Economy

Osun Lotto Operator Commits Suicide Over Debts
Economy, News, Nigeria, Youths

Osun Lotto Operator Commits Suicide Over Debts

An operator of a gambling house resident in Ikire, Osun State, simply identified as Seyi, has reportedly committed suicide by setting himself ablaze. It was gathered that the deceased, whose kiosk is located in the Centre area of Ikire, locked himself up in his gambling kiosk and set himself on fire. It was further learnt that before residents could realise what had happened, he had been badly burnt. A resident of the area where the incident happened told City Round that smoke coming out of the kiosk alerted people, who initially did not know Seyi was in the shop. He said, “We saw smoke coming out of the kiosk. We didn’t initially know Seyi was there. He just went into the shop, locked the doors and windows and set himself ablaze. “He was a lotto operator. I even learnt he g...
Nigeria Drops To 14 As Egypt Tops Africa’s Investment Destinations
Economy, Finance, News, Nigeria

Nigeria Drops To 14 As Egypt Tops Africa’s Investment Destinations

Nigeria has dropped from Africa’s top 10 investment destinations to 14 as Egypt remains the number one nation. This is according to a report by RMB titled, ‘Where to Invest in Africa 2021.’ According to RMB, a division of FirstRand Bank Limited, the ranking is based on countries operating environments. RMB Africa Economist, Daniel Kavishe, said the pandemic ushered a new world and a new approach to this year’s list. Kavishe said, “We created a new set of rankings that incorporated some of the unavoidable COVID-19-induced challenges, of which the operating environment score was one.” According to him, fiscal scores are important indicators of how governments respond to COVID-19. He said, “The inclusion of a fiscal score in our rankings aimed to score governments’ fiscal po...
Data Breach By Loan Apps: FG To Protect Nigerians
Economy, News, Nigeria

Data Breach By Loan Apps: FG To Protect Nigerians

If Federal Government Can Ban Some Loan Apps, We Will Forgive Buhari, Nigerians Say. Many people on social media have reacted to the news that the federal government is set to enforce the right of Nigerians following the illegal actions of online loan lenders. According to some reactions noticed among heavy social media power houses, if the federal government fulfills its promise in regulating the money lending companies, all past sins would be forgiven. Some loan apps have been making life frustrating for some Nigerians through their illegal tactics on money recovery. Most of the guilty loans apps go about the recovery in criminal ways according to many reactions by the general public. Some also invade their customers' privacy, a move the Federal Government is strongly against...
Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine
Economy, News, Nigeria

Sokoloan Set To Shutdown, After Paying ₦10 Million NITDA Fine

Soko Loan Lending company, a quick credit startup, in Nigeria is on the verge of a shutdown months after the National Information Technology Development Agency (NITDA) sanctioned the firm for privacy invasion. On August 17, 2021, the agency had released a statement informing the public that Sokoloan will be fined N10 million for invading the privacy of Nigerians after accessing their details through the contact of the firm’s app users. Sokoloan is one of many online lending platforms that send blackmail messages to their users’ contacts, a system that has been penciled down as the major flaw of the loan app market. NITDA had stated then that the agency will also weigh criminal charges against the directors of Sokoloan, as it liaise with the Nigerian Police Command for advise. S...
Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina
Economy, Finance, News, Nigeria

Past Governments To Blame For Nigeria’s Economic Recession Under Buhari – Femi Adesina

The Special Adviser to the President on Media and Publicity, Femi Adesina, says the going of Nigerian economy into recession in 2016 was “inevitable” and past governments, not the Muhammadu Buhari-led government, should be blamed for it. Adesina stated this on Friday in a post, adding that the former governments did not have a will to save the country’s resources. He said, “At the economic front, of course, it came in 2015 when things were on a downward spiral. Nobody could have stopped that downward spiral because it was already set in motion. The recession that came in 2016 was inevitable. Nobody could have stopped it due to some actions and inactions of the government that left. The coordinating minister of the economy then even said that the government didn’t have the will to sav...
Enaira App Returns To Google Play Store
Economy, News, Nigeria

