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Saturday, 19 March 2022 06:04

Xi urges US, NATO to talk with Russia, opposes indiscriminate sanctions

Chinese President Xi Jinping encouraged the US and NATO to have conversations with Russia to solve the problems behind the Ukraine crisis, and expressed opposition to indiscriminate sanctions, during his video meeting with US President Joe Biden on Friday. The Ukraine crisis is not something we want to see, and the events again show that countries should not come to the point of meeting on the battlefield. Conflict and confrontation are not in anyone's interest, and peace and security are what the international community should treasure the most, Xi said. After Biden said the US does not seek a new…

Friday, 18 March 2022 06:28

Nigeria’s debt approaches N40trn as FG, states borrowed N6.6trn in 2021 - DMO

Debt Management Office (DMO) says Nigeria’s total public debt stock climbed to N39.556 trillion in 2021 against N32.915 trillion in the previous year. Patience Oniha, director-general of DMO, said this on Thursday at a media briefing in Abuja. Oniha said the total debt includes new borrowings by the federal government and the sub-nationals. She added that the amount helped in financing the budget deficit, capital projects and support economic recovery. “Nigeria’s total public debt as at December 31, 2021, was N39.556 trillion or $95.779 billion. The amount represents the total external and domestic debts of the Federal Government of Nigeria…

Friday, 18 March 2022 06:27

FG raises another $1.25bn through Eurobonds

Nigeria has raised a $1.250billion seven-year Eurobond in the International Capital Market (ICM). Debt Management Office (DMO) announced in a statement Thursday night that the Eurobond offer was launched at an initial price of 8.75 per cent per annum, adding that on the back of strong investor demand, Nigeria was able to revise the price guidance to 8.5 per cent per annum. According to the DMO, the Order Book continued to grow, reaching a peak of $4 billion. The Order Book included many quality investors in the United States, Europe and Asia. “With this strong investor interest, the price was…

Friday, 18 March 2022 06:26

Soludo makes first appointments, promises to nominate Commissioners within one week

Less than six hours after his inauguration as the sixth Governor of Anambra, Charles Soludo has announced the appointment of three persons into his administration. The statement containing the new appointments was released to reporters by Soludo’s media aide, Joe Anatune, on Thursday in Awka. The statement announced the appointment of Osita Chukwulobelu, a professor, as Secretary to the State Government (SSG) and Chukwudi Okoli as the Accountant General, while Chinedu Nwoye has been appointed as the deputy chief of staff/state chief of protocol. Soludo, a former governor of Central Bank of Nigeria, was sworn-in earlier on Thursday in a…

Friday, 18 March 2022 06:24

What to know after Day 22 of Russia-Ukraine war

Russian forces largely bogged down outside major cities in Ukraine have turned to shelling them from a distance, including dozens of confirmed attacks on health facilities during the war that on Thursday entered its fourth week. A Russian airstrike before dawn Thursday killed 21 people and destroyed a school and community center in Merefa, near the northeast city of Kharkiv, officials said. Foreign ministers of the Group of Seven leading economies said in a joint statement that Russian President Vladimir Putin is conducting an “unprovoked and shameful war.” The fighting has led more than 3 million people to flee Ukraine,…

Friday, 18 March 2022 06:22

Russia to United States: We have the might to put you in your place

Russia warned the United States on Thursday that Moscow had the might to put the world’s pre-eminent superpower in its place and accused the West of stoking a wild Russophobic plot to tear Russia apart. Dmitry Medvedev, who served as president from 2008 to 2012 and is now deputy secretary of Russia’s Security Council, said the United States had stoked “disgusting” Russophobia in an attempt to force Russia to its knees. “It will not work - Russia has the might to put all of our brash enemies in their place,” Medvedev said. Since Russia invaded Ukraine on Feb. 24, the…

Thursday, 17 March 2022 06:17

FG confirms electricity tariff hike as subsidy removed

Nigerian Electricity Regulatory Commission on Wednesday declared that subsidy on power amounting to about N600bn during some period had now been stopped by the Federal Government. It also revealed that electricity tariffs were raised in February this year, and was quick to, however, state that the tariff payable by some customers in the franchise area of one of the distribution companies was reduced. This came as power generation companies condemned Nigerian Bulk Electricity Trading company, stating that NBET was failing in its obligations in terms of payment for power generated by the Gencos. Speaking at a press briefing in Abuja…

