The World Bank has ranked Nigeria 132 out of 136 countries in infrastructural development. While asserting that the country’s infrastructural deficit would likely reach $3 trillion in the next 30 years, the Bank noted that Nigeria’s development index is among the lowest in the world. Going by the current rate of expenditure allocation for infrastructure, the Washington-based bank noted that “it would take 300 years to close the country’s current infrastructure gap”. “Closing Nigeria’s infrastructure gap would cost at least four per cent of GDP growth per year.” the report added. Investors King understands that infrastructure deficit and lack of…
Author: Elvis Eromosele
Nigeria’s Debt Management Office (DMO) on Thursday said that the next administration will inherit a public debt of N77 trillion if the N23 trillion loans from the Central Bank of Nigeria (CBN) are securitised. The Director-General of the DMO, Patience Oniha, made this known in a statement on Thursday. In recent weeks, there have been heated debates on the sustainability of Nigeria’s debt amid shrinking revenue and mounting CBN loans. Last week, President Muhammadu Buhari requested a delayed approval for the N23.7 trillion loan that had already been spent, causing an uproar in the Senate. Lawmakers rejected the request and…
The National Pension Commission has revealed that the federal government released N13.89 billion for the payment of the pension of retired workers in the country. The payment is for the accrued pension rights (ACR) of retirees of treasury-funded ministries, departments and agencies (MDA’s) in 2022, the commission said. In a statement signed by the management, PenCom said the payment will cover employee benefits up to June 2004, when the Contributory Pension Scheme (CPS) came into effect. The CPS was established under the Pension Reform Act of 2004, which was repealed and replaced with the Pension Reform Act in 2014. It mandates…
The Independent National Electronic Commission expressed concern this week about the number of uncollected PVCs across the country. There are 6.7 million uncollected PVCs across 17 states and the Federal Capital Territory with less than two months until the general elections. Although INEC expects the number to drop significantly before the deadline of January 22, the commission suspects that citizens have become unwilling to visit state offices. INEC is eager to avoid repeats of voter apathy and has announced plans to devolve collection to the ward and local government levels in the coming weeks. According to data from the 2019 presidential…
US social media giant Meta was slapped Wednesday with fines totalling 390 million euros ($413 million) for breaching EU personal data laws on Facebook and Instagram, Ireland’s data regulator said. Meta and other US Big Tech firms have been hit by huge fines over their business practices in the European Union in recent years and the bloc has also tightened online regulation. The Irish Data Protection Commission said in a statement that Meta breached “its obligations in relation to transparency” and used an incorrect legal basis “for its processing of personal data for the purpose of behavioural advertising”. The watchdog…
The World Bank has said Nigeria can consider reforms in three key areas in order to mitigate the impact of a slowing global economy occasioned by the Russia-Ukraine conflict, Covid-19 and other global and external shocks. The bank, in its December 2022 Nigeria Development Report, said findings indicate that reforms can be made in three key areas namely: “Restoring macroeconomic stability through measures to reduce the domestic and external imbalances.” This according to the World Bank, will require a coordinated mix of exchange rate, trade, monetary, and fiscal policies, notably including adopting a single, market-responsive exchange rate, eliminating the petrol…
Digital transformation investments in the Middle East, Türkiye, and Africa (META) are set to more than double across the 2021–2026 period, according to the latest forecast from International Data Corporation (IDC). The global technology research, consulting, and events firm said that digital transformation spending in the region will accelerate at a compound yearly growth rate (CAGR) of 16 per cent over the five years, topping $74 billion in 2026 and accounting for 43.2 per cent of all ICT investments made that year. IDC’s Group Vice President and Regional Managing Director, META, Jyoti Lalchandani, said: “For many organisations, the digital and…
Reports indicate that Nigerians willing to subscribe to Elon Musk’s Starlink internet service will pay up to $600 to acquire the setup hardware. With the naira exchanging at N730 to $1 in the black market, this is about N438,000.00. In addition, the subscription to Starlink’s service in Nigeria will cost $43 per month, which is about N31,000.00. The company said Nigerians can pre-order the $600 hardware as it prepares to launch this year. Sources reveal that Starlink, which was expected to roll out its service in Nigeria before the end of last year, said its rollout is now “pending regulatory…
Title: Okeho Exodus: Regicide, Revolt, Relocation: A Historical Play Playwright: Olutayo Irantiola Publisher: Peo Davies Communications Year of Publication: 2022 Reviewer: Dr. Mutiat Titilope Oladejo As a historian, I find it interesting to read Olutayo Irantiola ‘s book on The Okeho Exodus. I reviewed the book and I am pleased to say that we own our stories and it is good that we can recreate them for our pleasure and for the future. While lecturing at Emmanuel Alayande College of Education, I had the cause to visit Okeho to supervise students in teaching practice. I also visited other towns in Oke-Ogun.…
Eng. Gbenga Adebayo, Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), has disclosed that network providers will disconnect banks from the Unstructured Supplementary Service Data (USSD) code. ALTON, the umbrella body for MTN Nigeria, Airtel, Glo, 9mobile amongst others, had disclosed that the banks have failed to remit commission from the charges of the USSD used by bank account holders for electronic transactions. The debt has risen to N80 billion as of November 2022 from N32 billion in 2019. As a result of the growing debt, the network providers have continued to threaten disconnection. In a report by Punch…