News

Friday, 31 January 2025 04:45

FIRS collected N21.6trn in 2024 - about half of 2022 collections in dollar value

The Federal Inland Revenue Service (FIRS) announced a revenue collection of N21.6 trillion for the year 2024, surpassing its target of N19.4 trillion. This was disclosed by the Executive Chairman of FIRS, Zacch Adedeji, during his keynote address at the opening of a two-day 2025 FIRS Management retreat held at Fraser Suites, Abuja, on Thursday. The Service has set a revenue target of N25.2 trillion for 2025. Comparative Analysis of FIRS Revenue in Dollar Terms While the revenue figures in Naira show significant growth over the past three years, a comparative analysis in US Dollars reveals the impact of the…

Friday, 31 January 2025 04:44

NHRC reports surge in Human Rights violation complaints

The National Human Rights Commission (NHRC) of Nigeria has documented a dramatic increase in human rights violation complaints throughout 2024, with total complaints exceeding 2 million cases. This represents a remarkable surge from just 1,147 complaints in January 2024 to 355,726 in December 2024. Key Developments Dashboard Implementation - Launched February 14, 2024 - Serves as a monthly analytical tool and graphical presentation system - Functions as both a data collection mechanism and advocacy platform - Provides comprehensive overview of human rights concerns across Nigeria Statistical Analysis The dramatic increase in complaints shows the following pattern: - January 2024: 1,147…

Thursday, 30 January 2025 04:49

Max Air grounded for 3 months following Kano incident

The Federal Government, acting through the Nigeria Civil Aviation Authority (NCAA), has imposed a three-month suspension on Max Air’s domestic operations following a recent incident involving one of its aircraft in Kano. The decision comes after a Max Air Boeing 737-400 aircraft, with registration number 5N-MBD, experienced a tyre burst upon landing at Mallam Aminu Kano International Airport on Tuesday, January 28, 2025, at approximately 10:51 PM. This marks the third incident involving a Max Air aircraft within the past three months. Although all 53 passengers on board were safely evacuated and no injuries were reported, the aircraft was temporarily…

Thursday, 30 January 2025 04:46

ECOWAS confirms formal exit of Mali, Burkina Faso, and Niger

The Economic Community of West African States (ECOWAS) has officially confirmed the withdrawal of Mali, Burkina Faso, and Niger from the regional bloc, marking the completion of their exit process. In a statement on Wednesday, ECOWAS announced that the withdrawal of the three junta-led states became effective on January 29, 2025. “The withdrawal of Burkina Faso, the Republic of Mali, and the Republic of Niger has become effective today, 29th January 2025,” the statement read. The decision follows the three countries’ joint announcement in January 2024 to leave ECOWAS after the bloc imposed sanctions and demanded a return to democratic…

Wednesday, 29 January 2025 04:48

FG raises N669.94bn in January 2025 Bond auction

The Debt Management Office (DMO) has successfully raised N669.94 billion in its January 2025 Federal Government of Nigeria (FGN) bond auction, with N606.46 billion allotted across three different bond tenors. According to the results posted by DMO on X (formerly Twitter), the allocations were distributed as follows: - 19.30% FGN APR 2029: N78.86 billion at 21.79% yield - 18.50% FGN FEB 2031: N159.29 billion at 22.5% yield - 22.60% FGN JAN 2035: N368.31 billion at 22.6% yield The auction, which initially targeted N450 billion, was oversubscribed with strong investor interest across all tenors. The funds raised are intended to support…

Wednesday, 29 January 2025 04:47

Telecom users challenge 50% tariff hike in court as NCC remains silent

Nigerian telecommunications subscribers are taking legal action against the Nigerian Communications Commission (NCC) over its recent approval of a 50% increase in call and data tariffs, following failed attempts at negotiation. The National Association of Telecommunications Subscribers (NATCOMS), representing 157 million users, announced Tuesday its plans to file a lawsuit after the NCC failed to respond to their proposal to reduce the hike to 10%. The association had given the regulator a three-day window to reconsider its position. "Since we have not received any response, we are moving forward with the court process starting Wednesday," said NATCOMS President Adeolu Ogunbanjo.…

Wednesday, 29 January 2025 04:42

Omoyele Sowore to be arraigned in court for calling Egbetokun illegal IG

Activist Omoyele Sowore will be arraigned today (Wednesday) following charges brought against him by the Inspector General of Police (IGP), Kayode Egbetokun, over social media posts in which Sowore referred to Egbetokun as an “illegal IG.” The case is being heard before Justice Liman at the Federal High Court in Abuja. Sowore faces three counts under the Cybercrime (Prohibition, Prevention, etc.) Act, 2015, as amended in 2024. The charges stem from posts made on his verified X (formerly Twitter) account, where he allegedly described the IGP as “illegal IGP Kayode Egbetokun.” The police claim these statements were false and intended…

