bridges and three side camps among other facilities of a modern railway line. Colaco revealed that about 100 kilometres of…

Thursday, 06 July 2023 04:34

Poverty spreads as prices of foodstuffs skyrocket nationwide

As the prices of essential food items continue to skyrocket, Nigerians face an uphill battle in their fight against poverty. The soaring food inflation has exacerbated the poverty situation in the country, leaving many struggling to meet their basic needs. According to data released by the National Bureau of Statistics (NBS), Nigerians faced higher food prices in May 2023. The survey, which includes staple food items like local rice, yam, tomato, bread, plantain, veggies, fish, beans, and others, was contained in the ‘Selected Food Prices Watch (May 2023)’ report released on Tuesday. According to the data, Nigerians paid an average…

Wednesday, 05 July 2023 04:37

Nigeria has most cryptocurrency awareness in the world - Report

Nigeria is leading the pack in terms of cryptocurrency awareness, a recent survey conducted by the private blockchain software company ConsenSys and YouGov has found. The study, which polled more than 15,158 people in 15 countries, showed that 92% of the world’s population are aware of cryptocurrencies, with some 99% of Nigerian respondents demonstrating awareness of crypto.Speaking to RT, crypto experts from the West African nation highlighted the misconception that Nigeria lacks technological prowess, saying the country has seen a remarkable increase in the exploration of the digital economy, a trend that is being embraced by both young and old…

Tuesday, 04 July 2023 04:56

FG empowers associations to collect VAT on petty purchases in markets nationwide

Federal Inland Revenue Service (FIRS) says it has partnered with the Market Traders Association of Nigeria (MATAN) for the easy collection of value-added tax (VAT) from its members — especially those in the informal sector. In a statement issued via its official Twitter handle on Monday, the agency said the collaboration, also known as the VAT direct initiative (VDI), would be done through the use of a unified systems technology. MATAN is the umbrella body for all trading associations in Nigeria founded in 1995. The group is the largest player in Nigeria’s market space with a membership of well over…

Tuesday, 04 July 2023 04:54

Housewives use garden egg, carrot for stew as tomato prices skyrocket

Some housewives in the Federal Capital Territory (FCT), Abuja, have stopped using tomatoes for stew and other sauces over rise in cost. The residents, who made this known in interviews with the News Agency of Nigeria(NAN), said they resorted to using garden eggplants and carrots for stew. They said garden egg, called ganyen gauta in Hausa, igba in Yoruba and anyara in Igbo, could blend very well with rice in the same manner as tomatoes. Others said they were exploring pumpkin, pawpaw or traditional soups like white soup and palm fruit soup popularly called banga in place of tomatoes stew.…

Tuesday, 04 July 2023 04:51

Asari Dokubo claims Buhari hired him to protect Abuja-Kaduna road

Militant leader, Asari Dokubo, has bragged that President Muhammadu Buhari hired him to protect the Abuja-Kaduna highway. The highway gained a reputation for being unsafe for travelers during the Buhari-led administration, due to frequent kidnappings and murders. But in the twilight of the immediate past government, reports of violence crashed significantly. When he visited President Bola Tinubu at Aso Rock last month, Dokubo had boasted that his men were the ones responsible for the stability being enjoyed on that axis. He had said: “There is a full-scale war going on and the blackmail of the Nigerian state by the Nigerian…

Monday, 03 July 2023 03:20

Thumbs up emoji constitutes acceptance of contract, court rules

The defendant in a recent case from the Court of King’s Bench for Saskatchewan, Western Canada, may well be giving a “thumbs down” after the judge concluded that a thumbs-up (????) emoji constituted acceptance of a contract to sell 87 metric tonnes of flax. On June 8, 2023, Justice T.J. Keene granted a summary judgment decisionin favour of grain buyer South West Terminal Ltd, writing, “There was a valid contract between the parties that the defendant breached by failing to deliver the flax.” He ordered seller Achter Land & Cattle Ltd. to pay damages of more than $82,000, representing the…

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Sunday, 02 July 2023 04:25

Know your rights according to NCC’s new guidelines to MTN, Glo, others

Nigerian Communications Commission (NCC) has empowered telecommunications companies (Telcos) to deactivate inactive subscribers on their networks after six months of inactivity. This is one of the high points of the new guidelines approved for Telcos by the NCC that would take effect any moment from now. According to the new guidelines, if the inactivity of a subscriber persists for another six months, the subscriber may lose the number, except for a network-related fault inhibiting an RGE. “A subscriber’s line may be deactivated if it has not been used, within six months, for a Revenue Generating Event (RGE), and if the…

Sunday, 02 July 2023 04:23

Twitter sets temporary reading limits to posts

Elon Musk is temporarily limiting the number of tweets people can read. Musk, who is the CTO and owner of Twitter, said Saturday the move was to address "extreme levels of data scrapping & system manipulation." The Tesla and SpaceX CEO tweeted that verified accounts would be able to read 10000 tweets a day and unverified accounts would be able to read 1000 tweets a day. Newly created unverified accounts will be limited to 500 tweets a day. Musk initially announced stricter limits, but he changed it within hours. He did not mention when the restriction would be lifted. The…

Saturday, 01 July 2023 03:16

New bulletproof SUV every 4 years, $20,000 annual medical care abroad, other benefits packaged for military chiefs retired by Tinubu

Chief of Defence Staff and service chiefs, who were retired by President Bola Tinubu, on Monday, June 19, 2023, are to get bulletproof Sport Utility Vehicles, personal aides, guards and other perks of office, including generous allowance for medical treatment abroad as retirement benefits. The affected senior military officers are the immediate past Chief of Defence Staff, Lucky Irabor; Chief of Army Staff, Faruk Yahaya; Chief of Naval Staff, Awwal Gambo; and Chief of Air Staff, Isiaka Amao. The Harmonised Terms and Conditions of Service for Officers of the Armed Forces of Nigeria 2017 (revised), which was exclusively obtained by…

Saturday, 01 July 2023 03:13

NPA to auction overtime cargoes to smoothen ports operations

Nigerian Ports Authority (NPA) says it has begun the evacuation of overtime cargoes to help decongest the ports. A cargo is classified as overtime if the importer does not clear it after 90 days — all overtime cargo are subject to seizure by customs. NPA said the activity is done to rid the ports of congestion and pave the way for efficient port operation. Josephine Moltok, general manager of corporate and strategic communications at the NPA, spoke on the need to evacuate overtime cargoes in a statement in Lagos. “Lagos and Tincan Island Port Complexes and the terminals therein including…

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