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Tuesday, 27 August 2024 04:51

Nigeria’s GDP grew 3.19% in Q2 2024 - NBS

Nigeria’s Gross Domestic Product (GDP) grew while oil production dropped between the first and second quarters of 2024, according to official data. The GDP grew by 3.19 per cent year-on-year in real terms in the second quarter of 2024, the National Bureau of Statistics has said. The NBS said this growth rate is higher than the 2.51 per cent recorded in the second quarter of 2023 and higher than the 2.98 per cent growth in the first quarter of 2024. The statistics bureau said this in its “Nigerian Gross Domestic Product (GDP) Report Q2 2024” released on Monday. The report…

Tuesday, 27 August 2024 04:50

Nigeria’s average GDP growth rate remained negative since 2014 – Okonjo-Iweala

The Director General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has observed that Nigeria’s Gross Domestic Product (GDP) growth rate on average has been steadily declining since 2014, signalling a downturn in the economic well-being of the average Nigerian. Okonjo-Iweala, speaking at the annual General Conference of the Nigerian Bar Association (NBA) on Sunday, noted that the country’s economic fortunes experienced a reversal following the decade between 2000 and 2014, during which the average GDP growth rate was approximately 3.8%. According to the Director-General of the WTO, this consistent GDP growth outpaced the nation’s population growth, which was only…

Monday, 26 August 2024 04:38

FG expresses hopelessness in exceeding 1.7m bpd of crude oil for this key reason

The Federal Government has declared that the Nigerian National Petroleum Company Limited does not have the funds required to rebuild old pipelines. The Minister of State for Petroleum Resources, (Oil), Heineken Lokpobiri, stated this at the just concluded Energy and Labour Summit 2024 organised by the Petroleum and Natural Gas Senior Staff Association of Nigeria in Abuja. Lokpobiri, while speaking about the divestment of international oil companies and the need to ramp up production, emphasised that Nigeria also needs to repair its pipelines, which he said are old, corroded, and expired. He noted that even if the country can produce…

Monday, 26 August 2024 04:37

Public outrage over arrest of prominent journalist, Soyinka

Many Nigerians have condemned the early Sunday arrest of a journalist, Adejuwon Soyinka, at the Muhammed Murtala International Airport, Lagos, on his arrival from the United Kingdom. They also expressed worry over the growing trend of harassment of journalists in the country. SSS operatives arrested Soyinka at the airport on his arrival via a Virgin Atlantic flight. In a flood of reactions following story of the arrest on Sunday, many Nigerians spontaneously expressed their outrage about the arrest and detention. After being picked up at the airport, Soyinka was driven to the SSS headquarters annexe in Ikoyi, Lagos, and released…

Monday, 26 August 2024 04:34

Police accuse Shi’ites of killing 2 officers as IMN alleges several members killed by police

Members of the Islamic Movement of Nigeria (IMN), better known as Shi’ites, have clashed with the police in Abuja. The brawl occurred on Sunday at the Wuse area of the federal capital territory (FCT) during the Arba’een symbolic trek observed by IMN members. In a statement, Josephine Adeh, FCT police spokesperson, claimed members of the group attacked and killed two officers. The police spokesperson added that three officers were rushed to the hospital for medical attention after the incident. “The FCT police command wishes to confirm an unprovoked attack by the proscribed Islamic Movement of Nigeria, popularly known as the…

Sunday, 25 August 2024 04:03

Nigeria’s intelligence chief resigns

The Director General of the National Intelligence Agency, NIA, Ahmed Rufai Abubakar, has tendered his resignation to President Bola Tinubu after about seven years in the position. The action took many by surprise in a country where it is rare for public officials to resign from office.The NIA DG was appointed by former President Muhammadu Buhari. Speaking to journalists after tendering his resignation letter, last night, Abubakar said that the President had accepted the resignation, describing his action as a routine thing. He said, “It’s a routine thing, from time to time, to brief Mr. President on situations and issues.…

Saturday, 24 August 2024 04:52

Despite delivering the Uzodinma verdict that damaged Supreme Court’s reputation, new CJN Kekere-Ekun promises to restore public confidence in judiciary

Kudirat Kekere-Ekun was inaugurated on Friday as the acting Chief Justice of Nigeria (CJN), pledging to spearhead reforms to restore public confidence in the Nigerian judiciary. She disclosed the highlights of her agenda while speaking to journalists after her inauguration by President Bola Tinubu at the State House. Among other promises, Ms Kekere-Ekun expressed commitment to restoring public confidence in the judiciary, a goal she intends to achieve through collective efforts and collaboration with stakeholders. “We will make sure that people have more confidence in the judiciary, and I believe that it is not a one-man job. We all have…

