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Tuesday, 04 June 2024 04:49

Nigeria’s External reserves fell further by $1.8bn in 10 weeks – Report

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…

Tuesday, 04 June 2024 04:48

After CBN’s revocation of Heritage Bank’s licence and NDIC moving in, depositors are to do following to retrieve trapped funds

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…

Monday, 03 June 2024 04:48

Tinubu borrowed N20.1trn in one year, 117% more than Buhari’s last year’s borrowings. This is what that means for the economy

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…

Monday, 03 June 2024 04:47

Poverty deepens as FG, states, LGs share N17.9trn under Tinubu, 42.6% higher than the preceding year

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…

Monday, 03 June 2024 04:46

Labour says fully mobilised for nationwide strike action from today

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…

Monday, 03 June 2024 04:45

Jobs opportunities open for skilled Nigerians in Germany. These are the requirements

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…

Sunday, 02 June 2024 04:53

Nationwide blackout, fuel scarcity loom as oil and electricity workers to join planned labour strike

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…

Saturday, 01 June 2024 04:57

Labour unions announce indefinite nationwide strike over minimum wage, electricity tariff hike

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,…

Saturday, 01 June 2024 04:55

Reps seek to curb CBN’s role in economic policy, limit gov’s tenure

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…

Saturday, 01 June 2024 04:54

FG suspends $300 helicopter landing levy after pushback

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)…

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Friday, 31 May 2024 04:54

FG commissions NNPC CNG station in Lagos

Ekperikpe Ekpo, minister of state for petroleum resources (gas), has inaugurated a 5.2 million standard cubic feet per day (mmscfd) compressed natural gas (CNG) and autogas station in Lagos. The inauguration ceremony themed ‘From Gas to Prosperity: CNG for All,’ was held in Lagos on Thursday. Nigerian National Petroleum Company (NNPC) Limited, in partnership with Transit Gas Nigeria Limited (TGNL), a subsidiary of Axxela, built the facility. The CNG station is expected to fill about 3,700 cars or 600 trucks and buses per day. Inaugurating the facility, Ekpo said the event represents a significant milestone in the nation’s journey towards…

Thursday, 30 May 2024 04:50

Tinubu signs bill reintroducing old National Anthem into law

President Bola Tinubu has officially signed a bill reintroducing Nigeria’s old national anthem, "Nigeria, We Hail Thee," into law. This was announced by Senate President Godswill Akpabio during a joint session of the Senate and House of Representatives on Wednesday. Akpabio stated that the president signed the bill on Wednesday morning. He also mentioned that Tinubu would launch the rendition of the old national anthem during the joint session of the National Assembly yesterday. The anthem "Nigeria, We Hail Thee" had been replaced in 1978 by "Arise, O Compatriots." However, Tajudeen Abbas, Speaker of the House of Representatives, noted that…

Thursday, 30 May 2024 04:48

Nigerians mock N’Assembly, Tinubu over reversion to old National Anthem. This is what the people are saying

Some Nigerians have expressed outrage over the bill President Bola Tinubu signed into law on Wednesday morning. The bill, which was simultaneously introduced in the Senate and the House of Representatives last week, received an accelerated consideration and passage. The speed with which both chambers of the National Assembly considered and passed the bill at a time Nigerians are facing more pressing issues occasioned by rising inflation and security challenges, has been criticised. While launching the National Anthem at the National Assembly, Tinubu commended the lawmakers. “Please, let’s continue to collaborate and build our country. We have no other institutions…

Wednesday, 29 May 2024 04:35

Tinubu’s first anniversary: Era of pain - Punch Editorial

A year into President Bola Tinubu’s tenure, the infectious optimism of liberty, economic progress, security, and well-being heralding his inauguration on May 29, 2023, has turned to dying embers. In the President’s first year, all Nigerians see is hopelessness, misery, privations, and pain. The despair is evident in the numbers: the cost-of-living crises, hyperinflation, joblessness, and naira depreciation. Amidst the supercilious backslapping in government circles, poverty, and bloodshed are intensifying. Tinubu should retrace his steps in the remaining years of his tenure to bequeath a redoubtable legacy to the country. Under Tinubu, Nigeria is a harsh contrast to Abraham Lincoln’s…

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