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Tuesday, 16 January 2024 04:46

Nigeria's inflation rises to 27-year high on soaring food prices

Nigeria's inflation rate rose to its highest in more than 27 years in December as food prices surged, exacerbating a cost-of-living crisis and piling more pressure on the central bank to raise interest rates. Consumer inflation rose for the 12th straight month in December to 28.92% year on year from November's 28.20%, the National Bureau of Statistics said on Monday. Inflation in Africa's biggest economy and most populous nation has not climbed this high since mid-1996. Food inflation rate, which accounts for the bulk of Nigeria's inflation basket, rose to 33.93% in December from 32.84% a month earlier. The statistics…

Tuesday, 16 January 2024 04:45

NNPC seeks operators for refurbished Port Harcourt refinery

Nigeria's state-owned oil company NNPC Ltd on Monday tendered for operators of its Port Harcourt oil refinery in the Niger Delta, which is expected to begin production in the first quarter of this year, the company said. The refinery, which is undergoing an upgrade, will begin by processing 60,000 barrels per day (bpd), and NNPC expects to operate at the full capacity of 210,000 bpd later this year. NNPC said in a public notice that it wanted to engage reputable and credible operations firms "to operate and maintain one of its refineries, Port Harcourt Refining Company, to ensure reliability and…

Monday, 15 January 2024 04:49

Afreximbank, UBA spell out terms of $3.3bn loan facility arranged for Nigeria

African Export-Import Bank and the United Bank for Africa have disbursed $2.25bn of the $3.3bn oil-for-cash loan facility arranged by the Nigerian National Petroleum Company Limited. In a statement from UBA over the weekend, an initial disbursement of $2.25bn has been made and a second tranche of $1.05bn is expected to be disbursed subsequently. UBA, which is the Local Arranger and Onshore Account Bank for the transaction said that the five-year facility carries a margin of 6.0 per cent per annum above the three-month secured overnight financing rate. The transaction structure has an embedded price balance mechanism where 90 per…

Sunday, 14 January 2024 04:49

Tinubu sets up inter-ministerial panel to review social investment programmes

President Bola Tinubu has set up a six-member panel to review the policy guidelines of the social investment programmes. In a statement on Saturday, Ajuri Ngelale, presidential spokesperson, said the panel is expected to audit existing financial frameworks of the social investment programmes. The presidential panel is headed by Wale Edun, minister of finance. Other members of the committee are Muhammad Ali Pate, coordinating minister of health and social welfare; Atiku Bagudu, minister of budget and economic planning; Mohammed Idris, minister of information and national orientation; Bosun Tijani, minister of communications, innovation and digital economy, and Ayodele Olawande, minister of…

Saturday, 13 January 2024 04:47

Betta Edu: Tinubu suspends poverty alleviation programmes

President Bola Tinubu has suspended all administered programmes by the national social investment programme agency (NSIPA). On January 2, Tinubu suspended Halima Shehu as the chief executive officer (CEO) of NSIPA, over alleged financial malfeasance. Also on January 8, the president suspended Betta Edu as minister of humanitarian affairs and poverty alleviation. Edu’s ministry supervises NSIPA and has come under scrutiny after a memo surfaced wherein she asked Oluwatoyin Madein, accountant-general of the federation, to transfer N585 million to a private account. According to a statement on Friday by Segun Imohiosen, director of information at the office of the secretary…

Saturday, 13 January 2024 04:46

Ministry of Finance takes control of FG’s shareholding in DisCos preparatory to sell off

Federal government has transferred control of its 40 percent shareholding in electricity distribution companies (DisCos) from the Bureau of Public Enterprises (BPE) to the Ministry of Finance incorporated (MOFI). Following the privatisation of DisCos in 2013, the federal government retained a 40 percent shareholding in the companies. The development comes a month after the BPE announced its intention to sell the 40 percent shares on the capital market this year. In a letter dated January 10, 2024, sent to MOFI’s board of directors by Wale Edun, minister of finance, MOFI was directed to assume ownership and control of interests in…

Friday, 12 January 2024 04:57

NDIC budgets N5.3bn for welfare packages, N8.7bn for training & travels, N1.6bn for media, N991m for refreshments

Nigeria Deposit Insurance Corporation (NDIC) says it will spend N5.2 billion for the procurement of information communication technology (ICT) software. This is contained in the 2024 government-owned enterprises (GOE’s) budget proposal submitted to the federal government. In the proposed budget, the NDIC earmarked a total of N130.2 billion for expenditure and N260.5 billion for revenue. Out of the proposed expenditure, the corporation intends to spend N5.2 billion on ICT software and N947 million on “IT infrastructure software”. For the purchase of its fixed assets pegged at N2.1 billion, the GOE looks to spend N703 million on vehicles, N165 million on…

