News

Tuesday, 19 November 2024 04:40

Nigeria's foreign debt payments more than double to N3.8trn

Nigeria's foreign debt servicing costs have more than doubled to N3.8 trillion in the first eight months of 2024, far exceeding the N1.83 trillion budgeted for the year, according to the government's latest fiscal framework report. The surge in foreign debt payments comes amid mixed revenue performance. While non-oil revenues exceeded targets, reaching N3.81 trillion (160.1% of target), oil revenues significantly underperformed, bringing in just N4.09 billion, or 75% of projections. Key findings from the 2025-2027 Medium Term Expenditure Framework: - Total debt servicing has consumed N5.51 trillion, representing 34.4% of the budget - Government revenue reached N12.74 trillion, achieving…

Tuesday, 19 November 2024 04:37

NCAA to impose fines for delayed luggage. This is how much you’ll be paid if your luggage doesn’t arrive with you

The Nigeria Civil Aviation Authority (NCAA) has announced it will take stringent action against airlines responsible for delayed passenger luggage. Starting with immediate effect, the NCAA will impose fines of $170 for international airlines and N10,000 for domestic carriers for luggage delays. The announcement follows a statement made by the NCAA in October in Abuja, where it clarified that passengers whose luggage is delayed on domestic flights can claim up to N10,000, while those on international flights can receive up to $1,000 or 1,288 Special Drawing Rights (SDRs) as compensation. During a roadshow at the Lagos airport on Monday, aimed…

Sunday, 17 November 2024 04:17

Obasanjo slams Tinubu’s leadership, declares Nigeria a failing State under state capture

Former President Olusegun Obasanjo has condemned the current state of Nigeria under President Bola Tinubu, describing the country as a “failing state” beset by widespread corruption, poor leadership, and insecurity. Speaking at the Chinua Achebe Leadership Forum at Yale University in New Haven, Connecticut, Obasanjo argued that Nigeria’s troubles are a direct result of the “immorality and corruption” permeating the nation, which he said is sinking deeper into chaos and underdevelopment. In his keynote address, titled “Leadership Failure and State Capture in Nigeria”, Obasanjo pointed to the leadership style of President Tinubu, who, during his campaign, popularized the slogan “Emilokan”,…

Saturday, 16 November 2024 05:04

Nigeria's inflation crisis deepens: This is what it was in October 2024

Key Findings Headline Inflation - Current Rate: 33.88% (October 2024) - Previous Month: 32.7% (September 2024) - Year-over-Year Increase: 6.55 percentage points (from 27.33% in October 2023) - Monthly Change: 2.64% (up from 2.52% in September) Food Inflation - Current Rate: 39.16% (October 2024) - Previous Month: 33.77% (September 2024) - Year-over-Year Increase: 7.64 percentage points (from 31.52% in October 2023) - Monthly Change: 2.94% (up from 2.64% in September) Major Contributing Factors Primary Food Categories Driving Inflation 1. Cereals and Bread - Guinea corn - Rice - Maize grains 2. Tubers - Yam varieties (Water Yam, Coco Yam) 3.…

Saturday, 16 November 2024 05:03

NJC punishes Rivers, Anambra High Court judges, 3 others

The National Judicial Council (NJC) has suspended G. C Aguma of the High Court of Rivers State and A.O Nwabunike of the Anambra State High Court from performing judicial functions. They were both suspended for the period of one year without pay and placed on watch list for two years thereafter. The decision was taken at the 107th Meeting of the NJC chaired by the Chief Justice of Nigeria, Kudirat Kekere-Ekun on 13 and 14 November 2024. A total of five serving Judicial Officers were sanctioned for various acts of misconduct. The Council also recommended two Heads of Court for…

Friday, 15 November 2024 12:27

Supreme Court dismisses suit by 19 states against legality of EFCC, ICPC, others. Here’s what the landmark ruling means

Overview of the Ruling The Supreme Court of Nigeria has delivered a landmark judgment dismissing a challenge by 19 state governments against the constitutional validity of federal anti-corruption agencies - the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), and Nigerian Financial Intelligence Unit (NFIU). Key Legal and Constitutional Issues The States' Arguments 1. Constitutional Challenge - The states argued that the establishment of these agencies violated Nigeria's federal structure - They cited a 2004 Supreme Court precedent requiring international conventions to receive majority approval from state assemblies - The argument centered on the UN Convention against…

Friday, 15 November 2024 04:59

FG projects significant Budget increase to N47.9trn for 2025

The Federal Government of Nigeria has proposed a N47.9 trillion budget for 2025, marking a substantial increase from the N28.7 trillion approved for the 2024 fiscal year. During a press briefing following the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu, the Minister of Budget and Economic Planning, Atiku Bagudu, unveiled the Medium-Term Expenditure Framework (MTEF) for 2025-2027. The new proposal represents a 67% increase from the 2024 budget, reflecting the government's expanded fiscal projections. Key parameters for the 2025 budget include a crude oil benchmark price of $75 per barrel and projected oil production of 2.06 million…