Friday, 23 August 2024 04:52

FG laments as industries shun national grid after ‘Band A’ tariff hike

The Minister of Power, Adebayo Adelabu, has expressed concern over the increasing trend of bulk electricity consumers abandoning the national grid in favour of generating their own electricity. This comes in the wake of a controversial electricity tariff hike implemented last April, which saw rates increase by more than 200 percent for Band A consumers - those with 20 hours or more of daily power supply. Adelabu emphasized that grid connection remains a more reliable power source than the captive power plants currently favored by many bulk electricity consumers. He expressed frustration that despite achieving a record generation of 5,155MW,…

Friday, 23 August 2024 04:51

The Tinubus no longer have stakes in OVH which took over NNPCL retail, NNPCL replies Atiku

The Nigerian National Petroleum Company (NNPC) Limited says President Bola Tinubu and Wale Tinubu, chief executive officer (CEO) of Oando, do not have any interest in the OVH Energy acquisition. The NNPC was, however, silent on the allegation by Atiku Abubakar, former vice-president, that OVH Energy — previously owned by the national oil firm — has now acquired NNPC Retail. “This absurd situation means that Wale Tinubu’s Oando now owns 49% of NNPC retail,” Atiku had said. Stressing the growing lack of transparency in the state-owned oil company, the former vice-president also said the NNPC has been hijacked by “corporate…

Thursday, 22 August 2024 04:41

FG increases passport fees

The federal government has approved an upward review of the passport fees. This is contained in a statement by the Service Public Relations Officer (SPRO) of the Nigeria Immigration Service (NIS), Kenneth Udo, on Wednesday in Abuja. According to him, the new charges take effect from 1 September. “Based on the review, 32-page passport booklet with five year validity previously charged at N35,000 would now be N50,000 only. “The 64-page Passport booklet with 10-year validity, which was N70,000, would be N100,000 only.” However, the statement said the fees remain unchanged in for Nigerians in the Diaspora. “The Service regrets any…

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Wednesday, 21 August 2024 04:31

NNPC retail acquired OVH, but the bought company now runs the affairs of its buyer. Here are details of ‘the most ridiculous business acquisition in the world’

As Nigerians grapple with soaring petrol prices and widespread scarcity, the firm currently responsible for importing petrol into Nigeria has controversially changed its ownership. The downstream arm of the Nigerian National Petroleum Company Limited (NNPC Retail) officially no longer exists after it asked a court to transfer its ownership and properties to a firm it claimed to have bought. PREMIUM TIMES reported NNPCL’s controversial purchase of OVH Energy Marketing Limited and how the purchased company essentially took over the management of the buyer, which an NNPC insider described as “the most ridiculous business acquisition in the world.” NNPCL bought OVH…

Wednesday, 21 August 2024 04:30

US President Biden still using 34-year-old plane but Tinubu abandoned 19-year-old aircraft - Report

After weeks of silence, the Presidency unveiled the newly purchased Airbus A330, on Monday. Discussion about a new Presidential jet began after the problems encountered by the Boeing Business Jet (BBJ) acquired under former President Olusegun Obasanjo 19 years ago developed fault on separate trips to Saudi Arabia, The Netherlands and South Africa. President Bola Tinubu had to make use of chartered jet, a development the presidency described as embarrassing. As government officials argued for a new aircraft, the masses pushed back, saying that was not the priority given the widespread economic hardship and other problems confronting Nigeria. All attempts…

Wednesday, 21 August 2024 04:27

$150m jet: Presidency, NASS have become bandits against Nigerians – Oby Ezekwesili

Oby Ezekwesili, a former Minister of Education, has alleged that the presidency and the National Assembly have decided to be bandits against Nigerians. Ezekwesili stated this while commenting on the purchase of the new presidential aircraft during an interview on Channels TV’s Politics Today. She said that Nigerians were drifting into poverty every minute. Ezekwesili said, “That aircraft is 19-year-old. In everything that we have heard, they are trying to justify the purchase of the new aircraft. “The fellows dare to play with the intelligence of the public. The executive, the presidency, the National Assembly, I think they have decided…

Wednesday, 21 August 2024 04:24

UN sounds the alarm: Urgent action needed to save millions of Nigerian children from malnutrition

Urgent action is needed to save millions of children from malnutrition in north-east Nigeria, Mohamed Fall, Nigeria’s Resident Coordinator, United Nations Office for the Coordination of Humanitarian Affairs (UN-OCHA) has said. Fall made this known on Monday when he visited the Stabilisation Centre, a hospital dedicated to treating malnourished children, in Yola, Adamawa State, as part of activities to commemorate World Humanitarian Day (WHD2024). The theme of the 2024 celebration is #Act for Humanity. According to the UN-OCHA, 4.8 million people are projected to be food insecure during the lean season, with 230,000 children at risk of life-threatening severe acute…

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