The Bola Ahmed Tinubu Administration has initiated a pioneering Student Loan Scheme set to benefit no fewer than 1.2 million young Nigerians. The enactment of the enabling law by President Tinubu on April 3 has paved the way for this ambitious initiative, with the Nigerian Education Loan Fund (NELFUND) at the helm of its implementation. Under this groundbreaking programme, funding will be sourced from one percent of the total annual collectible revenue of the Federal Inland Revenue Service (FIRS). With a revenue target of N19.4 trillion set for this year, a substantial amount of N194 billion could potentially be allocated…
Author: Editor Francis
In response to Iran’s unprecedented direct attack, Israel’s war cabinet is convening for the third consecutive day to deliberate on their course of action. Amid mounting international pressure to prevent further escalation in the Middle East, Israeli military leaders are poised to respond to Saturday night’s barrage of 300 missiles, cruise missiles, and drones from Iran, though specifics remain undisclosed. While the attack resulted in no casualties and minimal damage, concerns are mounting over the potential spread of violence beyond the confines of the Gaza conflict, raising the spectre of a broader confrontation between historic adversaries, Iran and Israel. Iran’s…
Across major markets, prices of goods are moving away from the lower denomination of the Naira currencies as inflation bites harder. Not too long ago, a sachet of pure water cost N5, while N20 gained popularity as the denomination used to “settle” police officers at checkpoints. However, in the past couple of years, these notes have struggled to get items they could be attached to. A market survey by Daily Post showed that more than half of Nigeria’s legal tenders cannot make purchases. Despite this, the Central Bank of Nigeria, CBN, recognizes the following denominations; 50 kobo, N1 and N2…
Dangote Petroleum Refinery has revealed a noteworthy reduction in the price of diesel, slashing it from 1200 to 1000 naira per litre. This move comes after the refinery had previously rolled out its products at a reduced price of N1,200 per litre three weeks ago, marking a substantial decrease of over 30 percent from the preceding market price of approximately N1,600 per litre. In a statement released by the organisation on Tuesday night, it was elucidated that the significant reduction in diesel prices is anticipated to have a positive impact across all sectors of the economy, aiming to alleviate the…
The Federal Government has issued a directive to halt mining operations in the vicinity of the Obafemi Awolowo University (OAU) and Obafemi Awolowo University Teaching Hospitals Complex (OAUTHC) in Ile-Ife, Osun State. Dr. Dele Alake, the Minister of Solid Minerals Development, disclosed this decision on Tuesday in Abuja. The suspension of mining activities in the area is aimed at facilitating an investigation into suspected illegal mining activities near the educational institution. According to a statement by the minister’s media aide, Segun Tomori, Alake expressed concern over reports of unlawful mining or suspicious activities by mining operators within the university premises.…
The Kaduna State House of Assembly has established a 13-man adhoc committee to scrutinize financial transactions, loans, grants, and project executions during the tenure of the immediate-past Governor, Malam Nasir El-Rufai. The decision to form the committee was prompted by a motion put forward by Honorable Yusuf Mugu, the representative for Kaura Constituency. Mugu emphasized the importance of investigating the loans acquired by the former governor, stressing the necessity for transparency regarding their utilization for the benefit of the state. Former Speaker Yusuf Zailani, also weighed in on the matter, recounting his opposition to certain loans during El-Rufai’s administration. Zailani…
Nigeria Civil Aviation Authority (NCAA) has suspended licences for three Permit for Non-Commercial Flight (PNCF), otherwise known as private jet owners, over alleged failure to comply with regulatory requirements. Acting Director-General of NCAA, Capt. Chris Najomo, disclosed this to newsmen on Tuesday in Lagos. Najomo said that after issuing a stern warning to the PNCFs in March, the authority deployed its men to monitor activities of private jet owners at airport terminals across the country. He said that consequent upon the heightened surveillance, three private operators were found to have violated the annexure provisions of their PNCF and Part 9114…
In a recent interview on Arise News’ Global Business Report, Emmanuel Onuorah, the president of the Premium Bread Makers Association of Nigeria (PBAN), unveiled the underlying reasons behind the escalating cost of bread in Nigeria, a staple food deeply ingrained in the nation’s diet. Highlighting the pivotal role of imported ingredients in bread production, Onuorah attributed the soaring prices to the heavy reliance on foreign markets, where approximately 98 percent of essential materials are sourced. The fluctuating exchange rates, particularly between the naira and the dollar, exacerbate the situation, intensifying the financial strain on bread manufacturers across the country. Moreover,…
The International Press Centre (IPC) has strongly condemned the recent harassment of its executive director, Lanre Arogundade, by officials of the Department of State Services (DSS) at the Murtala Mohammed International Airport in Lagos, Nigeria. In a statement released on Tuesday, April 16, and signed by Melody Akinjiyan, the Press Freedom Officer at IPC, the organisation expressed deep concern over the incident that occurred on Thursday, April 11, 2024. Arogundade was reportedly preparing to board a late-night Air France flight to Berlin, Germany, to attend important general meetings and conferences of the African Freedom of Expression Exchange (AFEX) and the…
A report unveiled Monday (Apr. 15) by the World Bank reveals that one-half of the world’s 75 most vulnerable countries are facing a widening income gap with the wealthiest economies for the first time in this century. The world’s most vulnerable economies, which are eligible for low-interest loans and grants from the World Bank’s International Development Association, are known as IDA countries. Over half of all them —39 in all—are in Sub-Saharan Africa. Over 2020-24, average per capita incomes in half of IDA countries have been growing more slowly than those of wealthy economies. Despite some progress over the first…
The National Identity Management Commission (NIMC) has set an ambitious target to enroll 200 million Nigerians into the National Identification Number (NIN) system by 2025. This announcement was made by Kayode Adegoke, the Head of Corporate Communications at NIMC, during an interview on X Space. Adegoke revealed that currently, over 105 million NINs have been issued to Nigerians and legal residents. He expressed confidence in reaching the enrollment target within the next one to two years, assuring Nigerians of the commission’s commitment to achieving universal enrollment. The NIN, serving as a unique identifier for each citizen, has gained significance in…
Zimbabwe’s informal traders who account for about 75% of all employment in the nation have stopped accepting the ZIMdollar also know as RTGS dollar fearing its value has declined. The new ZIG currency which was supposed to be effective from April 8 was delayed until the April 30th, leaving the US Dollar, dominating the market. “When you introduce new measures, you will be hoping that, you will bring stability and lower inflation but you need to be disciplined and sincere about the process,” economist Happy Zengeni explained. “The ordinary Zimbabwean does not have the capacity to inject liquidity into the economy but capacity rests with the authorities so they need to…