Cash
National Assembly raises 2021 budget by N580 billion, approves N13.588 trillion
The two chambers of the National Assembly yesterday passed the 2021 Appropriation Bill, increasing the budget size from N13.08 trillion presented to them by President Muhamnadu Buhari 11 weeks ago to N13.588 trillion. The passage of the 2021 budget followed consideration and adoption of harmonised reports separately submitted to them by their Committees on Appropriation. The two chambers increased the 2021 budget by about N580 billion and pegged daily crude oil production at 1.86 million barrels per day, while oil benchmark price was fixed at $40 per barrel. They approved N379 to dollar as the official exchange rate while GDP growth rate was pegged at 3 per cent. Highlights of the report approved by the Senate showed aggregate expenditure to be N13,588,027,886,175, statutory transfer of N4...
Police arraign kidnap kingpin, seven others for terrorism in Calabar
A Federal High Court sitting in Calabar has remanded 8 persons for kidnapping, terrorism and possession of illegal firearms at the Afokang Correctional Service centre. Five were arraigned by the Nigeria Police Force for kidnapping, terrorism and possession of illegal fire arms on a three count charge in Charge numbers FHC / CA / 94c / 2020 and three others on a two count charge of charges number: FHC /CA/95c / 2020 for three others. The Presiding Judge, Justice S.M Shaibu ordered that the 8 defendants be remanded at Calabar Correctional facility on a three count charge and two count charge respectively levelled against them by the police . He ordered that the 8 of them be remanded till 25 of February 2021 at the centre pending their trial at the Federal High Court 1 ,Calabar . Recall that ...
Firm restates commitment to enhance financial inclusion
Nigeria-based fintech solution, NowNow, has said that it will continue to upgrade its services to attune to current realities, such that will drive economic and social growth. Founder of NowNow, Sahir Berry, while speaking on how COVID-19 pandemic has disrupted the financial space recently, mentioned that Nigeria needs to strengthen its fintech space more than before. Berry stated that it was important for Nigeria to tap into the trends and prospects of fintech given the country’s large unbanked or underbanked. He added the company recognised this gap in Nigeria, which informed its investment in the space. “In 2017 we identified that one of the two big problems in Nigeria was lack of youth empowerment and financial inclusion. With a population of almost 100 million youths, we found that ac...
Norwegian Air furloughs staff, pleads for help to survive in 2021
Norwegian Air’s cash crisis could force the debt-laden budget airline to halt operations early next year, the company warned as it issued another plea for rescue funding after reporting quarterly results on Tuesday. The rapid expansion of the pioneer in low-fare transatlantic flights has left it with heavy debts and problems that have been compounded by the COVID-19 pandemic. It is now serving domestic routes only, with just six of its 140 aircraft flying. “Norwegian is dependent on additional working capital in order to continue operating through the first quarter of 2021 and beyond,” the carrier said. The company held cash and cash equivalents of 3.4 billion kroner ($380m) at the end of September, down from 4.98 billion kroner ($550m) three months earlier. Its latest plea comes after Nor...
Report: Aston Villa and West Ham set to battle it out with another PL club for 23-yr-old
Nottingham Forest defender Matty Cash is a player in demand this summer. According to the Telegraph, Aston Villa, West Ham United and Fulham are keen on signing the 23-year-old. It will be interesting to see where the versatile defender ends up eventually. As per reports, Fulham are currently favourites to land the Nottingham Forest star but Aston Villa and West Ham have expressed an interest as well. Recently, Sheffield United tried to sign Cash but their offer was turned down. It is believed that Nottingham Forest are holding out for a fee in the region of £15 million for their key player. Cash made the transition from the midfield to a right-back last season and he was very impressive in the Championship. Both Aston Villa and West Ham could use a right back like him next season. Aston V...
Oyo joint security outfit nabs seven armed robbers
The Oyo State joint security outfit, Operation Burst, has apprehended seven suspected members of an armed robbery gang in Ibadan. The Director-General of the outfit, Col. James Ajibola (rtd.), while parading the suspects on Friday in Ibadan, said that they were nabbed by the operatives at Olomi area, Ibadan, during a night patrol. He said that his team was making frantic efforts to ensure that they fulfilled the mandate given to them by Gov. Seyi Makinde to combat crimes in the state. He said that Operation Burst came up after credible intelligence reports that areas like Olomi, Olodo and Olose, all in Ibadan, were being terrorised by armed robbers. Ajibola said that men of the outfit carried out surveillance of the areas during the day and later swung into action. He warned other armed ro...
