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Sunday, 03 December 2023 04:49

With total delegation of 1,411 along with Tinubu, Nigeria has largest African representation at COP28 in Dubai

Nigeria has the highest number of registered delegates from Africa at the ongoing COP28 in Dubai, United Arab Emirates. According to a list published by the United Nations Framework Convention on Climate Change (UNFCCC), Nigeria is also third-highest overall in number of delegates at the conference. The provisional total for COP28 indicates that 81,027 delegates registered to attend the summit in person. With a further 3,074 attending virtually, this takes the overall total to 84,101, a report released on Friday by Carbon Brief said. The figure is 30,000 more than those who travelled to Sharm El-Sheikh in Egypt for COP27…

Sunday, 03 December 2023 04:49

Scores of US soldiers want to overthrow government – Pentagon

Extremism in the ranks remains a troubling trend for the US military, as evidenced by the fact that 78 service members were suspected of being advocates for the overthrow of their own government, an annual Pentagon report has revealed. The report, released this week, also showed that 44 service members were suspected of supporting or engaging in terrorism in the past year. Overall, the 183 allegations of extremism across all branches of America’s military marked a 25% increase from the previous year’s level. In addition to cases in which service personnel allegedly advocated revolution or supported terrorism, the study documented…

Saturday, 02 December 2023 05:06

Nigeria’s inflation pushes manufacturing into contraction for second consecutive month - Report

Nigeria’s manufacturing activity shrank for the second straight month in November, affected by rising price levels that kept customers at bay. This is contained in the Stanbic IBTC Bank Nigeria Purchasing Manager Index (PMI) released Friday. PMIs track the prevailing direction of economic trends in manufacturing and service sectors, providing credible data on business conditions to analysts, decision-makers and investors. A reading above 50 indicates an improvement, while that below that threshold means a contraction. The report said Friday that the country’s PMI for November was 48, down from 49.1 the month before. New orders and output both receded in…

Saturday, 02 December 2023 05:05

Naira hits record low as official, parallel market rates converge

Naira dropped to a record low against the dollar on Friday on the official market, close to the rate at which it trades on the unofficial parallel market. The currency of Africa's biggest economy fell as low as N1,160 to the dollar, LSEG data showed, before recovering to around 800 naira. The naira's official exchange rate has been drifting towards the parallel market level as the Central Bank of Nigeria is yet to clear outstanding foreign-currency amounts owed in forward deals. Last week, CBN Governor Olayemi Cardoso said he would allow market forces to determine exchange rates while setting clear,…

Saturday, 02 December 2023 05:04

CBN to freeze bank accounts without BVN, NIN

Central Bank of Nigeria (CBN) says accounts without a bank verification number (BVN) or national identification number (NIN) will be restricted from March 1, 2024. In a circular on Friday, CBN said a “Post No Debit or Credit” will be placed on funded accounts without BVN or NIN on March 1, 2024. CBN said it has also amended the regulatory framework for BVN operations and watch-list for the Nigerian banking industry to strengthen the know-your-customer (KYC) procedures in financial institutions. “As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC)…

Saturday, 02 December 2023 05:03

Tinubu presented empty boxes of 2024 budget to N’Assembly – Rep

A member of the House of Representatives, Yusuf Galambi, has accused President Bola Tinubu of presenting ’empty’ boxes supposedly containing the 2024 budget to the joint session of the National Assembly. Galambi, a member of the New Nigeria Peoples Party (NNPP) representing Gwaram federal constituency of Jigawa State, made the allegation during an interview with BBC Hausa Service on Friday. The lawmaker, in the interview, said Tinubu read out his budget speech including proposals for sectors but did not give the lawmakers the documents as was the tradition by previous presidents. The president, on Wednesday, presented the N27.5 trillion proposed…

Saturday, 02 December 2023 05:02

Passengers won’t have physical contacts with Immigration officials soon – FG

As from February next year, passengers arriving into the country would not have any business with immigration personnel at the nation’s international airports, Minister of Interior, Olubunmi Tunji-Ojo has disclosed. This follows the pending inauguration of e-gate with the first consignment being expected to be installed at the Nnamdi Azikiwe International Airport, Abuja. He also disclosed that there are no backlogs of passports at the moment, saying the Nigerian Immigration Service (NIS), acting on his directive, had cleared the backlogs of 204,232 passports and another 50,000 within two weeks and five days respectively. Tunji-Ojo disclosed these on Friday at the…

