In a letter addressed to the President of the Security Council, His Excellency Mr. José Javier de la Gasca Lopez Domínguez, UN Secretary-General António Guterres expressed deep concern over the escalating crisis in Gaza and Israel. Utilising Article 99 of the United Nations Charter, Guterres emphasised that the ongoing hostilities, now surpassing eight weeks, pose a severe threat to international peace and security. More than eight weeks of hostilities in Gaza and Israel have created appalling human suffering, physical destruction, and collective trauma across Israel and the Occupied Palestinian Territory. More than 1,200 people were brutally killed, including 33 children,…
Author: Editor Francis
This December might bring discomfort, owning to fact to how inflation is becoming a normal song in Nigeria. Multichoice, the broadcasting company, has raised the prices of its offerings in Nigeria shortly after announcing a $72 million loss in its financial statement for the third quarter of the year. A review of the company’s updated price list revealed a 20% increase across all its packages. The DStv Premium package saw a 20.4% hike from N24,500 to N29,500. Similarly, the DStv Compact+ increased by 19.2% from N16,600 to N19,800, and the Compact package rose by 19% from N10,500 to N12,500. The…
The Federal Government of Nigeria reported a substantial increase in revenue from company income tax (CIT) and value-added tax (VAT) during the third quarter of 2023 According to the latest data from the National Bureau of Statistics (NBS), the combined revenue reached N6.19 trillion, reflecting a remarkable 59.07% surge compared to the corresponding quarter in 2022. The report revealed that VAT experienced a robust growth of 34.45%, reaching N2.44 trillion compared to N1.81 trillion in the same quarter last year. Meanwhile, CIT witnessed an even more significant surge, soaring by 80.58% to N3.75 trillion from N2.08 trillion in the third…
In a move aimed at bolstering their collaborative efforts, the U.S. International Development Finance Corporation (DFC) and the Shell Foundation, a U.K.-based charity focusing on energy access solutions in Africa and South Asia, have signed an expanded Memorandum of Understanding (MOU) . This strategic partnership seeks to accelerate the infusion of commercial capital into Distributed Renewable Energy (DRE) solutions within emerging markets. The initial MOU, initiated in 2021 with a goal of deploying $150 million into DRE solutions in emerging markets, has proven highly successful. The collaboration not only surpassed the capital deployment targets but also highlighted the effectiveness of…
In a joint announcement, USAID Administrator Samantha Power and Special Presidential Envoy for Climate John Kerry revealed that 21 additional companies have pledged investments in climate adaptation. The commitment is part of the Call to Action to the Private Sector under the President’s Emergency Plan for Adaptation and Resilience (PREPARE), with an estimated $2.3 billion in additional adaptation finance set to be mobilized. The PREPARE Call to Action, initiated at COP27, invites businesses to make substantial commitments to bolstering global climate resilience. In the past year, corporate actions under this initiative have generated over $610 million, benefiting more than 9.3…
Vice President Sen Kashim Shettima has assured that the Tinubu administration is committed to repositioning the National Institute for Policy and Strategic Studies (NIPSS), Kuru, to provide quality policy advice to the government. He emphasized the crucial role the institute plays in shaping and retooling government policies. During a meeting with the management team from NIPSS, led by the Director General, Prof. Ayo Omotayo, at the Presidential Villa in Abuja, Vice President Shettima expressed the need to implement the institute’s policy recommendations, considering the evolving global landscape and the institute’s role as a policy think-tank. He underscored the significance of…
Amidst criticisms, particularly following the accidental bombing of civilians in Kaduna State, the Nigerian Army has earmarked a budget of N2,555,713,396 to operationalize its revived aviation unit in the 2024 financial year. President Bola Tinubu submitted the 2024 budget estimate to the National Assembly, which includes an additional N850 million for establishing the army’s Unmanned Aerial Vehicle (drone) command. In September, Chief of Army Staff Lt.-Gen. Taoreed Lagbaja explained the revival of the aviation unit, emphasizing its complementarity to ground troops’ responsiveness, agility, and efficiency during operations. He highlighted the effectiveness of aviation units in other countries like the United…
NNPC CEO Mele Kyari, summoned by the Senate, appeared before the joint committee on appropriations 48 hours later, complying with a 24-hour ultimatum issued earlier. This followed observations that Kyari had previously avoided summons regarding the Senate’s probe into over 11 trillion naira expenditure on refinery maintenance between 2010 and 2023. Facing questions from the appropriations committee regarding potential fuel price reductions due to refinery functionality, Kyari clarified that while a reduction might be possible, it wasn’t the primary refinery objective. He emphasized that maintaining energy security aims to make Nigeria a net exporter of petroleum products in 2024. Kyari…
During the Silver Anniversary celebration of the 11th Emir of Jama’a, Alhaji (Dr) Muhammad Isa Muhammad (CON), the Sultan of Sokoto, Dr. Muhammad Sa’ad Abubakar, has called for justice for the victims of the recent military airstrikes in Tudun Biri village, Igabi Local Government Area of Kaduna State, which claimed the lives of over 100 people. Speaking at the event held at the Emir’s Palace in Kafanchan, Kaduna, the Sultan emphasized the need for justice for the affected families. He stated, “We are here not only to celebrate the emir but to also pray for the emirate and the lives…
In response to reports of a currency shortage in Nigeria, the Central Bank of Nigeria (CBN) has issued a cautionary statement urging Nigerians to remain vigilant against the circulation of counterfeit naira notes. The advisory, titled ‘Beware of Counterfeit Naira Banknotes in Circulation,’ was released on Friday and extends its warning to Deposit Money Banks, Financial Houses, Bureau de Change, and the general public. The CBN emphasized its commitment to tackling the issue and assured the public that it is actively collaborating with law enforcement agencies to apprehend individuals involved in the circulation of counterfeit currency. The statement highlights the…
The Governments of the United States of America and France, in a significant strides were announced in the field of sustainable infrastructure following the Sustainable Infrastructure Panel held on December 6, 2023, at the French pavilion during the Conference of the Parties 28 (COP 28). The Blue Dot Network (BDN) and Finance to Accelerate the Sustainable Transition – Infrastructure (FAST-Infra) revealed their plans to join forces in a collaborative effort to introduce innovative solutions aimed at catalyzing private sector investment in quality, sustainable, and climate-resilient infrastructure projects. Both initiatives, BDN and FAST-Infra, are aligned with the G20 Principles for Quality…
Lamido Sanusi, the former governor of the Central Bank of Nigeria (CBN), has advocated for a thorough audit of the Nigerian National Petroleum Company Limited (NNPCL) as a crucial step to address Nigeria’s enduring foreign exchange crisis. Speaking at the Bank Directors’ Summit in Abuja, Sanusi also expressed disapproval of the President’s dual role as a petroleum minister in Nigeria. Sanusi underscored the significance of investigating NNPCL, emphasizing its role as a major contributor to the country’s foreign exchange earnings. He revealed that his insistence on probing NNPCL had led to the termination of his tenure as the CBN governor,…