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Old Notes: Senate urges CBN to extend deadline to June 30
Abuja, Jan. 24, 2023 – The Senate on Tuesday urged the Central Bank of Nigeria (CBN) to extend the deadline for circulation of old naira notes to June 30, 2023. The CBN has fixed the deadline for Jan. 31,2023. This followed a motion moved by Senator Sadiq Sulaiman (APC-Kwara North) at Tuesday’s plenary.. The Senate had, on December 28, 2022, advised the CBN to extend the phasing out of old currency notes for six months. Senator Sulaiman said the call became necessary in view of the financial hardship the phasing out …
CBN increases MPR to 17.7%
Abuja, Jan. 24, 2023 – The Monetary Policy Committee (MPC) of the Central Bank has increased the Monetary Policy Rate (MPR) from 16.5 percent to 17.5 percent. The MPR is the nominal anchor rate for commercial banks to lend to their customers. The decision was announced by Godwin Emefiele, the Governor of CBN, at a press briefing at the end of the two-day meeting of the committee in Abuja on Tuesday. It was the first meeting of the committee in 2023. (GBN)
Lekki port to contribute $361bn to economy in 45 years
Lagos, Jan. 24, 2023 – The Lekki Deep Sea Port will contribute over $361 billion to the Nigerian economy within the next 45 years. The port was inaugurated by President Muhammadu Buhari on Monday as part of his activities during his two-day official tour of Lagos State. It is the first deep sea port in Nigeria and will have a concession term of 45 years. The Infrastructure Concession Regulatory Commission (ICRC) gave the revenue profile of the port in a statement after its inauguration. It described the project as a major …
Lagos is testament to Buhari’s rice revolution – Sanwo-Olu
Lagos, Jan. 24, 2023 – Gov. Babajide Sanwo-Olu of Lagos State says Lagos is a testament to President Buhari’s rice revolution. Sanwo-Olu made the pledge on Monday while conducting President Muhammadu Buhari round the premises of Imota Rice Mill in Ikorodu on the first day of the president’s two-day official visit to Lagos State. President Buhari inaugurated the rice mill on Monday as part of his activities in the state. Sanwo-Olu said Lagos State was already acting to the wishes and directives of the president when he assumed office. “When …
New Notes: Nigerians express fears on CBN deadline
By Tajudeen Atitebi Lagos, Jan. 24, 2023 – Nigerians are expressing fears on the possibility of the Central Bank of Nigeria (CBN) pushing enough new notes into circulation and make the old notes illegal by the deadline. The apex bank has fixed Jan. 31, 2023 as the deadline by which it would have pushed enough new notes into circulation to stop the old notes as Nigerian legal tender. Many residents in Lagos said it was doubtful if the apex bank could achieve this feat given the current situation. The Global …
FIRS generated N10tn revenue in 2022 – official
Abuja, Jan. 24, 2023 – The Federal Inland Revenue Service (FIRS) generated N10 trillion revenue in 2022, the highest in its history. The FIRS gave the figures in its “FIRS 2022 Performance Update” released in Abuja on Monday. Its Executive Chairman, Muhammad Nami, released the document to public after a briefing with President Muhammadu Buhari. FIRS said it realised N4.09 trillion in the oil sector and N5.96 trillion in the non-oil sector against a total target of N10.44 trillion. Nami said that the FIRS could not meet its target due …
CBN Deadline: Nigerians express fears on possibility
By Tajudeen Atitebi Lagos, Jan. 23, 2023 – Nigerians have started expressing fears on the possibility of the Central Bank of Nigeria (CBN) pushing enough new notes into circulation to make the old notes illegal by the deadline. The apex bank has fixed Jan. 31, 2023 as the deadline by which it would have pushed enough new notes into circulation to stop the old notes as Nigerian legal tender. Many residents in Lagos said it was doubtful if the apex bank could achieve this feat given the current situation. The …
Senegal’s power plant reaches €154m in project cost
Casablanca, Jan. 23, 2023 – The 120 Megawatts power plant in Malicounda, Senegal, co-developed by Africa50 and its partners has reached financial close for a total project cost of €154 million. The combined cycle power plant is capable of producing more than 956 GWh of baseload energy a year, increasing the country’s power generation capacity by 8% while substantially reducing generation costs. The Malicounda power plant is also designed to convert to the use of natural gas as soon it comes on stream from domestic fields which are currently under development, shifting Senegal’s …
APC presidential rally in Bauchi ends abruptly
Lagos, Jan. 23, 2023 – The presidential rally of the All Progressives Congress in Bauchi ended abruptly over a faulty sound system. The rally, which was held at the Abubakar Tafawa Balewa Stadium, Bauchi, on Monday ended abruptly when the light went off and could not be restored. The light went off shortly after the National Chairman of the APC, Abdullahi Adamu, mounted the podium and began delivering his speech. President Muhammadu Buhari, who was present at the rally, had to leave immediately with his entourage. Buhari had arrived Bauchi …
Nigeria will witness flood in 2023 – NEMA
Abuja, Jan. 23, 2023 – The National Emergency Management Agency (NEMA) on Monday said the country would witness flooding this year. Mustapha Ahmed, Its Director-General, said this in Abuja on Monday at a seminar organised for NEMA stakeholders. He said that although the level of the flood and locations were yet ascertained, but early preparation would mitigate the likely impacts. Mustapha said some staff of NEMA and other critical stakeholders in disaster management were undergoing training to aid their preparedness and response during emergencies. Last year, the country witnessed flooding which led …