For the first time in 11 months, inflation dipped to 21.34 per cent in Nigeria, according to the National Bureau of Statistics (NBS). The inflation rate has been on a steady rise in from January to November, last year, but dropped to 21.34 per cent in December as against 21.47 per cent in November. The NBS report said that food inflation dropped to 23.75 per cent in December from 24.13 per cent a month earlier, amid skyrocketed prices of staples. The NBS had attributed rising inflation to a sharp increase in demand ahead of the holiday season amid the rising…
Author: Elvis Eromosele
Operatives of the National Drug Law Enforcement Agency, NDLEA, at the weekend busted another Tramadol cartel in Lagos with the seizure of millions of opioids pills and bottles worth over Five Billion Naira (N5billion) from their warehouse in Amuwo Odofin area of the state and arrest of two of the kingpins. This is even as anti-narcotics officers of the Agency also uncovered and dismantled a clandestine skuchies laboratory in a remote part of Sagamu, Ogun state where several equipments and various quantities of illicit substances used to mass produce the dangerous new psychoactive substance were recovered on Saturday 14th January…
Nigerian Breweries Plc has launched a new phase of its N100 billion commercial paper programme, allowing the firm to raise N20 billion from investors. The capital raise comes in three series of varying maturities: the first has a tenor of 91 days, the second 120 days and the third 154 days. Typically unsecured, commercial papers provide corporations with an opportunity to borrow from investors to meet short-term financial obligations at a fixed interest rate. Nigerian Breweries said the debt will cater for its “short-term funding needs.” “The CP Programme continues to provide the opportunity for non-equity investors to invest in…
The Ogun State Government has revealed that it plans to spend a total of N392.7 billion in infrastructure between now and 2025 as part of its plan to raise the economic status of the state and make it a leading one among its peers. The spending envelope, which is contained in the state’s Medium Term Expenditure Framework (MTEF), translates to 26 per cent of the total projected expenditure outlay for the period put at N1.5 trillion. Education and health, being allocated 14.3 and 11 per cent of the sum respectively, are among the key priorities of the government as it…
Human Rights Writers Association of Nigeria (HURIWA), a civil rights advocacy group, has slammed the Minister of State for Petroleum Resources, Timipre Sylva, for saying he won’t mind buying petrol at N300 a litre because other countries sell their products at higher prices than in Nigeria and N300 is nothing when compared or changed to the United States dollar and the British pound sterling. HURIWA’s National Coordinator, Emmanuel Onwubiko, in a statement said the comment of Sylva is crudely insensitive to the plight of Nigerians, who, for months, have been suffering unavailability and expensive cost per litre of Premium Motor…
The Nigerian National Petroleum Company Limited (NNPC) has disclosed that the country will export Premium Motor Spirit by mid-2023 as local refining capacity is set to jump to 1.1 million barrels per day. Group Chief Executive Officer of the commercialised entity, Mele Kyari, told the international community virtually at the 13th Global UAE Energy Forum that the country will also increase crude oil production to 2.2 million barrels per day. According to Kyari, “Security challenges around oil operations in the country became very manifest early on in 2022 and we took steps to bring back production, which has paid off.…
The West African Examination Council (WAEC) said that the introduction digital WAEC certificate will simplify the admission process for many Nigerians seeking to school abroad. According to the WAEC, the system will also remove any doubt on certificates presented by Nigerians. The Head of Nigeria National Office for WAEC, Patrick Areghan, stated this on Friday during a webinar organized in partnership with UK-based Recognition Agency, ENIC. According to him, the digital certificate initiative would support the mobility of students moving from Nigeria to other parts of the world. WAEC revealed that about 30 million certificate holders who wrote the West…
Barring unforeseen, President Muhammadu Buhari of Nigeria will officially commission the Dangote Oil Refinery, the largest vertically integrated petrochemical complex in the world on January 24, 2023 The refinery, which is situated in Lagos’ Lekki Free Zone, is owned by Africa’s richest man Aliko Dangote. It has a daily processing capacity of 540,000 barrels of Nigerian crude oil. The $19 billion project is a calculated move by Dangote and the Nigerian government to develop the nation’s downstream sector and turn it into a net exporter of petrochemicals and refined petroleum products by 2026. Reports indicate that the refinery is anticipated to…
The Independent National Electoral Commission (INEC) has extended the deadline for the collection of Permanent Voters Cards (PVCs) until Sunday, January 29, 2023, in an apparent response to appeals from well-meaning Nigerians. The electoral umpire earlier fixed the collection deadline as Sunday, January 22, 2023. But following a meeting on Thursday, INEC said it has pushed the deadline by eight days. “The Commission is determined to ensure that registered voters have ample opportunity to collect their PVCs ahead of the forthcoming election. For this reason, the timeframe for the collection of PVCs is extended by eight days,” INEC National Commissioner…
Sahara Foundation and Lagos State Employment Trust Fund (LSETF) have announced a strategic partnership geared towards rolling out a series of recycling exchange hubs across 12 Local Government Areas in the state. This project, which is being implemented by Wecyclers, a social enterprise with expertise in recycling, is aimed at promoting responsible environmental stewardship and encouraging the adoption of recycling as a socio-cultural practice to drive desired behavioral change in waste management in the state. In line with the Sustainable Development Goals 11 and 17, which speaks to Sustainable Cities and Communities, and Partnerships for the Goals, the tripartite partnership…