Economy
Sokoto border communities warned against aiding smuggling
Border communities in Sokoto State have been warned against aiding the smuggling of illicit items into the country. The Area Comptroller of Nigeria Customs Service (NCS), Abdulhamid Ma’aji, gave the warning at Illela during a sensitisation meeting held Tuesday with youths and community leaders at Illela town, a border community in the northern state. The border post was among four major international borders announced for reopening by the Federal Government in late December 2020. Ma’aji, while officially reopening the border’s gate, described the event as a remarkable day, urging the people to observe all the guidelines layout by the Ibrahin l Government. According to him, ‘now that these borders have been reopened, I want you to note that those illicit items that have been prohibited rema...
World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
ABS-CBN The World Bank says global economy is expected to grow by 4 per cent in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year. It said this in a statement issued in Washington D.C. on Tuesday at the presentation of the January 2021 Global Economic Prospects. It added that the said recovery would likely be subdued unless policy makers moved decisively to tame the pandemic and implement investment-enhancing reforms. The bank also said that growth in Sub-Saharan Africa was forecast to rebound moderately to 2.7 per cent in 2021, while Nigeria’s growth was expected to resume at 1.1 per cent. For the region, it said that while the recovery in private consumption and investment was forecast to be slower than previously envisioned, export growth was expe...
TUC: Electricity tariff hike another betrayal of trust
File Photo The Trade Union Congress of Nigeria, TUC, has expressed disappointment over the latest hike in electricity tariff, describing is as a betrayal of trust. TUC, in a statement by its President and Secretary-General, Quadri Olaleye, and Musa-Lawal Ozigi, respectively, said: “We are disappointed by the recent hike in electricity tariff, while negotiations were ongoing with the Organised Labour on the last hike because of the untold hardship it has brought on the workers and Nigerians as a whole. “Sometimes we wonder why this government espouses unfriendly policies that are capable of crippling the economy. “There are many companies that have either closed shops or relocated to neighbouring countries because they cannot afford to pay the last tariff hike, yet this government has done ...
Alibaba founder Jack Ma ‘missing’ after criticism of Chinese government
Chinese business magnate Jack Ma has reportedly gone missing for two months, Yahoo Finance reported early Monday. The seemingly awkward disappearance of the 56-year-old billionaire businessman from the public eye comes nearly three months after he made critical remarks about the ‘stifling of innovation’ by Chinese authorities through stringent regulations, which he said had outlived their relevance. “Today’s financial system is the legacy of the Industrial Age,” Yahoo Finance reported Mr. Ma to have said on October 24. “We must set up a new one for the next generation and young people. We must reform the current system.” The Alibaba and Ant Group founder, who has spent years advancing the course of an open and market-driven economy in the communist East Asian country, has not been seen in ...
Nigeria: 1,375 irregular migrants arrested during border closure
The Federal Government said on Monday that no fewer than 1,375 irregular migrants were arrested while the border drill code-named, ”Exercise Swift Response,” lasted. Newsmen report that the border drill held between Aug. 20, 2019 and Dec. 17, 2020. Speaking at a new year media briefing in Lagos on Monday, the Minister of Information and Culture, Alhaji Lai Mohammed, said the border drill was a huge success. The minister said the seizures so far during the period included 157,511 – 50kg bags of parboiled foreign rice, 10,447 bags of NPK fertiliser used for making explosives and 18,630 jerry cans of vegetable oil. The total monetary value of the seized items, according to him, is about ₦12.362 billion. Newsmen recall that ”Exercise Swift Response” was launched as part of efforts to secure th...
PDP: Nigerians fed up with President Buhari’s government
The Peoples Democratic Party (PDP), on Sunday, maintained that Nigerians have become fed up with the Muhammadu Buhari administration and are now rallying under the main opposition party. In a statement issued in Abuja by its national spokesman, Kola Ologbondiyan, the PDP described the recent attack on it by presidential spokesman, Garba Shehu, “as a feeble kick of a weak horse, in another failed attempt to beguile Nigerians.” Recall that the presidential spokesman had described the PDP as “a university of lies.” The PDP said it is not surprised that “the Buhari Presidency is rattled by the bitter truth that Nigerians are fed up with President Muhammadu Buhari as well as his All Progressives Congress (APC) and are rallying on our platform to rescue our nation from misrule.” The party noted:...
