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The management of the Nigerian Education Loan Fund (NELFUND) led by its Managing Director, Akintunde Sawyerr, has shed light on why students from private institutions and incarcerated individuals are excluded from the upcoming student loan fund launch. Addressing journalists at UNILAG, Sawyerr emphasized the fund's focus on aiding "indigent" students. He clarified that private institution attendees aren't deemed financially disadvantaged and stressed the fund's aim at redistributing wealth to deserving candidates, monitored via mechanisms like BVN verification. Regarding inmates pursuing education, Sawyerr cited challenges in loan recovery from individuals serving lengthy sentences. Executing a transparent selection process, NELFUND plans to…
An influential global body has forecast Russia's economy will grow faster than all of the world's advanced economies, including the US, this year. The International Monetary Fund (IMF) expects Russia to grow 3.2% this year, significantly more than the UK, France and Germany. Oil exports have "held steady" and government spending has "remained high" contributing to growth, the IMF said. Overall, it said the world economy had been "remarkably resilient" "Despite many gloomy predictions, the world avoided a recession, the banking system proved largely resilient, and major emerging market economies did not suffer sudden stops," the IMF said. The IMF…
Nigeria is burning through foreign-exchange reserves at a rate not seen in four years, raising concerns that the central bank is depleting its dollar holdings to support the naira after pledging it would allow the currency to float more freely. Liquid reserves declined 5.6% since March 18, when the naira started its rebound from record-low levels against the dollar, to $31.7 billion as of April 12, according to Bloomberg’s calculations based on the latest available datafrom the Central Bank of Nigeria. That’s the biggest decline in a similar period since April 2020, according to data compiled by Bloomberg. The currency…
Nigerian Civil Aviation Authority (NCAA) has taken action against three private jet owners for conducting commercial flight operations, as announced on Tuesday. Chris Najomo, Acting Director of NCAA, revealed this development, stating that the use of private jets for commercial purposes led to directives from Aviation Minister Festus Keyamo to halt such activities. Earlier warnings had been issued to permit holders for non-commercial flights (PNCF), cautioning against passenger cargo carriage. Following intensified monitoring at airport terminals, three operators were found violating regulations, leading to the suspension of their PNCF. Najomo emphasized a reevaluation of all PNCF holders by April 19,…
Civil Society Consortium on Judicial Accountability (CSCJA) has demanded the immediate resignation of Chief Justice of Nigeria (CJN), Olukayode Ariwoola, citing alleged abuse of office and favoritism in his duties. The group, comprising public interest lawyers, protested in Abuja, expressing outrage over the appointment of the CJN's children as judicial officers. They accused the CJN of nepotism, pointing to the appointment of his son and daughter as judges. The group delivered a letter to the CJN demanding his resignation and urged the unbundling of the CJN's office to prevent further abuse. The appointments have sparked concerns about conflicts of interest…
Goldman Sachs, a leading global investment bank, forecasts Nigeria to become the fifth-largest economy globally by 2075, solidifying its position as Africa’s largest economy. The report also predicts Nigeria to rank 15th by 2050, with a projected GDP of $13.1 trillion by 2075. This places Nigeria ahead of Germany, Japan, France, United Kingdom, Pakistan, Egypt, Brazil, and others. The shift in economic power is driven by Nigeria's large and youthful population, potentials in agriculture, energy, and emerging technology sectors. However, challenges like political instability and infrastructure deficits could hinder growth. The report highlights the significant rise of Asian economies, with…
Once again, Nigeria's electricity grid suffered a collapse, plunging several cities into darkness. The collapse occurred at 2:42 a.m. on Monday, with electricity generation plummeting to 64.70 megawatts. The Jos Electricity Distribution Company (Jos DisCo) confirmed the outage, attributing it to the loss of power supply from the national grid. In a statement by Friday Elijah, the Head of Corporate Communications at Jos DisCo, the company expressed hope for a swift restoration of normal power supply once the grid is back to stability. This incident marks another setback for the power sector, which has been grappling with challenges such as…
Tuesday, 16 April 2024 04:50

Nigeria inflation rises further - NBS

In March 2024, Nigeria experienced a surge in inflation, with the rate reaching 33.20 percent, up from 31.70 percent in February, according to the National Bureau of Statistics (NBS). The consumer price index (CPI) report released by the bureau revealed that food inflation also rose to 40.01 percent during the same period. This increase represents a 1.50% point rise compared to February 2024 and an 11.16% point increase compared to March 2023. On a month-on-month basis, the headline inflation rate decreased slightly to 3.02% in March, down from 3.12% in February. Food prices were identified as a major contributor to…
Nasir El-Rufai, former governor of Kaduna State, revealed that fuel subsidy has been reinstated by the federal government, stating that the government is now paying even more than before. Speaking to journalists in Maiduguri, the Borno State capital, El-Rufai noted that the measures put in place to mitigate the impact of fuel subsidy removal were ineffective, leading to the reversal of the policy. While President Bola Tinubu initially announced the removal of fuel subsidy in his inaugural speech, El-Rufai expressed support for the policy but highlighted the need for necessary adjustments. He emphasized that despite the government's efforts, the impact…
Iran launched a swarm of explosive drones and fired missiles at Israel late on Saturday in its first-ever direct attack on Israeli territory, risking a major escalation as the United States pledged "ironclad" backing for Israel. Sirens wailed and Reuters journalists in Israel said they heard distant heavy thuds and bangs from what local media called aerial interceptions of explosive drones. Authorities said a 7-year-old girl was critically injured. Israel's military spokesperson Daniel Hagari said Iran launched dozens of ground-to-ground missiles at Israel, most of which were intercepted outside Israeli borders. They included more than 10 cruise missiles, he said.…
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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