Rising Cost Of Food Items Pushes 7 Million Persons Into Poverty In Nigeria — World Bank
High inflation driven by soaring food prices has pushed seven million Nigerians into poverty, the World Bank said. In a new report, it commended Nigeria for buttressing its economy from fallout from the coronavirus pandemic but called for urgent measures to brake inflation and protect livelihoods. A major crude exporter, Africa’s largest and most populous economy again slipped into a recession...
Senate Approves Buhari’s $6.1 Billion Loan
The Senate on Wednesday approved a loan request of $6.1 billion by President Muhammadu Buhari, ABN TV reports. The $6.1 billion which is about N2.343trillion was approved following the consideration of the report of the Senate Committee on Local and Foreign Debts at plenary. The Chairman of the committee, Senator Clifford Ordia, presented the report. President Buhari had in May, asked...
Naira Crashes To N710 Per Dollar
The naira has crashed further in the parallel market, trading for N710 against the U.S. dollar on the exchange platform Aboki Forex. Checks by Peoples Gazette (not ABN TV) on Wednesday showed the current parallel market rate pegged at N710 to a dolla...
More borrowing, a sign of liquidity problems in smaller banks – Experts
The Chief Economist/Head, Investment Research of PanAfrican Capital Holdings, Mr Moses Ojo, attributed the increase in the SLF to the low liquidity of some of the commercial banks. He noted that most tier-three commercial banks had borrowed heavily from the apex bank to square up their daily business activities. He said, “The factors that accounted for this is mainly the low...
It’s Time To Pay Workers Living Wage In Line With Current Realities, Says Reps Speaker Abass
Speaker of the House of Representatives, Tajudeen Abass, has advocated a review of salaries for workers in the country. Abass said this in a statement by his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, in Abuja on Monday. He said it was imperative to take a look at what an average worker would need to be paid as salary...
Buhari To Lead 11 African Nations To Negotiate $19bn Soft Loan
The Pan Africa Great Green Wall (PAGGW) countries have appointed President Muhammadu Buhari President of the Heads of States and Government of the PAGGW to facilitate $5bn grant and $14bn soft loans for the agency. The minister of environment, Dr Mohammad Mahmood Abubakar, who disclosed this during the ministerial briefing on recent developments in the environment sector also said the...
Naira Drops On Parallel Market To N2,000/1£
The local currency in Nigeria (Naira) is currently trading at over 2,000 Naira against the British pound in the parallel market Malam Ibrahim, a Bureau de Change operator in Wuse Zone 4, verified the rates on Monday, February 19. He said: “Yes it is true, we are currently selling above N2,000 for the pounds and it is still about the heavy...
Farmers Move To Increase Cocoa Production In Abia As Ikpeazu Assures Continous Partnership
Cocoa Farmers Association of Nigeria Thursday flagged off the free distribution of the Cocoa GAP Handbook in Abia State. Speaking during the event, the CFAN National President, Comrade Adeola Adegoke, said the farmers’ focus was to increase Nigeria...
Hardship Comment: APC Governors Caution PDP Against Inciting Nigerians Against Govt
The Progressive Governors’ Forum has cautioned their counterparts in the Peoples Democratic Party (PDP) against utterances and actions capable of inciting the masses against the Federal Government. In a statement in Abuja on Tuesday, the Chairman of the Progressive Governors’ Forum and Governor of Imo State, Senator Hope Uzodinma said the economic and security challenges confronting the nation needed a...
I Won’t Sign 2021 Budget If Provision For Victims Of Police Brutality Is Excluded – Gbajabiamila
The Speaker of the House of Representatives, Femi Gbajabiamila, has disclosed that he will not sign the 2021 budget if provision for compensation to victims of police brutality is excluded. Mr. Gbajabiamila also disclosed that he will be visiting families of victims of police brutality across the country. He also appealed to the protesters to suspend the ongoing protests. Gbajabiamila stated these...
