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Saturday, 23 March 2024 04:29

Hardship: 3 students feared dead in stampede over palliative rice in Nasarawa

Three students of the Nasarawa State University, Keffi, were feared dead on Friday in a stampede that occurred when the students struggled for rice donated by the state government. The incident occurred at the convocation square of the university where the bags of rice were kept awaiting the arrival of Governor Abdullahi Sule for the commencement of distribution. According to a student witness, Moses Ajah, the surging crowd of students overpowered the security personnel and broke into the square through the gate, thereby causing a stampede. “Some of the students were struggling with the police over the rice, and as…

Friday, 22 March 2024 04:45

CBN lied; FX backlog not cleared - Foreign airlines

Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines say the status quo remains the same. Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign airlines’ trapped funds. “If they say they have cleared the trapped funds, they should show us figures. They should tell us how much have been cleared. The last time I checked, the status quo remained the same,” Nwokeoma said. Hakama Sidi Ali, acting…

Friday, 22 March 2024 04:43

States, FCT owe FG N1.72tn budget support loans, AGF tells NEC

The governments of Nigeria’s 36 states and the Federal Capital Territory owe the federal government an outstanding liability of N1.72tn in budget support facilities. The figures were revealed in a presentation on state budget support facility by Office of the Accountant General of the Federation, at the 140th meeting of the National Economic Council presided over by Vice President Kashim Shettima at the Aso Rock Villa, Abuja, on Thursday. Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed this in a statement he signed Thursday titled, ‘NEC endorses take-off of $617M i-DICE programme across states.’…

Thursday, 21 March 2024 05:07

N’Assembly is working on salary boost for CJN, others. Here’s the proposed pay package for judicial officers ‘from top to bottom’

A bill proposing a new structure of salaries and allowances for judicial officers in the country has passed the third reading at the House of Representatives. President Bola Tinubu had forwarded a letter along with the executive bill to the house of representatives on Tuesday, urging swift passage of the proposed legislation. In the letter, the president said the bill seeks to end the “prolonged stagnation” of the remuneration of judicial officers. “The judicial office holders salaries and allowances bill seeks to prescribe salaries and allowances and fringe benefits for judicial officials to end the prolonged stagnation in their remuneration…

Thursday, 21 March 2024 05:06

CBN says all valid FX backlog settled, foreign reserves up

Central Bank of Nigeria (CBN) says it has successfully settled all outstanding foreign exchange (FX) obligations. Hakama Sidi Ali, acting director of corporate communications at CBN, disclosed this in a statement on Wednesday. Ali said the financial regulator recently concluded payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog. On February 5, Olayemi Cardoso, CBN governor, said he inherited a $7 billion FX backlog when he became the head of the apex bank in September 2023. Commenting further on the backlog settlement, Ali disclosed that “independent auditors from Deloitte Consulting…

Wednesday, 20 March 2024 04:38

‘Who is the bagger or idiot that will speak when I am talking?’, Nnamdi Kanu boasts of ending insecurity in Southeast ‘within two minutes’ if released

Nnamdi Kanu, leader of the proscribed Indigenous People Of Biafra (IPOB), says he would restore peace in the south-east in two minutes if released from detention. The IPOB leader said nobody in the south-east can counter his orders concerning the security situation in the region. Kanu spoke on Tuesday after he was denied bail by Binta Nyako, presiding judge of the federal high court, Abuja. He said violence has persisted in the region because he is being held in the custody of the Department of State Services (DSS). “Anybody committing crime cannot go free. I swear, anybody committing crime in…

Wednesday, 20 March 2024 04:37

Residents of Delta community where 16 soldiers were killed narrate their own side of what happened

Residents of Okuama community in the Ughelli South Local Government Area of Delta State where 16 military personnel were killed have opened up on the alleged reprisal. It would be recalled that troops attached to 181 Amphibious Batallion, Bomadi Local Government Area of Delta were killed while on peace mission. Trouble started when the troops responded to a distress call after the communal crisis between the Okuoma and Okoloba communities both in the South South State. There were reports that the military went on a reprisal attack after the incident. But reacting, Director, Defence Media Operations, Edward Buba, said the…