Thursday, 14 November 2024 04:47

Nigeria paid $3.5bn to service foreign debts in 9 months amid rising public debt - CBN

The federal government spent $3.57 billion servicing the country’s foreign debt in the first nine months of 2024. According to data obtained from the Central Bank of Nigeria (CBN) report on international payment statistics, the federal government debt service increased by 39.7 percent from the $2.56 billion spent during the same period in 2023. The data showed that the highest monthly debt servicing payment in 2024 occurred in May, amounting to $854.36 million, while the highest monthly expenditure in 2023 was $641.69 million recorded in July. A monthly breakdown of international debt figures for 2024 showed that in January, debt…

Thursday, 14 November 2024 04:45

NRC increases frequency for Abuja-Kaduna train services on weekdays

The Nigerian Railway Corporation (NRC) has announced an increase in its Abuja-Kaduna train services from four to six trips daily, running from Monday to Friday. This expansion is aimed at meeting the growing demand for train services on the route. The acting Managing Director of the NRC, Ben Iloanusi, confirmed the development in a statement issued on Wednesday in Lagos. The statement, signed by Yakub Mohmood, Deputy Director of Public Relations at the NRC, highlighted the corporation’s commitment to improving customer satisfaction and addressing complaints of ticket racketeering. “The Nigerian Railway Corporation (NRC) has increased the number of train services…

Wednesday, 13 November 2024 04:43

Nigeria’s airports, land borders remotely monitored from control center, Minister says

Olubunmi Tunji-Ojo, minister of interior, says the ministry’s command and control centre established to curb the illegal entry of foreigners into the country is fully active. Speaking on Tuesday during his appearance on Politics Today, a Channels Television programme, Tunji-Ojo said the centre has commenced 24-hour operation since Monday. On October 28, the minister said the federal government planned to establish a command and control centre to check irregular migration into the country. He noted that the centre would be responsible for the rigorous screening of individuals entering Nigeria via land borders. “We did the induction programme about two weeks…

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Wednesday, 13 November 2024 04:42

FG prohibits pilots from flying for multiple airlines

The The Nigeria Civil Aviation Authority (NCAA) has restricted licensed flight crew members from operating multiple airlines. NCAA issued the restriction, saying its findings shows that pilots and other crew members render services to different airlines. In a circular NCAA/DGCA/AOL dated November 6th 2024 and signed by the Ag. Director-General, Civil Aviation, Chris Najomo, declared the act as illegal. According to the circular, instances where pilots operate for more than one airline concurrently pose risk to safety. It said the licence issued to pilot or any member of the flight crew is operator-specific based on the approved Standards Operating Procedures…

Monday, 11 November 2024 04:22

While 2024 Budget projects deficit of 3.8% of GDP, FG’s spendings already doubled deficit to 7.6% by August - Report

Nigeria’s fiscal deficit continues to swell, with recent figures showing a budget deficit of 7.6% of GDP as of August 2024, outpacing the approved 3.8% target for the year. This was revealed in the personal statements of Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) members, who voiced concern over the growing gap between revenue generation and spending. At the start of 2024, the National Assembly approved a budget of N28.7 trillion with a revenue target of N19.5 trillion, leaving a budget deficit forecast of N9.1 trillion equivalent to about 3.8% of GDP. However, the deficit has surged well…

Monday, 11 November 2024 04:20

Tola Adeniyi sounds the alarm over ‘suspicious vaccination’ of Lagos school children

PRESS RELEASE My attention has just been drawn to a very saddening and worrisome development in Lagos State where some masked people were going about private schools inflicting five rounds of injections on underage children without parental consent. The US and its agents are notorious for spreading their LGBTQ+ and WOKE Agenda all over of Africa for the main purpose of killing off millions of Africans both male and female, young and old. A case in point is the visit of these masked individuals who were brought to the premises of Zrak Institute of Arabic Studies at Isheri Lagos and…

Sunday, 10 November 2024 04:37

After the N21bn on residence for the Vice President in Abuja, Tinubu lavishes N5bn to renovate VP’s Lagos house

Despite widespread economic hardship and soaring inflation across the country, the Federal Government has allocated N5 billion towards the renovation of the vice president’s official residence in Lagos State. In the N2.17tn supplementary budget passed in November 2023, the Federal Government had budgeted N3bn for the renovation of the vice president’s official residence in Lagos State and another N2.5bn for the renovation of his official residence located within the Aso Rock Villa in Abuja. However, checks by our correspondent using GovSpend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that a total of N5,034,077,063 was…

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