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Monday, 29 May 2023 04:21

Reps concur with Senate, amend law to enable FG borrow more from CBN

House of Representatives has passed the amendment to the 2022 supplementary budget to extend its implementation to December 2023. The house, in an emergency session on Sunday, also passed the bill to amend the CBN act. Under the CBN act, the ways and means provision allows the government to borrow from the CBN to finance budget shortfalls. The amendment increases the CBN advances to the federal government from five percent to 15 percent. The bill, sponsored by Victor Nwokolo, chairman of the house committee on banking and finance, was passed for second reading on Thursday. During the emergency plenary, the…

Monday, 29 May 2023 04:18

After the ‘show’ in Abuja, Nigeria Air aircraft back in Ethiopia

Latest information on flight live tracker ‘flightrader24.com’ currently shows the Nigeria Air aircraft is back to Ethiopia where it was brought in from. As of Saturday evening, the flight tracker showed the aircraft was enroute Addis Ababa, approaching from Central African republic. Later on Saturday evening, the flight tracker read, “The flight with callsign ETH8950 is currently not tracked by Flightradar24. It’s either out of coverage or has already landed.” However on Sunday morning, the flight tracker showed the plane has landed at Ethiopia. BusinessDay’s had reported Hadi Sirika, the minister of aviation contacted Ethiopian airlines to provide an aircraft…

Sunday, 28 May 2023 04:30

Senate amends CBN Act to allow FG borrow more from CBN

Senate has amended the Central Bank of Nigeria (CBN) Act — increasing the “ways and means borrowing” threshold for the federal government. During an emergency session held on Saturday, the senate raised the limit from a 5 percent of revenue threshold to a maximum of 15 percent that the government can get from the CBN. Ways and means is a loan facility through which the CBN finances the government’s budget shortfalls. The facility allows the government to borrow from the apex bank if it needs short-term or emergency finance to fund important projects. According to Ibrahim Gobir, senate leader, the…

Saturday, 27 May 2023 04:39

First of 35 aircraft for Nigeria Air launches in Abuja

The federal government unveiled Nigeria Air, the national carrier, on Friday in the country’s capital city. The unveiling ceremony was held at the airline’s operation centre situated in the Nnamdi Azikiwe International Airport (NAIA), Abuja. Speaking at the event, Hadi Sirika, the minister of aviation, said partnership with the Ethiopian Airlines (ET) consortium, the preferred bidder for Nigeria Air, will connect the market of both countries. Sirika said a demonstration flight would commence soon as part of the procedure to commence operations fully. “This is one infrastructure that has been missing in general aviation in dynamics of the country; the…

Friday, 26 May 2023 04:40

Southern, Middle Belt leaders lament renewed killings; task judiciary on election petitions

Southern and Middle Belt Leaders (SMBLF), a coalition of pressure groups, says there are increased cases of killings and a rise in the cost of living in the country after the general election. In a communique issued after a meeting with various stakeholders from the regions, on Wednesday, the coalition expressed concerns over the rising insecurity in the country, noting that agencies and state governors were not showing commitment to addressing the challenge. “We express shock at the escalation of killings, pogroms, and total destruction of entire communities and means of livelihood in several targeted areas in select states since…

Friday, 26 May 2023 04:39

I knew next to nothing about education sector when Buhari appointed me Minister, Adamu confesses

Adamu Adamu, has confessed that he was a novice in education sector when President Muhammadu Buhari appointed him Minister of Education in 2015. Adamu, who is the longest serving minister, stated this at a valedictory session with officials and heads of parastatals of the Ministry on Thursday. He said he was forced to apply wisdom by appointing some professors of education and other good hands, with the help of the officials of the Federal Ministry of Education to enable him kick off and make progress. “I didn’t know anything about education sector when I was appointed Minister except superficially. But…

Friday, 26 May 2023 04:38

Buhari failed us, coalition of cattle herders says

Herders in the country have lamented that President Muhammadu Buhari failed them. The herders under the umbrella of the Coalition of Pastoralists Association of Nigeria said Buhari never had an engagement with herders since he took the oath of office. The Vice President, Tabital Pulaaku International, Nigeria Chapter, Auwal Gonga stated this while addressing journalists in Abuja on Thursday. Gonga was flanked by the National President, Miyetti Allah Cattle Breeders Association of Nigeria, Baba Ngelzarma, and President General, Fulbe Global Development and Right Initiatives, Salim Umar. He said, “He never engaged stakeholders. Even if he thinks he can’t engage us,…

