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Inflation rises to 21.47%

Nigeria’s inflation rate rose to 21.47 per cent in November due increased food demand in the festive season. The National Bureau of Statistics’ “Consumer Price Index” for November 2022 released on Thursday, said the figure was 0.38 per cent higher than the 21.09 per cent recorded in October 2022. “In November 2022, on a year–on–year basis, the headline inflation rate was 21.47 per cent. “This was 6.07 per cent points higher compared to the rate recorded in November 2021 which was 15.40 per cent. “This means that in the month …

General News Politics

I will make Igbo presidency a reality – Atiku

Awka, Dec. 15, 2022 – Alhaji Abubakar Atiku, the Presidential Candidate of Peoples Democratic Party (PDP) says he is the stepping stone to an Igbo presidency. He urged residents in the state to vote for him if they wanted that dream realised. Atiku made the pledge while on his presidential campaign in Awka on Thursday, saying he could make the presidential ambition of the Igbos a reality Peter Obi, an Igbo man and the Presidential Candidate of the Labour Party, was Atiku’s running mate in 2019. The two shared the …

General News Politics

Osun State owes N407.32bn – Adeleke

Lagos, Dec. 15, 2022 – Gov. Ademola Adeleke of Osun State says the state is indebted to the tune of N407.32 billion as at the end November. Adeleke told a meeting of Osun State Traditional Rulers in Osogbo on Thursday that Oyetola must be made to explain how he accumulated the debts. He said that Oyetola took a bridging loan of N18 billion after he lost the governorship election on July 16, 2022. According to him, his administration inherited eight outstanding loans facilities, apart from salaries and pension debts, adding …

General News

Shariah court sentences preacher to death for blasphemy

Kano, Dec. 15, 2022 – The High Court of Shariah in Kano State has sentenced an Islamic preacher, Sheikh Abduljabar Nasiru Kabara ,to death by hanging after convicting him for blasphemy. The Judge, Ibrahim Sarki Yola, convicted him on Thursday after finding him guilty of all the four charges brought against him by state prosecutors. He was accused of inciting riots in kano State through his alleged blasphemous preaching. BBC Hausa reports that Sheikh Abduljabar Nasiru Kabara reacted to the judgment, saying he was not guilty as charged. The judge, …

General News

Protection of whistleblowers will entrench the culture in Nigeria – minister

Abuja, Dec.15, 2022 – The Minister of Finance, Zainab Ahmad, has called for adequate protection of whistleblowers to foster the culture in Nigeria. Zainab told journalists in Abuja on Wednesday after presenting the draft of new Whistleblowing Bill to the Federal Executive Council that the current policy had lost its viability and momentum. She said that there was an outreach to all six geo-political zones and the singular and prevalent outcome from those surveys was that people were concerned about their safety. The minister said that the current Whistleblowing Act …

General News Money market

New naira notes begin circulation

Lagos, Dec, 15, 2022 – The newly redesigned bank notes will start circulating form today. They are in N200, N500 and N1000 denominations. Mr Godwin Emefiele, the Governor of CBN, had in October, announced that apex bank would release the newly re-designed naira notes by December 15, 2022, while the old notes would cease to be legal tender by January 31, 2023. Emefiele said the redesigning of the naira notes would help to curb counterfeit notes and reduce ransom payments to terrorists and kidnappers. He said that it said it …

General News Politics

Politicians are trying to manufacture BVAS machines – INEC

The Independent National Electoral Commission (INEC) on Wednesday alleged that politicians have been making efforts to manufacture the Bimodal Voter Accreditation System (BVAS) machines to enable them hack into the commission’s server during the general elections in 2023. Achumie Rex, its Head of Voter Education and Publicity Department, made the allegation in Abuja on Wednesday at a two-day workshop on voter education for civil society organisations organised by the Transition Monitoring Group (TMG) and supported by the USAID. He said this had even rekindled INEC’s resolve to make the 2023 …

General News Money market

Nigeria has no plans to issue Eurobonds in 2023 -finance minister

Abuja, Dec. 14, 2022 (Reuters/GBN) – Nigeria has no plans to issue Eurobonds in 2023 unless market conditions improve as bond prices are too high for African countries, Finance Minister Zainab Ahmed said on Wednesday. Nigeria, Africa’s biggest economy, has been raising debt to fund infrastructure and boost a fragile economy battling high inflation. It sold a $1.25 billion Eurobonds this year, marking its eighth outing on international debt markets. Ahmed said Nigeria would focus on concessionary loans from the World Bank, Islamic Development Bank, African Development Bank and others …

General News

I have done my best for Nigeria as President – Buhari

Lagos, Dec. 14, 2022 – President Mohamadu Buhari says he has done his best for Nigeria during his seven-and-a-half years rule. He said this in Washington while welcoming the Secretary-General of the Abu Dhabi Forum, Sheikh Al-Mahfoudh Bin Bayyah and his Deputy, Pastor Bob Roberts of the US who paid a visit to him. “We are big in size and population, facing many challenges, but in many areas, we are trying. “In seven-and-a-half years, I have done my best,” he said. Buhari, according to a statement by his Spokesman, Garba …

General News Money market

Senate confirms Adamu, Ahmad as CBN Deputy Governors

Lagos, Dec. 14, 2022 – The Senate has confirmed the appointment of Edward Lametek Adamu and Mrs Aisha Ndanusa Ahmad as Deputy Governors of the Central Bank of Nigeria (CBN). The confirmation of the appointment of the two officers was for their second and last terms in office. The confirmation of the appointment by the Senate on Wednesday was sequel to the presentation and consideration of the report of the Committee on Banking, Insurance and other Financial Institutions presented by its Chairman, Senator Uba Sani, (APC, Kaduna Central). Their first …