The federal government has announced ambitious plans to kickstart the production of military hardware at the Ajaokuta steel complex. Following a high-level meeting at the Ministry of Defence in Abuja, it was revealed that the Ministries of Steel Development and Defence are set to sign a Memorandum of Understanding (MOU) to facilitate this groundbreaking initiative. Prince Shuaibu Abubakar Audu, the Minister of Steel Development, along with Bello Matawalle, the Minister of State for Defence, disclosed the development to the press through a statement issued by Salamatu Jibaniya, the Head of Press and Public Relations for the Ministry of Steel Development.…
Author: Editor Francis
In a significant move aimed at enhancing the operational efficiency of the Nigeria Electricity Supply Industry (NESI), President Bola Tinubu has given his nod for the reconstitution of the Board of the Nigeria Electricity Liability Management Company (NELMCO). The reconstitution comes with a notable modification to the NELMCO Board structure, signifying a strategic shift in governance. Chief Ajuri Ngelale, Special Adviser to the President on Media & Publicity, made this announcement on March 7, 2024, expressing confidence in the transformative potential of the revamped NELMCO Board. Under the new arrangement, the Office of the Minister of Power will assume the…
The Federal Government has said the recovery process from beneficiaries of the Nigeria Education Loan Scheme would commence two years after the National Youth Service Scheme. The Executive Secretary, NELFund, Dr. Akintunde Sawyer, made this known during an interview with the News Agency of Nigeria on Thursday in Abuja. On June 12, 2023, President Bola Tinubu signed the Access to Higher Education Act, 2023 into law, to enable indigent students to access interest-free loans for their educational pursuits in any Nigerian tertiary institution However, Sawyer said that the reason for the two-year grace after NYSC was to afford the beneficiaries…
The Federal Government of Nigeria has officially inaugurated a committee tasked with implementing recommendations from the review of reports and White Papers concerning the restructuring and rationalization of Federal Government Parastatals, Agencies, and Commissions. According to a statement released by the Director of Information at the Office of the Secretary to the Government of the Federation, Segun Imohiosen, the committee’s establishment aims at reducing the cost of governance and enhancing efficiency across the governmental spectrum. The committee’s formation comes following President Bola Ahmed Tinubu’s approval for the implementation of the Oronsaye report, submitted twelve years ago.President Tinubu has given the…
During an official visit to Russia, Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Tuggar, revealed Nigeria’s interest in joining the BRICS alliance and its unwavering ambition to secure a permanent seat on the United Nations Security Council. In discussions with his Russian counterpart, Foreign Minister Sergey Lavrov, Ambassador Tuggar emphasised Nigeria’s appreciation for Russia’s longstanding support and solidarity. He underscored Nigeria’s intention to strengthen diplomatic and economic ties with Russia, citing the countries’ cordial relations since establishing diplomatic ties in 1960. Highlighting Nigeria’s commitment to global decision-making, Ambassador Tuggar reiterated Nigeria’s desire to ensure African representation at the highest levels.…
Following a recent network glitch that disrupted services in South Africa and Nigeria, MTN Group has announced a strategic partnership with telecom equipment manufacturer Ericsson to modernise its core network infrastructure in both countries. This initiative aims to enhance network performance and efficiency, ultimately preparing MTN’s networks for future 5G standalone capabilities. The collaboration builds upon existing partnerships between MTN and Ericsson for cloud-native core network deployment. According to MTN, this modernization effort aligns with its Unified Cloud Acceleration framework, a five-year plan designed to advance network capabilities and support digital transformation initiatives. Mazen Mroué, Chief Technology and Information Officer…
Today, no fewer than 260,000 candidates across the nation participated in this year’s Mock Unified Tertiary Matriculation Examination (UTME) held in 793 Computer-Based Test centres. Professor Ishaq Oloyede, the Registrar of the Joint Admissions and Matriculation Board (JAMB), expressed satisfaction with the smooth conduct of the exercise after monitoring several centres in Abuja. The Mock UTME, aimed at assessing preparedness for the main UTME scheduled to begin on April 19, 2024, saw successful execution despite minor incidents in a few centres, which Oloyede assured would be addressed. He also mentioned JAMB’s recent recruitment examination for the Nigerian Police conducted in…
Minister of Finance Olawale Edun unveiled startling revelations regarding the printing of N22.7 trillion by the Central Bank of Nigeria (CBN) under the administration of former President Muhammadu Buhari and ex-CBN governor Godwin Emefiele. Edun asserted that this massive printing spree, executed under the guise of Ways and Means loans, directly contributed to the escalating inflation and economic distress plaguing Nigeria. He further criticized the lack of direction in the utilization of these loans during the past administration, highlighting alleged irresponsible spending of CBN overdrafts as a primary driver behind the country’s food and security crises. Promising accountability, Edun declared…
Dr. Zacch Adedeji, the Chairman of the Federal Inland Revenue Service (FIRS) and Joint Tax Board (JTB), underscored Nigeria’s failure to fully harness its economic potential despite being Africa’s largest economy with a GDP of $472.62 billion. Adedeji emphasized that the nation’s growth and sizable population of approximately 220 million have not translated into proportionate tax revenues. Speaking at the commencement of the 154th meeting of the JTB in Abuja, themed “Optimizing Tax Administration: Leveraging Harmonization of Taxes via Digital Transformation,” Adedeji highlighted the pivotal role of a well-designed tax system in stimulating investment, fostering social equity, and fostering sustainable…
The Central Bank of Nigeria (CBN) has issued a stern warning to all primary mortgage banks (PMBs) across the country concerning the timely submission of regulatory returns. In a press release published on its website dated March 5, referenced as FPR/DIR/PUB/LET/001/022, and signed by Dr. Valentine Ururuka, Director of Financial Policy and Regulation, the CBN expressed its dissatisfaction with PMBs’ tardiness in submitting periodic returns related to the Financial Institutions’ Annual reports. The CBN clarified that a Primary Mortgage Bank is any company licensed to engage in primary mortgage banking business in Nigeria. Emphasising the importance of adherence to regulatory…
The Organized labor is gearing up for a potential push for a significant increase in the minimum wage in Nigeria, with strong indications suggesting a demand of N500,000. The commencement of zonal public hearings on the new wage structure is set to take place today in six major cities across the country, including Lagos, Kano, Enugu, Akwa Ibom, Adamawa, and Abuja. The President of the Nigeria Labour Congress (NLC), Joe Ajaero, hinted at the possibility of such a demand, citing concerns over ongoing inflation during an interview on Arise TV on February 11. Ajaero had previously suggested that if inflation…
In a recent session with the Senate Committee on Finance, chaired by Senator Sani Musa (APC – Niger East), the Minister of Finance and Coordinating Minister for the Economy, Dr. Wale Edun, disclosed significant strides in non-oil revenue generation by federal agencies. Edun revealed that in 2023, the government amassed a total of N13 trillion from non-oil remittances, marking a substantial increase from the previous year. With a remarkable remittance of over N100 billion in January 2024 alone, the government is poised to surpass this record by the year’s end. Edun attributed this surge in revenue to President Bola Tinubu’s…