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Thursday, 11 July 2024 04:48

NERC stipulates sanctions against DisCos, tells Nigerians not to pay for transformers, cables, others

The Nigerian Electricity Regulatory Commission (NERC) has announced stringent sanctions against electricity distribution companies (DisCos) that fail to meet performance standards, while also warning consumers not to pay for electricity distribution infrastructure such as transformers, cables, and poles. In a recent order, NERC stated that it will reduce the administrative and operational expenditure of any DisCo that fails to offtake at least 95 percent of the total energy allocated to it for distribution. DisCos will be evaluated on seven key performance indicators, including energy off-take, revenue recovery rate, and compliance with customer service standards. Sanctions include a downward adjustment of…

Thursday, 11 July 2024 04:47

‘Nigerians are getting very, very angry. The govt isn’t doing anything about food scarcity’, Senate Chief Whip warns

Chief Whip of the Senate, Ali Ndume, has expressed concern that President Bola Tinubu is unaware of the widespread hunger affecting many Nigerians. Ndume, representing Borno South Senatorial District, claims that Tinubu has been "caged" within the Presidential Villa, with forces preventing meaningful discussions from reaching him. Speaking at a briefing with journalists at the National Assembly complex on Wednesday, Ndume stated, "Mr. President is not aware of what is happening outside the Villa. He has been fenced off and caged. Many of us will not go through the backdoor to engage him." Ndume criticized Tinubu's administration for its lack…

Thursday, 11 July 2024 04:45

#EndSARS: FG guilty of rights violation, ECOWAS court rules

The Economic Community of West African States (ECOWAS) community court of justice has found the federal government of Nigeria guilty of human rights abuses in its response to the #EndSARS protest in October 2020. The court ruled on Wednesday that the Nigerian government’s actions, particularly its disproportionate use of force at the Lekki Toll Gate in Lagos, breached several international human rights standards, including articles 1, 5, 6, 9, 10, and 11 of the African charter on human and peoples’ rights. The court mandates the Nigerian government to pay N2 million in compensation to each victim named in the suit.…

Wednesday, 10 July 2024 04:33

NNPC set to pledge more crude oil for fresh $2bn loan

NNPC is in talks for another oil-backed loan to boost its finances and allow investment in its business, its chief executive told Reuters, as pressure mounts on the state-backed oil company the economy depends upon. The Nigerian National Petroleum Corporation (NNPC), in which the government is the main stakeholder, aims to raise at least $2 billion, two sources familiar with the situation said. Its debts to gasoline suppliers have doubled in the last four months to hit $6 billion. Nigeria's government finances rely on the oil the NNPC exports and oil provides the bulk of crucial foreign exchange reserves. But…

Wednesday, 10 July 2024 04:31

‘The people are hungry and angry’, Senate says as Tinubu is warned of looming nationwide protests

The Senate has warned of imminent nationwide protests by Nigerians except the Federal Government immediately moves to address the acute food crisis in the country. It also revealed that the various Federal Government-owned food reserves across the country were empty, warning that Nigerians could no longer bear the acute hunger. The issues were raised when the Senate considered a motion tagged: “Urgent need to address food insecurity and market exploitation of consumables in Nigeria,” co-sponsored by Ali Ndume. Ndume in his argument, said beside Sudan, “in the North, we have started seeing hunger. People can’t go to the farm. Even…

Wednesday, 10 July 2024 04:29

Proceeds from 3 airports used to subsidize 19 others - FAAN

The Federal Airports Authority of Nigeria (FAAN) says only three of the 22 airports in Nigeria are profitable. Speaking on Channels television on Tuesday, Olubunmi Kuku, FAAN’s managing director, said several states in the north and south-west are developing new airports. She said the authority is cross-subsidising the other 19 airports and will continue to do so for some of the new airports being developed. “I started off by saying that we have 22 airports which we own and manage,” Kuku said. “We also have about six or seven airports that are either owned by state governments or private individuals…

Tuesday, 09 July 2024 04:46

FG borrowed N8.5trn from capital market in Half 1, 2024 - Report

In the first half of 2024, the Federal Government significantly ramped up its borrowings from the capital market, which stood at N8.48 trillion. This marks an 11.9% increase from the N7.58 trillion borrowed in the same period of 2023. According to Cordros Securities’ H2 2024 Outlook titled “Bridging Reforms to Recovery/Financial Market Review and Outlook,” the borrowings were divided between bond auctions and net treasury bills (NTBs) issuances. The report detailed that bond issuances amounted to N3.83 trillion, representing 69.7% of the volume borrowed throughout the 2023 fiscal year. Meanwhile, net primary market treasury issuances totaled N4.65 trillion, 122.9% higher…

