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Friday, 03 January 2025 05:16

FG borrowings push money supply up 51% despite CBN’s tightening measures

Despite the Central Bank of Nigeria’s (CBN) efforts to curb liquidity through tightening measures, the country’s Broad Money Supply (M2) surged by 51% year-on-year (YoY) to ₦108.96 trillion in November 2024, according to the apex bank’s latest report. The increase was primarily driven by rising domestic borrowings by the Federal Government, the CBN stated. Broad Money Supply (M2) encompasses the total money in circulation, including cash and various non-cash components such as savings deposits and time deposits. The CBN’s Money and Credit Statistics revealed that M2 grew sharply from ₦72.03 trillion in November 2023. This growth was consistent for six…

Thursday, 02 January 2025 04:22

TUC, NLC slam Tinubu for ‘doubling down’ on economic policies that cause hardship in the country

Nigeria’s labour unions have intensified their criticism of the Federal Government’s policies, highlighting their adverse impact on citizens and calling for urgent economic reforms to address inflation, high exchange rates, and declining living standards. Trade Union Congress (TUC) President Festus Osifo, during an interview on Channels TV, accused President Bola Tinubu of doubling down on policies that have worsened economic challenges. He noted that while the president’s recent media chat aimed to inspire hope, the government has failed to implement actionable strategies to mitigate inflation and stimulate economic growth. “Our inflation analysts have repeatedly linked current economic hardships to some…

Wednesday, 01 January 2025 05:18

FG to mandate low-carbon emissions and renewable energy plans for oil licences

Starting Wednesday, Nigeria will require applicants for oil licences and permits to demonstrate plans for low carbon emissions and renewable energy integration before approvals are granted, according to Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The new policy aligns with Nigeria’s commitment to achieving net-zero carbon emissions by 2060. To support this initiative, the NUPRC has introduced the Upstream Petroleum Decarbonisation Template (UPDT), which provides guidelines for applicants. Komolafe stated that enforcement of the new requirements will begin on January 1, 2025, encompassing all upstream sector approvals, including divestments. “This initiative deepens our efforts…

Wednesday, 01 January 2025 05:16

Ivory Coast says French troops to leave country

Ivory Coast has announced that French troops will withdraw from the West African nation, further reducing the military influence of the former colonial power in the region. In an end-of-year address, Ivory Coast's President, Alassane Ouattara, said the move was a reflection of the modernisation of the country's armed forces. Separately, Senegal, which last month announced France would have to close its military bases on its territory, confirmed the withdrawal would be completed by the end of 2025. Ivory Coast is home to the biggest remaining contingent of French troops in West Africa. There are some 600 French military personnel…

Tuesday, 31 December 2024 04:24

Nigeria's Money Supply surges as Currency in Circulation hits record high amid cash squeeze

Nigeria's Broad Money Supply (M2) increased significantly by 51 percent year-on-year to N108.96 trillion in November 2024, while currency in circulation reached an all-time high of N4.8 trillion, according to the latest Central Bank of Nigeria (CBN) Money and Credit Statistics. The substantial increase in M2, which represents cash, demand deposits, savings deposits, and other monetary instruments, reflects the government's high domestic borrowing. The data showed that credit to the government surged by 54 percent year-on-year to N39.6 trillion in November 2024 from N25.7 trillion in November 2023, while credit to the private sector rose by 27 percent to N75.96…

Tuesday, 31 December 2024 04:22

NNPCL announces restart of Warri Refinery after one decade of inactivity

The Nigerian National Petroleum Company Limited (NNPCL) has announced the partial resumption of operations at the Warri Refining and Petrochemical Company (WRPC), marking a milestone in Nigeria’s efforts to revive its local refining capacity. The refinery, which had been dormant since 2015 due to prolonged repairs, began refining crude oil last Saturday at its Area 1 plant. This development follows the recent commencement of operations at the Port Harcourt Refinery’s 60,000-barrel-per-day facility, signaling progress in the country’s push to reduce dependence on imported petroleum products. NNPCL Group Chief Executive Officer, Mele Kyari, disclosed the resumption during a tour of the…

Monday, 30 December 2024 04:05

$1.5bn disbursement shoots Nigeria’s loan exposure to World Bank to $6.95bn within 18 months

The World Bank has fully disbursed a $1.5 billion loan to Nigeria in record time, following the government's implementation of major economic reforms. The loan, part of the Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing initiative, was released in two tranches within six months of approval. Key Details: - First tranche: $750 million (IDA credit) - 12-year maturity, 6-year grace period - Second tranche: $750 million (IBRD loan) - 24-year maturity, 11-year grace period - Approval date: June 13, 2024 - First disbursement: July 2, 2024 - Second disbursement: November 2024 The rapid disbursement was triggered…

