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Tuesday, 03 December 2024 04:54

FG raises fresh $2.2bn loan via eurobond - DMO

The Debt Management Office (DMO) says Nigeria has raised $2.2 billion in the international capital market through its latest eurobond auction. The development comes two years after the federal government issued its last eurobond. In November, Wale Edun, minister of finance and coordinating minister of the economy, said approximately $1.7 billion is expected from a eurobond offer and $500 million from a sukuk financing to strengthen the country’s finances and support economic reforms. The sum is expected to be used to finance the N9.1 trillion deficit in the 2024 budget In a statement on Monday, DMO said it auctioned two…

Sunday, 01 December 2024 04:39

Nigerian Customs says studying Appeal Court judgement against it for imposing duty on personal items

The Nigeria Customs Service (NCS) says it is yet to obtain the full text of a recent judgement of the Court of Appeal’s ruling, which exempted personal items from import duty charges. According to the NCS in an X post on Thursday, the service will respond to the judgment in the coming days, after a thorough review of its content. “The service is yet to obtain the full judgement to enable her study and take the next line of action. In coming days, the service will respond accordingly after a careful study of the content of the judgement,” the NCS…

Sunday, 01 December 2024 04:38

‘Everything I told army during interrogation was leaked to suspected oil thieves’, media chief detained by Army says

‘Fisayo Soyombo, founder of the Foundation for Investigative Journalism (FIJ), says everything he told army personnel while he was being interrogated was leaked to suspected oil thieves. Soyombo spoke on Saturday when he appeared on Arise Television. The pioneer editor of TheCable was detained for three days by the 6 Division of the army in Port Harcourt, the Rivers state capital. He was released on Friday. Soyombo had said he was released because news of his arrest made it to social media. The FIJ founder said he does not trust any public institution in the country because of his experience…

Sunday, 01 December 2024 04:37

54 bodies recovered so far after Kogi boat accident - Official

No fewer than 54 bodies have been recovered from the boat accident involving about 200 traders in Kogi State. The figure was disclosed to our correspondent on Saturday by the Head of Operations covering Kogi State at the National Emergency Management Agency, Justin Uwazuruonye. Uwazuruonye said, “The figure of the recovered bodies as of today (Saturday), according to the Kogi State Emergency Management Agency, Red Cross, and NEMA is 54. They were recovered dead. “We tried to know if they could make the manifest available, but they said there was no manifest, and if there is no manifest, we can’t…

Saturday, 30 November 2024 05:02

P’Harcourt refinery stops operations 3 days after re-commission

The fanfare that greeted the resumption of activities at the Port Harcourt Refining Company on Tuesday may have melted away leaving the hope and expectations of many Nigerians hanging. A visit by Saturday PUNCH to the refinery on Friday revealed that there was no activity on site, as some workers met by our correspondent claimed that the refinery was undergoing calibration which might last till next week. The Port Harcourt Refinery has faced numerous delays and missed deadlines to resume operations. However, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, Melee Kyari, inaugurated the new plant…

Saturday, 30 November 2024 04:58

Tinubu’s Tax bills will take away North’s ability to survive - Borno gov

Governor Babagana Umara Zulum of Borno State has criticised the tax reform bills, saying it will drag the northern part of the country backward. The bills, transmitted to the National Assembly by President Bola Ahmed Tinubu in September, have faced stiff opposition, especially from the north, with stakeholders calling for its withdrawal. Daily Trust had reported how Northern governors, traditional rulers, and Northern Elders Forum rejected the proposed bills, saying they were not in the interest of the nation. However, despite protests and rejections of the pieces of the legislation, the Senate passed the bills for second reading on Thursday…

Saturday, 30 November 2024 04:57

TETFund suspends foreign scholarship for academics due to high costs, abscondment

The Tertiary Education Trust Fund (TETTFund) said it would from January 2025 halt its foreign scholarship funding for Nigerian academics under the TETFund Scholarship for Academic Staff (TSAS) scheme. The Fund disclosed the decision on Thursday in a statement by its spokesperson, Abdulmumin Oniyangi. Oniyangi noted that the suspension is in response to the “excessive cost” of training in foreign institutions as well as the “high rate of abscondment of foreign scholars”. The TETFund spokesperson said the board of trustees of the agency has approved the suspension. He added that the suspension is effective from 1 January 2025 with the…