Tuesday, 28 January 2025 04:21

CBN exempts BDCs from 2025 licence renewal fees

The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 licence renewal fee for all Bureau De Change (BDC) operators. This decision was disclosed on Friday by Jonah Onojah, Director of the Financial Policy and Regulation Department, and takes immediate effect. In a statement, the CBN clarified that the waiver aligns with the newly introduced Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, as well as the ongoing transition to a revised regulatory framework for BDCs. The statement read: “This is to inform all existing Bureau De Change operators that, in line with…

Sunday, 26 January 2025 04:14

U.S. halts issuance of gender-neutral ‘X’ passports following Trump Executive Order

The United States has stopped issuing passports with the gender-neutral “X” option, the State Department announced, following an executive order from President Donald Trump that restricts federal recognition of transgender identity. This decision reverses a policy introduced under the previous administration of President Joe Biden, leaving many individuals uncertain about the status of their pending applications and already issued passports. Shortly after taking office on Monday, Trump signed an executive order mandating that federal agencies only recognize male or female gender markers. This move is part of a broader effort to swiftly overturn policies enacted by his predecessor. “In accordance…

Saturday, 25 January 2025 05:01

Obasanjo and Buhari defended Nigeria at Paris Arbitration in Mambilla power dispute. Here’s how it went at the tribunal

Sunrise Power’s hopes of securing a $2.35 billion award against Nigeria in the arbitration proceedings at the International Chamber of Commerce (ICC) over the disputed Mambilla hydropower project were badly hit during ongoing hearings in Paris, France, TheCable understands. While Nigeria was defended by former presidents Olusegun Obasanjo and Muhammadu Buhari as well as former ministers Babatunde Fashola and Suleiman Adamu who testified as factual witnesses, those who had been listed as witnesses by Sunrise did not show up. The panel sittings started on Saturday, January 18, but the hearings from factual witnesses started on Monday, January 20, and ended…

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Saturday, 25 January 2025 04:59

FAAN provides update on United Airlines emergency landing in Lagos airport

The Federal Airports Authority of Nigeria (FAAN) has confirmed that 31 passengers and seven crew members sustained injuries following an emergency landing of a United Airlines flight at the Murtala Muhammed International Airport (MMIA) in Lagos. The incident occurred on Thursday when United Airlines flight UA613, a Boeing 787-8 aircraft, en route to Washington Dulles International Airport (IAD) from Lagos, made an emergency return and landed safely at 3:22am on Friday. According to a statement by Obiageli Orah, FAAN’s director of public affairs and consumer protection, the flight carried 245 passengers, along with eight cabin crew members and three pilots.…

Friday, 24 January 2025 04:23

Banks begin implementing new Point-of-Sale withdrawal limits

Union Bank has started implementing new point-of-sale (PoS) withdrawal restrictions following a Central Bank of Nigeria (CBN) directive issued in December 2024. The new regulations set a daily withdrawal limit of N100,000 per customer and a weekly limit of N500,000. The CBN explained that these measures are designed to address industry challenges, prevent fraud, and standardize operational practices across Nigerian banks. In a customer communication, Union Bank confirmed the new limits, encouraging customers to explore alternative transaction channels such as mobile banking, online platforms, and ATM withdrawals. This implementation comes in the wake of regulatory actions against nine banks, including…

Friday, 24 January 2025 04:22

Nigeria to transition to full Computer-Based Examinations by 2027 – Minister

The Federal Government has announced plans to transition all examinations in Nigeria to a 100% computer-based testing (CBT) system by 2027. This was disclosed by the Minister of Education, Tunji Alausa, during the inauguration of the Committee on Improvement of Quality Examinations in Abuja on Thursday. According to the minister, the newly inaugurated committee is tasked with addressing challenges in the education sector, standardizing examination practices, and ensuring fairness and quality. He highlighted the government’s commitment to combating widespread examination malpractices and improving the overall integrity of educational assessments. Alausa emphasized that tackling examination malpractices requires a comprehensive approach, noting…

Thursday, 23 January 2025 04:13

NLC rejects 50% telecom tariff hike, threatens ‘mass action’

The Nigeria Labour Congress (NLC) has criticized the federal government and telecommunications companies for approving a 50% increase in telecom tariffs, describing the move as an attack on Nigerians’ welfare amid the country’s worsening economic conditions. Speaking at the Labour House in Abuja on Wednesday, NLC President Joe Ajaero condemned the tariff hike, calling it a blatant disregard for the struggles of ordinary Nigerians. While acknowledging the impact of inflation on the economy, Ajaero stated that the approved rate of increase was excessive and unjustified. Ajaero also criticized members of the National Assembly for failing to stand with the majority…

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