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Friday, 14 June 2024 04:47

Lawmakers say new aircraft ‘befitting the office of the President’ be purchased for Tinubu

The House of Representatives Committee on National Security and Intelligence has called on the federal government to quickly purchase new aircraft for President Bola Tinubu and his Vice, Kashim Shettima. This was disclosed in a report by Premium Times which added that the lawmakers are of the opinion that the cost of maintaining the 19-year-old aircraft used by Tinubu is high. PT said that the House of Reps Committee believes that the high cost of maintenance has led to longer aircraft downtime and higher fleet running costs. According to PT, the lawmakers made the request in a report issued after…

Friday, 14 June 2024 04:46

‘Nigerians facing severe poverty and hunger’, yet govt officials lead extravagant lives - Soludo

Governor Charles Soludo of Anambra State has called for a significant reduction in Nigeria's governance costs. Speaking at a special edition of The Platform, an event organized by The Covenant Nation to promote national development, Soludo lamented that despite Nigeria's financial struggles, government and elected officials continue to live lavishly, ignoring the plight of the masses. Soludo suggested that political officeholders should be placed on the national minimum wage to help curb the developing crisis. He highlighted the disparity between the ruling class and ordinary Nigerians, who are facing severe poverty and hunger, while officials display extravagant lifestyles. “Let’s be…

Thursday, 13 June 2024 04:48

Exodus of multinational companies leads to 12% drop in Q1 2024 Company Income Tax - NBS

The exodus of several international companies from Nigeria has resulted in a significant reduction in Company Income Tax (CIT) revenue, which fell to N984.6 billion in the first quarter of 2024. This represents a 12.87 percent decrease from the N1.13 trillion collected in the fourth quarter of 2023, according to data from the National Bureau of Statistics (NBS). Since President Bola Tinubu assumed office, at least seven multinational corporations have exited the country, citing an unfavorable business environment and a shortage of foreign exchange. The NBS report highlighted that local CIT payments amounted to N386.49 billion, while foreign CIT payments…

Thursday, 13 June 2024 04:47

Nigeria’s crude oil production dropped further in May, OPEC reports

The Organisation of Petroleum Exporting Countries (OPEC) announced that Nigeria's average daily crude oil production fell to 1.25 million barrels per day (bpd) in May. This information was detailed in OPEC's monthly oil market report released on Tuesday, which was based on direct communication with Nigerian authorities. OPEC collects crude oil production data through two main sources: direct communication from member countries and secondary sources such as energy intelligence platforms. According to the report, the current output represents a 2.34 percent decline from the 1.28 million bpd recorded in April. Despite the decline, Nigeria remains the largest oil producer in…

Wednesday, 12 June 2024 04:43

NNPC signs floating LNG deal with Golar LNG

Nigeria's state firm NNPC has signed an agreement with Golar LNG to deploy a floating liquefied natural gas (LNG) vessel off the coast of its oil-rich Niger Delta, NNPC said on Tuesday. Nigeria, Africa's top oil producer, holds the continent's largest gas reserves of more than 200 million trillion cubic feet and is seeking investments to boost output. NNPC spokesperson Olufemi Soneye said the Project Development Agreement (PDA) will utilise about 500 million standard cubic feet of gas per day, producing LNG, propane and condensate. "The agreement aims to monetise vast proven gas reserves from shallow water resources offshore Nigeria,"…

Tuesday, 11 June 2024 04:52

FAAC: FG, states, LGAs share N1.14 trillion for May 2024

The Federation Account Allocation Committee (FAAC) announced that the federal, state, and local governments shared N1.14 trillion for May 2024. This amount marks a decrease of N60 billion compared to the N1.20 trillion distributed in April. This information was disclosed in a communiqué issued during FAAC's June meeting, chaired by Wale Edun, Minister of Finance and Coordinating Minister of the Economy. According to the communiqué, the total revenue of N1.14 trillion for May comprised: - Statutory revenue: N157 billion - Value-Added Tax (VAT) revenue: N463 billion - Electronic Money Transfer Levy (EMTL) revenue: N15 billion - Exchange difference revenue: N507…

Tuesday, 11 June 2024 04:50

Aircraft carrying Malawi vice president disappeared, yet to be found

Search and rescue operations will continue until the missing aircraft carrying Malawi's vice president, Saulos Klaus Chilima, is found, the southern African nation's president said late on Monday. Chilima, 51, was aboard a military aircraft with nine others that left Lilongwe, the capital, at 09:17 a.m. (0717 GMT), Malawi's Office of the President and Cabinet said in an earlier statement. It said efforts by aviation authorities to make contact with the aircraft since it went off the radar had failed. The plane had been scheduled to land at Mzuzu Airport at 10:02 a.m. The plane was unable to land at…