Thursday, 11 January 2024 04:47

CBN sacks boards, managements of Union Bank, Keystone and Polaris

Central Bank of Nigeria, on Wednesday, dissolved the boards and managements of Polaris, Union and Keystone Banks. CBN, in a statement signed by Hakama Sidi Ali, its acting director, corporate communications, said the action became necessary due to the non-compliance of the banks and their respective boards with “provisions of Section 12 (c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020”. “The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activitiesthat pose a threat to financial stability, among others,” CBN said. The financial…

Wednesday, 10 January 2024 04:37

FG destroys record N10bn worth of seized elephant tusks

Federal government on Tuesday destroyed 2.5 tonnes of seized elephant tusks valued at over N9.9 billion ($11.2 million) in a push to protect its dwindling elephant population from rampant wildlife traffickers. Over the past three decades, Nigeria's elephant population has declined drastically from an estimated 1,500 to less than 400 due to poaching for ivory, habitat loss and human-elephant conflict, according to conservationists. Minister of State for Environment Iziaq Salako said the government crushed the tusks and will use the powder to build a symbolic national park monument as a reminder of the importance of elephants in the ecosystem. The…

Tuesday, 09 January 2024 04:49

Do you use a glo line? Soon, you won’t be able to call MTN lines

Nigerian Communications Commission (NCC) has approved the partial disconnection of Globacom to MTN due to a non-settlement of interconnect charges. The NCC said this in a public notice by Reuben Muoka, the director of public affairs of the commission, on Monday. The partial disconnection, according to the commission, means that Globacom’s subscribers will no longer be able to make calls to MTN, but will be able to receive calls to the Globacom network. The commission explained that at the expiration of 10 days from the date of the notice, disconnection will be implemented. “The Nigerian Communications Commission hereby notifies the…

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Tuesday, 09 January 2024 04:48

FG launches online passport application process

Nigeria Immigration Service (NIS) on Monday launched the automated passport application process to expedite passport acquisition for Nigerians. The NIS in a statement on Monday said the launch followed a live demonstration session hosted by the Minister of Interior, Olubunmi Tunji-Ojo, unveiling the functionality of the new system to stakeholders from across the country on Saturday in Abuja. Speaking during the technical session, the Minister noted that the new reform seeks to redefine how citizens enrol and procure the international passport. With an emphasis on convenience, reduced processing time, and an overall seamless experience, the Minister assured the public that…

Monday, 08 January 2024 04:51

N’Assembly budgets additional N30bn for renovation, total now N60bn

Lawmakers have budgeted an additional N30 billion for the renovation of the National Assembly Complex in the 2024 Appropriation Bill. The N30bn earmarked for the renovation of the building was part of the N344.85bn budgeted for the National Assembly after they raised their allocations from N197.93bn. The N344.85bn, signed by President Bola Tinubu on January 1, is the highest ever allocated to the legislature. The additional N30bn brings to N60bn the amount being spent on the renovation of the National Assembly complex. Senate President, Godswill Akpabio, who is also the President of the National Assembly, had on June 30, 2023,…

Monday, 08 January 2024 04:49

CBN pays foreign airlines $61.4m out of trapped funds - less than 10% of outstanding balance

Central Bank of Nigeria (CBN) says it has disbursed approximately $61.64 million to foreign airlines through various banks. The payment is part of CBN’s efforts to decrease its remaining liability to the airlines and clear the forex backlog to commercial banks in order to ease pressure on foreign exchange. Recall that in November 2023, foreign airlines operators disclosed that about 90 per cent of their $783m trapped funds had not been paid. The latest payment represents less than 10 percent of trapped funds. According to data from the International Air Transport Association, as of August 2023, Nigeria accounted for $783m…

Sunday, 07 January 2024 04:38

Individuals, corporate orgs lavish gifts on woman who wakes up 4.50am to cook for husband. Here’s the story

A mother, Mrs Deborah Olaki (also known on X as Mummy Zee) after a post on X stating how she wakes up as early as 4.30am to prepare her husband’s lunch, has become a social media sensation, with gifts of cash and kind pouring in for her from Nigerians. Mrs Deborah Olaki’s life is changing right before her eyes. The Lagos State-based mother has become a millionaire in less than 48 hours. As of December 29, 2023, Olaki, a graduate of Geophysics, begged Santa Claus for a Christmas gift of a small bedside fridge. Posting a picture of the sample…

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