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Thursday, 11 April 2024 04:50

Doing business in Nigeria costs 5 times more than in USA - World Bank

As a result of insecurity, higher transportation costs, poor topography and bad roads, the cost of trade in Nigeria is four to five times higher than what is obtained in the United States, the World Bank has revealed. In its latest Africa Pulse released, the global bank said market distortions across Africa result in high price differentials in imported food and non-food products, indicating a lack of integration across African markets. “Similarly, access to product markets is constrained, which prevents firms and farms from scaling up production. In particular, the lack of connectivity and market integration means that markets are…

Thursday, 11 April 2024 04:47

NAFDAC recalls J&J children's cough syrup over toxic substance

Nigeria's health regulator is recalling a batch of Johnson & Johnson children's cough syrup after finding an unacceptably high level of a potentially fatal toxic substance, it said on Wednesday. Laboratory tests on Benylin Paediatric showed a high level of diethylene glycol, which has been linked to the deaths of dozens of children in Gambia, Uzbekistan and Cameroon since 2022 in one of the world's worst waves of poisoning from oral medication. The syrup is used to treat cough and congestion-related symptoms, hay fever and other allergic reactions in children aged two to 12, Nigeria's National Agency for Food and…

Wednesday, 10 April 2024 04:49

FG grants additional day for Eid -El-Fitr public holiday

Federal Government has extended the public holiday for this year’s Eid -El-Fitr celebration to cover Thursday. It has earlier declared Tuesday and Wednesday as public holiday for the celebration, but added Thursday, making it three days declared for the end of Ramadan celebration. The latest announcement was contained in a press statement signed by the Permanent Secretary, Ministry of Interior, Aishetu Gogo Ndayako on Tuesday. The statement read. “The Federal Government has approved Thursday 11th April, 2024 as an additional public holiday to celebrate this year’s Eid -El-Fitr. Thisday

Tuesday, 09 April 2024 05:03

CBN bars banks from using FX-denominated collateral for naira loans

Central Bank of Nigeria has barred commercial lenders from accepting foreign currency-denominated collateral to grant naira loans, a move that could protect the banking system against a strengthening of the local currency, it said on Monday. The regulator said in a circular that the practice it had observed of bank customers using foreign currency as collateral for naira loans was "prohibited". The CBN on Monday said it approved Eurobonds issued by the government or letters of credit issued by an offshore bank as eligible foreign currency collateral. It told lenders to wind down all loans currently secured with dollar-denominated collateral…

Tuesday, 09 April 2024 04:56

Fasting continues today as Sultan Declares Wednesday Eid-El-Fitr

Nigerian Supreme Council for Islamic Affairs (NSCIA) under the leadership of its President-General and Sultan of Sokoto, Muhammad Sa’ad Abubakar III, has declared Wednesday as the first of Shawwal and Eid day, commemorating the completion of the 2024 Ramadan fast. Deputy Secretary-General, NSCIA, Salisu Shehu, said this in a statement on Monday night. According to him, this is due to the fact that the new crescent was not sighted in the Kingdom on Monday. This means that this year’s Ramadan fasting would complete 30 on Tuesday. NSCIA under the leadership of its President-General and Sultan of Sokoto, Muhammad Sa’ad Abubakar,…

Monday, 08 April 2024 04:50

Eid-el-Fitr: FG declares Tuesday, Wednesday public holidays

The federal government has declared Tuesday and Wednesday as public holidays to mark this year’s Eid-el-Fitr celebration. Olubunmi Tunji-Ojo, minister of interior, announced the public holidays in a congratulatory message to the Islamic faithful in the country. Eid-el-Fitr festival is celebrated by Muslims worldwide after observing Ramadan fasting for 29 or 30 days. The minister congratulated all Muslims in the country for the successful completion of the fasting in the holy month of Ramadan. He called on faithful to imbibe and practice the virtues of kindness, love, tolerance, peace, good neighbourliness, and compassion as exemplified by the Holy Prophet Muhammad…

Sunday, 07 April 2024 04:55

Electricity consumed ‘anyhow’ by Nigerians because it’s cheap; thus, the need to multiply tariff, says Tinubu’s Minister of Power

Adebayo Adelabu, minister of power, has criticised Nigerians who keep their freezers and air conditioners on when they are not home. Adelabu, while addressing journalists in Abuja on Thursday, said Nigerians lack the culture of power consumption management due to its affordability. “The bitter truth we all need to tell ourselves as Nigerians. A few people are just privileged to sit on the high table. We’re on the same level, we must be able to tell the truth to ourselves,” he said. “We don’t have the culture of consumption management in this country in terms of power, just of the…

