The World Bank has revealed that some twenty-eight million nine hundred thousand people living in Nigeria and other West and Central African countries depend on emergency food assistance for survival. This is despite an above-average yield in the 2022/23 agricultural season. The global bank explained that countries in these regions continue to face high levels of food insecurity because of persistent insecurity and macroeconomic challenges. It noted that unless measures are taken, 41.9 million people in Nigeria and these countries could be food insecure between June and August of 2023. The bank stated this in its latest ‘Food Security Update.’…
Author: Elvis Eromosele
As the scarcity of the Premium of Motor Spirit, popularly called petrol, continued on Sunday, oil marketers have hinted that the cost of the commodity would cross N800/litre once the subsidy on PMS is removed. Industry operators had repeatedly stated that the high cost of subsidy on petrol was a burden on the Nigerian National Petroleum Company Limited and contributed to the prolonged crisis in the downstream oil sector. NNPC is the sole importer of petrol into Nigeria. The Minister of Finance, Budget and National Planning, Zainab Ahmed, recently suggested that the government should gradually withdraw subsidy on PMS, stressing…
Nigeria’s mobile subscriptions rose to 222.23 million in 2022, Nigerian Communications Commission (NCC) has revealed. This is in spite of the bottleneck imposed by the implementation of the Federal Government’s National Identification Number-Subscriber Identity Module policy. According to new data from the Nigerian Communications Commission, the total number of subscriptions grew from 195.13 million as of December 2021 to 222.23 million as of December 2022. This growth signified a complete shake-off of the decline that plagued the telecoms industry in 2021 when the total number of mobile subscriptions declined by 4.42 per cent from 204.15 million as of December 2020…
The Federal Inland Revenue Service (FIRS) has announced that it collected over N10 trillion in tax revenue in the year 2022, the highest tax collection ever recorded in its history. The Service made this known in its “FIRS 2022 Performance Update,” report signed by its Executive Chairman, Mr. Muhammad Nami, and released to the public on Monday, after his briefing with President Muhammadu Buhari. “The FIRS, in the year 2022 collected a total of N10.1 trillion in both oil (N4.09 trillion) and non-oil (N5.96 trillion) revenues as against a target of N10.44 trillion. “Companies Income Tax contributed N2.83 trillion; Value…
Hundreds of air passengers were Monday stranded at the international and local wings of the Murtala Muhammed Airport in Lagos as staff of the Nigerian Aviation Handling Company Plc (NAHCO) embarked on strike over salary increment. The NAHCO workers were said to have walked out of the international airport in the early hours of Monday, leading to the cancellation and delay of several flights scheduled for the day, according to passengers affected by the development. Several reports indicated that as of Monday afternoon, the strike was still in force. In a statement, Air Peace, a private carrier, stated that due…
……..Moyin Osho (Undergraduate) and Olaniran Oyelowo (Postgraduate) emerge Most Outstanding Students Africa’s Best Private University in Research and Entrepreneurship Development held her 12th Convocation from January 19th to 21st, 2023, at the Imota Campus Multipurpose Hall. According to the University’s Information, Media and Publication Specialist, Mr Olawale Adekoya, the three-day ceremony which has been restructured to hold during the Founder’s Week witnessed the conferment of Undergraduate and Postgraduate Degrees; Diplomas and Honorary Degrees. In his speech, the Vice Chancellor, Prof. Nosa-Owens Ibie, urged the current Undergraduate Students to make use of their time in the school, and should not be…
The Nigerian Economic Summit Group (NESG) has projected that the country’s unemployment rate will hit 37 per cent in 2023. The group in its 2023 Macroeconomic Outlook report titled “Nigeria in Transition: Recipes for Shared Prosperity,” said the country’s poverty headcount will also rise to 45 per cent. According to the report, due to weak performance in the job-elastic sectors, and low labour absorption of sectors that will drive growth, the nation’s population growth estimated at 3.2 per cent will lead to a decline in real per capita income. The report noted that the country’s GDP growth is also expected…
The African Development Bank (AfDB) said the 2023 economic outlook of the continent appears “stable” even as it called for “bold policy actions” to reverse the impacts of rising inflation and subdued growth. In its 2023 Africa’s Macroeconomic Performance and Outlook released Thursday in an event monitored virtually, the regional bank reviewed growth prospects of African countries on a case-by-case basis even as the average growth slowed from 4.8 to 3.8 per cent at the close of last year. The growth is expected to scale up to four per cent this year and slows to 3.9 per cent through 2024.…
FATE Foundation has announced that it has received a 1M USD grant from Google.org to improve the financial and digital capacity of Micro-women entrepreneurs in Nigeria, Kenya, and South Africa while supporting them with micro-grant financing. This announcement follows the $1m commitment in charitable funding made by Google.org during the 2022 International Women’s Day to support programs helping women entrepreneurs to grow their businesses. “Through this initiative, women entrepreneurs with nano and micro-enterprises in these three African countries will receive the relevant training and resources to help grow their businesses” says Tamilore Oni, Program Manager, Google.org, EMEA. “ FATE Foundation aims…
The Federal Government on Thursday in Abuja, performed a ground-breaking ceremony to construct 116 two bedrooms semi-detached bungalows at Gwagwalada axis for public servants. The initiative, under the Federal Integrated Staff Housing (FISH) programme, was designed in 2015 to provide affordable housing for civil servants. Speaking at the event, Dr Folasade Yemi-Esan, Head of the Civil Service of the Federation (HOCSF) recalled that the FISH programme was conceptualised as a vehicle to address housing scarcity faced by civil servants in the country. “A good number of us will recall that the FISH programme was conceptualised to address housing deficits civil…