Muhammadu Buhari, yesterday in Calabar, said the superhighway being constructed by the Cross River State governor, Senator Ben Ayade, was a project that would expand the economic frontiers of not just the state, but the entire country. “That I am personally here to perform the ground breaking shows the importance my government attaches to this project which is a significant milestone in the economic development of not just Cross River State but the entire country
Between 2009 when Mohammed Yusuf was killed and now, the death toll of the Boko Haram insurgency is estimated to be 17,000, putting the annual average at 2,500. This is the very significant. But in 2015 so far, the death toll in another crisis in the Middle Belt of Nigeria stands at nearly 2,000, rivalling the annual Boko Haram average. Unfortunately, this crisis has been neglected and ignored.
This report highlights this crisis in the hope that it will shine a spotlight
Executives of power distribution companies as well as the Association of National Electricity Distributors (ANED) confirmed that some of the Discos considered declaring force majeure because they had been incurring losses since they took over the power firms. The losses, according to them, are mainly because the current electricity tariff approved by the Nigerian Electricity Regulatory Commission is not cost-reflective. Reports say that the Vice President, Yemi
Nigeria’s external reserves dropped to about $30.04 billion as at Friday, October 16 according to data available on the website of the CBN. External reserves were about $31.3 billion on September 1, suggesting that a net spend of $1.3 billion in September through forex sales. This is the lowest it has reported since July 14. Some of the CBN’s capital control policies have come under severe criticism, but the CBN Governor, Godwin Emefiele and Federal Government
This week, the Senate commenced the screening of individuals that will constitute the cabinet of President Muhammadu Buhari. But the screening process bordered on farce primarily because of the mundane manner with which the Senate has carried out the process so far. However, the Senator for Bayelsa East, Ben Murray-Bruce, correctly pointed out that since no portfolios were assigned, asking questions may have been a waste of time.
On Tuesday morning as Nigeria was preparing
Analysts have warned that the federal government’s drive to create jobs for millions of unemployed Nigerians may suffer a setback because of the CBN’s forex restrictions. The policy, which took effect in June, had excluded some essential raw materials from the list of items valid for forex in the Nigerian foreign exchange markets. Some analysts are projecting manufacturing job losses of up to 40,000 as a result. The
The National Bureau of Statistics has released its September Inflation report showing inflation rate rose marginally by a 100 basis point to 9.4%. According to the NBS, the increase was driven mainly by higher food prices part of which was caused by the Muslim holidays. Nigeria loses N8.7 billion yearly because many electricity consumers use Incandescent bulbs which consume
The Vice-President, Yemi Osinbajo said on Tuesday that he is in charge of the economy. Speaking at the Presidential Policy Dialogue, Osinbajo said that the nation’s economy, which has shown a paradox of high growth figures, widening inequality, rising unemployment, poverty, and leaves nearly half of the citizenry behind, needs rethinking. The VP argued that the magnitude of poverty in the country necessitated the need for a Conditional Fund Transfer arrangement
The Nigerian National Petroleum Corporation (NNPC) has denied the rumours making the rounds on social media that pump price of petrol has been reduced to N57 per litre. The NNPC instead insisted that the price of PMS remains at government approved N87 per litre. The Federal Government has released N56
The Nigeria Extractive Industries Transparency Initiative (NEITI) has announced that the Nigeria lost $966 million from the crude oil swap deals between 2009 and 2012. NEITI’s Communications Director, Orji Ogbonnaya Orji, explained that in 2012 alone, the cost of crude oil swapped was $6.4 billion, while value of refined products returned to Nigeria was $6.3 billion. Orji said that in 2006, N219.72 billion was