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Sunday, 20 October 2024 04:58

National grid collapses again for the third time in one week. Here’s what to know

Nigeria faced yet another nationwide blackout on Saturday following the collapse of the national electricity grid. This marks the third collapse within a week, and the eighth recorded in 2024. Data from the Nigerian System Operator’s portal showed that the grid recorded zero megawatts (MW) as of 9:10 AM on October 19, disrupting electricity supply across the country. The Transmission Company of Nigeria (TCN) explained that the collapse was triggered by an explosion at the bus section of a current transformer at the 330-kilovolt (kV) Jebba transmission substation in Niger State. According to a statement by Ndidi Mbah, TCN’s General…

Saturday, 19 October 2024 04:28

Naira’s fall continues, reaches new low at parallel market

The Naira yesterday depreciated to N1,725 per dollar in the parallel market from N1,710 per dollar on Thursday. However, the Naira appreciated to N1,600.78 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM. Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,600.78 per dollar from N1,660.49 per dollar on Thursday, indicating N59.71 appreciation for the naira. The volume of dollars traded (turnover) in the official market grew by 6.2 per cent to $350.72 million from $330.18 million traded on Thursday. Vanguard

Friday, 18 October 2024 05:05

FAAC: FG, states, and LGs share N1.3trn for Sept

The Federal Accounts Allocation Committee (FAAC) has distributed N1.298 trillion to the federal government, states, and local government councils (LGCs) for September, 2024. This was disclosed in a communiqué issued after the FAAC’s October meeting, held in Abuja. Bawa Mokwa, the Director of Press and Public Relations at the Office of the Auditor-General of the Federation (OAGF), shared the details with journalists. According to the communiqué, the total distributable revenue of N1.298 trillion included N124.716 billion from statutory revenue and N543.518 billion from Value Added Tax (VAT). Additional sources of the distributable revenue were N18.445 billion from the Electronic Money…

Friday, 18 October 2024 04:54

FG receives 1m doses of malaria vaccine

The federal government on Thursday received one million doses of the R21/Matrix-M malaria vaccine donated by Gavi, the Vaccine Alliance. It is the first-ever malaria vaccine delivered to the federal government, ahead of the rollout in the country. Speaking during the handover ceremony in Abuja, the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate, said the arrival of the malaria vaccine was a monumental step in the country’s efforts to reduce malaria morbidity and mortality. He said, “With the support of UNICEF, Gavi, and WHO, we are on a path toward achieving our goal of a malaria-free Nigeria.”…

Friday, 18 October 2024 04:51

Nigeria achieves aviation milestone that’ll ‘boost flight frequency, expand serviced routes, lower ticket prices’ - FG

Festus Keyamo, minister of aviation and aerospace development, says Nigeria’s score on the Cape Town Convention (CTC) compliance index has been increased from 70.5 percent to 75.5 percent. The CTC compliance index monitors and assesses compliance by contracting states to the Convention on International Interests in Mobile Equipment and Aircraft Protocol (the CTC) with their respective undertakings. In a statement on Thursday by Tunde Moshood, Keyamo’s special adviser, the minister said the development marks Nigeria’s official removal from the aviation working group (AWG’s) watchlist of non-compliant countries. “Nigeria’s global aviation compliance score has seen a significant improvement following the signing…

Thursday, 17 October 2024 05:10

Nigeria, others may need 100 years to eradicate extreme poverty - World Bank

Low and medium countries across the world, which are battling extreme poverty including Nigeria, may need upward of 100 years to end the scourge, the World Bank has suggested. A person is defined as poor if he lives on less than N10,275 or $6.85 per day. However extreme poverty refers to those who live below $2.15 or N3,225 per day.The latest projections are contained in the ‘Poverty, Prosperity and Planet Report’, which offers the first post-Covid assessment of global progress toward ending poverty and increasing prosperity. The report also submitted that ending extreme poverty, which is prevalent in developing economies…

Wednesday, 16 October 2024 05:14

Nigeria’s inflation surged to 32.70% in September. Here’s what that means

Nigeria’s inflation rate climbed to 32.70% in September 2024, up from 32.15% in the previous month, according to the National Bureau of Statistics (NBS). The Consumer Price Index (CPI), which tracks changes in the prices of goods and services, revealed a 5.98% increase year-on-year, significantly higher than the 26.72% rate recorded in September 2023. The rise in inflation is largely attributed to higher prices across a range of items in the national goods and services basket compared to August 2024. Month-on-month, inflation edged up to 2.52%, compared to 2.22% in August. Food Inflation continues to be a major driver, surging…

