News

Saturday, 01 July 2023 03:12

FG opens land borders for vehicle importation

The federal government may have lifted the ban on importation of vehicles through the land borders, it has been revealed. The development is projected to revitalise economic activities within the corridor. It would be recalled that the last administration closed land borders between Nigeria and Cotonou, Benin Republic, and subsequently banned importation of vehicles through that axis. Director of Road Transport in the Ministry of Transportation, Ibrahim Musa, yesterday, however, disclosed that the federal government has approved the re-opening of the Seme border for the importation of vehicles. He disclosed this at the Economic Community of West African States (ECOWAS)…

Friday, 30 June 2023 03:03

If the Sprite you’re holding has manufacturing date of April 18, please don’t drink it - NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) has warned the public of a batch of “unwholesome” Sprite 50cl drink circulating in Nigeria. In a statement on Wednesday, the agency said the contaminated drinks have the batch number AZ6 22:32, manufacturing date of April 18, 2023 and an expiry date of April 4, 2024. NAFDAC said the product was discovered following a consumer complaint and upon investigation, over five crates of the batch were discovered to be contaminated with particles. “The affected batch of the unwholesome product has been sampled for laboratory analysis in the NAFDAC laboratory and…

Friday, 30 June 2023 03:02

Another 4m Nigerians pushed into poverty in Half 1, 2023 - World Bank

The World Bank has disclosed that no fewer than four million Nigerians were pushed into the poverty trap in the first six months of this year, with another 7.1 million more expected to join the conundrum if properly targeted measures are not taken to manage the impact of fuel subsidy removal. According to the Washington-based institution, “compensating transfers will be essential in helping to shield Nigerian households from the initial price impacts of the petrol subsidy reform.” It would be recalled that the National Bureau of Statistics last year reported that 133 million Nigerians were “multinationally poor”. The multilateral development…

Friday, 30 June 2023 03:00

JNI to Tinubu, others: Cut your extravagant lifestyles

Jama’atu Nasril Islam (JNI), the umbrella body of Muslims in Nigeria, has called on political leaders to cut their extravagant lifestyles and ease the sufferings of the masses. Speaking after observing the Eid al-Adha prayers at Dodan Barracks prayer ground in Lagos, President Bola Tinubu had said Nigerians must make sacrifices for the prosperity of the country. JNI, in a sallah message by Khalid Aliyu, its secretary-general, alleged that while the masses are making sacrifices to “keep the nation moving”, the leaders are living in affluence. “On this joyous occasion, JNI would like to extend its felicitations to the new…

Friday, 30 June 2023 02:53

US Supreme Court's two Black Justices clash over affirmative action ruling

When liberal Justice Ketanji Brown Jackson became the first Black woman to join the U.S. Supreme Court, she was expected to bring a different view on racial matters than Justice Clarence Thomas, its only other Black member and a staunch conservative. That dispute was front and center on Thursday when the two justices publicly battled in sharply worded, dueling opinions as the court, in a blockbuster decision, effectively ended affirmative action policies in which colleges and universities consider race as a factor in student admissions. Such policies have been used by many schools for decades to boost their numbers of…

Thursday, 29 June 2023 04:35

CBN issues guidelines for contactless payment transactions

Following the issuance of guidelines on contactless payments in the country, Central Bank of Nigeria (CBN) yesterday announced transaction limits above which verification and authorisation are required. CBN explained that the restrictions were put in place in view of the risks associated with contactless payment. As a result, the bank said the transaction limit for the payment innovation would be N15,000 while the daily cumulative limit was set at N50,000. The apex bank disclosed this in a circular dated June 27, 2023, and signed by CBN Director, Payment System Management Department, Musa Jimoh, that was addressed to banks and Other…

Wednesday, 28 June 2023 04:56

Currency In Circulation grew to N2.5tr May 2023 – Report

Data from the Central Bank of Nigeria (CBN) shows that the currency in circulation (CIC) reached a year high of N2.5 trillion in May 2023, up by 7.4% from N2.3 trillion in January 2023. The CIC comprises the currency outside the banking system and the vault cash of banks. According to the data, currency in circulation rose from N2.3 trillion to N2.5 trillion, the highest recorded in 2023, and since the Supreme Court reversed a CBN policy on new naira notes. Meanwhile, currency outside banks also rose to N2.1 trillion in May from N2 trillion at the end of April…