Monday, 30 December 2024 04:04

‘Nigeria didn’t happen to me because Nigerians united to advocate for my freedom’ - Dele Farotimi

Nigerian human rights lawyer and activist Dele Farotimi has credited the collective voices of Nigerians for his release after a 20-day detention in Ekiti State. Farotimi was held on charges of criminal defamation and cybercrime, stemming from allegations he made against senior lawyer Afe Babalola in his book, Nigeria and Its Criminal Justice System. Farotimi, who was granted bail of N30 million and released on December 24, expressed profound gratitude to Nigerians for rallying behind him. In a heartfelt social media video titled The Walk to Freedom, he broke down in tears as he recounted how the support of a…

Monday, 30 December 2024 04:01

Jimmy Carter, the peanut farmer who became US president, has died at 100

Jimmy Carter, the peanut farmer who won the presidency in the wake of the Watergate scandal and Vietnam War, endured humbling defeat after one tumultuous term and then redefined life after the White House as a global humanitarian, has died. He was 100 years old. The longest-lived American president died on Sunday, roughly 22 months after entering hospice care, at his home in the small town of Plains, Georgia, where he and his wife, Rosalynn, who died at 96 in November 2023, spent most of their lives, The Carter Center said. “Our founder, former U.S. President Jimmy Carter, passed away…

Sunday, 29 December 2024 04:58

‘Should I say my last words? - passenger says in text message to a relative as 62 die in South Korea plane crash

At least 62 people were killed when an airliner veered off the runway and erupted into a fireball as it slammed into a wall at South Korea's Muan International Airport on Sunday, the national fire agency said. Two people were rescued, the agency said. The crash occurred as Jeju Air flight 7C2216, carrying 175 passengers and six crew on a flight from the Thai capital Bangkok, was landing shortly after 9 a.m. (0000 GMT) at the airport in the south of the country, South Korea's transport ministry said. The ministry did not confirm the reports of casualties. At least 58…

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Saturday, 28 December 2024 04:34

NCAA: Domestic airlines cancelled 190 flights, delayed over 5,200 in 2 months

The Nigeria Civil Aviation Authority (NCAA) has revealed that 190 flights were cancelled and 5,225 delayed across domestic airlines in September and October 2024. Chris Najomo, the acting director-general of the NCAA, disclosed these figures on Friday during an engagement session with airline operators in Lagos. Najomo expressed concern over the growing frequency of flight disruptions, emphasizing the need for better management to minimize inconvenience to passengers. “Delays and cancellations are sometimes unavoidable, but poor management of these disruptions is not,” Najomo stated. He urged airlines to handle operational, technical, and weather-related challenges professionally, particularly during the harmattan season when…

Thursday, 26 December 2024 04:48

Kukah blames FG for stampedes, cites failure to address hunger

In his Christmas message, the Catholic Bishop of Sokoto Diocese, Matthew Kukah, has criticized the federal government for its failure to address the widespread hunger and economic hardship that have led to deadly stampedes in several parts of the country. The tragic incidents, which occurred last week during food palliative distributions in Oyo, Anambra, and the Federal Capital Territory (FCT), resulted in the deaths of at least 67 people. Bishop Kukah described these tragedies as a symbol of the desperation many Nigerians are experiencing due to the government’s inability to respond effectively to the country’s deepening hunger crisis. “The tragedies…

Thursday, 26 December 2024 04:47

Deadly airstrike in Sokoto: Fighter jet bombs villages, military denies targeting civilians

A tragic airstrike on Wednesday morning has left several villagers feared dead in two communities in Silame Local Government Area of Sokoto State. Fighter jets, reportedly targeting terrorists from the Lakurawa group, bombed the villages of Gidan Sama and Rumtuwa, situated near the Surame Forest—an area known to be a stronghold for bandits and terrorists. Local residents have claimed that over 10 villagers were killed and many others injured when bombs dropped on the peaceful communities at around 7am. One villager, who survived the attack, described the scene as one of chaos, with innocent people, many of whom had no…

Wednesday, 25 December 2024 04:51

Global Christmas celebrations subdued amid economic hardship and conflicts

Christmas celebrations across the globe have taken on a more somber tone this year, with Nigeria particularly hard hit by economic challenges that have dampened the festive spirit. In Nigeria, where inflation has reached a 28-year high of 34.6%, markets that typically bustle with holiday shoppers are unusually quiet. Traders across major cities including Lagos, Abuja, and Kano report dramatically reduced sales as food prices have skyrocketed. A bag of rice that cost N41,000 last year now sells for N90,000, while a basket of tomatoes has surged from N20,000 to as high as N70,000. "We are not happy about the…

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