20 Apr

Daily Watch – Tin Can Customs revenue falls, Banks to reduce loan grants

  • The Tin-Can Island Command of the Nigerian Customs Service, has recorded a fall in revenue of N2.7 billion in the first quarter of 2016, compared to N61.6b billion it made in the first quarter of 2015. Chris Osunkwo, the Command’s spokesman said that the Command made seizures of 60 cartons of centre tables, 30 cartons of cooking oil, 60 cartons of fruit juice,
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19 Apr

Daily Watch – Adeosun insists Nigeria is ‘not sick’, Militant group vows more pipeline attacks

  • Nigeria, currently going through its worst economic crisis in years, has not turned to the IMF for financial assistance because it is “not sick”, finance minister, Kemi Adeosun, has said. The economy grew 2.8 percent last year, its slowest pace in decades, and in March annual inflation rose to a near four year high of 12.8 percent. Last month the IMF said it had again cut its growth forecast for Nigeria, predicting that gross domestic product growth
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18 Apr

Daily Watch – Buhari comes back from China with goodies, Mobile payments grow

  • President Buhari’s five-day working visit to China has yielded additional investments in Nigeria exceeding $6 billion. Garba Shehu, one of the President’s spokesmen, said that the several agreements concluded with the Chinese during the visit would have a huge and positive impact on Nigerian economy’s key sectors like power, solid minerals, agriculture, housing and rail transportation. In the power sector, North South Power Company Limited and
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15 Apr

The week ahead – The Middle Belt crisis has escalated

Rural communities across Nigeria’s Middle Belt have been turned into killing fields. Reports from parts of the North Central show that hundreds of men, women and children, have either been murdered in cold blood, or injured, and displaced. What is worse, is that this is spreading to the South West, South South and South East, with SBM Intelligence tracking incidents in areas as far removed from the epicentre of the conflict as Abbi, in Enugu State where two were................   read more

15 Apr

Daily Watch – Middle Belt crisis costs Nigeria N2.3 trillion, Trains to carry coal from June

  • Nigeria will gain up to N2.3 trillion (US$13.7 billion) annually if peace were maintained in four Middle Belt states alone, three studies undertaken by the global humanitarian organization, Mercy Corps, in cooperation with a committee of Nigerian experts, have shown. The research, funded by the UK’s DFID, which is part of a conflict management programme, is based on statistical
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14 Apr

Daily Watch – Petrol price at all time high, 570k apply for 10k police jobs

  • The rising cost of food and transportation, occasioned by the acute fuel and foreign exchange crises, have combined to stoke up Nigeria’s inflation rate, rising to a near four year high of 12.8 per cent in March, up from 11.4 per cent in February. The NBS said, “The higher price level was reflected in faster increases across all divisions.” A major development in the inflationary trend is the sustained month-on-month, M-o-M, rise since December 2014 with
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13 Apr

Daily Watch – Nigeria scores with China, Fuel subsidy up to N9 per litre

  • Nigeria borrows over N600 billion each year from internal sources to pay the salaries of its workforce. Secretary to the Government of the Federation, Babachir Lawal, who said this, added that with the way things are going many states may not be able to pay salaries in the next three to four months. He urged all faith-based organizations and traditional institutions to sensitize Nigerians on the need to exercise
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12 Apr

Daily Watch – Petrol scarcity eases, Oil price hits four month high

  • The petrol scarcity is gradually eas­ing off in Abuja and Lagos as several petrol stations over the weekend were seen dispensing the product, an indication that normalcy would be restored by midweek. However, there are still issues in other parts of the country as the product is still not available, or is being sold far above the approved price. Meanwhile, the FG has commenced the release of petrol to Independent Petroleum Marketers Association of Nigeria. The
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11 Apr

Daily Watch – Strikes cause power sector losses, Lawmaker alleges petrol diversion to Benin

  • Frequent industrial action by workers in the electricity supply industry has resulted in the loss of about 7.734 billion between 2014 and 2016, the Minister of Power, Works and Housing, Babatunde Fashola, has said. Fashola said that the huge revenue loss was arrived at after he conducted a snap survey of strikes embarked upon by workers in the sector between April 2014 and March 2016. He urged the workers to reconsider their resistance to private
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08 Apr

The week ahead – The blame game has worn its course, there is work to be done

Nigerians might have to pay more for petrol in the days ahead, as the Petroleum Products Pricing Regulatory Agency, PPPRA, has announced that it would review the price of petrol next month. Still on energy, the epileptic supply of electricity across the country has persisted and is not likely to improve any time soon as vandalism of pipelines has prolonged the perennial shortage of gas to thermal power plants. This is coming as the System and Market Operation Departments................   read more