Tuesday, 19 March 2024 04:56

Nigeria’s imports rise to N35tn on Naira devaluation

Nigeria’s total imports grew to N35.9tn in 2023, from N25.5tn recorded in 2022, according to data by the National Bureau of Statistics. A breakdown of the data showed that in the first and second quarters of 2023, total imports were N6.4tn. It increased to N9tn in the third quarter and again to N14tn in the fourth quarter. By volume, manufactured imports topped the chart with imports worth N18.3tn. Agric imports N2.2tn while imports of raw materials totalled N3tn. On the other hand, Nigeria was able to churn out exports worth N35.9tn. However much of these were under the category of…

Tuesday, 19 March 2024 04:55

Submit details of users to EFCC, court orders Binance

The Federal High Court sitting in Abuja has ordered Binance Holdings Limited to release to the Economic and Financial Crimes Commission, EFCC, a comprehensive detail of all persons from Nigeria trading on its platform. Binance is a cryptocurrency exchange platform that lists more than 350 digital currencies, which serve as alternative form of payment, using encryption algorithms. The government had earlier asked Binance for information on its top 100 users in the country, as well as all transaction history for the past six months. Governor of Central Bank of Nigeria, CBN, Olayemi Cardoso, had on February 27, disclosed that about…

Tuesday, 19 March 2024 04:54

Voice calls, data services back up and running after massive outage across West Africa - Service Provider

MainOne, a West African digital infrastructure service provider, says there is stability on its network across the region. In a statement on Monday, the service provider said it worked with regional partners last week and over the weekend to reroute traffic with restoration capacity. “We worked with regional partners late last week and over the weekend to reroute traffic with restoration capacity and our observations are that we have stability on our network across the region this morning,” MainOne said. These developments, it said, represent a significant milestone to ensure continued connectivity for the West African business community. However, MainOne…

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Monday, 18 March 2024 04:27

FG in talks with World Bank for yet another $1bn loan for IDPs, others

Federal Government is in talks with the World Bank to complete the processes of obtaining over $1bn loans to address the challenges facing Internally Displaced Persons and their host communities, as well as bolster rural access and agricultural marketing in the country. The request is contained in World Bank documents titled, ‘Solutions for the Internally Displaced and Host Communities Project’ and ‘Rural Access and Agricultural Marketing Project – Scale Up.’ While the IDP loan is put at $500m, the rural access and agricultural marketing project loan is estimated at $550m. According to the documents provided on the bank’s website, the…

Sunday, 17 March 2024 05:00

Outrage as FG signs P&ID-type MOU with dormant UK company for railway construction

Some Nigerians have expressed displeasure over the signing of a memorandum of understanding (MoU) between the ministry of transportation and MPH Rail Development Limited. The company, registered in the UK, is expected to manage the design, construction, commissioning, operation, and eventual transfer of the Port Harcourt-Enugu-Calabar-Abuja standard gauge rail line. “The Minister of Transportation, Said Alkali on behalf of @NigeriaGov has signed an MoU with Messrs MPH Rail Development (UK) Limited for the design, construction, operation & transfer of the Port Harcourt–Enugu –Calabar–Abuja SGR Line on a PPP basis,” the ministry wrote on its X page. The ministry said the…

Saturday, 16 March 2024 04:33

Internet outage in Nigeria, others risks leaving millions offline for weeks - Bloomberg

Disruption to internet services for millions of users in Africa could take weeks or even months to fix, following damage to undersea cables off the continent’s west coast. Eight West African countries were suffering a second day of major connectivity issues on Friday with users in South Africa also affected, after damage to four sub-sea cables. The cause of the cable cutting was still not known, though a shifting of the seabed was among the likely possibilities. “Repairs can take weeks to months, depending on where the damage is, what needs to be repaired, and local weather conditions,” said a…

Saturday, 16 March 2024 04:30

Nigeria’s inflation hits 28-year high, among Africa’s 10 worst - Report

Consumer prices remain high in Nigeria, as the February Consumer Price Index (CPI) reading otherwise known as inflation, released yesterday by the National Bureau of Statistics (NBS) indicated that headline inflation scaled by 1.8 percentage points (ppts) to 31.7%, the highest level since April 1996. The inflation rate, which was a negative surprise to analysts, outpaced the Bloomberg consensus estimate of 31.3% and the 31.1% projection of analysts at CardinalStone Finance, a Lagos based investment house.The unabated inflation pressure indicates that Nigeria remains within the top 10 countries with the highest inflation reading in Africa. Most inflationary pressure in Nigeria…

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