Author: Olukayode Oke

The World Bank says the high costs of borrowing, reduced energy prices in the international market, inflation and slow growth in oil production have weakened Nigeria’s fiscal position. The latest data from the Global Economic Prospects report by the World Bank on Tuesday disclosed. The US-based bank also said Nigeria’s growth dropped to 3.1 per cent in 2022 and will further reduce to 2.9 per cent this year. Policy inconsistency, continued high inflation, and rising incidence of violence are expected to temper growth. Agriculture sector growth is likely to soften because of the destruction from last year’s flooding. The fiscal…

A resurgence of the COVID-19 pandemic and escalating geopolitical tensions could push the global economy into recession. If this happens, it would mark the first time in more than 80 years that two global recessions occurred within the same decade. The forecast is contained in the World Bank’s latest Global Economic Prospects report. It said global growth is slowing amid higher inflation and interest rates, reduced investment and disruptions caused by Russia’s invasion of Ukraine. The report predicts the global economy may grow by 1.7% in 2023 and 2.7% in 2024 while growth in developing economies could decelerate from 3.8%…

The Lagos State Government has advised students in the state to shun bad gangs and cultism. Commissioner for Education, Folasade Adefisayo counselled the learners during the monitoring of school resumption for second term. Represented by the Permanent Secretary, Abayomi Abolaji, Adefisayo admonished them to be diligent in academics and shun hooliganism. The official charged the students to pursue greatness, exhibit creativity and maximise the use of digital learning. Adefisayo said the government had provided 1,047 new classrooms, constructed new schools and rehabilitated 197 since 2019. There has been commissioning of a technology-driven modular school, digital learning initiative, retraining of teachers,…

The former chairman of the Labour Party in Lagos State, Kayode Salako, who resigned as the party’s chairman in the state yesterday, has said that he gave up the top job to pursue his ambition to contest the seat of the Oshodi-Isolo Constituency 1 in the House of Representatives. Salako disclosed this on Wednesday hours after he handed over the party’s leadership in Lagos to a former deputy women leader in the state, Dayo Ekong. He said,“We held our legal stakeholders’ meeting in Lagos yesterday (Tuesday). I willingly handed over the running of the affairs of the party to Mrs.…

The Diasporans for Good Governance (DGG) have questioned the integrity and efficiency of the systems the Independent National Electoral Commission (INEC) would use for the 2023 election. The Automatic Biometric Identification System (ABIS) and Biometric Voter Accountability System (BVAS) were deployed for the Anambra, Ekiti and Osun governorship polls. On Tuesday, the non-governmental organisation complained about the data released by INEC after the Continuous Voter Registration (CVR). The exercise recorded a high number of de-validated voters in the South-East and South-South regions, a situation many fear would disenfranchise the people affected. At a media briefing in Abuja, a member of…

The Nigerian Communications Commission is set for a return to the tube with a newly packaged 30 – minute weekly television programme that will regularly x-ray the Nigerian telecommunications and information communications technology (ICT) industry and provide awareness for telecommunication consumers across the country and beyond. According to the Commission, the weekly programme, tagged Telecom Weekly, will debut on NTA Network Services comprising more than 45 stations across the 36 States and Abuja on Tuesday, January 10, 2023, at 5.00 pm. All local NTA stations are expected to hook up to the programme at 5.00 pm every Tuesday. It says…

Osun State Governor, Ademola Adeleke, has affirmed his administration’s commitment to move the state forward in spite of the challenges inherited. He said that he would put in place necessary policies to stimulate growth and development of the state.Adeleke gave the assurance, yesterday, when he received the leadership of the Methodist Church Nigeria at the state capital, Osogbo, for the yearly prayer session organised by the church. He said his administration would focus on programmes that would have direct bearings on the lives of citizens, reiterating commitment to lead the state out of the quagmire that past inadequacies dragged it…

The Nigeria Security and Civil Defence Corps (NSCDC), Osun Command, has assured the residents of peaceful conduct of the February and March general elections in the state. Mrs. Kehinde Adeleke, the Corps Spokesperson in a statement on Tuesday in Osogbo, said the State Commandant, Mr. Agboola Sunday, gave the assurance during a briefing with the management, Area Commanders and Divisional Officers in the state. The commandant charged personnel to redouble their efforts by putting in their best towards achieving hitch-free elections. He said the electoral code of conduct, especially regarding security personnel, empowers officers on election duty to arrest and…

United have a deal in principle to pay Besiktas about €3m to end the striker’s loan early and take him from his parent club Burnley for the rest of the season. Besiktas will give final approval only if they find a suitable replacement for the Netherlands international, who has scored eight goals in 16 Turkish league games and was due to complete the campaign there. Weghorst appeared to wave goodbye to Besiktas fans last Saturday against Kasimpasa but the club will not let him go unless their requirements are met. Their prime target is Vincent Aboubakar, the Cameroon striker who…

The Lagos State Chairman of the Labour Party (LP), Kayode Salako has resigned from his position and handed over the party structure in the state to Mrs. Dayo Ekong as the new chairman.  Salako resigned from his position following his appointment as the Special Adviser on Lagos Affairs and Liaison operations to the National Chairman of the Party, Comrade Julius Abure.  Speaking during his handover on Tuesday, January 10, 2023, the outgoing chairman dismissed rumours that he is working for the ruling All Progressives Congress (APC). While describing himself as a sincere and honest party man, he said “I can’t be…

President Muhammadu Buhari has approved the appointment of Mr. Obadiah Simon Nkom, as the Director General of the Nigeria Mining Cadastre Office (NMCO) for a second and final term of four years effective January 12, 2023. According to a release issued Tuesday by the Media Adviser to the President, Femi Adesina, Nkom was first appointed on January 12, 2019 for an initial period of four years. Under the leadership of Nkom in the past four years, the NMCO recorded 86% increase in revenue generation, raking in over N8.9 billion between 2019 and 2021 compared to N4.8 billion generated in the…

Nigeria’s swelling debt profile without a commensurate infrastructural development has become of great concern to many Nigerians. For economic experts, the situation would spell doom for President Muhammadu Buhari’s successor as from May 29, 2023. Just recently, the Debt Management Office, DMO, said Nigeria’s total debt stock would hit N77tn in May 2023 if the National Assembly okayed the Buhari administration’s 23.8 trillion Ways and Means Advances. Contrary to the Central Bank Act of 2007 (Section 38.2), which caps advances to the Federal Government of Nigeria at 5 percent of last year’s revenues, the country’s apex bank has given FGN…