Saturday, 06 April 2024 04:48

FG to Nigerians: Expect more electricity tariff hikes

Two days after the Nigerian Electricity Regulatory Commission (NERC) approved increase of electricity tariff for customers under the Band A classification, the Federal Government has hinted that a similar measure would be extended to others. Speaking at a briefing in Abuja on Friday, Minister of Power, Adebayo Adelabu, said the recent increase in electricity tariff is a pilot in phasing out of electricity subsidy in the country. He said the government plans to remove all subsidies in the sector to allow the thriving of investment in the power sector. The Minister said: “This tariff review is in conformity with our…

Saturday, 06 April 2024 04:47

Police deny Shiites’ claim of killing four of their members during Kaduna rally

Islamic Movement of Nigeria (IMN) popularly known as Shiites has alleged that four of its members were killed by the police in Kaduna on Friday. Speaking with reporters after the incident, Aliyu Tirmiziy, one of the leaders of the IMN, said 20 others were also injured. Tirmiziy said they were protesting to show support for the people of Palestine when the police came to disperse them. “We usually come out on the last Friday of every Ramadan to protest peacefully and show our support to the people of Palestine for the inhuman treatment they are being forced to face as…

Friday, 05 April 2024 05:00

Tariff Hike: DisCos rush to squeeze more consumers into Band A in order to charge highest tariff

At the backdrop of a huge discrepancy between the number of feeders covered as Band A customers by electricity distribution companies (DisCos) and what was approved by the Nigeria Electricity Regulation Commission (NERC) the DisCos are now making moves to return more of their consumers to Band A to charge the new tariff. Vanguard learnt that the DisCos had recorded 1,100 feeder coverage areas for Band A but NERC said the actual coverage area for the new tariff was only 480. A source in one of the DisCos in Lagos told our correspondent that they are now working on increasing…

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Friday, 05 April 2024 04:57

What to know about the new students loan law

PRESS RELEASE President Bola Tinubu, on Wednesday, 3 April 2024, signed into law the Student Loans (Access to Higher Education) (Repeal and Re-enactment) Bill, 2024. The Act seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths. WHY THE PREVIOUS ACT WAS AMENDED The repealed Student Loan Act, 2023, had some challenges bordering on governance and management, purpose of the loans, eligibility criteria for applicants, method of application, repayment provisions, and recovery of the loans. THE AMENDMENTS UNDER THE NEW ACT Student Loans (Access to Higher Education) (Repeal and Re-enactment) Act, 2024 sufficiently resolved…

Thursday, 04 April 2024 04:51

Labour, manufacturers fume as FG triples electricity tariff

Nigeria Labour Congress (NLC), manufacturers and energy experts have flayed the Nigerian Electricity Regulatory Commission’s (NERC) decision to hike electricity tariff for Band A customers from the current N66 per kilowatt hour to N225, representing a 240 per cent increase. They described the move as insensitive, discriminatory and predatory. Band A consumers are those who have electricity supply for upward of 20 hours daily. NERC had in 2020 introduced Service-Based Tariff (SBT) to improve service delivery to end-user customers and ensure that electricity tariffs paid by end-user customers are a reflection of the services delivered by the Distribution Companies based…

Thursday, 04 April 2024 04:44

Tinubu signs re-enacted student loan bill into law

President Bola Tinubu on Wednesday signed the student loans re-enactment bill into law. The signing of the bill by the president came after the announcement of a temporary suspension of the commencement of the student loan scheme. The law will allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs. Signing the bill at the State House, Abuja, the president said no one would be excluded from quality education and opportunity to build their future regardless of their background. The executive bill is titled “A Bill for an Act to repeal the Students Loans…

Wednesday, 03 April 2024 04:52

Electricity tariffs to go up as FG increases prices of natural gas

The federal government is planning an almost 300% increase in electricity tariffs in the coming weeks in a bid to attract investment into the sector according to reports from Bloomberg. According to the reports, unofficial sources state that electricity firms may hike tariffs for those in urban areas to N200 per kWh, up from N68. Those in urban centres represent just 15% of the population but reportedly consume around 40% of the nation’s power the anonymous source said. Special Adviser to the President on Information and Strategy, Bayo Onanuga told Bloomberg that NERC would announce a price increase soon and…

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