Thursday, 17 March 2022 06:14

UK clarifies statement on visa applications in Nigeria

The United Kingdom has said it never suspended student, work and family visas in Nigeria. The British High Commission, in a statement yesterday, said the clarification became necessary as a result of reports circulating in the Nigerian media and online that the UK has suspended student, work and family visas for Nigerian applicants. “This is not true. It is still possible to apply for any category of UK visa in the usual way on gov.uk and via our Visa Applications Centres (VAC) in Nigeria. “Our VACs remain open and customers are welcome to apply for a standard visa of any…

Thursday, 17 March 2022 06:13

What to know after Day 21 of Russia-Ukraine war

Ten people were killed while standing in line for bread in the northern city of Chernihiv, the Ukrainian General Prosecutor’s Office said. Satellite images from the Maxar space technology company showed Russian self-propelled artillery and multiple-rocket launchers deployed on the outskirts of Chernihiv, their barrels and tubes aimed at the city. Ukrainian Foreign Minister Dmytro Kuleba said on Twitter that the attack on the theater in Mariupol is a “horrendous war crime.” Maxar’s satellite imagery from Monday showed the word “children” written in large white letters in Russian in front of and behind the building. The Russian defense ministry denied…

Thursday, 17 March 2022 06:12

Putin says Russia will achieve goals in Ukraine, won't bow to West

President Vladimir Putin said on Wednesday that Russia would achieve its goals in Ukraine and would not submit to what he called a Western attempt to achieve global dominance and dismember Russia. Putin said Russia was ready to discuss neutral status for Ukraine, three weeks into a war that has killed thousands of people and forced millions of Ukrainians to flee their homes. He said that what Russia calls its special military operation was “going to plan”. In a televised speech to government ministers, Putin went further than before in acknowledging the pain that Western sanctions were inflicting on the…

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Thursday, 17 March 2022 06:11

Russian negotiator says Ukraine proposed to become Swedish version of demilitarized state

Kiev is proposing that Ukraine become a Swedish or Austrian version of a demilitarized state that has its own armed forces, said Kremlin Aide Vladimir Medinsky, who leads Russia’s delegation at the talks. "The preservation and development of Ukraine’s neutral status, a demilitarization of Ukraine, a whole range of issues related to the size of the Ukrainian armed forces are being discussed," he said. "Ukraine is proposing the Austrian, Swedish versions of a neutral demilitarized state, which is a state that has an army and a navy." "All these issues are being discussed at the level of the leadership of…

Thursday, 17 March 2022 06:09

US ‘capitalizes on wars’ to boost arms sales globally - Report

The US greatly increased its arms exports in the past five years despite the downward trend of the global arms trade, the latest report by the Stockholm International Peace Research Institute (SIPRI) has revealed. This shows US arms firms and some politicians took advantage of wars to become rich, analysts said. Arms exports by the US grew by 14 per cent between 2012-16 and 2017-21, increasing its global share from 32 per cent to 39 per cent, the SIPRI said in a press release on Monday. US arms exports in 2017-21 more than doubled those of the second largest exporter,…

Wednesday, 16 March 2022 06:19

FG to tap eurobond cash, more local borrowings for fuel subsidy as oil prices rise

Nigeria plans to tap 2 billion euros ($2.2 billion) this month or next of the money it raised in a eurobond sale last year and target more local borrowing in 2022 to help fund its costly petrol subsidies as oil prices rise, Finance Minister Zainab Ahmed told Reuters. Ahmed said the country will not tap the eurobond market this year. "Rising oil prices has put us in a very precarious position ... because we import refined products ... and it means that our subsidy cost is really increasing," she said on the sidelines of an Arab-African conference in Cairo. Nigeria's…

Wednesday, 16 March 2022 06:17

National power grid collapses second time in less than 48 hours

The national electricity grid suffered a system collapse on Tuesday — the second incident within two days. The grid had collapsed on Monday at 10:40am leading to power outage across the country. In a message to its customers, Ikeja Electric said the grid collapsed at about 5:10pm on Tuesday. “This is to inform you that the outage you are currently experiencing is due to the system collapse on the national grid which occured today at 17:10hrs and this has affected the Transmission Stations within our networks,” the message, which was posted on Twitter, reads. “Kindly bear with us as we…

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