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Shettima Attributes Economic Calamity to Buhari, Calls it “Death Sentence” Crisis

3May

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Economy, News, Nigeria

Shettima Attributes Economic Calamity to Buhari, Calls it “Death Sentence” Crisis

Vice-President Kashim Shettima has once again pointed fingers at former President Muhammadu Buhari, his party colleague, for the unprecedented economic catastrophe plaguing Nigeria. This dire situation is attributed to the removal of petrol subsidies and the floating of the naira, coupled with years of unsustainable borrowing during Mr. Buhari's tenure. Despite opposition from prominent figures and warnings about the repercussions of Buhari's economic policies, he remained steadfast, leading the nation towards economic turmoil. Former President Olusegun Obasanjo's attempts to change course fell on deaf ears, and now, Mr. Shettima admits that Buhari's legacy left President Bola Tinubu with an "economic death sentence." See Also: Be Prepared for the Worst, Buhari Tells Intending Leade...

3May

By adminNo Comments

Economy, Finance, News, Nigeria

Naira Declines in May Trading Session

In the opening trading session of May at the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, the Nigerian Naira experienced a slight decline, settling at N1,402.67 to the US dollar. This marks a decrease of 0.83% from the previous close of N1,390.96 in April, according to market data from the Financial Markets Dealers Quotations (FMDQ). Throughout the trading day, the Naira witnessed fluctuations, reaching a peak of N1,445 and a low of N1,299.42 against the dollar. This significant spread of N145.58 reflects the volatility observed in the forex market. Meanwhile, the volume of dollar transactions saw a modest rise of 3.32%, totaling $232.84 million, up from $225.36 million on the preceding Tuesday. In contrast, the parallel market saw the Naira weakening further, drop...

Dele Momodu Decries APC’s Alleged Attempts to Destabilize Opposition

3May

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Elections, Justice, News, Nigeria

Dele Momodu Decries APC’s Alleged Attempts to Destabilize Opposition

Dele Momodu, a prominent figure within the Peoples Democratic Party (PDP), has accused the ruling All Progressives Congress (APC) of orchestrating a campaign to undermine and destabilize the opposition party. Speaking during an interview on Channels Television's Politics Today on Thursday, Momodu expressed concerns over what he perceives as the APC's concerted efforts to weaken the PDP. According to Momodu, the APC is employing various tactics to dismantle the opposition, including attempts to co-opt susceptible individuals, intimidate those who resist, and sow discord within the party's ranks. "The APC will do everything possible to destroy opposition; buy those who are buyable, to terrorize those who are not buyable and make sure that the party is in disarray, that is all," ass...

David Hundeyin: Coastal Road Project Awarded to Company Tied to Convicted Criminal

3May

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Corruption, Infrastructure, Justice, Lagos News, News, Nigeria

David Hundeyin: Coastal Road Project Awarded to Company Tied to Convicted Criminal

In a startling revelation, investigative journalist and writer, David Hundeyin, has voiced serious apprehensions regarding the recent awarding of the Coastal Road Project to Hitech Construction, a company owned by Gilbert Chagoury, a convicted criminal with ties to heroin trafficking, under the leadership of Bola Tinubu. The project's extravagant cost and dubious timeline have ignited controversy within the Nigerian public sphere. Hundeyin has shed light on the swift progression from the project's awarding to the initiation of property destruction along the proposed right of way, dubbing it potentially the quickest contract mobilization in Nigerian road construction history. Furthermore, he has underscored Hitech Construction's dismal track record, suggesting it appears ill-prepared to...

President Tinubu Returns to France for Treatment

2May

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News, Nigeria

President Tinubu Returns to France for Treatment

Nigeria's President, Bola Tinubu, has embarked on a trip to France for medical reasons, according to sources. This journey comes on the heels of his visit to Saudi Arabia for the World Economic Forum, raising questions about his health and the transparency of official communication regarding his travels. Investigations by SaharaReporters reveal that President Tinubu left Saudi Arabia for London, England, on Tuesday, before proceeding to France on Thursday. The purpose of his trip to France, which was not officially disclosed by the Presidency, is reported to be for medical consultations with his doctors. A Nigerian presidential aircraft, identified as a Gulfstream Aerospace GV-SP (G550), with registration number 5N-FGW and serial number 5310, was used to transport Tinubu to Paris Ai...

