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Friday, 29 March 2024 04:46

Nationwide blackout as power grid collapses yet again

Nigeria was thrown into darkness on Thursday following the collapse of the electricity grid controlled from Osogbo, Osun State, around 4:32 p.m. A source in one of the distribution companies (DisCo) said the feeders for most DisCos nationwide were out of supply. The development, the source added, has left virtually all franchise areas for DisCos across the 36 states in darkness. According to the source, as of 4p.m, the grid output was 2984 megawatts. But by 5 p.m., the 21 plants on the grid had zero output. In February, a grid collapse also left the nation in darkness. A last…

Friday, 29 March 2024 04:46

Detained Binance executives sue National Security Adviser, EFCC

Two executives from Binance, the world's largest cryptocurrency exchange, have sued Nigeria's national security adviser's office and the anti-graft agency for violating their fundamental rights and asked the court to set them free. Tigran Gambaryan, a U.S. citizen and Binance's head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is Binance's regional manager for Africa, flew to Nigeria following the country's decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 26. Anjarwalla fled the country last week and now faces the prospect of an international arrest warrant. On Thursday, Gambaryan appeared in a…

Thursday, 28 March 2024 04:44

Tinubu announces 3 economic coordination, management teams

In a move to bolster the nation’s economic governance frameworks and ensure robust and coordinated economic planning and implementation, President Bola Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the creation of the Economic Management Team Emergency Taskforce (EET). The Presidential Economic Coordination Council (PECC) comprises distinguished leaders and key government officials, including: (1) President of the Federal Republic of Nigeria – Chairman of the PECC (2) Vice-President of the Federal Republic of Nigeria – Vice-Chairman of the PECC / NEC Chairman (3) President of the Nigerian Senate (4) Chairman, Nigeria Governors’ Forum (5) Coordinating…

Thursday, 28 March 2024 04:41

FG declares March 29, April 1 as public holidays for Easter

Federal government has declared Friday, March 29 and Monday, April 1, as public holidays to mark Good Friday and Easter Monday, respectively. Olubunmi Tunji-Ojo, minister of interior, announced the public holidays in a statement issued on Wednesday by Aishetu Ndayako, permanent secretary of the ministry. The minister urged Nigerians to emulate the sacrifice and love displayed by Jesus Christ in dying for the redemption of man. “Easter, beyond religious significance, promotes values of love, forgiveness, and compassion, which are essential for social cohesion and harmony,” the statement reads. “While wishing Christians at home and abroad a happy and blissful Easter…

Wednesday, 27 March 2024 04:37

CBN raises interest rate yet again

Central Bank of Nigeria (CBN), on Tuesday, raised the interest rate by 200 basis points from 22.75 per cent to 24.75 per cent amid soaring inflation. The central bank made this known after the two-day Monetary Policy Committee (MPC) meeting held between Monday and Tuesday. According to the National Bureau of Statistics, the country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent a month prior, primarily fueled by a continuous surge in food prices. Olayemi Cardoso, governor of the CBN, on Tuesday, disclosed that the MPC voted to adjust the asymmetric corridor around the MPR…

Tuesday, 26 March 2024 04:50

We’re too stretched, informants deceive us, forests too vast - these limit our ability to fight insurgents, kidnappers, Chief of Defense Staff laments

Nigeria's Defence Chief, Chris Musa, said on Monday the military was being fed bad intelligence by informants, hampering the fight against armed kidnapping gangs who continue to abduct students and residents in the north of the country. The military announced on Sunday that it had rescued 137 students abducted by gunmen earlier this month in northwestern Kaduna state. The school children arrived in Kaduna on Monday. Musa told Reuters that the military was too stretched and often relied on informants to pursue the armed gangs, known locally as bandits, often with little success. "They (informants) make the troops go elsewhere…

Tuesday, 26 March 2024 04:47

FG says Interpol contacted to rearrest Binance executive who escaped from custody

Office of the National Security Adviser (ONSA) has confirmed that Nadeem Anjarwalla, a suspect in the ongoing criminal probe into the activities of Binance has escaped from custody. The NSA has now activated its dragnet involving Interpol and other MDA’s to apprehend the fleeing suspect. Spokesman of ONSA, Zakari Mijinyawa, who confirmed the escape noted that the suspect eloped using a smuggled passport. “Upon receiving this report, this office took immediate steps, in conjunction with relevant security agencies , MDAs, as well as the international community, to apprehend the suspect. Security agencies are working with Interpol for an international arrest…

