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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...
Thousands protest in Sudan in call for faster reform
Thousands of Sudanese protesters took to the streets of the capital Khartoum and its twin city Omdurman on Saturday, demanding an acceleration of reforms on the second anniversary of the start of an uprising that ousted Omar al-Bashir. The veteran leader was deposed by the military in April 2019 after months of mass protests against poor economic conditions and Bashir’s autocratic, three-decade rule. Many Sudanese are unhappy with what they see as the slow or even negligible pace of change under the transitional government that has struggled to fix an economy in crisis. The government was formed under a three-year power sharing agreement between the military and civilian groups which is meant to lead to fair presidential and parliamentary elections. Sudan’s state TV aired footage of thousa...
AKK gas pipeline at 15 percent completion – NNPC chief
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kyari, says the construction of Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline project is currently at 15 per cent completion. Kyari disclosed this at the inspection of the second leg of the project at Karogo community in Igabi Local Government Area, Kaduna State, on Tuesday. “The project is currently at about 15 per cent completion but what is important for us to know is that we are crossing the river Niger, what we call the Ndoni-Aboh river crossing in Rivers and Delta states that will deliver gas from the eastern part to the country into the western corridor. “That means expanding gas supply into the help line and also making gas ready. We are happy that this project is going on and we will deliver it...
Air passengers decry upsurge in fares, seek urgent attention to roads, railway
Nigerians, who travel by air, have decried the “sudden” upsurge in air fares and urged the Federal Government to intervene to avoid poor patronage that could dwindle the fortunes of the aviation industry. Newsmen report that the air fares shot up by about 100 per cent in the last one week, with some airline operators even raising their fares by as much as 120 per cent or more. At Nnamdi Azikiwe International Airport, Abuja, the fare from Abuja to Lagos, which was N35,300 (Economy Class), rose to between N70,000 and N75,000. Newsmen found that Business Class travellers were charged between N100,000 and N120,000, depending on the airline. Our correspondents, who visited other airports across the country, found that the rise in airfares was the same, a situation that forced some passengers to...
BBNaija winner Laycon to release debut album next year
BBNaija Lockdown winner Olamilekan Agbeleshe aka Laycon has announced his plans to release his debut album in 2021. Laycon made the announcement to his fans during his GOtv Iconic tour in Uyo, Akwa Ibom, a few days ago. During a meet and greet session at the Ebong Uko hall, Monty Suites, Laycon dropped the news to the excitement of many of his fans. During his two-day tour of the city, Laycon paid a courtesy visit to the Hon. Commissioner for Information and Strategy, Ini Ememobong, at the Ministry’s Headquarters at Idongesit Nkanga Secretariat, Uyo. He continued his tour with media rounds at the city’s top radio stations and then a town storm where he met up with fans at Ikot Ekpene road and Abak road before making an appearance at the opening ceremony of the Christmas Village in the stat...
Group moves to reintegrate displaced persons
Agence France-Presse The initiator of The Skilled Women Initiative (TWINI), Chizom Nwankwo, has said the group intensified efforts in re-integrating some internally displaced persons in Abuja. Nwankwo said the displaced persons would be re-integrated into the community through the group’s learn, earn and blend model. She said with the plan, beneficiaries are taught vocational and technical skills of their choice, added with entrepreneurial skills to help them earn money. She said the beneficiaries had agreed to leave the internally displaced camp after 18 months. She also said the group created a market for the products to encourage beneficiaries, adding, “This is just like a factory. They are making soaps, shoes, cloths. If we are able to gather them and give them jobs, we create another ...
Canada approves Pfizer-BioNTech coronavirus vaccine
Canadian health officials have authorised the Pfizer-BioNTech COVID-19 vaccine, hailing the development as a “critical milestone” and paving the way for the inoculant to be administered across the country. The authorisation on Wednesday comes a day after the United Kingdom became the first country to begin giving the vaccine to the public. Emergency use authorisation (EUA) is also pending in the United States, with officials saying the first doses could be administered as early as next week. The US Food and Drug Administration is scheduled to consider its EUA on Thursday. Bahrain has also authorised the vaccine for public use. “Canadians can feel confident that the review process was rigorous and that we have strong monitoring systems in place,” Health Canada, the department responsible fo...
