President Bola Tinubu has embarked on a significant journey from Abuja to the Borno state capital, Maiduguri. Departing from the presidential wing of the Nnamdi Azikiwe International Airport on Monday morning at approximately ten-thirty-five, this marks his first visit to the northeastern region since assuming office. The purpose of his visit is to attend the Nigerian Army Annual Conference, where President Tinubu holds the esteemed position of Special Guest of Honour. According to Brigadier General Onyema Nwachukwu, Director of Army Public Relations, the Opening Ceremony will encompass several key activities. These include delivering an address to the troops of the…
Author: Editor Francis
The Central Bank of Nigeria (CBN) has provided clarification on the recent shortage of naira notes in the country, addressing concerns raised by bank customers about the scarcity at various banking channels. In an official statement from the Corporate Communications Department of the CBN, the apex bank attributed the apparent currency scarcity to substantial cash withdrawals by Deposit Money Banks (DMBs) from different CBN branches. Additionally, panic withdrawals by bank customers at Automated Teller Machines (ATMs), Points of Sale (PoS), and Bureaux de Change (BDCs) have contributed to the situation. Contrary to the perceived shortage, the CBN emphasized that there…
The Transmission Company of Nigeria (TCN) has attributed its failure to transmit approximately 4,900MW of generated electricity to challenges stemming from vandalism and deteriorating infrastructure. This disclosure was made by Dr. Thomas Inugonum, TCN’s General Manager for Port Harcourt Region, during a press conference in Port Harcourt, Rivers State, on Sunday. Inugonum highlighted that despite possessing the capacity to transmit 8,100MW out of the total 13,000MW generated, the existing limitations were due to aging and feeble infrastructure. He emphasized, “Our capability should ideally reach 15,000MW, but aging infrastructure, some over 50 years old, prevents us from meeting this potential.” Expressing…
In a recent development, the International Monetary Fund (IMF) has recommended that the Central Bank of Nigeria (CBN) take measures to address the country’s soaring inflation rate by raising interest rates in its upcoming Monetary Policy Committee meeting. During a press conference held on Thursday, Julie Kozack, the Director of the Communications Department at the IMF, highlighted the need for action in light of Nigeria’s persistently high inflation. Transcripts of this crucial conference were subsequently made public on the IMF website on Saturday. Kozack underscored the impact of the CBN’s strategy to withdraw surplus liquidity from the system, attributing it…
Bishop Matthew Kukah of the Catholic Diocese of Sokoto urged Nigerian youths on Saturday to consider migrating abroad if they wish to but highlighted that they would eventually recognize Nigeria’s need for them. Speaking at the convocation ceremony of Veritas University, Bishop Kukah encouraged young people to explore opportunities abroad while emphasizing the importance of creating a conducive environment within the country for healthy competition. Bishop Kukah acknowledged the vastness of Nigeria and expressed confidence that those who choose to migrate would realize the country’s need for their skills and contributions. He assured them that settling abroad could be a…
All 109 senators of the Federal Republic of Nigeria have collectively donated their one-month salaries, totaling N109 million, to the victims affected by the recent drone mishap in Tudun Biri, Igabi Local Government Area of Kaduna State. The Deputy President of the Senate, Senator Barau I. Jibrin, conveyed this generous gesture during a visit to the Kaduna Government House, where he led a high-profile delegation of the Senate. The senators were warmly received by Kaduna State Governor Senator Uba Sani. In a statement released by Senator Barau’s Special Adviser on Media and Publicity, Ismail Mudashir, it was confirmed that the…
In a significant move aimed at reducing the cost of cooking gas nationwide, the Nigerian Federal Government has opted to waive customs duty and value-added tax (VAT) on the importation of liquefied petroleum gas (LPG), commonly known as cooking gas, and its related equipment. The decision, conveyed in a letter dated November 28, 2023, addressed to various officials, including the Special Adviser to the President on Energy, the Comptroller-General of the Nigeria Customs Service (NCS), and the Chairman of the Federal Inland Revenue Service (FIRS), was signed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy.…
Paul Dean, Principal Deputy Assistant Secretary in the Bureau of Arms Control, Deterrence, and Stability at the U.S. State Department, held discussions with journalists in West Africa, shedding light on the groundbreaking initiative titled the “Political Declaration on Responsible Military Use of Artificial Intelligence and Autonomy.” Mr. Dean emphasized the declaration’s significance, having garnered support from 47 partners, including African nations such as Liberia, Malawi, Morocco, and Libya. The initiative is designed to provide guidance for the responsible development and utilization of military applications of AI and autonomy. It comprises ten specific measures aimed at minimizing risks and fostering global…
Reta Jo Lewis, President and Chair of the Export-Import Bank of the United States (EXIM), has announced the recent approval of a resolution by the EXIM Board of Directors. The resolution focuses on funding applications for the export of U.S. small modular reactor (SMR) systems and components. This significant announcement was highlighted in a White House fact sheet and showcased at the 2023 United Nations Climate Change Conference (COP28). The resolution, coupled with an accompanying Toolkit document, outlines how EXIM’s distinctive financing tools can play a crucial role in supporting the export of U.S. SMR designs, providing substantial and flexible…
The U.S. International Development Finance Corporation (DFC) has pledged a $24 million equity investment in Miro Forestry Developments Limited (Miro) to enhance the company’s sustainable forestry and timber processing initiatives on degraded land in West Africa. This strategic investment aligns with DFC’s commitment to nature-based solutions, establishing the agency as an innovator in the field. Leveraging a diverse toolkit, including political risk insurance, loans, technical assistance, and equity investments, DFC is actively contributing to nature-based solutions as part of its broader efforts to combat climate change, sequester carbon, fortify communities against climate impacts, and safeguard vulnerable ecosystems. The infusion of…
The Israeli government is recruiting over 16,000 agricultural workers from African countries to address a severe farm labor shortage brought on by the conflict with Hamas. Kenya announced this week it will send 1,500 workers to Israel on renewable three-year contracts guaranteeing a monthly income of $1,500. This comes after Malawi deployed 221 farm laborers last month, with plans to dispatch 5,000 more. Israel’s ambassador said Uganda and Tanzania are also being tapped to help fill positions. The shortage stems partly from restrictions on Palestinian workers, who previously made up almost 20% of the agricultural workforce. Additionally, over 10,000 foreign…
In response to the recent removal of fuel subsidies, the Federal Government has rolled out two initiatives designed to mitigate the effects of this decision. Dr. Doris Uzoka-Anite, CFA, Minister for Industry, Trade, and Investment, announced these measures. Presidential Conditional Grant Programme for Nano Businesses A sum of N50 million will be allocated to nano businesses across the nation’s 774 local government areas. The program, a collaboration between the Federal Ministry of Industry, Trade, and Investment and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), involves coordination with state and local governments, federal legislators, ministers, and banks. Eligibility…