Monday, 25 March 2024 04:49

NAHCON increases 2024 hajj fare by N1.9m, cites Naira devaluation as reason

National Hajj Commission of Nigeria (NAHCON) has increased the fare for the 2024 pilgrimage to Saudi Arabia by N1,918,032.91. In a statement issued on Sunday evening by Farima Usara, NAHCON spokesperson, said intending pilgrims have up to March 28 to make payment for the spiritual exercise. Usara said the development was due to the forex crisis which Nigeria has been battling for months. The commission had initially pegged the fare for this year’s hajj at N4.9 million. With the N1.9 million increment, intending pilgrims who had deposited N4.9 million will now pay N6.8 million in total. “However, due to late…

Sunday, 24 March 2024 04:37

Kaduna gov announces release of kidnapped schoolchildren

The abducted Kuriga schoolchildren in Kaduna State have been released by their abductors. The state governor, Uba Sani, announced their release on his verified Facebook page in the early hours of Sunday. The governor did not go into details of their release, but commended President Bola Tinubu, National Security Adviser, Nuhu Ribadu, and the Nigerian Army. He wrote, “In the name of Allah the Beneficient, the Most Merciful, I wish to announce that our Kuriga school children have been released. “Our special appreciation goes to our dear President, Bola Tinubu, for prioritizing the safety and security of Nigerians and particularly…

Saturday, 23 March 2024 04:31

Nigeria’s public debt approaches N100trn as N9.43trn added in Q4 2023 - DMO

Debt Management Office (DMO) says Nigeria’s total public debt rose to N97.34 trillion in the fourth quarter (Q4) of 2023. In a statement on Friday, DMO said the latest figure represents a 10.73 percent or N9.43 trillion increase compared to N87.91 trillion recorded in the third quarter (Q3) last year. The country’s public debt consists of domestic and external debt stocks of the federal government of Nigeria (FGN) and the subnational governments — the 36 states and the federal capital territory (FCT). According to DMO, the increase was primarily due to new domestic borrowing by the federal government to partly…

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Saturday, 23 March 2024 04:29

Hardship: 3 students feared dead in stampede over palliative rice in Nasarawa

Three students of the Nasarawa State University, Keffi, were feared dead on Friday in a stampede that occurred when the students struggled for rice donated by the state government. The incident occurred at the convocation square of the university where the bags of rice were kept awaiting the arrival of Governor Abdullahi Sule for the commencement of distribution. According to a student witness, Moses Ajah, the surging crowd of students overpowered the security personnel and broke into the square through the gate, thereby causing a stampede. “Some of the students were struggling with the police over the rice, and as…

Friday, 22 March 2024 04:45

CBN lied; FX backlog not cleared - Foreign airlines

Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines say the status quo remains the same. Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign airlines’ trapped funds. “If they say they have cleared the trapped funds, they should show us figures. They should tell us how much have been cleared. The last time I checked, the status quo remained the same,” Nwokeoma said. Hakama Sidi Ali, acting…

Friday, 22 March 2024 04:43

States, FCT owe FG N1.72tn budget support loans, AGF tells NEC

The governments of Nigeria’s 36 states and the Federal Capital Territory owe the federal government an outstanding liability of N1.72tn in budget support facilities. The figures were revealed in a presentation on state budget support facility by Office of the Accountant General of the Federation, at the 140th meeting of the National Economic Council presided over by Vice President Kashim Shettima at the Aso Rock Villa, Abuja, on Thursday. Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed this in a statement he signed Thursday titled, ‘NEC endorses take-off of $617M i-DICE programme across states.’…

Thursday, 21 March 2024 05:07

N’Assembly is working on salary boost for CJN, others. Here’s the proposed pay package for judicial officers ‘from top to bottom’

A bill proposing a new structure of salaries and allowances for judicial officers in the country has passed the third reading at the House of Representatives. President Bola Tinubu had forwarded a letter along with the executive bill to the house of representatives on Tuesday, urging swift passage of the proposed legislation. In the letter, the president said the bill seeks to end the “prolonged stagnation” of the remuneration of judicial officers. “The judicial office holders salaries and allowances bill seeks to prescribe salaries and allowances and fringe benefits for judicial officials to end the prolonged stagnation in their remuneration…

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