PDP: Nigerians fed up with President Buhari’s government
The Peoples Democratic Party (PDP), on Sunday, maintained that Nigerians have become fed up with the Muhammadu Buhari administration and are now rallying under the main opposition party. In a statement issued in Abuja by its national spokesman, Kola Ologbondiyan, the PDP described the recent attack on it by presidential spokesman, Garba Shehu, “as a feeble kick of a weak horse, in another failed attempt to beguile Nigerians.” Recall that the presidential spokesman had described the PDP as “a university of lies.” The PDP said it is not surprised that “the Buhari Presidency is rattled by the bitter truth that Nigerians are fed up with President Muhammadu Buhari as well as his All Progressives Congress (APC) and are rallying on our platform to rescue our nation from misrule.” The party noted:...
Coronavirus: School reopening, worship centres, others caused second wave – Prof. Abayomi
The Lagos State Commissioner for Health, Prof. Akin Abayomi, has attributed the reasons for the second wave of COVID-19 to the opening up of the economy, the re-opening of schools, large religious congregations, and social gatherings among others. A statement from the Lagos State Ministry of Health quoted the commissioner as saying this while giving an update on the State Government’s response against the second wave of COVID-19 at a press briefing held in Ikeja on Monday. The statement titled, ‘COVID-19: Lagos admonishes residents’, was signed by the LSMOH Director of Public Affairs, Tunbosun Ogunbanwo. “Abayomi attributed the reason for the second wave of COVID19 to include, opening up of the economy; general laxity, false sense of security and non-adherence to safety guidelines by citiz...
CBN: Naira to fall further in January
Barely five days to the end of the year 2020, the Central Bank of Nigeria has disclosed that a survey carried out by its Statistics Department revealed that the naira is expected to depreciate further in January 2021. The report, titled, ‘December 2020 Business Expectations Survey Report’ added that there might also be a steady rise in interest rate from December till the next six months. The naira witnessed a sharp fall in recent weeks, reaching its lowest on November 30, 2020, when it exchanged for N500/$1. Since then, the dollar has been hovering between N460 and N470. As of Friday, however, one dollar exchanged for 465 in the parallel market. Also, the Nigerian economy had on November 21 slid into its second recession in five years when the economy shrank again in the third quarter. Th...
Kebbi governor empowers 205 women vegetable sellers with N6.15 million
The Kebbi Governor, Alhaji Atiku Bagudu, on Sunday, donated N6.15 million to 205 women vegetables sellers in the state as part of efforts to encourage them to be self-reliant. Newsmen report that each of the 205 women received N30,000 from the donation, in order to boost their vegetable businesses. Gov. Bagudu, who announced the donation at the graduation of the benefitting women in Birnin Kebbi, said that all the women who benefitted from the program had received training in preservation of perishable items. “The comprehensive training of the women traders was conducted by the state chapter of the Kebbi State Vegetables Sellers Association,” he said, lauding the association for the unparalleled gesture that was worthy of emulation by other groups. “The association needs to be commended fo...
World Bank: Pandemic to push over 115 million people into extreme poverty
A report by the World Bank has noted that over the past 12 months, the Covid-19 pandemic has harmed the poor and vulnerable the most, and it is threatening to push millions more into poverty. This year, the World Bank said, after decades of steady progress in reducing the number of people living on less than $1.90/day, COVID-19 will usher in the first reversal in the fight against extreme poverty in a generation. The report said the latest analysis warns that COVID-19 has pushed an additional 88 million people into extreme poverty this year – and that figure is just a baseline. “In a worst-case scenario, the figure could be as high as 115 million. The World Bank Group forecasts that the largest share of the ‘new poor will be in South Asia, with Sub-Saharan Africa close behind. ddAccording ...
Nigerian National Assembly spends billions of naira on constitution review
The perennial constitution amendment exercise by the National Assembly is characterised by proposals that keep resurfacing despite gulping billions of naira yearly, an analysis has shown. The federal parliament had from the 5th to the current 9th National Assembly made several attempts to amend some provisions of the 1999 Constitution to no avail. At every session, the parliament officially spends N1 billion shared equally between the Senate and the House of Representatives. There are reports that the lawmakers spend more than what is appropriated for the exercise. While some amendments were successful, several others suffered serial failures but kept appearing in new proposals. Considering the huge spending, lawyers and civil society groups have pointed out that no significant amendments ...