Wednesday, 28 June 2023 04:55

FG investigates latest Shell oil spill

Nigerian authorities have reported a new oil spill at a Shell facility in the Niger Delta, which they say has contaminated farmland and a river, disrupting livelihoods in fishing and farming communities. The spill came from the Trans-Niger Pipeline operated by the British multinational oil and gas company, which runs through communities in the Eleme area of Ogoni land in Rivers State, the National Oil Spill Detection and Response Agency (NOSDRA) told Associated Press. It was detected on June 11 and lasted for more than a week before bursting into the Okulu River, which connects to other rivers and eventually…

Tuesday, 27 June 2023 01:21

Electricity Distribution Company walks back tariff increase announcement

Abuja Electricity Distribution Company (AEDC) has appealed to its customers to disregard the planned tariff increase as approval for such an increment had not been received. AEDC management made the appeal in a statement on Monday in Abuja. “Please disregard the circulating communication, regarding the review of electricity tariffs. “Be informed that no approval for such increments has been received. We regret any inconvenience.” AEDC had earlier in a statement, said there would be an upward review of electricity tariffs from July 1. According to the statement, the tariff increase is influenced by the fluctuating exchange rate. “Effective July 1,…

Tuesday, 27 June 2023 01:20

Covid-19 vaccine scheme for poorest has $2.6bn left to spend as pandemic recedes

Several billions of dollars left in a scheme to deliver Covid-19 vaccines to the world’s poorest could be diverted to prepare for other pandemics or to support vaccine manufacturing in Africa, the scheme's partners said. The COVAX initiative, run by Gavi, the Vaccine Alliance, the World Health Organization (WHO), and the Coalition for Epidemic Preparedness Innovations (CEPI), has $2.6 billion left in its coffers as the emergency phase of the pandemic draws to a close, according to documents seen by Reuters and two sources close to the scheme. The initiative is set to wind up at the end of this…

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Tuesday, 27 June 2023 01:19

Sallah: FG declares Wednesday, Thursday public holidays

Federal government has declared Wednesday and Thursday, 28 and 29 June, public holidays to mark this year’s Eid-el-Kabir. Permanent Secretary in the Ministry of Interior, Oluwatoyin Akinlade, made the announcement in a statement on Monday. “The Federal Government has declared Wednesday June 28th and Thursday June 29th 2023 Public Holidays in commemoration of this year’s Eid-el-Kabir celebration and heartily felicitates with the Muslim Ummah at home and in the diaspora,” the official noted. The government urged Muslims and all Nigerians “to make sacrifices for the growth and development of our communities and our great country, Nigeria. “We are hopeful that…

Monday, 26 June 2023 01:43

CBN directs banks to demand customers’ Facebook, Twitter, other social media handles for account opening

Central Bank of Nigeria (CBN) has issued guidelines requiring banks to collect and verify social media handles as part of their know your customer (KYC) procedures. The apex bank issued the directive in its recently gazetted legislation titled ‘Customer Due Diligence Regulations 2023’. The bank said the objective of the regulation is to prevent financial crimes and terrorism while boosting the precision and thoroughness of customer identification. According to the CBN, financial institutions will be required to identify their customers, regardless of whether they are permanent or occasional clients. Under the new regulation, the apex bank listed the information banks…

Monday, 26 June 2023 01:42

Electricity Distribution Company announces ‘a significant increment’ in tariff from next week

Abuja Electricity Distribution Company (AEDC) has stated that electricity tariff across its franchise states will increase effectively from July 1, 2023. In a terse statement on Sunday, AEDC stated that the review was due to the fluctuation of the Naira in the exchange rate. The statement read: “Effective July 1st, 2023, please be informed that there will be an upward review to the electricity tariff influenced by the fluctuating exchange rate.” “Under the MYTO 2022 guidelines, the previously set exchange rate of N441/$1 may now be revised to approximately N750/$1 which will have an impact on the tariffs associated with…

Monday, 26 June 2023 01:41

Hajj 2023: 5 Nigerians die in Saudi Arabia – NAHCON

Five Nigerian pilgrims participating in the 2023 hajj have died in the course of the exercise, an official of the National Hajj Commission of Nigeria (NAHCON) has disclosed. Head of NAHCON medical team, Usman Galadima, disclosed this on Saturday during a meeting of the commission in Makkah, Saudi Arabia. Galadima, in his presentation, said Osun and Kaduna states recorded two deaths each, while Plateau State recorded one. To address the mortality rate, Galadima called for the strengthening of the pre-hajj medical screening of intending pilgrims. He added that there is a need to restrict those deemed to be “not fit…

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