Friday, 29 November 2024 04:33

Fewer than 200 Psychiatrists serve over 200m Nigerians – APN

The Association of Psychiatrists in Nigeria (APN) has raised concerns over the country’s severe shortage of mental health professionals, revealing that fewer than 200 psychiatrists are responsible for the mental well-being of Nigeria’s population of over 200 million. The APN President, Taiwo Obindo, a professor, highlighted this alarming disparity during the opening of the association’s 55th Annual General Conference and Scientific Meeting in Ilorin. The event, themed “Prioritising Mental Health Needs of Nigeria in a Depressed Economy: An Urgent Call for Integrated, Comprehensive, and Sustainable Interventions,” emphasized the critical state of mental health care in Nigeria. Obindo attributed the dwindling…

Friday, 29 November 2024 04:32

Amnesty International: 24 killed, 1,200 arrested during #EndBadGovernance protest

Amnesty International has reported that at least 24 protesters were killed and 1,200 others arrested during the recent #EndBadGovernance protests in Nigeria. The nationwide demonstrations, which lasted from August 1 to August 10, were driven by widespread frustration over the country’s economic hardship and governance issues. The protests, initially peaceful, turned violent in several regions, with security forces reportedly using teargas and live ammunition against demonstrators and journalists. Cases of looting and vandalism of both public and private property were also reported, particularly in some northern states. In a report titled “Bloody August: Nigerian Government’s Violent Crackdown on #EndBadGovernance Protests,”…

Friday, 29 November 2024 04:31

UK rakes in N40bn in visa fees from Nigeria in one year, The Cable analysis shows

The British government earned over N40 billion processing visas for Nigerian nationals between June 2023 to the same month in 2024. According to Marc Owen, director of visa, status and information services at UK visas and immigration, at least 225,000 UK visa applications from Nigeria were processed in the period under review. Owen spoke at the launch of Africa’s biggest UK visa application centre (VAC) in Lagos. “In the year to June 2024, we processed more than 225k UK visas for Nigerian nationals across all categories and this new partnership demonstrates our continued commitment to ensuring our visa services are…

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Wednesday, 27 November 2024 17:21

Obituary: Bene Madunagu, academic colossus, Marxist scholar and women’s rights activist, passes on @ 77

Professor Benedicta Madunagu, a pioneering feminist, revolutionary socialist, human rights activist, and distinguished botanist, passed away on November 26, 2024, in Calabar, Cross River State, Nigeria, at the age of 77. A lifelong committed revolutionary and scholar, Comrade Bene (as she was fondly called) was a prominent figure in the Nigerian Left, dedicated to social justice, gender empowerment, and progressive political transformation. She was a professor of Botany at the University of Calabar and co-founder of the influential Girls' Power Initiative (GPI), an organization committed to girls' and young women's empowerment. Born in Afaha-Essang, Akwa Ibom State, Professor Madunagu's academic…

Wednesday, 27 November 2024 04:56

NNPC announces restart of old Port Harcourt Refinery with production of 5 fuel types

The Nigerian National Petroleum Company (NNPC) Limited has reported that the rehabilitated old Port Harcourt refinery is now operating at 70% of its installed capacity, with plans to increase production to 90% in the near future. The refinery, which has a capacity of 60,000 barrels per stream day, has resumed operations after years of challenges and underwent significant repair work. NNPC began truck loading of petroleum products on Tuesday, 26 November, and is currently producing a range of daily outputs including: - 1.4 million litres of blended petrol - 900,000 litres of kerosene - 1.5 million litres of diesel -…

Tuesday, 26 November 2024 04:46

Nigeria's GDP grew 3.46% in Q3 2024, driven by services sector - NBS

The National Bureau of Statistics (NBS) reported on Monday that Nigeria's Gross Domestic Product (GDP) grew by 3.46% year-on-year in the third quarter of 2024, marking an improvement from the 2.54% recorded in the same quarter of 2023 and the 3.19% in the second quarter of 2024. The growth was primarily driven by the services sector, which recorded a 5.19% increase and contributed 53.58% to the aggregate GDP. Other sectors also showed positive momentum, with the agriculture sector growing by 1.14% and the industry sector expanding by 2.18%. The country's oil sector performed moderately, recording an average daily oil production…

Monday, 25 November 2024 04:11

NNPC’s claim of 1.8m bpd oil production in October not true, Regulator’s data shows

The latest data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Nigeria’s daily crude oil production has contradicted the claim by the Nigerian National Petroleum Company Limited (NNPC) that the country was producing 1.8 million barrels per day of crude oil and condensate.A THISDAY review of the delayed October production figures by the NUPRC, which is the oil and gas sector upstream regulator, indicated that Nigeria produced 1.538 million bpd of crude oil and condensate.The three-month low production data released by the NUPRC contradicted the report announced by the national oil company and the Ministry of Petroleum Resources (Oil),…

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