Monday, 10 June 2024 04:37

Nigeria exported more than it imported in Q1 2024. This is the balance sheet

The National Bureau of Statistics (NBS) says Nigeria recorded a N6.5 trillion trade surplus between January and March of 2024. NBS made this known in its foreign trade report for the first quarter (Q1) of 2024 on Sunday. In the first quarter of the year, NBS said Nigeria’s exports totalled N19.1 trillion and total imports were N12.6 trillion — indicating a trade surplus of N6.5 trillion. A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh the country’s imports. “Nigeria’s total merchandise trade was N31.8 trillion in Q1, 2024. This…

Monday, 10 June 2024 04:36

Nigerians to pay more for electricity as govs move towards full subsidy removal

State governments in Nigeria are preparing to eliminate electricity subsidies and introduce different tariffs within their jurisdictions. This initiative is part of a broader effort to operate their power markets independently under state laws. A document from the Nigeria Governors’ Forum (NGF), titled ‘Development of the National Integrated Electricity Policy and Strategic Implementation Plan Policy Recommendations by State Governments to the Federal Ministry of Power,’ outlines these recommendations. These changes follow the enactment of the Electricity Act 2023, which replaces the Electric Power Sector Reform Act and serves as the current legal framework for Nigeria's electricity industry. The Electricity Act…

Sunday, 09 June 2024 04:41

Oil companies say theft, low production responsible for poor crude supply to local refineries

Major oil companies have lamented the impact of oil theft and pipeline vandalism on the availability of crude for local refineries. Director-General of the Lagos State Chamber of Commerce and Industry, Chinyere Almona, while speaking on behalf of the companies identified crude oil theft and pipeline vandalism as factors hindering the oil majors’ inability to meet their daily quotas. Almona also explained that modular refineries were finding it hard to get enough crude. She also identified low crude oil production in Nigeria as a factor limiting international oil companies’ capacity to supply crude to the Dangote Petroleum Refinery, and modular…

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Saturday, 08 June 2024 04:58

Minimum wage: FG inches up offer to N62k, Govs say even 60k not affordable, Labour now comes down to 250k

The federal government has raised its proposed national minimum wage from N60,000 to N62,000. In response, organized labour has reduced its demand from N494,000 to N250,000. This adjustment follows the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presenting the cost implications of the new minimum wage to President Bola Tinubu. The organized private sector has expressed support for the government's N62,000 offer. Governors Declare N60,000 Minimum Wage Unsustainable Meanwhile, the 36 State Governors, under the Nigeria Governors’ Forum (NGF), have announced that subnational governments cannot afford the proposed N60,000 minimum wage. This stance was communicated through…

Saturday, 08 June 2024 04:57

Tinubu inaugurates N21bn VP’s residence

On Friday, President Bola Tinubu inaugurated the N21 billion official residence for Vice President Kashim Shettima, amid widespread economic hardship. The National Assembly had approved an additional N15 billion last November, bringing the total project cost to N21 billion. The project has faced criticism due to the country's economic conditions. Workers are currently negotiating a new national minimum wage with the government, with an ongoing impasse as unions have rejected the government's N60,000 offer, a 100% increase from the current N30,000. The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) recently halted economic activities for 48 hours over…

Saturday, 08 June 2024 04:55

Prices of rams, foodstuffs soar ahead of Sallah

Ahead of the forthcoming Eid-el Kabir celebration, prices of animals used for sacrifice during the annual festival have skyrocketed beyond the reach of many celebrants. Every year during the Islamic month of Dhul Hijjah, Muslims around the world who have the means, slaughter animals like sheep, goat, cow or camel – to reflect the Prophet Ibrahim’s willingness to sacrifice his son Ismail, for the sake of God. While it is not the only livestock acceptable, a narration in Sahih Muslim records that the Prophet Muhammad (pbuh) sought out horned, white rams to sacrifice during the Eid el-Kabir, as the ram…

Saturday, 08 June 2024 04:54

Amid widespread power outages, hunger in Nigeria, WHO says cooked foods in fridges should be thrown away after 4-hr power cut

Amid widespread power outages and increasing hunger in Nigeria, the World Health Organisation (WHO) has advised that foods not properly refrigerated during power cuts should be discarded. According to WHO, perishable and cooked foods stored in a refrigerator become unsafe to consume after four hours without power. In a series of posts on its X account for the 2024 World Food Safety Day, themed "Food Safety: Prepare for the Unexpected," WHO stated, “If there has been a power outage in your area, refrigerated or frozen food may not be safe to eat. Products can become unsafe if they have been…

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