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Nigeria’s foreign exchange reserves have fallen by $1.8bn in 10 weeks, according to data from the Central Bank of Nigeria. As of May 29, 2024, the country’s FX reserves were $32.69bn, down from $34.44bn as of March 18. This decline signifies a drop from the $36.1bn recorded in May 2023. The reserves have been declining steadily over the past few months, with a total decrease of $3.4bn since February 2024. Experts believe that the decline in FX reserves is attributed to a combination of factors, including debt repayment, a significant decline in oil exports, a decrease in foreign investment, and…
In the wake of the Central Bank of Nigeria (CBN) revoking Heritage Bank's operating license, the Nigeria Deposit Insurance Corporation (NDIC) has announced measures to ensure depositors receive their funds. The NDIC assured depositors they would be compensated up to N5 million using their Bank Verification Number (BVN) to identify alternate accounts within the banking system. Bashir Nuhu, the NDIC’s spokesperson, stated on Monday that depositors with alternate bank accounts will receive payments up to the insured amount of N5 million. The BVN system will facilitate a smooth and efficient transfer of funds, aiming to protect depositors and maintain confidence…
The Federal Government borrowed N20.1 trillion from domestic investors in the first year of President Bola Tinubu’s administration, representing a year-on-year YoY increase of 117 per cent from former President Muhammadu Buhari’s last year in office, prompting concerns over the impact on the economy including likely additional pressure on inflation, increased debt service cost and higher borrowing cost from businesses. Analysts noted that the sharp increase in Federal Government’s borrowing has the potential to compound the historic high inflationary trend in the country which may lead to further interest rate hikes by the Central Bank of Nigeria, CBN and by…
Poverty and staggering debt remain the albatross on the shoulders of the federal government, 36 States and the Federal Capital Territory (FCT) and the 774 Local Government Areas, despite sharing a whopping N17.9 trillion as the cumulative Federal Account Allocation Committee (FAAC) revenue under President Bola Tinubu. The figure, which is the highest by the Nigerian government in history, represents a 42.6 per cent surge when compared to N12.56 trillion it was a year earlier. The increase sprang from the removal of petrol subsidy which freed more funds for monthly FAAC payouts. The revelation came from a recent FAAC report…
The Organised Labour said it has mobilised for full implementation of its indefinite nationwide strike over electricity tariff increase and new minimum wage for workers. NLC spokesperson, Benson Upah, told Daily Sun that a strike strategy meeting was held over the weekend to ensure that all affiliates and states were fully involved in the industrial action. “Mobilisation is very high,” he said. On whether key sectors would be affected, the spokesperson replied: “Fully.” The Medical & Health Workers’ Union of Nigeria (MHWUN), Association of Senior Civil Servants of Nigeria (ASCSN), Association of Senior Staff of Banks, Insurance and Financial Institutions…
The Government of Germany has launched what it terms as ‘Opportunity Card‘ for skilled individuals outside the European Union (EU) to search for work opportunities in Germany. The portal where applicants were asked to apply showed Nigeria as one of the countries of residence of intending applicants. This was announced on Germany’s Federal Foreign Office Consular Services Portal on June 1, 2024. The Opportunity Card is a residence permit that allows workers from third countries to enter Germany to seek employment. Third countries are nations that are not part of the European Union. About Opportunity Card The Opportunity Card is…
The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has instructed its members to join the indefinite nationwide strike starting Monday, as directed by labor unions. Afolabi Olawale, NUPENG’s general secretary, confirmed the union's commitment to full compliance with this directive in a statement on Saturday. On May 31, the Nigeria Labour Congress (NLC) and the Trade Union Congress of Nigeria (TUC) announced the strike, set to begin on June 3, in response to the federal government’s refusal to raise the minimum wage above the N60,000 offered. Afolabi expressed NUPENG's concern over the federal government’s "insensitive attitude" towards negotiating…
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have declared an indefinite strike in response to the federal government’s refusal to raise the new minimum wage above the N60,000 offered. NLC spokesperson Ben Ukpa announced that the strike is set to begin on June 3. "The strike is due to the government’s refusal to increase the minimum wage and to reverse the electricity tariff hike," Ukpa said. The labour unions had issued an ultimatum to the National Electricity Regulatory Commission (NERC) and the federal government to reverse the electricity tariff hike by May 31. On April 3,…
Some members of the House of Representatives are seeking to limit the central bank's control over economic policy by proposing to set up a committee to coordinate monetary and fiscal policies, headed by the finance minister, according to a bill in the Senate. The proposal by a member of the ruling party, APC, comes as inflation in Africa's most populous nation hit a 28-year high of 33.69% in April amidst sluggish economic growth and currency woes. Under the proposed law, the central bank would be in charge of monetary policies as before, but a new committee headed by the finance…
The Federal Government has announced the temporary suspension of the contentious $300 helicopter landing fee imposed on operators. The levy, managed by consultant Messers NAEBI Dynamic Concept Limited, sparked protests from helicopter operators. Minister of Aviation and Aerospace Development, Festus Keyamo, initially defended the fee, which was instituted by his predecessor, Hadi Sirika. However, in response to mounting pressure, Keyamo announced the suspension on Friday in a statement signed by Ministry spokesperson Odutayo Oluseyi. The statement indicated that further action would be determined after a review committee submits its report. "Following a meeting with the Airline Operators of Nigeria (AON)…
March 15, 2025

Dangote Refinery further reduces petrol loading price amidst fresh crude supply from NNPCL

In a significant development in Nigeria's downstream oil sector, the Dangote Petroleum Refinery has further…
March 14, 2025

I know individuals in Tinubu’s govt who bought ministerial positions, El-Rufai claims

Former Kaduna State governor, Nasir El-Rufai, has revealed that he knows individuals who paid to…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 15, 2025

What to know after Day 1115 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Putin urges Kiev to order troops in Kursk Region to surrender Moscow is…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

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