Wednesday, 16 October 2024 05:13

World Bank says Naira among worst performing currencies in Africa. This is what to know

The naira has been listed as one of the worst-performing currencies in Sub-Saharan Africa in 2024, according to the latest Africa’s Pulsereport by the World Bank. As of August 2024, the naira had depreciated by approximately 43% year-to-date, placing it alongside the Ethiopian birr and South Sudanese pound as the region’s weakest currencies. Several factors contributed to the naira’s depreciation, including a surge in demand for U.S. dollars in the parallel market, limited inflows of foreign currency, and delays in foreign exchange disbursements by Nigeria’s central bank. These issues have persisted despite reforms in the foreign exchange market, such as…

Tuesday, 15 October 2024 04:50

National grid collapses yet again — sixth time in 2024

The national electricity grid collapsed on Monday, leading to a nationwide blackout. According to a statement on X by Abuja Electricity Distribution Company (AEDC), the national grid collapsed at 6:58pm. AEDC said a system failure at the national grid affected the power supply from its franchise area. “Please be informed that the power outage being experienced is due to a system failure from the national grid at 6:58pm today, affecting the power supply to our franchise areas,” the company said. “Rest assured, we are working with the relevant stakeholders to restore power as soon as the grid is stabilised. Thank…

Monday, 14 October 2024 04:43

N’assembly processing bill from Tinubu seeking to increase VAT from 7.5% to 10%

The national assembly is considering a bill proposing an increase in the value-added tax (VAT) from 7.5 percent to 10 percent. VAT refers to a consumption tax on goods and services levied at each stage of the supply chain where value is added. In the executive bill (that’s from the president) seen by TheCable on Sunday, the national assembly is seeking to raise the tax rate to 10 percent by 2025. The legislature also intends to increase the VAT to 12.5 percent by 2026 through 2029, according to the document. “VAT shall be charged on the value of all taxable…

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Sunday, 13 October 2024 04:51

Bill seeking establishment of Bola Tinubu University passes First Reading in House of Reps

Another university may be added to the pool of existing ones following the passage for first reading on Thursday, by the House of Representatives of a bill to establish the Bola Ahmed Tinubu Federal University of Nigerian Languages. The bill, sponsored by the Deputy Speaker, Benjamin Kalu, and eight others, is aimed at establishing a university for the promotion of the learning of Nigerian languages. Section II part I of the bill provides that the university when established shall, “Encourage the advancement of learning and to hold out to all persons without distinction of race, creed, sex or political conviction,…

Saturday, 12 October 2024 04:57

Govs agree to allocate 15% of annual budget to education as UN says one in three Nigerian children out of school

State governors have committed to setting aside 15 percent of their annual budgets to fund the education sector. The United Nations recommends that its member states earmark four to six percent of their GDP or 15 to 20 percent of public expenditure (annual budget) to fund education. Many coucuries, including Nigeria, have yet to reach this threshold. The Nigerian Governors Forum (NGF) hosted its first international conference on girl child education on October 10 and 11, 2024. At the the conference, 36 state governments committed to allocating at least 15 percent of their annual budgets to the education sector. AbdulRahman…

Friday, 11 October 2024 04:51

My husband not the cause of current hardship in Nigeria – Remi Tinubu

Oluremi Tinubu has said her husband, President Bola Tinubu, should not be blamed for the current economic hardship in Nigeria. Nigerians have been groaning under economic hardship since the removal of fuel subsidy which pushed the pump price of petrol from N198 to N1,030. Tinubu announced an end to subsidy during his inaugural address on May 29, 2023, saying the policy was standing in the way of Nigeria’s progress. But while speaking at the Palace of Ooni of Ife, Oba Adeyeye Ogunwusi, on Thursday, the First Lady said the Tinubu administration is still very young. The wife of the President…

Thursday, 10 October 2024 04:34

With the latest hike, petrol prices have risen 411% since Tinubu became president. This is what Nigerians are saying

It was anguish, yesterday, as the Nigerian National Petroleum Company Limited, NNPCL, raised the pump price of Premium Motor Spirit (PMS), also known as petrol, by 15 per cent across the country. The development confirmed earlier reports that plans were underway to fully deregulate the sector and that subsidy would no longer apply from this week. However, the complete deregulation effect, yesterday, pushed the price of the product to N1,030 per litre, from N897 per litre in Abuja, while the price rose to N998 per litre, from N855 per litre in Lagos. Checks by our correspondent indicated that the Dangote…

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