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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…

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),…

Saturday, 23 November 2024 04:38

Nigerians will have to pay for new National ID card for these 2 reasons, NIMC explains

The National Identity Management Commission (NIMC) says Nigerians will have to pay for the new multipurpose national identity card due to limited government revenue. Peter Iwegbu, head of card management services at NIMC, spoke on Thursday at a two-day press conference in Lagos. Iwegbu said paying for the identity card would ensure it is produced for only those who needed it. He said the decision was made to avoid repeating the mistake of past efforts to issue physical cards to Nigerians for free, which many did not collect. The NIMC official said over two million cards were produced in a…

Saturday, 23 November 2024 04:38

Supreme Court nullifies federal law regulating lottery and gaming, gives power to states assemblies

The supreme court has nullified the enforcement of provisions of the National Lottery Act 2005 in the 36 states of the federation. In a unanimous judgment delivered on Friday, the seven-member panel held that the national assembly lacks the powers to legislate on issues pertaining to lottery and gaming. In March 2005, former President Olusegun Obasanjo signed the national lottery bill into law. The legislation provides the framework for the operation of the national lottery and the establishment of the National Lottery Regulatory Commission. The commission is charged with regulating the business of lottery in Nigeria as well as establishing…

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Friday, 22 November 2024 04:40

Nigeria less stable now than when Tinubu took over, Africa Country Instability Risk Index Report shows

Nigeria has become less stable in the past year and can now be categorised as ‘vulnerable’ based on an instability risk index, according to a new report. SBM Intelligence, a pan-African think tank, ranked Nigeria as a ‘vulnerable’ country and one of the “biggest losers” in sub-Saharan Africa on its instability risk index. This was disclosed in its recent Africa Country Instability Risk Index (ACIRI) which assesses the political, economic and social factors frustrating stability in African countries. The report spotlighted 48 West, Central, East and Southern African countries. These countries, according to the report, “were grouped by region as…

Thursday, 21 November 2024 04:40

FAAC: FG, states, LGs share N1.41trn from October revenues

The Federation Account Allocation Committee (FAAC) announced on Wednesday that it distributed N1.41 trillion among federal, state, and local government levels in October 2024, representing a substantial increase of N113 billion from September's allocation. The total gross revenue for the month was N2.668 trillion, with the distributable revenue comprising various sources including statutory revenue, value-added tax (VAT), electronic money transfer levy, and exchange differences. Breakdown of the Allocation: - Federal Government: N433.021 billion - State Governments: N490.696 billion - Local Government Councils: N355.621 billion - Oil-Producing States: N132.404 billion (13% of mineral revenue) Key Revenue Highlights: - VAT increased by…

Wednesday, 20 November 2024 04:51

Tinubu plans to borrow additional N31trn in next 3 years, increasing Nigeria’s debt to N170trn by 2027. Here’s what that means

The Federal Government intends to dedicate a substantial portion of its budget to debt servicing from 2025 to 2027, exceeding the funds allocated for capital expenditures. This allocation is outlined in the recently approved 2025–2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper, which estimates debt servicing costs at N50.39 trillion over the three years, surpassing the N48.93 trillion set aside for capital projects. Key Metrics and Trends Debt Servicing vs Capital Expenditure - Total debt servicing (2025-2027): N50.39 trillion - Total capital expenditure (2025-2027): N48.93 trillion - Debt servicing growth: 26.7% (2025-2027) - Capital expenditure growth: 0.18% (2025-2027) Annual Breakdown…

Wednesday, 20 November 2024 04:49

Nigeria’s World Bank debt climbs to $17.1bn, ranks 3rd largest globally

As of September 30, 2024, Nigeria’s loan exposure to the World Bank’s International Development Association (IDA) reached $17.1 billion, making it the third-largest borrower from the institution. This marks a $600 million increase from the $16.5 billion reported at the end of June 2024, according to the IDA’s financial statement for September 2024. The IDA, a key World Bank arm that offers concessional loans and grants to the world’s poorest nations, provides these loans with low interest rates and long repayment terms. These loans are intended to support economic growth, reduce inequality, and improve living conditions in developing countries. Nigeria…

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