Tag: Economy

Renewed Hope Has Turned to Hopelessness – Prof Usman Yusuf

20May

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Renewed Hope Has Turned to Hopelessness – Prof Usman Yusuf

In a scathing critique of President Bola Tinubu’s administration, Professor Usman Yusuf, a prominent member of the Northern Elders Forum (NEF) and former Executive Secretary of the National Health Insurance Scheme (NHIS), has lambasted the Renewed Hope Agenda, labeling it as a source of increased hopelessness for Nigerians. During an interview on Channels Television’s Sunday Politics, which was monitored by DAILY POST, Yusuf expressed his disappointment, stating that the Tinubu-led federal government has failed to instill any sense of hope among the Nigerian populace over the past year. "People have lost hope. It pains me to see our people lining up to collect cups of palliatives. Renewed Hope has turned into hopelessness. People have lost hope," Yusuf remarked. He further critic...

Tinubu’s Economic Reforms Showing Positive Results – Bagudu

17May

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Economy, News, Nigeria

Tinubu’s Economic Reforms Showing Positive Results – Bagudu

Abuja, May 17, 2024 – President Bola Tinubu’s economic reforms have begun to bear fruit, according to the Minister of Budget and Economic Planning, Senator Abubakar Bagudu. Speaking to newsmen in Abuja on Friday, Bagudu highlighted the renewed faith in Nigeria's economy and the resurgence of foreign investor interest as key indicators of the reforms' success. In a statement issued by his Special Assistant on Media, Bola Adebiyi, Bagudu acknowledged the initial challenges posed by the removal of the petrol subsidy but emphasized the long-term benefits. "Although the removal of petrol subsidy caused some pain, the policy has increased the quantum of funds available to the three tiers of government to invest in critical infrastructure," Bagudu stated. He argued that these investments woul...

Delisting of Naira from P2P Trading Platforms Underway

17May

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Economy, Finance, Information Technology, Nigeria

Delisting of Naira from P2P Trading Platforms Underway

In a supposed move to stabilize the Nigerian currency, the Securities and Exchange Commission (SEC) announced yesterday that several cryptocurrency exchanges have begun the process of delisting the Naira from Peer-to-Peer (P2P) trading platforms. This action follows a directive issued last week by the SEC in collaboration with the Office of the National Security Adviser (ONSA). The directive mandates digital currency operators to remove the Naira as a fiat currency option on their platforms. This measure aims to protect the Nigerian currency from potential manipulations that could undermine its value. The SEC's recent checks confirmed that the KuCoin platform has already started implementing this change, adjusting its technology to accommodate the delisting of the Naira. See Also: C...

Emefiele Pleads Not Guilty to Allegations of Unlawful Naira Printing

15May

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Corruption, Economy, Judiciary, News, Nigeria

Emefiele Pleads Not Guilty to Allegations of Unlawful Naira Printing

The former Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, found himself at the center of controversy as he appeared in court on Wednesday to face allegations of unlawfully printing Naira notes during his tenure. The Economic and Financial Crimes Commission (EFCC) accused Emefiele of printing N684 million Naira notes without authorization from former President Muhammadu Buhari, amounting to a total sum of N18.96 billion. Additionally, the EFCC alleged that Emefiele unlawfully approved the withdrawal of approximately N124.8 billion from the consolidated revenue fund. Emefiele, however, vehemently denied these accusations when the four-count charge was read to him before trial Justice Maryann Anenih of the High Court of the Federal Capital Territory (FCT). His lega...

Wike Left Huge Debts for Rivers State – Fubara

15May

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Economy, Finance, News, Niger Delta, Nigeria

Wike Left Huge Debts for Rivers State – Fubara

Rivers State Governor, Siminalayi Fubara, revealed that his administration inherited substantial debt from the previous government led by Nyesom Wike. The disclosure, made on Tuesday, highlighted the challenges faced by Fubara’s administration in settling outstanding payments to contractors who executed projects under Wike’s tenure. According to Governor Fubara, numerous contractors engaged by the previous administration have been demanding their balance payments, amounting to billions of naira. This revelation has intensified the ongoing feud between Fubara and his predecessor, Nyesom Wike, adding another layer to their already strained relationship. During his tenure, Nyesom Wike, often referred to as "Mr. Projects," undertook a plethora of developmental initiatives, including the...

Cybersecurity Levy not Targeted at Individuals – Senate Buba

12May

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Economy, Finance, Legislature, Nigeria, Security

Cybersecurity Levy not Targeted at Individuals – Senate Buba

In response to recent concerns surrounding the Central Bank of Nigeria's (CBN) announcement of a cybersecurity levy, Senator Shehu Umar Buba, Chairman of the Senate Committee on National Security and Intelligence, representing the APC Bauchi South constituency, clarified that the levy is not targeted at individuals or ordinary bank customers. Rather, it is aimed explicitly at financial institutions and telecom companies, identified as the most vulnerable sectors to financial crimes and cyber fraud, with the goal of enhancing cybersecurity measures and national security in the country. Speaking from Abuja in a statement released on Sunday, Senator Buba, who sponsored the amendment bill, highlighted the specificity of the Cybercrime Act regarding the entities required to pay the levy, em...

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

11May

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African Development, Economy, Nigeria

Nigeria to Become Africa’s Solar Panel and EV Battery Manufacturing Hub

Nigeria's President, Bola Tinubu, unveiled ambitious plans for the local production of solar panels and electric vehicle (EV) batteries, positioning the nation as a manufacturing powerhouse within Africa. The declaration, made during the inauguration of Nigeria's largest lithium processing plant in Lafia, Nasarawa State, marked a significant milestone in the country's quest for energy independence and economic growth. Chief Ajuri Ngelale, Special Adviser to the President (Media & Publicity), underscored the importance of this development, citing it as a testament to Nigeria's attractiveness for foreign investment. "This inauguration signifies Nigeria's appeal for foreign investment and its commitment to becoming a key player in the renewable energy sector," Ngelale stated. Presi...

Binance CEO Faults Arrest of its Execs in Nigeria

8May

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Economy, Finance, News, Nigeria

Binance CEO Faults Arrest of its Execs in Nigeria

The CEO of Binance, one of the world's largest cryptocurrency exchanges, has condemned Nigeria's recent arrest of its executives, labeling them as a dangerous precedent. This outcry comes after two of Binance's executives who were invited by the government ended up being detained. The Nigerian took this action as part of a crackdown on crypto-related activities. Richard Teng, the CEO, expressed his dismay at the detention of Tigran Gambaryan, Binance's head of financial crime compliance and a U.S. citizen. He also highlighted the case of Nadeem Anjarwalla, a British-Kenyan regional manager for Africa, who fled Nigeria in March. According to Teng, the ordeal began with meetings between Binance representatives and Nigerian authorities in January. However, matters escalated during a su...

Nigeria CBN Introduces Cybersecurity Levy on Transactions

7May

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Economy, Finance, Nigeria, Security

Nigeria CBN Introduces Cybersecurity Levy on Transactions

The Central Bank of Nigeria has issued a directive requiring banks to impose a 0.5% cybersecurity levy on transactions. This directive, conveyed through a circular released on Monday, is set to take effect within two weeks from its announcement. The circular, directed to all categories of banks including commercial, merchant, non-interest, and payment service banks, underscores the intention to combat cybercrimes in line with existing legislative frameworks like the Cybercrimes Act of 2015. This directive follows up on previous communications dated June 25, 2018, and October 5, 2018, signaling the CBN's sustained efforts to enhance cybersecurity measures within the financial sector. The decision to implement this levy is reportedly rooted in the Cybercrime Act of 2024, which mand...

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...