Thursday, 25 May 2023 04:19

CBN raises rates against backdrop of rising inflation, slowed economic growth in Q1

Central Bank of Nigeria raised its main interest rate by another 50 basis points to 18.50% on Wednesday, and its governor promised to sustain rate hikes for as long as price pressures remained elevated in Africa's biggest economy. Inflation struck a more than 17-year high of 22.22% in April versus 22.04% in March, despite a CBN hiking cycle stretching back to May 2022. Including Wednesday's hike, the bank has now raised rates by 700 basis points. CBN Governor Godwin Emefiele told a news conference that the monetary policy committee saw the continued rise in inflation as still "the biggest challenge…

Thursday, 25 May 2023 04:18

‘I hope Daura won’t become too distant because I am no longer Mr President’, Buhari tells Ministers at valedictory FEC meeting

President Muhammadu Buhari has said he looks forward to welcoming ministers who would not see Daura, his hometown in Katsina, as a long distance after May 29. Speaking at a valedictory session of the Federal Executive Council (FEC) at the Presidential Villa in Abuja on Wednesday, Buhari said he would have enough time to tend to his cattle when his eight-year administration expires on May 29, 2023. He said he would be excited to devote time to many things he has not been able to do since he assumed office in 2015. “I also thank God for the strength and…

Wednesday, 24 May 2023 03:42

UK brushes aside WHO’s restrictions to recruit nurses from Nigeria, Ghana, others to fill hospital shortages

United Kingdom recruited a record number of international nurses in the last financial year to plug hospital staffing shortages, with as many as 10% coming from so-called "red-list" countries where health staff should not be actively recruited. Britain has long hired from abroad to staff its state-run National Health Service (NHS), and its vote to leave the European Union in 2016 meant the number of EU staff has dropped sharply in recent years. In the year to March, nearly half of the 52,148 nurses, midwives and nursing associates who joined the British register were internationally educated, according to the Nursing…

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Wednesday, 24 May 2023 03:41

‘if anybody with force moves’, Niger Republic will defend me - Buhari

President Muhammadu Buhari has boasted about his cordial relationship with neighbouring country Niger Republic. Buhari, whose tenure ends in six days, attributed his confidence in the country’s defence to the cordial relationship he enjoys with them. He said if Nigerians make the country difficult to live in after the handover ceremony scheduled for May 29, Niger will come to his aid. The president made this known during the inauguration of the N19.6 billion Nigeria Customs Service Corporate Headquarters in Abuja, on Tuesday. Buhari, during his speech at the inauguration ceremony, also noted that he plans on relocating to his country…

Tuesday, 23 May 2023 03:58

Dangote Refinery: Facts and technical details you need to know

Aliko Dangote, Africa’s richest person, announced the opening of a mega refinery in Nigeria — seven years late — to a backdrop of skepticism about how fast it will really be able to ramp up. President Muhammadu Buhari, who leaves office later this month after serving two four-year terms, performed a commissioning ceremony at the refinery, which is near Lagos. The plant is 20% owned by Nigeria National Petroleum Co., the state oil company. Dangote said the facility is aiming to satisfy the country’s domestic fuel demand by the end of this year. He didn’t immediately specify if he meant…

Monday, 22 May 2023 04:41

Resident doctors resume work after warning strike

Nigerian Association of Resident Doctors (NARD) has suspended its five-day warning strike. President of the association, Orji Emeka Innocent, announced on Sunday that the doctors would resume by 8am on Monday (today). The NARD president said, “progress made will be reviewed on 2nd June 2023 during the association’s general meeting where next line of action will be decided.” The association had embarked on the strike on Wednesday following the failure of the federal government to meet its demands. Before the strike, NARD had given the government a two-week ultimatum to meet its demands. Some of the association’s demands include an…

Monday, 22 May 2023 04:40

Only 30 percent of food exported from Nigeria gets accepted abroad - NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) says more than 70 percent of food exported from Nigeria are rejected abroad. Speaking at the official commissioning of the new NAFDAC office complex at the Murtala Muhammed International Airport in Lagos, Mojisola Adeyeye, the agency’s director-general, said the issue was causing huge financial losses to the exporters and the country at large. However, she said the incidence of rejection of food exports by other countries may soon become a thing of the past if collaboration between NAFDAC and other government agencies at the ports is strengthened. Adeyeye said along…

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