Russia’s Central Bank on Friday raised its key lending rate to its highest level in more than two years to stem soaring inflation. The move is intended to impede inflation by increasing the cost of borrowing and encouraging savings. “Previously, we named four triggers for raising rates. All of them came into effect. First, persistent inflation is increasing. Secondly, consumer activity is not cooling. Thirdly, the positive gap in the economy is not narrowing, but labor market rigidity is growing. Fourthly, new pro-inflationary risks associated with sanctions have materialized,” head of the Central Bank Elvira Nabiullina said at a news…
Author: Editor Francis
The Jama’atu Nasril Islam (JNI) has appealed to the convener of the planned protest and President Bola Tinubu’s government to urgently engage in critical and realistic dialogue before the situation degenerates or snowballs into an uncontrollable scenario. JNI secretary general Khalid Aliyu, who gave the advice in a statement on Friday, said although Nigerians are enduring unprecedented hardships, protest might not be the panacea. “The JNI, under the leadership of Sultan of Sokoto, Muhammad Sa’ad Abubakar, with all sense of responsibility, appeals to the protest convener, their covert and overt benefactors. “As well as other critical stakeholders and the federal…
President Bola Tinubu is expected to sign the Minimum Wage Bill into law next week, following its passage by the National Assembly. Sources within the assembly confirmed that the bill was finalized on Wednesday and transmitted to the President on Thursday after its swift passage by both legislative chambers during Tuesday’s plenary sessions. Senator Abdullahi Gumel, the Senior Special Assistant on National Assembly Matters, confirmed the transmission of the bill on Thursday. “The bill will be transmitted today,” he said. The President is anticipated to promptly assent to the bill, which amends the National Minimum Wage Act 2019. The bill,…
The National Youth Service Corps (NYSC) has extended the service year of 40 corps members from the NYSC Batch B Stream II in Osun State for various infractions. This announcement was made by the NYSC State Coordinator, Agbor Ndoma Obim, during the passing out parade held on Thursday. Out of the 3,014 corps members who successfully completed their service, 23 were reported to have absconded. Obim commended the corps members for their good conduct and discipline throughout the service year. He encouraged them to be good ambassadors and to utilise the skills acquired through the Skill Acquisition and Entrepreneurship Development…
The Nigerian Senate has scheduled a public hearing in September to address the ongoing rift between the Dangote Group and key regulators in the oil and gas sector, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Company Limited (NNPC). Senator Bamidele Opeyemi, Chairman of the Senate’s 15-member Adhoc Committee, announced the decision on Thursday. The committee was recently inaugurated by Senate President Godswill Akpabio to investigate and resolve disputes between the Dangote Group and sector regulators. Opeyemi emphasized that the Senate is determined to expose any alleged saboteurs within the sector, which is…
The Osun and Delta states’ tax authorities have fined Google Nigeria and Meta Platforms Inc. $150 million and $200 million, respectively, for alleged non-remittance of withholding tax. The fine is specifically for the withholding tax (WHT) allegedly deducted from content creators and entertainers in the two states from 2020 till date. This is contained in separate letters signed by Sola Adewunmi and Solomon Ighrakpata, Osun and Delta States Internal Revenue Service (IRS) executive chairmen, respectively. The letters, also signed by Ademola Odetunde, chief operating officer of LafriquePromedia Ltd., the states’ revenue collection agent, were made available to journalists in Lagos.…
President Bola Tinubu is currently engaged in a private meeting with traditional rulers at the Council Chamber of the Presidential Villa in Abuja. This marks the second closed-door session he has held on Thursday amid rising calls for a planned protest on August 1. Among the government officials present at the meeting are Vice President Senator Kashim Shettima, members of the President’s cabinet, Secretary to the Government of the Federation Senator George Akume, Group Chief Executive Officer of NNPCL Mele Kyari, Inspector General of Police Kayode Egbetokun, Minister of Information and National Orientation Mohammed Idris, and Attorney General of the…
The Senate has pledged to uncover those responsible for economic sabotage and the importation of toxic fuel into Nigeria’s petroleum sector. This commitment was made during a press conference by the Senate ad-hoc committee investigating these issues. Senator Opeyemi Bamidele, the chairman of the ad-hoc committee and the Majority Leader of the Senate, emphasised the seriousness of their mission, stating, “We are addressing fundamental issues that pose grave threats to our economic prosperity, fiscal stability, and public health.” The committee aims to identify and recommend solutions to the root causes of economic sabotage within Nigeria’s petroleum industry. Senator Bamidele assured…
The Minister of Education’s reversal (or suspension) of his ban on “underage” university admissions after protests by stakeholders is another instance of this administration making a policy decision it has neither fully reasoned through nor consulted on with stakeholders. By not putting enough thought into executive decisions, leaders capitulate cheaply and their indecisiveness hurts everyone in the long run. Prof. Tahir Mamman was wrong on the ban, wrong to have suspended it, and wrong to have planned a re-introduction. At the same Joint Admissions and Matriculation Examination policy meeting where the ban was negotiated amidst the rowdiness of dissenting with…
Ogun State Governor Dapo Abiodun and his Imo State counterpart Hope Uzodimma have appealed to the youths to abandon the planned nationwide anti-hunger protest. The governors made their appeals during separate meetings on Wednesday, emphasizing the potential negative consequences of such actions. Governor Abiodun, speaking at a meeting with a coalition of youth organizations at the Governor’s Office in Oke-Mosan, Abeokuta, referenced the destructive outcomes of the 2020 EndSARS protests. He urged the youth to seek dialogue instead of protests. “You have no other country than this. Protests that turn violent do not solve problems,” Abiodun stated, drawing on a…
The Federal Government has reaffirmed its commitment to the full implementation of the 2024 Budget, emphasizing the promotion of a transparent and efficient financial management system. This assurance was given by Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, during a meeting with the House of Representatives Committee on Public Accounts at the National Assembly in Abuja. The meeting followed the National Assembly’s recent approval of a N6.2 trillion Supplementary Appropriation Bill, which increases the 2024 Budget from N28.8 trillion to N35.05 trillion. Minister Edun highlighted the government’s dedication to enhancing the efficiency of financial operations across…
The Minister of Information and National Orientation, Mohammed Idris, has clarified the Federal Government’s stance on the upcoming protests over Nigeria’s economic situation. Speaking on Wednesday, Idris acknowledged the constitutional right of Nigerians to protest but warned that some individuals might exploit the demonstrations to incite violence. Addressing the Charismatic Bishop Conference during their courtesy visit to his office in Abuja, Idris emphasised that the administration of President Bola Tinubu respects the rights of Nigerians to protest. However, he stressed the government’s duty to maintain public order and protect the rights of all citizens. “The government of President Bola Ahmed…