Enaira App Returns To Google Play Store

eNaira App has reappeared on the Google play store barely 24 hours after it was taken down by the Google team following a series of complaints by Nigerians that downloaded the newly unveiled digital currency Speed Wallet Application. It was earlier reported that eNaira app recorded over 100,000 downloads before it was pulled down when its ratings dropped to 2.0 within 24 hours of it being available for download. However, the app reappeared on the Google play store a few hours ago despite the nationwide criticism that trailed its poor implementation and sudden disappearance. The Director of Corporate Communications for the Central Bank of Nigeria, Osita Nwanisobi, who was in Abakaliki on Thursday, said the eNaira app's disappearance was temporary as it was pulled down for an import...
Rivers Not Fighting FG on VAT –Wike
Economy, Finance, News, Nigeria

Rivers Not Fighting FG on VAT –Wike

Against the backdrop of the legal tussle over Value Added Tax collection, the Governor of Rivers State, Nyesom Wike, has said the state has no intention to fight the Federal Government. Wike said this during a public lecture on ‘Taxing powers in a federal system’, held on Saturday to mark the 60th birthday of a lawyer, Ahmed Raji (SAN). The governor, who was represented by Rivers State Attorney-General and Commissioner for Justice, Prof. Zacchaeus Adangor (SAN), said, “I have heard a lot of comments been made that we are fighting Federal Government; there is no desire or any intention of the Rivers state government to fight the Federal Government. But you must remember that in a federal system, the states are not house boys of the Federal Government. Read Also: FG Considers Taking...
Naira Dips To Record Low At Official Market
Economy, Finance, News, Nigeria

Naira Dips To Record Low At Official Market

The value of the naira fell further by 1.68 per cent against the dollar at the official market on Thursday. At the Investor & Exporter foreign exchange window, the local currency opened at 413.15/$1 on Thursday but closed at 422.07/$1. Read Also: Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo The naira had depreciated by 0.19 per cent to 415.10/$1 on Wednesday after closing at 414.30/$1 on Tuesday. At the parallel market, the dollar was bought at N565 and sold for N570, according to some operators in the black market. The Central Bank of Nigeria, however, maintained N410.91/$1 as its official rate on its website. In July, the CBN stopped forex sales to the Bureau de Change operators and assured that it would supply forex to legitima...
Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo
Economy, Finance, News, Nigeria

Nigeria Can’t Get New Dollars When Exchange Rate is Artificially Low -Osinbajo

Vice-President Yemi Osinbajo says that Nigeria cannot get new dollars into the system when the exchange rate is “artificially low.” Osinbajo said this on Monday in Abuja at the opening of a two-day Mid-Term Ministerial Performance Review Retreat organised to assess progress made towards the achievement of the nine key priorities of the Buhari administration. Osinbajo, who said the artificially low exchange rate was a deterrence to investors from bringing foreign exchange into the country, noted that, “As for the exchange rate, I think we need to move our rates to be as reflective of the market as possible. This, in my own respective view, is the only way to improve supply. “We can’t get new dollars into the system where the exchange rate is artificially low. And everyone knows by ...
FG Allocates N5.9tn To Education, Health, Defence, Infrastructure
Economy, Nigeria, Security

FG Allocates N5.9tn To Education, Health, Defence, Infrastructure

The Federal Government has allocated the sum of N5.93tn to critical sectors of the economy including defence, health, education and infrastructure. According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the Federal Government prioritised defence and infrastructure sectors in the 2022 budget by allocating N2.41tn and N1.45tn to these sectors respectively, which represent N15 per cent and N8.9 per cent of the total budget. Ahmed disclosed this at the “Public Presentation and Breakdown of the Highlights of the 2022 Appropriation Bill’’ held in Abuja on Friday. She noted that the N2.14tn allocated to the defence and security sectors includes recurrent and capital expenditure for the Military, Police, Intelligence and Para-Miltary. Some of the projects tha...