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Wednesday, 07 February 2024 04:48

No food shortage in Nigeria, FG insists

Chief of Staff to the President, Femi Gbajabiamila, met behind closed doors with the National Security Adviser, NSA, Nuhu Ribadu, and some ministers at the Presidential Villa, Abuja, yesterday, over food security and protests in some states. The meeting, which began at about 05:30 pm, also had in attendance governor of the Central Bank of Nigeria, Yemi Cardoso; Ministers of Education, Tahir Mamman; Finance, Wale Edun; Budget and National Planning, Atiku Bagudu; Agriculture, Abubakar Kyari; and State for Agriculture, Sabi Abdullahi. Briefing State House correspondents after the meeting that lasted for about three hours, Minister of Information and National Orientation,…

Tuesday, 06 February 2024 04:53

Women, youths block major road in Niger state to protest hardship under Tinubu

Youths and women took to the streets in Niger State on Monday in protest of what they called the biting hardship and the rising cost of living in the country. The protest started when a group of women blocked the Minna-Bida Road at the popular Kpakungu Roundabout to lament what they termed the sufferings under the Bola Tinubu government. They were later joined by men and youths who barricaded the road and halted vehicular traffic. The economic situation in the country had become unbearable following the removal of the fuel subsidy by President Tinubu on May 29, 2023. The policy…

Tuesday, 06 February 2024 04:51

Motorists block roads as fuel queues resurface in Lagos

There was heavy traffic gridlock in some parts of Lagos on Monday as motorists formed long queues outside the forecourts of filling stations on what appeared may herald a fresh scarcity of Premium Motor Spirit. One of our correspondents observed along the Ikorodu Road axis how motorists endured an unusually heavy gridlock due to a long queue of motorists waiting to buy petrol at filling stations. Also, the Total Filling station at the Mobolaji Bank Anthony Way had queues which led to heavy tariff around the Ikeja axis. Our correspondent also noticed that many of the filling stations along the…

Tuesday, 06 February 2024 04:50

Over 50% of Certificates of Pharmaceutical Products for drugs coming into Nigeria fake - NAFDAC

National Agency for Food and Drug Administration and Control (NAFDAC) says over 50 percent of certificates of pharmaceutical products (CPP) of medicines imported into Nigeria are fake. A certificate of a pharmaceutical product is a document issued in a format recommended by the World Health Organisation (WHO) that establishes the status of the product in the exporting country. Speaking on Monday at a stakeholders’ engagement meeting with regulators, policymakers, and law enforcement agencies in Abuja, Mojisola Adeyeye, NAFDAC director-general (DG), said sending a CPP out to another country gives assurance on the quality of the product. But the NAFDAC DG…

Monday, 05 February 2024 04:55

Power restored after national grid collapse due to ‘gas supply constraints’

Transmission Company of Nigeria (TCN) says the national grid has been fully restored. The national power grid had collapsed in the early hours of Sunday, causing a blackout across the nation. Speaking in a statement on Sunday, Ndidi Mbah, the general manager of TCN’s public affairs, blamed the incident on gas supply constraints that continuously affect the stability of the grid. “The grid experienced a partial disturbance at about 11:21 Hours today with Ibom power islanded, feeding Eket, Ekim, Itu & Uyo transmission substations, during the period of partial disturbance,” TCN said. “TCN initiated immediate restoration of the affected part…

Monday, 05 February 2024 04:54

Over 500 health workers left National Hospital in 2 years, CMD laments

More than 500 personnel of the National Hospital, Abuja (NHA), left its services in search of greener pastures in the last two years, its Chief Medical Director, Mahmud Raji, has disclosed. According to the CMD, most of them went abroad in search of better working conditions. “The way they leave is a very hurtful thing for all hospital administrators. “The most pitiful and worrisome aspect of it is the amount of money the Nigerian government has invested into each of these individuals as a doctor, a nurse, a pharmacist, a physiotherapist or whoever it is that leaves. He said that…

Sunday, 04 February 2024 04:52

243 days of killings, abductions: Here’s a catalogue of cases of insecurity since Tinubu took office

Amnesty International Nigeria (AIN), Kukah Center, Yiaga Africa, Civil Society Legislative Advocacy Centre (CISLAC) and Socio-Economic Rights & Accountability Project (SERAP) are among 48 groups which think insecurity is spiralling out of control in Nigeria. They lamented that the nation is grinding to a halt as a result of banditry, kidnapping and other forms of criminality. In a report under the auspices of Civil Society Organizations in Nigeria under the auspices of the Civil Society Joint Action Group, Community of Practice Against Mass Atrocities and Nigeria Mourns, unveiled last week (Monday, January 29) and titled ‘End Mass Atrocities, Secure Nigeria…

