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Thursday, 16 May 2024 04:44

Nigeria's inflation hit 33.69% in April, marking 15 consecutive months of increase - NBS

Nigeria has experienced 15 consecutive months of rising inflation, with the rate reaching 33.69% in April, according to the latest consumer price index report from the National Bureau of Statistics (NBS) released on Wednesday. This represents a 0.49% increase from the March inflation rate of 33.2%. On a month-on-month basis, April 2024's headline inflation rate was 2.29%, 0.73% lower than the 3.02% recorded in March 2024. This indicates that the rate of increase in the average price level in April was slower than in March. The food inflation rate in April 2024 soared to 40.53% year-on-year, a significant rise of…

Thursday, 16 May 2024 04:43

Tinubu seeks Senate’s approval to reimburse 2 state govts for building local airports

President Bola Tinubu has requested the Senate's approval for the reimbursement of over N15 billion to the Kebbi State Government for the construction of Sir Ahmadu Bello International Airport in Birnin Kebbi and N9 billion to the Nasarawa State Government for the construction of Lafia Cargo Airport. The request was outlined in a letter read by Senate President Godswill Akpabio during Tuesday’s plenary session. In his letter, President Tinubu explained that the federal government had assumed control and ownership of the two airports, necessitating reimbursement to the state governments. The president cited the 1999 Constitution, which places aviation, including airports…

Wednesday, 15 May 2024 04:55

Nigeria secures UN’s approval to expand maritime territory by 5 times the size of Lagos state. Here’s what that means

President Bola Tinubu has officially received the report from the High Powered Presidential Committee (HPPC) on Nigeria’s Extended Continental Shelf Project. He commended the committee’s experts for their diligent efforts over the years to extend Nigeria’s maritime boundaries under the United Nations Convention on the Law of the Sea (UNCLOS), 1982. At a presentation in Abuja, marine scientist Larry Awosika and Committee Secretary Aliyu Omar delivered technical details about the project. Since Nigeria's initial submission to the United Nations Commission on the Limits of the Continental Shelf (CLCS) in 2009, the team has worked tirelessly to gain approval for extending…

Wednesday, 15 May 2024 04:50

US sharply hikes tariffs on an array of Chinese imports

U.S. President Joe Biden on Tuesday unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicle (EV) batteries, computer chips and medical products, risking an election-year standoff with Beijing in a bid to woo voters who give his economic policies low marks. China immediately vowed retaliation. Its commerce ministry said Beijing was opposed to the U.S. tariff hikes and would take measures to defend its interests, urging the United States to cancel the measures. Biden will keep tariffs put in place by his Republican predecessor Donald Trump while ratcheting up others, including a quadrupling…

Tuesday, 14 May 2024 04:32

Labour unions picket DisCos, NERC’s offices nationwide over electricity tariff hike

The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) spearheaded protests against the recent electricity tariff hike, targeting distribution companies (DISCOs) across the country on Monday. Organized labour mobilized members to oppose the increase in electricity tariff for customers categorized under Band A. Approved by the Nigerian Electricity Regulatory Commission (NERC) on April 3, the tariff surged from N66 to N225 per kilowatt for this classification. The demonstrations saw the blockade of key DISCOs' headquarters including the Ibadan Electricity Distribution Company (IBEDC), the Jos Electricity Distribution Company (JEDC), and the Benin Electricity Distribution Company (BEDC). Additionally, protests were…

Tuesday, 14 May 2024 04:29

Tinubu directs federal ministries, depts, agencies to purchase only CNG-powered vehicles

President Bola Tinubu has instructed all ministries, departments, and agencies (MDAs) to transition to vehicles powered by compressed natural gas (CNG) as part of his administration's energy reform agenda. Addressing members of the federal executive council (FEC) at the State House, Tinubu emphasized the importance of energy security, utility enhancement, and reduction of fuel costs. Tinubu asserted that his administration is resolute in driving the adoption of CNG nationwide, stressing the need for proactive leadership from public officials to set a precedent for the populace. He emphasized that all procurement requests for traditional petrol-dependent vehicles should be declined in favor…

Monday, 13 May 2024 04:45

Labour announces nationwide shutdown of NERC, DisCos offices over tariff hike

Organized labour declared its intention to close Nigerian Electricity Regulatory Commission (NERC) and Distribution Companies (DisCos) offices across the nation until the Federal Government reverses the recent electricity tariff hike. The tariff, soaring from N65/kWh to N225/kWh for Band A users, drew vehement opposition from labour unions. Despite a slight reduction approved by the Federal Government, labour demands a complete rollback. The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) had issued warnings to NERC, demanding swift action by May 12th. Labour also condemned what it perceives as unfair categorization of electricity consumers. In an official statement, NLC's head…

