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Nigeria’s external reserves fell to $39.9 billion last week, the lowest in 22 months. This development compounds the policy dilemma that will confront members of Monetary Policy Committee, MPC, of Central Bank of Nigeria, CBN, as they tackle the challenges of inflationary pressures in their meeting holding in Abuja today and tomorrow. Data from CBN shows that the latest figure is the lowest since December 2017. The reserves had been on the downward trend since July 5, 2019 due to a combination of three factors, namely, low crude oil price, foreign portfolio investors (FPIs) exiting the nation’s fixed income market,…
Federal Government of Nigeria has finally agreed to pay the $200m security deposit ordered by Mr Christopher Butcher of the Commercial Court in London in September in the ongoing gas dispute case between Nigeria and Process and Industry Development Limited, it has been learnt. The British court had asked Nigeria to pay $200m security payment in the court’s account while granting request to stay execution in the award of $9.6bn award in favour of Process and Industry Development Limited. Federal Government’s legal team said during a hearing at the London court on Friday that Nigeria would pay the $200m security…
Minister of Interior, Mr Rauf Aregbesola, has cautioned Nigerians with dual citizenship against applying for the e-passport. Speaking at Nigerian High Commission in Tokyo on Friday during the rollout of the e-passport, the minister told Nigerian-Japanese who have accepted Japanese citizenship that a new visa regime that would grant them multiple entries into Nigeria up to the validity of their Japanese passports would commence soon. He said, “I am aware that Japan does not accept dual citizenship, although Nigeria does. Because of this, I urge every Nigerian who renounces he or her Nigerian citizenship not to apply for the e-passport…
Federal Government has abolished the policy of preference for catchment areas in admitting new students in Federal Universities. President Muhammadu Buhari announced this yesterday at the 45th convocation ceremony of University of Benin in Benin City. The President, represented by Deputy Executive Secretary, National Universities Commission (NUC), Mr Suleiman Yusuf, therefore, directed all federal universities to ensure that every local government, all states, and all geopolitical zones are represented in their admission of new students. Mr Buhari warned that any institution found to go against the directive would be sanctioned, adding that he has directed Joint Admission and Matriculation Board…
National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) grew by 2.28 per cent (year-on-year) in real terms in the third quarter of 2019. NBS said this in its “Nigeria GDP Report for Third Quarter 2019’’ released on Friday in Abuja. It explained that when compared to the third quarter of 2018, which recorded a growth of 1.81 per cent, the real GDP growth rate observed in the third quarter of 2019 indicated an increase of 0.47 per cent points. The Bureau said that relative to the second quarter of 2019, which recorded a growth rate of 2.12…
Saturday, 23 November 2019 05:58

Nigeria’s debt climbs to N25.7 trillion - DMO

Debt Management Office (DMO) says that Nigerian’s total debt profile is N25.7 trillion. Director-General of the office, Ms Patience Oniha, announced this while addressing House of Representatives Committee on Public Account on Friday in Abuja. “As at June 2019, our debt profile was N25.7 trillion; this includes the federal, states governments and Federal Capital Territory (FCT). “We call it the total public debt, out of this total, the federal government is responsible for 80 per cent of the debt,” she said. Oniha said external borrowing accounted for about 32 per cent of the total debt while the 68 per cent…
President of the Senate, Ahmad Lawan, on Thursday said any request from President Muhammadu Buhari would make Nigeria a better place, and such would be acted on “expeditiously.” Lawan spoke when Chairman, Presidential Advisory Committee Against Corruption, Mr Itse Sagay visited him in his office on Thursday. Sagay had called for the timely passage of the Special Criminal Court and other similar bills, saying such would help the anti-corruption war and ensure that the fight was successfully won with speed and energy. He also appealed to Senate to consider the confirmation of acting Chairman of the Economic and Financial Crimes…
Kano State High Court has dissolved four additional emirates created by Kano State Government. The creation of the emirates by Kano government under Governor Abdullahi Ganduje was criticised by many observers and residents of the state. Many saw it as a way of getting back at Emir of Kano, Mr Muhammad Sanusi ll, who hitherto was the only first-class emir in the state. The emir had been accused of being too critical of Mr Ganduje with some of his critics accusing him of supporting opposition politicians. The four other first-class emirates created by Kano government were those of Bichi, Rano,…
Kano State Government has reacted to Thursday’s court ruling dissolving the four new first-class emirates created by the state government and sacking the emirs appointed to head them. The state’s information commissioner, Mr Muhammad Garba, said: “despite the ruling, the government still recognizes them as First Class Emirs and will continue dealing with them as such.” The four new emirates for which Governor Abdullahi Ganduje named first-class emirs in May are Bichi, Rano, Karaye and Gaya. Mr Usman Na’Abba ruled on Thursday that the law creating the new emirates did not follow due process. Protests erupted in some of the…
Twenty-four hours after it was alleged that members of National Assembly frittered away over N1 trillion earmarked for constituency projects in the last 10 years, members of House of Representatives and some senators elected on the platform of Peoples Democratic Party (PDP) have faulted President Muhammadu Buhari. Buhari who spoke at a two-day National Summit on Diminishing Corruption in Public Sector at the State House Conference Centre in Abuja, lamented that citizens, particularly those in rural communities, had not felt the impact of the huge sum allocated by federal legislators as constituency projects. Speaker Femi Gbajabiamila, contributing to a matter…
January 16, 2025

USSD debt: NCC approves disconnection of FCMB, Zenith, 7 other banks

The Nigerian Communications Commission (NCC) has authorized Mobile Network Operators (MNOs) – MTN, Airtel, Globacom,…
January 11, 2025

Ohanaeze Ndigbo gets new President-General

John Azuta-Mbata, a former senator, has been elected as the new president-general of Ohanaeze Ndigbo,…
January 15, 2025

Essential skills needed to make money online in 2025

Melissa Houston Due to technological advancements and global digitization, there are growing opportunities to make…
January 04, 2025

Shy man cuts off 4 fingers instead of telling boss he wanted to quit his…

A 32-year-old Indian man admitted to cutting off four fingers on his left hand to…
January 14, 2025

Boko Haram’s strategy created 60,000 child fighters, military chief says

Chief of Defence Staff (CDS), Christopher Musa, has disclosed that over 60,000 children are among…
January 16, 2025

Here’s the latest as Israel-Hamas war enters Day 468

Israel, Hamas ceasefire accord followed by airstrikes on Gaza, residents say Israel intensified strikes on…
December 25, 2024

Stem cell therapy to correct heart failure in children could 'transform lives'

Renowned visionary English physician William Harvey wrote in 1651 about how our blood contains all…
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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