The Presidency has shed light on the circumstances surrounding the withdrawal of billions from Nigeria’s foreign reserves during the tenure of former Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, without the explicit approval of ex-President Bola Tinubu. According to Ajuri Ngelale, spokesperson for President Bola Tinubu, Emefiele’s ability to deplete the country’s foreign reserve was facilitated by his dual role as CBN governor and chairman of the apex bank’s board of trustees. Speaking in an interview with TVC, Ngelale emphasised that Emefiele operated largely unchecked due to his significant authority over CBN operations. Ngelale elaborated, stating, “The…
Author: Editor Francis
In a stirring address marking International Women’s Day, U.S. Ambassador Linda Thomas-Greenfield heralded the resilience and courage of women and girls worldwide, emphasising the urgent need for global support in their pursuit of equality and justice. Highlighting the diverse struggles faced by women across borders, Ambassador Thomas-Greenfield underscored their pivotal role in shaping a brighter future, not only for themselves but for society as a whole. Central to this vision is the imperative to invest in women, accelerating progress in areas such as education, economic empowerment, and sexual and reproductive healthcare. Proudly affirming the United States’ commitment to gender equity,…
In its latest Country Report on Nigeria, the Economist Intelligence Unit (EIU), has raised concerns about the Central Bank of Nigeria’s (CBN), ability to support the national currency, the naira, due to a liquidity shortage. Published on Friday, the report highlights the challenges faced by the CBN following the unification of segments of the country’s foreign exchange market on June 14, 2023. This move led to a significant depreciation of the naira, which weakened by 36.56% to 632.77/$ on the day of the market unification. Since then, the naira has continued to struggle against the dollar, experiencing a second devaluation…
The Nigerian Natural Medicine Development Agency (NNMDA) recently unveiled four herbal products formulated to manage diabetes, sickle cell disease, upper respiratory tract infections, and fast ageing. The Minister of Science and Technology, Uche Nnaji, introduced these products during an official visit to NNMDA in Lagos, highlighting the government’s commitment to investing in natural medicine as a cost-effective alternative to imported drugs. Minister Nnaji expressed satisfaction with the agency’s extensive product range, emphasising their potential to address various health concerns such as arthritis, diabetes, and hypertension. He underscored the significance of these herbal remedies as substitutes for foreign medications, particularly in…
The Federal Government has disclosed that approximately 55,000 licenced doctors are currently operating within the country, tackling the escalating demands of patients amidst the departure of healthcare professionals to overseas hospitals and medical facilities. During an appearance on Channels Television’s Politics Today, the Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, unveiled startling statistics, indicating that Nigeria has experienced a significant loss of 15,000 to 16,000 doctors over the past five years due to the ‘Japa syndrome’, with an additional 17,000 having been relocated. Addressing the brain drain crisis, Pate underscored the detrimental impact on the health sector,…
The Presidency has vehemently denied allegations of padding the 2024 budget by an additional N3 trillion, following accusations made by Senator Abdul Ningi of Bauchi Central (PDP). The senator said that the executive branch, led by President Bola Tinubu, was implementing a budget significantly higher than the one approved on January 1, 2024. Senator Ningi, speaking on behalf of the Northern Senators’ Forum, claimed in a BBC Hausa Service interview that a budget of N25 trillion was debated and passed, not the N28.7 trillion currently being implemented. However, the Presidency, in a statement signed by the President’s Special Adviser on…
The Nigerian Labour Congress (NLC) has clarified its stance on the proposed new minimum wage, distancing itself from the figures of N500,000 and N700,000 currently circulating. President of the NLC, Joe Ajaero, revealed this during an interview with newsmen in Yola, Adamawa State. Ajaero emphasized that the NLC is yet to adopt a definitive position on the minimum wage to present to the tripartite committee. He highlighted that the figures mentioned are being gathered at the state level and have not been endorsed by the NLC central secretariat. According to Ajaero, the varying figures proposed across states, ranging from N500,000…
In a statement issued on Saturday, the Minister of State for Health, Dr. Tunji Alausa, announced that the Nigerian government has significantly raised the annual enrollment of nurses from 28,000 to 68,000, with plans to further increase it to 120,000 by the end of 2024. Alausa emphasized that the Federal Government has instructed health workers seeking employment opportunities abroad to resign from their positions before embarking on such journeys. He declared an end to the practice of health workers leaving the country after applying for a leave of absence, citing President Bola Tinubu’s executive order aimed at combating the “Japa…
In a move to address food security concerns and alleviate hunger, President Bola Tinubu has directed the Nigerian Customs Service to return all seized grains to their owners for retailing in Nigerian markets. The announcement was made by the Comptroller-General of Customs, Bashir Adewale Adeniyi, during a stakeholder meeting held in Kwangwalam, a border town in the Maiadua Local Government Area of Katsina State. According to Adeniyi, President Tinubu’s directive aims to ensure that Nigerians have access to affordable food items. However, the return of confiscated food items is conditional upon their sale within Nigerian markets. “We have over 120…
Concern among experts and cryptocurrency enthusiasts is that the Nigerian government’s ban on Binance naira operations will raised fears of exacerbating youth unemployment in the country. Punch spoke to them, and analysts, including Shedrach Israel from Lotus Beta Analytics, have criticised the government’s decision, labelling it inadequate in addressing Nigeria’s foreign exchange challenges. Israel likened the ban to “treating malaria with paracetamol,” emphasising that it fails to tackle the root causes of the falling value of the naira. Israel urged the Central Bank of Nigeria (CBN) to investigate the forex holdings of prominent Nigerian figures, suggesting that converting their foreign…
Former National Vice President of the Nigeria Labour Congress (NLC), Comrade Isa Tijjani, has cautioned the leadership of the Joe Ajaero-led faction of the NLC against precipitating a crisis through excessive strike actions. Tijjani, also a former Secretary of NLC in Kano State, voiced his concerns while addressing journalists in Kano over the weekend. He urged labor leaders to meticulously assess issues before resorting to strikes that could potentially disrupt the nation’s stability. Tijjani emphasized the need for strikes to be viewed as a means to an end rather than an end in themselves. He expressed worry over the declining…
In a bid to curb the brain drain phenomenon in Nigeria’s health sector, the Minister of State for Health, Dr. Tunji Alausa, has announced a significant directive from the federal government. Speaking during his visit to the Neuro-Psychiatric Hospital, Aro, Abeokuta, Dr. Alausa revealed that health workers intending to seek employment opportunities abroad must resign from their current positions before doing so. This directive, according to Dr. Alausa, follows an executive order issued by President Bola Tinubu aimed at addressing the challenge of ‘japa syndrome’, where health workers leave Nigeria in search of better prospects elsewhere. He emphasised that the…