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As the Monetary Policy Committee (MPC) meets today and tomorrow, there are posers over a relief for the weakening naira or the speedy inflationary rise, which has prevailed despite a $38.7 billion external reserve. Just at the weekend, the naira crashed to N720 per the United States Dollar (USD) on the black market being the lowest so far while it also fell on the official Import and Export (I&E) market to N436.33/$. Based on the exchange rate at the parallel market, which many say is a window for the price discovery of the local currency, the Naira has lost about…
The United States warned of "catastrophic consequences" if Moscow were to use nuclear weapons in Ukraine, after Russia's Foreign Minister said regions holding widely-criticised referendums would get full protection if annexed by Moscow. REFERENDUMS * Russia launched the referendums on Friday aimed at annexing four occupied regions, drawing condemnation from Kyiv and Western nations who dismissed the votes as a sham and pledged not to recognise their results. * The Duma, Russia's lower house of parliament, may debate bills incorporating the Russian-occupied parts of Ukraine into Russia on Sept. 29, the state-run TASS news agency said on Saturday, citing an…
Federation Account Allocation Committee (FAAC), has shared N673.137 billion to the three tiers of government as federation allocation for August. This is contained in a statement issued by Phil Abiamuwe-Mowete, Director (Information/Press) on Friday. The Federal Government received N259.641 billion, the states received N222.949 billion, and the Local Government Councils got N164.247 billion. The N673.137 billion was inclusive of Gross Statutory Revenue, Value Added Tax (VAT), and an Augmentation of Non Oil Excess Revenue. The communiqué issued at the end of the meeting indicated that the Gross Revenue available from the VAT for August was N215.266 billion. The amount was…
An Ikeja High Court in Lagos has held that it is unconstitutional for the Lagos State Traffic Management Authority (LASTMA) to impose fines and tow vehicles of an alleged traffic offender without a valid court order. Olalekan Oresanya, the trial judge, also awarded damages of N750,000 against LASTMA and in favour of a motorist, in a watershed judgment on the powers of the agency over motorists suspected to have committed traffic offences. Oresanya gave the judgment on Thursday in a suit instituted by the motorist, Lawal Aliyu against LASTMA, Lagos State Government, and the state’s Attorney General. Aliyu, a lawyer,…
Shelling hit southern Ukraine late on Saturday while Russia sought to defend its seven-month old war at the United Nations even as it moves to escalate the conflict. REFERENDUMS * Russia launched referendums on Friday aimed at annexing four occupied regions of Ukraine, drawing condemnation from Kyiv and Western nations who dismissed the votes as a sham and pledged not to recognise their results. * Ukrainian officials said people were banned from leaving some occupied areas until the four-day vote was over, armed groups were going to homes to force people to cast ballots, and employees were threatened with the…
Nigerian National Petroleum Company (NNPC) Limited says it deducted N525.71 billion as a shortfall for the importation of petrol (subsidy) in August 2022. Subsidy or under-recovery is the underpriced sales of premium motor spirit (PMS), better known as petrol. The national oil company said this in its monthly presentation to the Federation Account Allocation Committee (FAAC) meeting on Friday, September 23. The FAAC document showed that due to the subsidy payment, the oil company failed to remit any funds to the federation account for the eighth consecutive time. Analysis by TheCable Index showed that NNPC had spent N2.565 trillion on…
Four persons were brought out dead from the collapsed buidling at Oyesonuga Street on Isolo Road in Mushin area of Lagos. The four persons, it was learnt, were among the five people reportedly trapped in the building while one was rescued. National Emergency Management Agency (NEMA) was on ground carrying out operations at the site. Commenting on the incident, Olufemi Damilola Oke-Osanyintolu, Permanent Secretary at LASEMA, said: ”On arrival of LRT at the scene of incident, it was discovered that a 3 storey building had collapsed at aforementioned address. “Further investigation revealed that the collapsed building was an adjoining building…
Saturday, 24 September 2022 06:49

What to know after Day 213 of Russia-Ukraine war

Russia launched referendums on Friday aimed at annexing four occupied regions of Ukraine, drawing condemnation from Kyiv and Western nations who dismissed the votes as a sham and pledged not to recognise their results. Ukrainian officials said people were banned from leaving some occupied areas until the four-day vote was over, armed groups were going into homes, and employees were threatened with the sack if they did not participate. Ukrainian President Volodymyr Zelenskiy said in a nightly address that the votes would be "unequivocally condemned" by the world, along with the mobilisation Russia began this week, including in Crimea and…
Airports in Nigeria had 15.8 million passengers passing through them in 2021, a 69 per cent rise in air passenger rate, according to the Federal Airports Authority of Nigeria (FAAN). Managing Director of FAAN, Rabiu Yadudu who spoke at the 2022 Airline and Airport Business Summit, said the growth of air transport statistics has improved rapidly after the Covid-19 pandemic, disclosing that the passenger figure rose from 9.3 million in 2020 to 15.8m in 2021, showing an increase of 69% while aircraft movement increased by over 46% after the Covid-19. On cargo movement, Yadudu said 191,000 tons of cargo were…
Federal Inland Revenue Service (FIRS) has asked Ministries, Departments and Agencies of Government (MDAs) to stop appointing consultants and concessionaires as tax collectors. According to the organization, the practice was illegal, saying that FIRS remained the sole agency of government saddled with the responsibility of tax collection. In a Public Notice it issued by Executive Chairman, Muhammad Nami, FIRS accused some MDAs of including functions of assessment, collection, accounting and enforcement of taxes and levies in their agreements with concessionaires and consultants. “It has come to the notice of the Federal Inland Revenue Service that some Ministries, Departments and Agencies…
May 13, 2025

NGX records significant growth in Q1 2025 trading activity

The Nigerian Exchange Limited (NGX) reported a remarkable 44.8% surge in equity transactions for Q1…
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 14, 2025

Here’s the latest as Israel-Hamas war enters Day 586

Israeli military intercepts missile launched from Yemen The Israeli military said it intercepted a missile…
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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