Monday, 13 May 2024 04:44

Bayelsa gov reopens resource control controversy, says not fair to use N’Delta oil revenues to develop other states

Bayelsa State Governor, Douye Diri, criticized Nigeria's federalism structure, citing its adverse effects on state development. He urged a review of revenue distribution to align with fiscal federalism principles, particularly highlighting the disparity in resource-endowed states' allocations. Diri emphasized the injustice of Bayelsa being labeled as financially insolvent while its resources fuel the nation's coffers. Speaking at an event in Houston, Texas, where he received the "Icon of Unity and Social Justice" award, Diri underscored the importance of preserving Ijaw heritage and unity. Diri says: “You cannot take away the resources in my state and the internally generated revenue that…

Sunday, 12 May 2024 05:02

After widespread condemnation, Tinubu orders CBN to suspend cybersecurity levy

President Bola Tinubu has asked the Central Bank of Nigeria to suspend the implementation of the controversial cybersecurity levy policy and ordered a review. This followed the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country. The CBN on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act…

Sunday, 12 May 2024 05:00

Nigerian Army launches probe into how detained soldiers broke Guard Room

The Nigerian Army is investigating how a group of soldiers detained in guard rooms for various offenses managed to break out of the facility at the 8 Division Garrison in Sokoto. Following the incident, in which Lance Corporal Charles Ekefure was reportedly shot, the Army has detained around 100 soldiers, 10 in each cell, after they clamored for better living conditions. Army spokesperson, Onyema Nwachukwu, expressed regret over the incident and stated that appropriate sanctions would be applied to the soldiers involved. He emphasized that while the Army acknowledges the need for improved conditions, it cannot condone the unruly behavior…

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Saturday, 11 May 2024 04:49

Naira plummets to become world's worst-performing currency

In a stunning reversal of fortune, Nigeria's naira has plummeted to claim the unenviable title of the world's worst-performing currency in the past month, according to a recent Bloomberg report. This development heaps pressure on the Central Bank of Nigeria (CBN) to consider further interest rate hikes. With the naira depreciating to 1,466.31 against the dollar, hitting its weakest level since March 20, the report underscores the critical need for action. The scarcity of the US dollar locally exacerbates the situation, with Thursday's supply dwindling to a mere $84 million, half of the previous day's allocation. Earlier accolades lauding the…

Saturday, 11 May 2024 04:46

Pentagon orders withdrawal of US troops from Niger

The Pentagon has issued a formal directive this week for all 1,000 U.S. combat troops to withdraw from Niger, dealing a setback to the Biden administration's efforts in countering terrorism and Russian influence in West Africa. Following Niger's military junta's decision to revoke its military cooperation agreement with the United States, discussions began in April regarding an "orderly and responsible withdrawal." Despite ongoing negotiations between U.S. officials and the junta, hopes for an agreement waned this week when the Defense Department instructed the troops to depart Niger over the coming months. While the timeline remains subject to change, troops will…

Friday, 10 May 2024 04:39

Police detain journalist beyond legal limit

A Nigerian investigative journalist has spent more than a week in police detention without being brought to court for allegedly violating the country's cybercrime laws, his employer said, in a case that has sparked criticism from media rights groups. Under Nigerian law, suspects must be brought to court within 48 hours after arrest or be released. Nigeria's Foundation for Investigative Journalism (FIJ) said its reporter, Daniel Ojukwu, went missing on May 1, but it was only informed two days later that he had been detained by police under the cybercrime law. FIJ said Ojukwu's arrest was related to a November…

Thursday, 09 May 2024 04:46

Naira continues decline at parallel market

On Wednesday, the naira experienced a decline to N1,450 at the parallel segment of the foreign exchange (FX) market. This current rate indicates a 1.4 percent depreciation compared to the N1,430 rate observed on May 6. Currency traders, commonly referred to as bureau de change (BDC) operators, set the buying rate of the dollar at N1,410 and the selling price at N1,450, yielding a profit margin of N40. Meanwhile, at the official window, the local currency depreciated by 1.98 percent to N1,421.06 on May 8, down from N1,416.57 on May 7. During trading, the dollar fluctuated between a high of…

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