President Muhammadu Buhari is recuperating fast and will return home shortly, his deputy said on 12 July after visiting the head of state in London where he has been on prolonged sick leave. Yemi Osinbajo’s brief and unannounced trip has revived speculation about Buhari’s health and whether he will be able to stand for re-election in 2019. The details of his illness have not been made public.”He is in very high spirits, he is recuperating very quickly
- Nigeria must not borrow more to fund its budget and should instead raise the money it needs by other means, the finance minister said on Tuesday, calling into question planned foreign loans of $2 billion from lenders like the World Bank. Nigeria had planned to borrow extensively internationally to fund a record budget, but plans for lenders like the World Bank and African Development Bank to loan at least $2 billion have been stalled for over a year as international
- Libya and Nigeria, which have both boosted oil production since they were exempt from global cuts this year, may be asked to cap their crude output soon in an effort to help re-balance the market, Kuwait Oil Minister Issam Almarzooq said. OPEC and non-OPEC producers have invited the two African countries to their committee meeting in St. Petersburg, Russia, on July 24 to discuss the stability of their production, Almarzooq said on the sidelines of an energy conference
There was some mild political theatre on the floor of the Senate at the resumption of a three-week recess on July 4, when a point of order was raised, that Senate President, Bukola Saraki was Nigeria’s effective Acting President. Lawmakers in the upper house had received a letter from Acting President, Yemi Osinbajo, seeking the confirmation of Lanre Gbajabiamila, as the Director General of the National Lottery Regulatory Commission. Legislators were furious about
The last Ei-del-Fitr celebrations passed on peacefully for most of the day across North-East Nigeria, with an enforced restriction on movement for vehicles and even animals until noon in Maiduguri, capital of Borno, and birthplace of Boko Haram. Residents, especially young children and young women went about dressed colourfully celebrating the end of the holy month of Ramadan.
However, at around 10:30pm on the night of Sunday June 25, the first of multiple explosions
- Oil prices tumbled in the second quarter as many investors who at the start of the year clung to hopes of rapidly shrinking stockpiles finally cut their losses. Crude ended the quarter 9% lower, and sank as much as 21.9% in June from highs in February. A loss of 20% or more typically signals the start of a bear market. Prices fell even after OPEC announced it would extend its cuts into next year and the U.S. Energy Information Administration reported that U.S.
Nigeria’s Excess Crude Account tied for the world’s most poorly governed sovereign wealth fund, according to a report by the Natural Resource Governance Institute released on Wednesday. The $2.4 billion account was ranked alongside the Qatar Investment Authority as the worst in terms of oversight and transparency in NRGI’s index of resource management. NRGI rated 11 sovereign wealth funds, managing least $1.5 trillion in total, as “failing”. “The government
- Nigeria hopes to raise at least $1 billion from a scheme that will give tax evaders a chance to make payments retrospectively, the finance ministry said on Friday. In an evident move aimed at boosting its income from non-oil sources, the finance ministry said a scheme would be launched on June 29 to give evaders immunity from prosecution, penalty charges and interest if they “regularise their tax status” between July 1 and December 31, 2017. It said
The Department of State Services has warned groups including northern youths and the Niger Delta militants against hate speeches. The DSS, which stated this in a statement signed by its spokesperson, Mr. Tony Opuiyo, in Abuja on Sunday, said it had observed how some Nigerians had been preaching hate in the last few weeks. The DSS spokesperson described the trend as disturbing and warned those he called desperate and mischievous elements, to stop in their attempt to
- Abraham Nwankwo, who became DG of the DMO in 2007, will be leaving office at the end of June 2017. Addressing stockbrokers on the NSE, in Lagos, Nwankwo said, “I want to appreciate market operators for the very successful joint enterprises we have had together. We had quite a number of initiatives and it all succeeded because of the corporation of the capital market operators. Having spent 10 years in office, the major achievements we made were due to the