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Nigeria's annual inflation rose in November for the 11th straight month to the highest level in 18 years, adding pressure on the central bank to tackle the rise amid a worsening cost-of-living crisis in Africa's largest economy. Consumer inflation rose to 28.20% in November from 27.33% in October, data from the National Bureau of Statistics showed on Friday. The last time Nigerians experienced this level of inflation was in August 2005, official data shows. On Dec. 13, the World Bank warned Nigeria to control inflation, and tasked the central bank to tighten monetary policy, build market confidence around free foreign…
Federation account allocation committee (FAAC) says it shared N1,088.783 trillion with the three tiers of government in November 2023. FAAC disclosed this in a communique issued at the end of its meeting in Abuja on Friday. The amount disbursed in November represents an increase of N181.82 billion compared to October’s allocation of N906.955 billion. According to the communique, a total revenue of N1.620 trillion was earned in November 2023. Out of the gross revenue, the deduction for the cost of collection was N60.960 billion; while total transfers, interventions and refunds were N470.592 billion. Meanwhile, from the N1.088 trillion distributable revenue,…
The Supreme Court on Friday overturned a judgment by a lower court that dropped terrorism charges against separatist leader Nnamdi Kanu, ruling that trial on the charges should continue. Kanu, a British citizen who leads the banned Indigenous People of Biafra (IPOB), disappeared from Nigeria after skipping bail in 2017. He was arrested in Kenya in 2021 and charged with terrorism. Friday's ruling by Lawal Garba reinstating Kanu's seven-count terrorism trial at a lower federal court has effectively extended his detention, which began two years ago after his arrest. "Even though illegalities were committed with the deployment of brutal force…
The World Bank says poverty rate in Nigeria has increased to 46 percent in 2023, representing 104 million poor Nigerians. This was disclosed in World Bank’s Nigeria development update titled ‘Turning the corner: From reforms & renewed hope, to results,’ on Wednesday. World Bank said Nigeria’s poverty rate rose from 40 percent in 2018 to 46 percent this year, as the number of poor people increased from 79 million to 104 million. According to the report, more people have fallen below the poverty line due to sluggish growth and rising inflation. “Sluggish growth and rising inflation have increased poverty from…
Nigeria’s crude oil production dropped in November, data from the Organisation of Petroleum Exporting Countries (OPEC) has shown. Oil production from the 13 members of the organisation averaged 27.84 million barrels per day (mb/d) in November 2023, lower by 57 thousand barrels per day (tb/d), month-on-month, OPEC said in its Monthly Oil Market Report released Wednesday. The report also noted that crude oil output increased mainly in Venezuela, Libya and Kuwait, while production in Iraq, Angola and Nigeria decreased. Nigeria’s crude oil production dropped to 1.37 million barrels per day in November, from 1.38 million bpd in October 2023, an…
Federal executive council (FEC) has approved the removal of public tertiary institutions from the integrated payroll and personnel information system (IPPIS). Mohammed Idris, minister of information, spoke to journalists on Wednesday at the end of the FEC meeting at the presidential villa. Idris said the development means that members of staff of public universities, polytechnics, and colleges of education have been taken off IPPIS. The minister said authorities of tertiary institutions will now be paying their personnel from their own end rather than relying on IPPIS. “Today, the universities and other tertiary institutions have gotten a very big relief from…
The Federal Fovernment on Tuesday hinted at plans to restructure the Transmission Company of Nigeria (TCN) into two entities. Nigeria’s Minister of Power, Adebayo Adelabu, disclosed this while speaking at the Federal Ministry of Power ministerial retreat held in Abuja on Tuesday. The TCN, which coordinates the nation’s electricity transmission network, is one of 18 companies that were unbundled from the defunct Power Holding Company of Nigeria (PHCN) in April 2004. It was incorporated in November 2005 and issued a transmission licence a year later. TCN’s licensed activities include electricity transmission, system operation and electricity trading. The company is currently…
Visitors to Kenya from across the world will no longer require a visa from January, President William Ruto said on Tuesday. Ruto said his government had developed a digital platform to ensure all visitors would receive an electronic travel authorisation in advance, instead of needing to apply for a visa. "It shall no longer be necessary for any person from any corner of the globe to carry the burden of applying for a visa to come to Kenya," he said in a speech in the capital Nairobi at an event to mark 60 years of independence from Britain. Ruto has…
Naira weakened sharply on the official market against the dollar, pushing it above levels on the unauthorized parallel market despite government promises to stem volatility. The currency slumped 23% to 1,099 naira per dollar on the official market on Friday, according to Lagos-based FMDQ, amid a local shortage of the greenback. That was slightly cheaper than the naira’s level on the parallel market on Monday of 1,190, according to Umar Salisu, a trader who compiles the data in the commercial hub, Lagos. Naira Turnover Falls Liquidity in the official market dropped 48% to $71 million before the weekend, according to…
Organised Labour and the Federal Government are on a collision course over the government’s failure to sustain the payment of N35,000 wage award to workers. Workers in the Federal Civil Service, in separate interviews with our correspondent on Monday, noted that the Federal Government only paid N35,000 wage award for September. Following the removal of the fuel subsidy by President Bola Tinubu on his assumption of office, the Federal Government agreed to pay N35,000 to each of its workers to reduce the hardship caused by the subsidy removal. The government, in a memo signed by the Chairman, National Salaries Wages…
March 16, 2025

Petrol price war drives marketers to reduce purchases as losses mount

A price war between Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL)…
March 16, 2025

El-Rufai speaks further on Tinubu’s presidency, Chicago scandal, other issues

Former Kaduna State Governor Nasir El-Rufai has revealed that he and other political leaders were…
March 14, 2025

How leaders train themselves to rethink and adapt faster

Paola Cecchi-Dimeglio Recognizing the value of rethinking is one thing—making it a habit is another.…
March 01, 2025

Man offers to split $525,000 jackpot with thieves who stole his credit card to buy…

A Frenchman appealed to the homeless thieves who stole his credit card to buy a…
March 14, 2025

Gunmen invade Kaduna communities, abduct 10

Suspected bandits have abducted ten villagers from three remote communities in Kajuru Local Government Area…
March 16, 2025

Here’s the latest as Israel-Hamas war enters Day 527

Freed Israeli hostage speaks for the first time about his 505 days of surviving Hamas…
March 15, 2025

Humanoid robot with human-like competence unveiled in China

Du Qiongfang Humanoid robot manufacturer AgiBot in Shanghai unveiled on Tuesday its latest humanoid robot…
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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