The Lagos Rail Mass Transit (LRMT) Red Line inauguration ceremony witnessed the signing of a contract between the Lagos Metropolitan Area Transport Authority (LAMATA) and the China Civil Engineering Construction Corporation (CCECC) for the construction of Phase Two of the Red Line. The Red Line, stretching across 37 kilometers, has been hailed as a vital addition to Lagos’ transport network, connecting Agbado in Ogun State to Oyingbo in Lagos Central. The first phase, commissioned with seven stations, promises to ease commuting for urban residents, catering to an estimated 250,000 passengers daily. The inauguration ceremony, graced by dignitaries including President Tinubu,…
Author: Omolemi Eboisetale
The Central Bank of Nigeria (CBN) has pledged to recover intervention loans exceeding N10 trillion disbursed across various sectors. The announcement was made by Olayemi Cardoso, The CBN Governor following the Monetary Policy Committee (MPC) meeting where the monetary policy rate (MPR) was raised by 400 basis points to 22.75 percent. Cardoso relayed the need to tackle inflation, citing concerns over its persistent rise and the adverse impact on economic growth. He stated, “An enduring output expansion is possible only in an environment of low and stable inflation.” The surge in inflation, reaching a record high of…
The Nigerian Senate has officially recognized Kogi State as an oil producing state, settling a contentious debate that has been ongoing within the upper legislative chamber. The recognition came after Senator Jibrin Isah of Kogi East presented a matter of personal explanation under Order 42 of the Senate Standing Orders. Senator Isah informed his colleagues that Kogi State has been receiving the constitutional 13% derivation since October 2022, emphasizing that the state meets the criteria for oil producing status. He cited specific communities in Kogi East where oil was discovered in commercial quantities, and highlighted that the Revenue Mobilisation, Allocation…
The House of Representatives has announced a timeline for the ongoing constitution amendment process. Led by Deputy Speaker Rt. Hon. Benjamin Kalu, the House Committee on Constitution Review aims to have the first draft report ready by August 2025. During a recent press conference, Kalu outlined the steps planned for the amendment process. The committee has set targets, with the first draft of the constitution expected to be available for review and approval by August 2024. “This will be subject to approval of the work done by the subcommittee. Let me mention that by our target, the first draft of…
In a stark warning to Western nations, Russian President Vladimir Putin cautioned against the deployment of troops to Ukraine, highlighting the potential for triggering a nuclear war. Speaking to lawmakers and elites in Moscow, Putin emphasized Moscow’s capacity to strike Western targets. “(Western nations) must realise that we also have weapons that can hit targets on their territory. All this really threatens a conflict with the use of nuclear weapons and the destruction of civilisation. Don’t they get that?!” said Putin. The remarks come amidst the most severe crisis in Russia’s relations with the West since the Cuban Missile…
President Bola Tinubu condemned the recent Nigeria Labour Congress (NLC) strike declaration, labeling it as “unacceptable.” Speaking at the unveiling of the Lagos Red Rail Line project on Thursday, President Tinubu stated that such actions within the first nine months of an administration were unjustifiable. Addressing the labour leaders directly, President Tinubu stated that they do not hold exclusive representation for the voices of Nigerians. He urged them to exercise patience and refrain from disrupting the country’s peace, particularly during the critical early stages of governance. Tinubu’s remarks comes in response to the NLC’s recent decision to declare a…
President Bola Tinubu has officially opened the Red Line Rail Project. The project, a 37-kilometer intrastate rail service, aims to improve citywide transport.
The Academic Staff Union of Universities (ASUU), Taraba State University chapter, has issued a plea to Governor Agbu Kefas to intervene in the longstanding crisis of unpaid allowances totaling N1.7 billion. The accumulated earned Academic and promotional allowances have been pending since 2014, causing significant distress among university staff. Addressing reporters at the ASUU house in Taraba State University, Dr. Garba Mbave, the Union’s Chairperson, expressed deep concern over the non-payment of these allowances, which has not only strained the financial resources of staff but also eroded morale and trust in the institution’s integrity. Dr. Mbave emphasized the detrimental effects…
Urum Kalu Eke, a nominee for membership of the Central Bank of Nigeria (CBN) Board of Directors, has declined his appointment, claiming he already works for the World Bank. This was revealed on Thursday during a plenary session in the Senate, where the confirmation process for nominees was underway. President Bola Tinubu had nominated Urum Kalu Eke along with four others for confirmation as members of the CBN board on February 13. However, during the confirmation proceedings, Senator Orji Kalu, representing Abia North under the APC, informed the Senate that Eke had communicated his rejection of the offer. Senator Kalu…
Last Year, Labour Party’s Presidential Candidate and Former Anambra State Governor, Peter Obi, In a statement shared on social media, X(formerly twitter), said there is an urgent need for the Federal Government to address insecurity in Nigeria to stimulate economic growth. Peter Obi criticized recent monetary policy decisions, including the increase in the Monetary Policy Rate (MPR) to 22.5% and the Cash Reserve Ratio (CRR) to 45%, labeling them as counterproductive measures amidst the country’s economic crisis. He argued that tightening liquidity does not address the root causes of inflation, particularly the decline in food production, which he identified as…
Ghana’s parliament has approved a bill criminalizing the identification with LGBTQ+ communities, prompting widespread alarm both locally and internationally. The newly passed legislation mandates a maximum prison sentence of three years for individuals convicted of identifying as LGBTQ+. Additionally, forming or financing LGBTQ+ groups could result in a harsher penalty of up to five years behind bars. Efforts to substitute prison sentences with community service and counseling were met with vehement opposition from lawmakers during the heated debates. the bill garnered support from Ghana’s major political parties and awaits final approval from President Nana Akufo-Addo. Previously, President Akufo-Addo expressed willingness…
The Canadian Embassy and the Nigerians in Diaspora Commission (NiDCOM) have unveiled a strategic partnership. This was announced during a high-level meeting in Abuja, promising to streamline migration processes and leverage the potential of Nigeria’s diaspora for mutual benefit. Dr. Jamie Christoff, the Canadian High Commissioner to Nigeria, emphasized the importance of the partnership during his visit to NiDCOM Chairman/CEO in Abuja. He stated, “I understand the impact of large diaspora groups and their contributions in Canada. Nigeria’s diaspora is among our top 5 migrant groups and also a central pillar in Nigeria’s economy. It is important for us to…