News

Saturday, 16 December 2023 04:52

Nigeria's inflation rises to 18-year high amid worsening cost-of-living crisis

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…

Saturday, 16 December 2023 04:51

FAAC allocation to FG, states, LGs for November crosses the N1trn mark

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,…

Saturday, 16 December 2023 04:45

Despite condemning illegal actions by FG, Supreme Court blocks release of Nnamdi Kanu

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…

Friday, 15 December 2023 04:48

24m Nigerians slipped into poverty in the last 5 years - World Bank

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…

Thursday, 14 December 2023 04:45

Nigeria’s crude oil production fell in November, OPEC data shows

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…

Thursday, 14 December 2023 04:39

ASUU, others triumph as FG succumbs to agitations to remove public tertiary institutions from IPPIS

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…

Wednesday, 13 December 2023 04:40

FG mulls breaking Transmission Company of Nigeria into two

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…

Wednesday, 13 December 2023 04:38

‘Kenya has a simple message to humanity: Welcome Home!’, president says as country scraps visas for all visitors

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…

Tuesday, 12 December 2023 04:44

Liquidity drops 48% at official forex market, pushing Naira further down - Bloomberg

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…

Tuesday, 12 December 2023 04:43

Another Labour, FG clash looms as N35,000 award stops after one month payment

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…

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Tuesday, 12 December 2023 04:42

Nationwide blackout as national grid collapses yet again

The national grid, on Monday, experienced another system collapse, throwing the country into darkness. The grid collapsed at about 1 pm, according to Ndidi Mbah, general manager, public affairs at Transmission Company of Nigeria (TCN), who said the grid has been fixed. “The collapse happened by 13.49 this afternoon. It is now fully restored by 18.51,” Mbah said. This is the third time in recent months that the national grid has collapsed. Efforts to confirm from TCN proved abortive. In September 2023, the national grid system collapsed twice. The grid had collapsed on September 14, 2023, and September 19, 2023,…

Tuesday, 12 December 2023 04:41

CBN assures of ‘resilience’ of Nigeria’s banks; suspends deposit charges

Central Bank of Nigeria on Monday dismissed reports alleging that some licensed commercial banks in the country failed to meet the Capital Adequacy Ratio, (CAR). A statement by the bank’s spokesperson, Sidi Hakama, said that key financial soundness indicators which reflect the stability and resilience of the sector, as detailed in its most recent Economic Report of 2023, remain well within the regulatory thresholds. The adequacy ratio offers a swift assessment of whether a bank holds sufficient funds to offset potential losses and maintain solvency amid challenging financial conditions. “We wish to clarify that the Nigerian banking industry remains resilient…

Monday, 11 December 2023 04:49

External reserves fell $4bn year to date; $400m in 5 weeks – CBN

The country’s external reserves fell by $520.22 in five weeks, figures obtained from the Central Bank of Nigeria revealed. According to CBN’s data on movement in reserves, the figures which stood at $33.396bn as of October 31, 2023 fell to $33.004bn as of December 7, 2023. The CBN had earlier revealed that the reserves which commenced January 3, 2023, at $37.07bn fell to $33.237bn as of September 29, 2023. Speaking recently at the Chartered Institute of Bankers of Nigeria’s 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th anniversary in Lagos, the Governor, CBN, Olayemi Cardoso, said, in…

Sunday, 10 December 2023 04:30

‘You can hardly differentiate between the poor and their animals’; the poor are angry with those of us in govt - Shettima

As many Nigerians groan in poverty due to the rising cost of living occasioned by unprecedented inflation, Vice-President Kashim Shettima has said the poor in the country are angry with government officials and other members of the elite, who constitute the minority. The vice-president said this at the graduation ceremony of the Executive Intelligence Management Course 16 participants from different security agencies and nominees of state governments in Abuja on Saturday. The event was organised by the National Institute for Security Studies. This is the first time a senior government official is admitting the biting hardship in the country, which…

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