Author: Festus Adeloye

The Central Bank of Nigeria (CBN) has projected that Nigeria’s external reserves could reduce slightly in 2024. This was disclosed in the recently released maiden edition of its ‘Macroeconomic Outlook: Price Discovery for Economic Stabilisation’ report. The apex bank attributed the projected deep in the country’s reserves to debt service and other obligations. The outlook said, “The external reserves, which stood at $33.09bn in 2023 could reduce slightly in 2024. This is on the assumption of continued payments of outstanding foreign exchange forward obligations, matured foreign exchange swaps, and debt service. The expected improvement in crude oil earnings, together with…

The abductors of eight recent graduates from Akwa Ibom State in Zamfara State in August 2023 are demanding N50 million as ransom for the release of the remaining victim, Bassey Daniel. The victim’s mother, Mrs. Margaret Daniel, shared her distress from her community in Afaha Ube Itam, Itu Local Government Area of Akwa Ibom State. She expressed her inability to raise such a large amount, saying, “I am just a petty trader, I sell akara and bread. How will I raise that kind of money? I am helpless. When that amount was mentioned, I fell sick. And I have been…

The Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen has assured that the House will take expedited action on the National Minimum Wage Bill once it receives it from the executive arm of the government. This came as he hailed President Bola Tinubu for agreeing to the national minimum wage of N70,000 for Nigerian workers. The Speaker said President Tinubu’s action has shown that he is a compassionate and empathic leader who cares about the welfare of the citizens. Reacting to the development in a statement by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, Speaker…

The Inspector-General of Police, IGP Kayode Egbetokun, has appointed Deputy Commissioner of Police, DCP Bayonle Kafar Sulaiman, as the new Commander in charge of the Inspector-General of Police Special Task Force on Petroleum And Illegal Bunkering (IGP-STFPIB). A statement by Force Public Relations Officer, ACP Muyiwa Adejobi said the new appointment is in continuation of the IGP’s effort to combat pipeline vandalism and oil theft. ACP Adejobi said the Commander who has exhibited his prowess in similar taskforce operations, was previously Squadron Commander, Police Mobile Force, MOPOL 20, Lagos. He disclosed that as Commanding Officer of the IGP-STFPIB, the IGP…

The 16th Emir of Kano, Muhammadu Sanusi II, has expressed deep concern over Nigerians’ severe economic hardships. His comments came during a ceremony for the distribution of free fertiliser to 52,800 smallholder farmers across Kano State’s 44 local government areas on Thursday. Addressing the gathering at the Government House, alongside the newly appointed second-class Emirs of Gaya and Karaye, Sanusi highlighted the dire situation many Nigerians find themselves in. “People are in a dire situation. I’m aware that people now resort to buying half pepper because of the high cost of food items. This is unbearable. But I think with…

Dele Momodu, a 2023 presidential aspirant of the Peoples Democratic Party, has called for stricter discipline within the administration, particularly concerning the political situation in Rivers State. In an open letter to President Bola Tinubu on Thursday, Momodu emphasised the importance of enforcing discipline, referencing actions by the former governor of Rivers State and current Federal Capital Territory minister, Nyesom Wike. “Your new disciple, Nyesom Wike, has publicly disrespected you in the Fubara matter,” Momodu stated. The ongoing political tension between Wike and the current Rivers State Governor, Siminalayi Fubara, has raised concerns. Momodu warned of potentially severe consequences if…

The Oyo State government has absolved itself from the rumoured plan to stop or scuttle the ambition of anyone to become the next Olubadan. A statement issued by the Commissioner for Information and Orientation, Dotun Oyelade, said that the government believed that it was not only premature but also unfair and preemptive for anyone to start discussions on the next Olubadan when a new Olubadan has just been successfully installed. The commissioner said, “It is embarrassing that a few days after the coronation and presentation of Staff of Office to the new Olubadan, HIM Oba Owolabi Olakulehin, Ige Olakulehin I,…

Leaders of the organised Labour consisting of the Nigeria Labour Congress and the Trade Union Congress of Nigeria have arrived at the Aso Rock Presidential Villa for the second leg of talks on the national minimum wage. A white State House-registered Coaster bus conveying the NLC President, Joe Ajaero, and the TUC President, Festus Osifo, and other leaders arrived at the forecourt of the Villa at 02:14 pm local time. Per the President’s programme for the day, the 30-minute meeting was scheduled for 02:00 pm but was delayed as the visitors were still undergoing covid-19 tests and security checks. Thursday’s…

The Imo State Governor, Hope Uzodimma, has said Nigeria is not merit-driven, adding that the Nigerian system must find a way to celebrate and promote merit. “I believe there must be a way to drive and balance this. We need to create a space where everyone can thrive which promotes merit,” the governor said on Thursday while delivering a lecture on patriotism and citizenship at the Yoruba Tennis Club event in Lagos State. The governor also explained why Nigeria is battling declining patriotism among her citizens, saying the stakeholders must right the wrongs to elicit the spirit of patriotism among…

Singer Rudeboy has addressed his recent arrest by the Economic and Financial Crimes Commission (EFCC), asserting that his wealth is solely derived from his music career and not from any illicit activities. The artist, who was released after questioning, took to social media to declare his innocence and clarify that his success in the music industry is the only source of his income. “Eagle eyes, all cleared. I no thief ohh. Na just good music de pay, Now let’s get back to the music next week!! New music!! Vitamin D.” he wrote on Instagram, sharing the EFCC’s eagle logo.