Tragic Road Accidents Claim 35 Lives in Kogi and Enugu States

2May

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News, Nigeria, Safety

Tragic Road Accidents Claim 35 Lives in Kogi and Enugu States

Former Governor of Anambra State, Peter Obi, took to his X (formerly Twitter) page to talk about two devastating road accidents that occurred in Kogi and Enugu states, resulting in the loss of 35 lives. The incidents have continued to highlight the urgent need for improved road safety measures and infrastructure maintenance. The first accident occurred on Sunday along the Okene/Lokoja bypass in Kogi State, where 19 individuals lost their lives in a horrific blaze. The victims were reportedly trapped in their vehicles and unable to escape the inferno, resulting in tragic consequences. The Kogi State Federal Road Safety Corps (FRSC) has confirmed the incident, which has left families shattered and communities in mourning. Just two days later, another tragedy struck along the Nsukka/En...

Tinubu Promises New Minimum Wage and Improved Working Conditions

2May

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Employment, Labour, News, Nigeria

Tinubu Promises New Minimum Wage and Improved Working Conditions

President Tinubu has promised to implement a new minimum wage and improved working conditions for Nigerian workers. This message was passed on during the workers' day celebration where he was represented by Vice President Kashim Shettima. He expressed appreciation for the hard work and contributions of Nigerian workers to the nation's prosperity and stability. Assuring workers of a new minimum wage and improved working conditions, President Tinubu stated, "The Tripartite Committee on Minimum Wage has been diligently working, and I assure you that your days of worrying are over. Indeed, this government is open to the committee’s suggestion of not just a minimum wage but a living wage." Highlighting the significance of industrial harmony, he praised workers for their indispensable rol...

NLC Gives Govt. Up to May 31st to Implement N615,000 Minimum Wage

2May

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Employment, Labour, News, Nigeria

NLC Gives Govt. Up to May 31st to Implement N615,000 Minimum Wage

Organized labor has issued a deadline to the Federal Government, demanding the conclusion of minimum wage negotiations by May 31, threatening nationwide industrial action if the deadline is not met. At the May Day celebration held at the Eagle Square in Abuja, labor reiterated its call for a minimum wage of N615,000 and presented an 18-point demand to the government. The demand included the completion of minimum wage negotiations by May 31 and a threat to shut down the country if the government fails to comply. President Bola Tinubu pledged to improve workers' welfare by working on a new minimum and living wage. However, labor leaders expressed skepticism about the government's commitment to addressing their demands. The Nigerian Labour Congress (NLC) and the Trade Union Congress...

It’s Tariff Hike or Total Blackout – Minister of Power

30Apr

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Economy, News, Nigeria, Power

It’s Tariff Hike or Total Blackout – Minister of Power

Nigerians appear to be facing a choice between complete power blackout or tariff hike. This is the conclusion going by the statement issued by the Minister of Power, Adebayo Adelabu. According to him, Nigeria faces a looming threat of nationwide power cuts within three months if the government doesn't proceed with the electricity tariff hike. The Minister delivered this warning during a meeting with the Senate Committee on Power. Adelabu explained that Nigeria's power sector is in trouble due to a huge debt of N3 trillion. To avoid a blackout, the government needs to raise electricity tariffs. Adelabu said they need N2.8 trillion to subsidize electricity for the rest of the year. See Also: Power Tariff Hike: FG Discontinues Electricity Subsidy He also shared that Nigeria needs $1...

Expect Two More Weeks of Fuel Scarcity – IPMAN

29Apr

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Economy, News, Nigeria, Petroleum

Expect Two More Weeks of Fuel Scarcity – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected that the ongoing petrol scarcity, which is spreading to more states across the country, will take at least two weeks to normalize. Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) has assured the public that it possesses adequate stock of the product. According to Chinedu Ukadike, the Public Relations Officer of IPMAN, the scarcity is primarily due to importation bottlenecks, slow pace of marketers' license renewal by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and maintenance activities at European refineries. He noted that only a fraction of marketers have had their licenses renewed by NMDPRA, leading to a disruption in the supply chain. Ukadike exp...