Stock market gains N138 billion despite profit taking
The stock market posted positive performance last week despite profit taking by some investors, as it sustained the growth recorded in the previous week. Precisely, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 0.7 per cent to close at 35,137.99, while market capitalisation gained N137.5 billion to print at N18.365 trillion. Apart from the NSE ASI index that appreciated, NSE Insurance, NSE ASeM and NSE Oil/Gas indices also went up by 2.61 per cent, 1.56 per cent, 0.19 per cent and 1.71 per cent respectively. Although the gains recorded in the market in November was expected to propel profit taking, some market analysts are still upbeat that the bulls would remain in control till the end of the year. “With the low yield environment in the fixed income space and investors’ cor...
AU welcomes Nigeria ahead of AfCFTA kick-off
The African Union Commissioner for Trade and Industry, Albert Muchanga, said in Addis Ababa on Friday that instruments signifying Nigeria’s entry into the African Continental Free Trade Area (AfCFTA) will be received at the commission’s headquarters shortly ahead of next year’s kick-off of trading. Speaking during the AfCFTA Business Forum 2020 to discuss the status of preparations to launch the continental trading, Muchanga said the launch of trading will facilitate the growth of African enterprise and enhance the capacity of industries producing goods to a wider population. Nigeria, which signed the AfCFTA agreement in 2019, officially ratified the agreement on 12 November. The instruments of ratification are expected to be received at the AU on Saturday, 5 December, the deadline for the...
Mikel Arteta expects difficult January transfer window
Arsenal manager Mikel Arteta says the club do not have much room to manoeuvre in the January transfer window and may have to offload players before they can add to the first-team squad. Arsenal are reportedly looking for a creative midfielder, with RB Salzburg’s Dominik Szoboszlai and Olympique Lyonnais’ Houssem Aouar among the options being considered, while Arteta would also like to improve his defensive options. “We are planning, talking with (technical director) Edu and with the club about the things we can do in January,” Arteta told reporters. “But at the moment it’s pretty difficult, unpredictable as well. In terms of places, we are very restricted in the moment. “We will need to do something knowing the limitations of that market in January and the limitations we have as well to si...
EU criticises ‘hasty’ UK approval of coronavirus vaccine
The European Union criticised Britain’s rapid approval of Pfizer and BioNTech’s COVID-19 vaccine on Wednesday, saying its own procedure was more thorough, after Britain became the first western country to endorse a COVID-19 shot. The move to grant emergency authorisation to the Pfizer/BioNTech vaccine has been seen by many as a political coup for UK Prime Minister Boris Johnson, who has led his country out of the EU and faced criticism for his handling of the pandemic. The decision was made under an ultra-fast, emergency approval process, which allowed the British drugs regulator to temporarily authorise the vaccine only ten days after it began examining data from large-scale trials. In an unusually blunt statement, the European Medicines Agency (EMA), which is in charge of approving COVID...
Naira weakens to lowest in three years
The Naira yesterday weakened to the lowest in over three years in the parallel market due to increased demand for dollars amid foreign-currency shortages. The local currency depreciated to N495 to a dollar yesterday, lowest since February 23, 2017, widening the gap with the official rate of N379.5 to over 30 per cent. The currency traded in the interbank market at 389.74 as of 4:54p.m. in Lagos. Agency reports quoted traders as alleging a groundswell of diversion of dollars, a development which heightened scarcity of the green back in the parallel market this week. There is a diversion of inflows away from official channels to the parallel market due to the gap in rates, Murega Mungai, trading desk manager for Aza Finance said in a note Thursday. The market spread has created arbitrage opp...