Friday, 01 December 2023 04:47

OPEC+ sets Nigeria’s maximum oil output for 2024 at 1.5m bpd for this reason

OPEC+ handed Nigeria a 2024 oil output target lower than Africa's largest oil producer had hoped for while lowering Angola's target, according to a statement from the group of oil-producing countries. The move follows a meeting in June where OPEC+ agreed a complex deal that revised production targets for several members. OPEC had tasked three consultancies - IHS, Rystad Energy and Wood Mackenzie - with verifying production figures for Nigeria, Angola and Congo. Based on that it has given Nigeria a 2024 target of 1.5 million barrels per day (bpd), Angola one of 1.11 million bpd and Congo a target…

Thursday, 30 November 2023 04:32

FG projects N9trn budget deficit as Tinubu presents 2024 Budget to N’Assembly

Federal government has pegged Nigeria’s budget deficit for the 2024 fiscal year at N9.18 trillion. Speaking on Wednesday during the presentation of the proposed N27 trillion 2024 budget at the national assembly, President Bola Tinubu said the deficit represents 3.88 percent of Nigeria’s gross domestic product (GDP). The president said the N9.18 trillion deficit is lower than the “N13.78 trillion naira deficit recorded in 2023 which represents 6.11 percent of GDP”. “The deficit will be financed by new borrowings totalling 7.83 trillion naira, 298.49 billion naira from Privatization Proceeds and 1.05 trillion naira drawdown on multilateral and bilateral loans secured…

Thursday, 30 November 2023 04:31

Old, new Naira notes remain legal tender indefinitely, Supreme Court rules

The Supreme Court has ruled that both the old and the new naira notes of N200, N500 and N1,000 remain valid legal tenders until further notice. In a ruling by a seven-man panel led by Inyang Okoro on Wednesday, the apex court ordered the old and the redesigned naira notes to be in circulation beyond December 31, 2023. The Court made the order following the hearing of the application of the Federal Government moved by the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi. President Bola Tinubu-led administration on November 21, had filed an application before the Supreme…

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Wednesday, 29 November 2023 04:51

After saying borrowing is ‘the last thing we must rely on’, Tinubu asks for N’Assembly’s approval to borrow $8.7bn

President Bola Tinubu has transmitted the 2022-2024 external borrowing plan to the national assembly. Tinubu’s request was read on Tuesday on the floor of the lower legislative chamber by Tajudeen Abbas, speaker of the house of representatives. In the borrowing plan, the president is seeking approval of the legislature to borrow $8,699,168,559 and €100,000,000 The plan also includes $1 billion from the African Development Bank (AfDB) and $1.5 billion from the World Bank group. Tinubu said the 2022-2024 external borrowing rolling plan was approved by the federal executive council (FEC) on May 15, under former President Muhammadu Buhari. The president…

Wednesday, 29 November 2023 04:50

Northern senators to Tinubu: Restore electricity to Niger Republic

Senators from the Northern region of the country have asked President Bola Tinubu to restore electricity to Niger Republic. They also asked the military junta in Niger Republic to return the country to democratic rule. The lawmakers, under the aegis of Northern Senators Forum (NSF), said this in a communique issued at the end of their meeting in Abuja on Tuesday. The appeal is coming about four months after Nigeria cut power supply to Niger Republic, as one of the sanctions against the coupists in the country. NSF Chairman, Abdul Ningi, the senator representing Bauchi Central, read the communique to…

Wednesday, 29 November 2023 04:49

Five LUTH wards shut due to doctors emigration - Reps

House of Representatives Committee on Health has revealed that not less than five wards with about 150 beds, have been closed down at the Lagos University Teaching Hospital, Idi-Araba due to a shortage of health workers. Chairman of the committee, Amos Magaji explained that the five wards had to be shut because there were no health workers to operate them despite the large number of patients received at the institutions on a daily basis. While lamenting that the institution was under threat as a result of brain drain, the health committee chairman stated that many health workers in LUTH, especially…

Tuesday, 28 November 2023 04:47

FEC approves S1bn AfDB loan to finance 2024 budget, improve foreign exchange supply

Federal Executive Council has approved a $1 billion concessionary loan from the African Development Bank (AfDB) to support financing the budget and improve foreign exchange supply, Finance Minister Olawale Edun said on Monday. The AfDB loan will fetch an interest rate of 4.2% for 25 years with eight-year moratorium, Edun told reporters after a cabinet meeting in the capital city, Abuja. The FEC on Monday revised the country's 2024 budget upwards by 1.5 trillion naira to 27.5 trillion naira ($32.76 billion), after increasing the oil price benchmark and lowering the naira exchange rate assumption. "(Federal Executive Council) approved a $1…

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