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...
YouTube The Managing Director and Chief Executive Officer of National Inland Water Ways (NIWA), Chief George Moghalu has told the Igbo to widen their horizon to convince other ethnic nationalities, if a Nigerian president of Igbo extraction must be realized. The All Progressives Congress (APC) governorship aspirant for Anambra 2021 election, Chief Moghalu said this during an interactive session with journalists in Nnewi on Saturday. He noted that the Igbo known for work hard should apply same and traverse the width and breadth of Nigeria to garner support for the 2023 presidency project and not to sit down at one place nursing self-pity. He declared that power could only be taken, not given. “Since it’s a democratic dispensation where number matters, there is need for Ndigbo to sit down an...
The Senate has raised the alarm on how the Ministry of Power smuggled over N7 billion smuggled into the Ministry’s budget without an appropriation from the National Assembly. The Senate has observed that there was no evidence that such money was budgeted for in respect of the Hydropower Transmission Project in either the 2014 or 2015 fiscal year. Senator Matthew Urhoghide, Peoples Democratic Party, PDP, Edo South led Senate Committee on Public Accounts is raising the alarm of how the Ministry spent such amount of money without getting approval from the National Assembly in line with the law. The Committee is relying on the query raised by the Office of the Auditor General of the Federation in the 2015 report and brought before it for probe and subsequent presentation to the Senate at Plena...
File Photo The Christian Association of Nigeria (CAN) has asked churches to be security conscious as they celebrate Christmas. CAN President, Dr. Samson Ayokunle, gave the advice in a press statement yesterday titled, ‘The Power of His Presence, Our Hope of Tomorrow’. He encouraged Christians not to be weighed down by the adversities experienced in the year 2020. Ayokunle said, “Christmas is not a myth, not a tradition, not a dream. It is a glorious reality. It is a time of joy. The fact of the cross illuminates Christmas day and hallows it. “Christmas is also a season to advocate peace in the world that is full of wars, strives, terrorism, banditry, kidnapping, armed robbery and other criminalities. “It is painful that many people are mourning due to the demise of their loved ones as a re...
File Photo The National Association of Nigerian Students (NANS) has given the Federal Government till January 5, 2021, to resolve its impasse with the Academic Staff Union of Universities (ASUU). Describing the ongoing strike action by ASUU as the longest so far, NANS said in Katsina at the weekend that it would mobilise its members to block all Federal highways indefinitely at the end of the ultimatum until the issue is resolved. The President of NANS Comrade Sunday Asefon, who addressed a press conference after a visit to the rescued Kankara school boys said that, “it is ridiculous that government and ASUU have not found a common ground yet and this is leaving us with no other alternative than to do everything within our power to bring an end to this strike. “If by January 5, 2022, there...
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 ...