The Central Bank of Nigeria (CBN) has reiterated its position on how banks utilize their FX revaluation gains referencing a previous circular dated September 11, 2023. The bank stated that FX revaluation gains should serve as a buffer to cushion significant movement in the FX rate and should not be used to pay dividends or…
The repairing of undersea submarine cables might take weeks. For full and regular Internet services to return to Nigeria and other West African countries, MainOne, a digital infrastructure service provider in the region, has said. This is as it disclosed that repairing its undersea submarine cables might take weeks. On Thursday, subsea cable providers were…
President Bola Tinubu says the federal government will continue to partner reputable organizations such as Rotary International in ongoing efforts to eradicate all forms of polio and reduce the prevalence of maternal and infant mortality in the country. President Tinubu, who received Rotary International President, Mr. Gordon Mclnally, his wife, Heather; Rotary’s Polio Ambassador to…
In February, Nigerian households’ buying power weakened further as consumer prices rose, defying the central bank’s recent jumbo interest rate hike. Headline inflation for February rose to 31.70%, matching audit firm KPMG’s predictions in 2023. Food inflation also rose sharply to 37.92%, with staples like bread and yam becoming even more expensive for shoppers.One carton…
NDDC has forged a partnership with the Rice Farmers Association of Nigeria to boost food security in the country. Representing NDDC Managing Director Dr. Samuel Ogbuku, Sir Victor Antai, the Executive Director of Projects, made this announcement during a meeting held at the Commission’s headquarters in Port Harcourt. The meeting was attended by a delegation…
A new plan of the student loan scheme of the Federal Government has been proposed for legislation by the National Assembly. The new plan will ease loan access by students.It was sent yesterday as an Executive Bill to the Senate and the House of Representatives for consideration and passage. Yesterday would have been the official…
The Nigerian National Petroleum Corporation (NNPC) has disclosed that therefining of crude oil at the Port Harcourt refinery will kickstart in two weeks, The Group Managing Director (GMD) of NNPC, Mele Kyari, made the disclosure when he appeared before Senate ad-hoc committee investigating the various Turn Around Maintenance (TAM) Projects of the Nigerian Refineries. Kyari…
The wife of the governor of Kwara State and Chair, Nigeria Governors Spouses Forum, Dr Olufolake Abdulrazak, has highlighted the benefits of the Nigeria for Women Programme (NFWP). NFWP is an initiative of the World Bank. Dr Abulrazak spoke at an event co-hosted by the World Bank, the Nigeria Governors Spouses Forum (NGSF), and the…
Federal Government said the United States and some other foreign countries have offered to assist Nigeria in combating kidnappings and other high-profile crimes. Minister of Information and National Orientation, Mohammed Idris, disclosed this while speaking with reporters at the State House, Abuja, after the Federal Executive Council (FEC) meeting, presided over by President Bola Ahmed…
As many as 60 people are feared to have drowned on a vessel carrying migrants across the Mediterranean from Libya to Italy or Malta, the operators of a charity rescue group said on Thursday.SOS Mediterranee said it rescued 25 people in a “very weak” condition in coordination with the Italian Coast Guard on Wednesday and…
