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Policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 15.1 percent to 16.5 percent to tame rising inflation. Last week, Nigeria’s inflation rate reached a five-year high at 21.09 percent amid soaring food prices. The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it. Addressing journalists on Tuesday after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said the hike in interest rate would continue…
Nigeria's state-owned NNPC Ltd on Tuesday started drilling for oil and gas at a field in northern Nigeria that has reserves of 1 billion barrels, as the country seeks to produce crude outside the Niger Delta for the first time. NNPC said in a statement that phase one of the Kolmani project in the northeast would have an oil refinery, gas processing unit, 300-megawatt power plant and fertilizer plant producing 2,500 tonnes a day. NNPC Ltd first announced in 2019 the discovery of crude oil, gas and condensate in commercial quantity in the Kolmani area between Bauchi and Gombe states…
A group, the Oke Ogun Elders (OCE), has said the assumption of office of the Chief Justice of Nigeria (CJN) Olukayode Ariwoola, will positively enhance Nigeria’s legal system, accelerate the judicial process and make the system more pro-people. The group in a release by its Publicity Secretary, Jare Ajayi, in which it congratulated the new CJN also lauded President Muhammadu Buhari for not wasting time in swearing-in Ariwoola as soon as his nomination was approved by the Senate. Ariwoola is a native of Iseyin, one of the prominent towns in Oke Ogun area of Oyo State, while OCE is a…
President Vladimir Putin and his Cuban counterpart Miguel Diaz-Canel unveiled a monument to Fidel Castro in Moscow in a ceremony on Tuesday. Work on the bronze-made three-meter-monument lasted for six months and took place in the Russian capital. Castro is depicted seated on a rock with a stylized map of Cuba inscribed on it. The image is supposed to reflect the heroic path of a person who stood up for the rights and freedoms of the Cuban people according to the Kremlin’s press service fact sheet for the event. The monument was erected on Moscow’s square named in honor of…
Wednesday, 23 November 2022 05:44

What to know after Day 273 of Russia-Ukraine war

WESTERN PERSPECTIVE Ukraine's government promised to create shelters to provide heat and water and encouraged citizens to conserve energy as a harsh winter loomed amid relentless Russian strikes that have left its power structure in tatters. POWER SUPPLIES * Head of Ukraine's national power grid operator said the damage dealt to power-generating facilities by Russian missile attacks was "colossal" but he dismissed the need to evacuate civilians. * Special "invincibility centres" will be set up around Ukraine to provide electricity, heat, water, internet, mobile phone connections and pharmacy service, free of charge and around the clock, President Volodymyr Zelenskiy said.…
Tuesday, 22 November 2022 05:53

FG to borrow another N100bn via Sukuk bond

Debt Management Office (DMO) has opened an offering for a 10-year N100 billion Forward Ijarah (Lease) Sukuk instrument at a rental rate of 15.64 percent per annum, payable half-yearly. The offer at N1,000 per unit is subject to a minimum subscription of N10,000 and in multiples of N1,000 thereafter. The DMO said this in a statement on Monday. The Sukuk is a strategic initiative that supports infrastructure development, promotes financial inclusion and deepens the domestic securities market. Since the establishment of the initiative in September 2017, Nigeria has issued four Sovereign Sukuk — 2017 (N100 billion), 2018 (N100 billion), 2020…
Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has disowned the N206 billion inserted into the ministry’s 2023 budget estimates. Farouq, at a budget defence session with the Senate Committee on Special Duties on Monday, said her ministry was surprised that the fund, meant to implement projects for the North East Development Commission (NEDC), was inserted in the budget after a similar request in 2022 was not released. A member of the committee, Elisha Abbo, had asked Farouq about N206 billion in the budget that the ministry intended to borrow. He said, “In 2023, you intend…
Rescuers on Tuesday struggled to find more bodies from the rubble of homes and buildings toppled by an earthquake that killed at least 162 people and injured hundreds on Indonesia’s main island of Java. More heavy equipment reached the hardest-hit city of Cianjur in the country’s most densely populated province of West Java, where the magnitude 5.6 land-based quake struck Monday afternoon. Terrified residents fled into the street, some covered in blood and debris. Damaged roads and bridges, power blackouts and lack of heavy equipment previously hampered Indonesia’s rescuers after the quake set off a landslide that blocked streets and…
WESTERN PERSPECTIVE Ukraine urged residents of Kyiv and several other areas to limit electricity use as it seeks to recover from Russian strikes on the power grid while the elderly and vulnerable were preparing for a voluntary evacuation of war-ravaged Kherson. LIFE IN UKRAINE * Ukrainians are most likely to live with blackouts at least until the end of March, the head of a major energy provider said. * As they head into a cold winter, residents of a bombed-out Ukrainian village say they appreciate a warm bath in a mural painted by graffiti artist Banksy. The mural shows a…
Barely six months to the end of President Muhammadu Buhari’s administration, the Federal Government’s total debts and other financial liabilities have reached N71.46 trillion. The figure does not include undocumented contingent liabilities to university lecturers, public school teachers and other public employees to whom government is indebted. Analysts say these undocumented liabilities could run into several trillions. The figures also exclude other pending financial liabilities to non-lending bilateral and multilateral institutions. These include regional and global institutions the country subscribes to as a member. While the traditional debt stock of the central government has ballooned from less than N10 trillion…
May 15, 2025

Decision making rule that helps you focus, make smarter choices, and think like a CEO

Marcel Schwantes Having coached executive leaders for two decades, I know they are bombarded with…
May 12, 2025

Northern leaders demand urgent action on insecurity, push for state police

Amid worsening insecurity across Nigeria, the 19 Northern governors and traditional rulers have called for…
May 14, 2025

The dark side of ambition - Tomas Chamorro-Premuzic

Ambition is one of the most defining forces in human affairs—a psychological engine that propels…
May 10, 2025

Town residents involutarily get high after Police burn 20 tons of confiscated cannabis

The 25,000 residents of Lice, a town in Turkey’s Diyarbakır province, involuntarily got high after…
May 14, 2025

Boko Haram, ISWAP terrorists attack four military bases in Borno within 24 hours, soldiers killed

Tension is rising in Borno State after Boko Haram and ISWAP insurgents attacked four military…
May 15, 2025

What to know after Day 1176 of Russia-Ukraine war

RUSSIAN PERSPECTIVE Kremlin names delegation for Ukraine talks Russian President Vladimir Putin late on Wednesday…
May 11, 2025

African diet – plantains and cassava can be as healthy as tomatoes and olive oil,…

Plantains, cassava and fermented banana drink should be added to global healthy eating guidelines alongside…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

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