Sunday, 04 February 2024 04:50

Hajj pilgrims to pay N1.9m above last year’s fare, NAHCON says

National Hajj Commission of Of Nigeria (NAHCON) has fixed N4.9m as fare for the 2024 Hajj exercise. The commission had earlier fixed N4.5m as the deposit for the year even as many intending pilgrims were unable to pay the deposits. In a statement on Saturday, Fatima Sanda Usara, Assistant Director, Public Affairs, NAHCON disclosed that intending pilgrims from Southern states were required to pay N4,899,000 as Hajj fare; those from the Northern states will pay N4,699,000, for the Hajj and pilgrims from Yola and Maiduguri center will pay a fee of N4,679,000 for the 2024 Hajj. The commission blamed the…

Saturday, 03 February 2024 04:50

Importers to pay 42.5% more as Customs hikes FX rates in duties calculation

Nigeria Customs Service (NCS) has adjusted the foreign exchange rate for its tariffs and duties. The new rates were reflected on the single window trade portal of the federal government. According to information on the portal, the NCS exchange rate has gone up by 42.5 percent or N404.94 to N1,356.88/$, as of Friday — from the preceding rate of N951.94/$. The adjustment followed the depreciation of the naira at the Nigerian Autonomous Foreign Exchange Market (NAFEM) — on which customs rate is benchmarked. At the NAFEM, also known as the official foreign exchange market, the naira closed at N1,461.90/$1 as…

Friday, 02 February 2024 05:03

Naira devaluation pushes airfares to new highs. This is what it costs to fly from Nigeria to US, UK, S’Africa, others

The depreciation of the naira against the United States dollar by 55 per cent at the official foreign exchange market has led to a commensurate depreciation in airfares on international routes in Nigeria. The naira had fallen from approximately 900/dollar to over 1,400/dollar on Monday after the FMDQ Exchange, which records data the nation’s official exchange rate, reviewed its methodology for calculating the rate. The review came after the Central Bank of Nigeria accused approved foreign exchange dealers of reporting false figures. However, barely 24 hours after the movement of the official exchange rate, international airlines operating in Nigeria moved…

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Friday, 02 February 2024 05:02

11% of the poorest of poor people globally live in Nigeria - Report

It is estimated that about 70.92 million Nigerians are in extreme poverty, according to the World Poverty Clock. The figure translates to 11 per cent of the world’s extreme poor. This means that, at least, one out of every 10 extremely poor people live in Nigeria. It would be recalled that the National Bureau of Statistics (NBS) had earlier in its report said over 133 million Nigerians were multidimensionally poor. Sulaiman Adesina Yusuf of the Department of Agriculture Economics, University of Ibadan, related the statistics yesterday in Abuja in his presentation at a one-day public lecture. The lecture was organised…

Friday, 02 February 2024 05:01

Creation of state police crucial to tackling worsening insecurity, PDP govs say

Peoples Democratic Party (PDP) Governors’ Forum has expressed full support for the creation of State Police, saying it will address the current security challenges confronting the country. Governor of Bauchi State and Chairman of the forum, Bala Mohammed, said this on Thursday when he led his colleagues in the forum on a visit to Caleb Mutfwang of Plateau at the Government House in Jos. Mohammed, who decried the rising security challenges across the country, said that state police would complement efforts of the conventional security agencies. According to him, state police will provide opportunity for governors to handle the security…

Thursday, 01 February 2024 04:55

Naira free fall continues as it crosses N1,500 to $1 at parallel market

The naira, on Wednesday, crossed the N1,500 mark at the parallel section of the foreign exchange (FX) market. The value of the naira fell to N1,530 against the dollar — an all-time low in the parallel market. This is a 4.08 percent decline compared to the N1,470/$ reported the previous trading day. Currency traders, also known as Bureau De Change operators, quoted the buying price of the currency at N1,510 and the selling price at N1,530. “One thing affecting the price of dollar is that there is a lot of demand,” an FX trader at the black market, known as…

Thursday, 01 February 2024 04:54

CBN orders banks to cut FX exposures as Naira plunges

The Central Bank of Nigeria ordered banks to limit their foreign exchange exposure to curb risks to the financial system, in the latest move to improve liquidity in the country’s volatile currency market. The net open position limit of foreign currency assets and liabilities “should not exceed 20% short or 0% long of shareholders’ funds unimpeded by losses,” the regulator said in statement on Wednesday, asking lenders to meet the limits by Feb. 1. The move could push banks to cut speculative bets against the naira, according to Ronak Gadhia, director of sub-Saharan banks research at EFG Hermes. The central…

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