Tuesday, 09 July 2024 04:45

FG approves food importation to address mass hunger

At a press briefing yesterday, the Minister of Agriculture and Food Security, Abubakar Kyari, unveiled a series of measures aimed at addressing the escalating food prices in Nigeria. These initiatives, set to be implemented over the next 180 days, are designed to stabilize the market and ensure food security for all Nigerians. 1. 150-Day Duty-Free Import Window for Food Commodities - The government will suspend duties, tariffs, and taxes for the importation of specific food commodities, including maize, husked brown rice, wheat, and cowpeas, through land and sea borders. - Imported food commodities will be subjected to a Recommended Retail…

Monday, 08 July 2024 04:54

Businesses in the informal market contribute over half of Nigeria’s GDP - Report

The Informal Economy Report 2024 has shown that only 1.3 per cent of Nigerian informal businesses reach over N2.5 million profit on a monthly basis. The report, which was compiled by financial technology provider, Moniepoint, revealed that the network of unregistered businesses, which contributed over half of the country’s GDP with teeming street vendors, artisans and service providers, appeared prosperous based on revenue figures. The report, which was launched over the weekend in Abuja, also showed that businesses in the informal market contributed over half of Nigeria’s GDP as 72.3 per cent of informal businesses surpassed the N1m mark in…

Sunday, 07 July 2024 04:50

Blackout as national grid collapses again, fourth this year

Nigeria’s electricity grid on Saturday collapsed yet again, throwing several cities into darkness. The latest collapse is coming months after the national grid collapsed in April. Confirming the collapse, the Abuja Electricity Distribution Company (AEDC) said the grid collapsed around 3:10 p.m. on Saturday affecting the power supply to its franchise areas. “Dear valued customers, please be informed that the power outage being experienced is due to a system failure from the national grid at 3:10 p.m. today, affecting the power supply to our franchise areas. “Rest assured, we are working with the relevant stakeholders to restore power as soon…

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Sunday, 07 July 2024 04:49

Niger, Mali, Burkina Faso rule out return to ECOWAS

Niger, Mali and Burkina Faso, three military-led West African states, signed a confederation treaty on Saturday, underscoring their determination to chart a joint course outside the regional political and economic bloc that has been urging them to return to democratic rule. The signing took place at the first summit of the Alliance of Sahel States (AES) and signals an ever-closer alignment between the neighbours in the insurgency-torn central Sahel. Juntas seized control in a series of coups in the three states in 2020-2023 and severed military and diplomatic ties with regional allies and Western powers. Niger's military leader Abdourahamane Tiani…

Saturday, 06 July 2024 04:40

82m Nigerians face prospects of hunger in coming years, UN warns

The United Nations has again predicted that 82 million Nigerians, may go hungry by 2030, calling on the government to tackle climate change, pest infestations, and other threats to agricultural productivity. The prediction comes in the wake of a persistent hike in food prices in the country. According to the National Bureau of Statistics, Nigeria’s food inflation rate hit a record high of 40.66 per cent in May 2024, surpassing the previous month’s 40.53 increase. This surge represents the largest year-on-year increase in food prices since records began in 1996. Historically, food inflation in Nigeria has averaged 13.42 per cent,…

Saturday, 06 July 2024 04:39

Queues for petrol in Abuja get longer as ex-depot price shoots above N700 per litre

Fresh queues for Premium Motor Spirit, popularly called petrol, surfaced in Abuja, parts of Niger and Nasarawa States on Friday, following the closure of many filling stations operated by independent marketers. Dealers closed their retail outlets due to their inability to access petrol as a result of the hike in the ex-depot price of the commodity to N710/litre by private depot owners. Motorists besieged the few stations that dispensed petrol on Friday, particularly those operated by the Nigerian National Petroleum Company Limited and some major oil marketers in Abuja and neighbouring states. This led to massive queues in outlets, such…

Friday, 05 July 2024 04:43

Petrol scarcity looms as international traders cease supply to Nigeria over $6bn debt

Nigeria's debt to petrol suppliers has surpassed $6 billion - doubling since early April - as state oil firm NNPC struggles to cover the gap between fixed pump prices and international fuel costs, six industry sources said. President Bola Tinubu announced an end to expensive fuel subsidies last year, allowing pump prices to triple. But state oil company NNPC capped pump prices shortly afterward as citizens chafed under rising cost of living. The cap, coupled with a naira crash, allowed the subsidy to creep back. Tinubu's government expects the subsidy to cost at least $3.7 billion this year. Analysts, NGOs…

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